Pan Asia Metals (ASX:PAM) has reported ‘positive’ results from a review of historical seismic data for several prospects within its Tama Atacama Lithium Project in northern Chile.
The seismic data review focused on the Pink, Pozon, and Dolores lithium in brine prospects, primarily focusing on the Pink prospect.
Following the historical data review results, the $33.35 million market capitalisation company believes the Pink prospect has ‘strong’ potential to host lithium brines at depth, as well as potential lithium clays near surface.
Pan Asia now plans to begin drilling in the area as soon as possible to evaluate both brine and clay target zones.
This news comes after Pan Asia discovered that seismic results confirm deep basin sediments between 400m to 600m thick, with historical groundwater investigations confirming shallow saline aquifers.
The company reports saline groundwater zones correspond with ‘highly’ elevated lithium-in-surface salt crusts.
Addressing the data review, Pan Asia Metals Managing Director Paul Lock says: “We are making great progress at the Tama Atacama Lithium Project. The historical seismic data at the Pink Lithium prospect provides great insight.
Posts
“The data review confirms that PAM’s northern Li brine prospects … cover an area of 1,000km-square or 50% of the Li brine target area”
When overlayed with historic water drilling data, which identified an area of 2,000km-square of elevated chlorine levels — a proxy for brine, and which corresponds with PAM’s surface assays, with 65% at >100ppm Li, of which about half were >250ppm Li and about one quarter were >650ppm Li and up to 2,200ppm Li, we know we are in a good position.
The data review confirms that PAM’s northern Li brine prospects, being Pink to the south and Pozon, Dolores South and Dolores North to the north, cover an area of 1,000km-square or 50% of the Li brine target area.”
Pan Asia notes electrical geophysics such as resistivity, electromagnetics, or controlled-source audio-frequency magnetotellurics (CSMAT) may be conducted to more broadly evaluate the potential for subsurface brine to depths down to 600m.
The company says if successful, then broad-spaced drilling will be undertaken to sample the brine horizons.
Pan Asia Metals is a battery minerals company with lithium assets in Southeast Asia and South America. The Tama Atacama Lithium Project is located in the Pampa del Tamarugal basin in the northern part of the Atacama Desert in northern Chile.
As of 30 June 2023, the company had $548,000 cash at hand, according to its latest quarterly report, though on 3 August 2023, the company announced it had tapped investors for $1.265 million via a placement.
Write to Aaliyah Rogan at Mining.com.au
