Pan Asia Metals (ASX:PAM) is formulating fresh exploration plans, including geophysical work and potential drilling, for its Tama-Atacama Brine-Clay Lithium Project in Chile.
The $24.21 million market capitalisation company is working with Geological Advisor Jacob Rebek and Consultant Country Manager Thomas Eggers to refine these plans.
The news follows the delivery of lithium assays from surface samples collected at the Dolores North Lithium prospect in the area, which returned elevated lithium from surface salt crusts.
Pan Asia collected 26 samples at Dolores North, with 10 of these samples returning values of more than 200 parts per million (ppm) lithium and averaging 319ppm lithium, with a peak value of 608ppm lithium.
Elevated lithium values have been delineated over a strike length of about 20km.
Pan Asia Metals Managing Director Paul Lock says these ‘great’ results help build the bigger picture for the Tama-Atacama project.
“Pan Asia Metal’s target lithium brine concessions span 140km in length and have an area of 1,000km-square, with further lithium brine potential to the south of this area.
“The geochemical program discussed herein identifies elevated lithium values at Dolores delineated over a strike length of approximately 20km”
The geochemical program discussed herein identifies elevated lithium values at Dolores delineated over a strike length of approximately 20km, building on the bigger picture.”
Lock adds that the geological position of the project and its proximity to necessary infrastructure means it could offer the company ‘easy access and simpler operations’ in the future.
Pan Asia has now proposed additional surface sampling of the salt crust in the Salar at a spacing of around 1km-by-1km.
The company is floating electrical geophysics — such as resistivity or electromagnetics work — to evaluate the potential for sub-surface brine to 500m deep.
Pan Asia says should this prove to be successful in locating conductive brine, it will then conduct broad-spaced drilling to sample the brine horizons.
The company has already assessed potential drillhole locations.
The Dolores prospect forms part of the Tama-Atacama project in the Pampa del Tamarugal basin in the northern part of the Atacama Desert in northern Chile.
As of 30 September 2023, Pan Asia had $104,000 cash and cash equivalents at hand, according to its latest quarterly report. Post quarter-end, the company announced it was conducting a placement to raise $1.45 million.
Write to Aaliyah Rogan at Mining.com.au
Images: Pan Asia Metals