Pan Asia Metals (ASX:PAM) has now been granted all of the exploration concessions covering its Tama Atacama Lithium Project in Chile.
The latest group of concessions cover 303km2, and were granted alongside further concessions spanning 13km2 in the southern part of the Ramatidas Prospect and the PowerLine Prospect.
These prospects are currently part of a memorandum of understanding (MoU) and are under review.
If Pan Asia decides to advance exploration over these prospects, they will form part of the Tama Atacama Project, with the area under MoU covered by granted concessions totalling 263km2.
The company, which has a market capitalisation of $19.5 million, now has exploration concessions under option agreements and MoU spanning over 1,234km2.
Late last year, the Chilean Congress implemented modifications to the country’s mining code, including an increase in the period exploration concessions are valid to four years, with the possibility of extending for a further four years.
Previously exploration concessions were only granted for a period of two years, with the possibility of extending for another two years.
Pan Asia was also granted concessions in January and February this year.
The latest concessions secured by Pan Asia will expire in 2027 and 2028.
Pan Asia recently raised $1.38 million via a placement, with part of the funds to go towards geophysics and initial exploration drilling at Tama Atacama.
Geophysics will be undertake in the north of the project to determine the location of drillholes for reconnaissance drilling.
Write to Angela East at Mining.com.au
Images: Pan Asia Metals
