Critical metals explorer Pan Asia Metals (ASX:PAM) is working to publish a maiden Mineral Resource Estimate (MRE) later this year, with drilling ongoing at its Reung Kiet Lithium Project in Thailand.
The company, which has a market capitalisation of $38.81 million, reports it is drilling holes BTDD030 and BTDD031 at the Bang I Tum prospect, while samples for holes BTDD019 to BTDD015 are with the laboratory. All results will be reported as they become available.
Once sufficient additional drillholes are completed, Pan Asia says it will be able to report an MRE. A metallurgical testwork program is also being formulated to test the mineralisation to support the mineral resource.
Pan Asia will be presenting at the Noosa Mining Investor Conference on 19-21 July 2023.
As the company works towards delineating a mineral resource for Bang I Tum, newly returned drilling results are continuing to support the geological and grade model applied to the exploration target estimate hosted within mica-rich pegmatite dyke-veins and adjacent metasediments. This prospective zone is defined over a strike length of about 1.5km and remains open along strike and at depth on many sections.
New drilling results include BTDD018 with 2.9m @ 1.07% Li2O from 25.15m, 6.6m @ 0.79% Li2O from 40.4m, and 2.05m @ 1.2% Li2O from 40.4m; BTDD015 with 5.6m @ 0.84% Li2O from 39.1m and 6.5m @ 0.55% Li2O from 67.1m; and BTDD010 with 19.5m @ 0.66% Li2O from 67.1m and 14m @ 0.86% Li2O from 68m.
Pan Asia says tin and tantalum complement many lithium intersections, representing a ‘strong by-product opportunity’.
Commenting on the results, Pan Asia Metals Managing Director Paul Lock says: “It’s good to see the assays start to flow from our Bang I Tum Lithium prospect.
“We are now on holes 30 and 31, and a third rig is being prepared for a start soon, which will see our drill program accelerate”
These results broadly line up with the drill-supported exploration target, as recently announced. We are now on holes 30 and 31, and a third rig is being prepared for a start soon, which will see our drill program accelerate.
Our aim is to report an inaugural Mineral Resource Estimate later this year, and then, like the Reung Kiet Lithium prospect, follow through with infill and extensional drilling as required.”
Reung Kiet is a hard rock lithium project, with lithium hosted in lepidolite and mica-rich pegmatites composed of quartz, albite, lepidolite, and muscovite, with minor cassiterite and tantalite and other accessory minerals.
On 10 July 2023, Mining.com.au reported that Pan Asia upgraded the exploration target for Bang I Tum to 16-25 million tonnes at 0.40% to 0.70% lithium oxide, which represented an increase of between 80% to 100% to the previous exploration target.
Pan Asia Metals is a Singapore-based battery and critical metals explorer focused on its Reung Kiet Lithium, Kata Thong Lithium, and Khao Soon Tungsten projects in Thailand.
With Asia accounting for more than half of global annual vehicle production, the company believes it is ‘uniquely positioned’ to capitalise on the demand for battery minerals in the region, noting it is the only publicly traded battery metals company in South-East Asia.
On 19 May 2023, Pan Asia signed a non-binding memorandum of understanding with Vietnam-based VinES Energy Solutions Joint Stock Company to develop a standalone lithium conversion facility in Vietnam. The company had $3.8 million cash at hand according to a corporate presentation published on 1 June 2023.
Write to Harry Mulholland at Mining.com.au
Images: Pan Asia Metals Ltd