Pan Asia adds further Tama Atacama concessions

Pan Asia Metals (ASX:PAM) has added a fourth series of exploration concessions for its Tama Atacama Lithium Project in Chile, growing the total area to 996km-square. 

The company says the latest concessions cover an additional 116km-square mainly at the Pink Lithium prospect, which forms part of Tama Atacama, and fall within option agreements one and two. 

The concessions also add a total of 32km-square to the Ramatidas Lithium prospect, which is south of Pink. They are part of the 400km-square target lithium brine and clay blocks comprising the southern half of Ramatidas and Powerline blocks. 

As reported by Mining.com.au, both the Ramatidas and Powerline blocks remain under a memorandum of understanding (MoU) and are under review and consideration. If progressed, the blocks will form part of Tama Atacama. 

The total area under option agreements with granted exploration concessions has increased to 746km-square, while the total area under MoU with granted exploration concessions is 250km-square.  

Pan Asia is continuing discussions with geophysics and drilling service providers and plans to begin drilling on granted licence areas at the Pink Project early in 2024. 

Drilling is being designed to identify lithium-bearing aquifers at depth and, once identified, further detailed drilling will begin in anticipation of an initial resource later in 2024. 

On 8 February 2024 the company announced it will continue its voluntary suspension of trading on the Australian Securities Exchange (ASX) due to ongoing discussions with a strategic investor regarding their participation in a capital raising to fund operations in Chile and Thailand.

Pan Asia expects the voluntary suspension will continue until 15 February.

Pan Asia Metals is a battery minerals company with lithium projects in Southeast Asia and South America, as well as agreements with key battery and chemical producers in the Asia region to produce advanced battery chemicals. 

The company’s Tama Atacama project sits in the Atacama region of Chile about 40km from the coast and 75km from the township of Iquique.

Write to Adam Drought at Mining.com.au

Images: Pan Asia Metals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Armada moving ahead with Brazil expansion

Armada Metals (ASX:AMM) has completed its due diligence to obtain lithium exploration projects in Brazil, South America and will move forward with negotiations.

The $5.2 million market capitalisation company says this includes working to execute longform documentation in relation to obtaining the permits from vendor Antares Minerais Estratégicos.

The permits cover an area of about 17,000 hectares in the eastern portion of Minas Gerais State in Brazil. 

Armada says the transaction offers an opportunity to diversify both geographically and into lithium, while remaining in the critical metals space. 

The company’s assets sit in various African mining jurisdictions, including Gabon, Tanzania, Zimbabwe, and South Africa. Assets include the Nyanga Project, the Bend Nickel Project, and various deposits. 

As of 30 September 2023, Armada Metals had $2.069 million cash and cash equivalents at hand, according to its latest quarterly report.

Author Image
Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.