Pan American Energy plans winter drilling at Tharsis

Executive Summary

• Pan American Energy Corp. announced its winter 2026 diamond drilling program at the Tharsis project in the Northwest Territories, marking the first opportunity to directly test subsurface targets for rare earth elements (REE), niobium, and yttrium.
• The program is scheduled for March to April 2026 and will involve approximately 1,500 metres of drilling across up to seven holes from three pads on Squalus Lake ice.
• The primary objective is to confirm the presence of carbonatite bodies within the Squalus Lake alkaline complex, assess their geometry and scale, and generate core data to guide future exploration and technical studies.

Key Details

• Program Scope: Approximately 1,500 metres of diamond drilling across up to seven drill holes.
• Location: Up to three drill pads situated on the ice of Squalus Lake, Tharsis project, Northwest Territories, Canada.
• Timeline: Planned for March to April 2026.
• Target Geology: High-priority targets interpreted as potential carbonatite bodies associated with a large, well-defined alkaline intrusive system (Squalus Lake Alkaline Complex).
• Primary Objective: Confirm the presence of potential carbonatite and related intrusive phases; obtain first-pass information on thickness, distribution, and geological characteristics.
• Geophysical Framework: Target selection supported by a magnetic framework featuring a prominent ring-shaped magnetic high and multiple internal magnetic lows interpreted as discrete intrusive centres aligned along a northeast-southwest trend.
• Priority Target: The northern intrusive centre is prioritized as a high-confidence initial test of the broader system.
• Strategic Context: The project focuses on Yttrium (listed on USGS 2025/2026 critical minerals list for defence, aerospace, and energy sectors) and Niobium (essential for high-strength steels and superalloys), aiming to diversify supply chains away from dominant foreign suppliers.
• Future Implications: Results will inform follow-on exploration planning, including expansion of drilling, refinement of target areas, and evaluation of additional technical studies.
• Qualified Person: Dr. Jared Suchan, PhD, PGeo, technical adviser and qualified person under National Instrument 43-101.

Notable Quotes

• "This winter drill program marks a significant step forward for the Tharsis project. We are transitioning from surface-based exploration into drilling to directly test compelling targets and generate the data needed to assess scale and guide the next phase of growth at Tharsis." — Adrian Lamoureux, Chief Executive Officer