Pan American Energy wraps up early Tharsis fieldwork

Executive Summary

• Pan American Energy Corp. completed its 2025 preliminary field program at the Tharsis project in the Northwest Territories, focusing on the Squalus Lake alkaline complex.
• The program successfully integrated geological mapping, magnetic susceptibility surveys, and bathymetric data to refine the geological model and identify drill targets for rare earth elements (REE) and niobium.
• Results indicate a central magnetic low consistent with a carbonatite phase (high REE potential) surrounded by a magnetic ring of mafic syenitic material, guiding the upcoming first drill campaign.

Key Details

• Field Program Scope: A nine-day campaign in late September involving a six-person team mapping outcrops near the northern end of Squalus Lake, focusing on known REE-Nb showings and the magmatic core.
• Lithological & Magnetic Findings:
  • Clear contrast observed between magnetic and non-magnetic units.
  • Outcrop A (Core): Located near the magnetic low; composed of coarse biotite, feldspar, and mafic minerals; average magnetic susceptibility of 0.46 x 10⁻⁶ SI.
  • Outcrop B (Ring): Located along the magnetic high ring; composed of coarse magnetite syenite with hornblende and biotite; average magnetic susceptibility of 55 x 10⁻⁶ SI.
  • Interpretation: The central magnetic low likely corresponds to a carbonatite phase with high rare earth potential, while the surrounding ring represents less prospective mafic syenitic material.
• Bathymetric Survey:
  • Collected approximately 17,500 data points along 100-metre-spaced east-west transects covering accessible areas of Squalus Lake.
  • Eastern bay excluded due to low water levels and boulder-filled terrain.
  • Data intended to support a 3D model of the lake bottom to aid in identifying drill targets beneath the lake.
• Archaeological Survey: Conducted in the northern portion of the property with local indigenous community support to ensure alignment with territorial heritage and cultural preservation standards.
• Next Steps:
  • Consolidation of geological, magnetic, and bathymetric data into a 3-D geospatial workspace.
  • Preparation of a preliminary geological map.
  • Thin section and QemScan analyses of representative samples.
  • Creation of an integrated model merging subsurface topography with surface geology to guide the placement of the first drill holes.

Notable Quotes

• "Our team has completed an exceptional amount of work in a short field window... The integration of detailed lithological, magnetic and bathymetric datasets will provide the technical foundation for our first drill campaign at Tharsis. The results continue to support the interpretation that the Squalus Lake complex is a well-preserved carbonatite system with excellent rare earth potential." — Adrian Lamoureux, CEO