Pan American Energy Announces Planned Winter Drill Program at the Tharsis Project, Northwest Territories

Executive Summary

• Pan American Energy Corp. announced its intention to commence a winter diamond drilling program at the optioned Tharsis REE Project in the Northwest Territories.
• The drill campaign will test a principal intrusive centre identified from integrated magnetic surveys and evaluate potential rare‑earth element (REE) and niobium (Nb) mineralization at depth.
• The program is positioned as the next step to obtain core‑based geological, structural, and analytical data for refining the project’s exploration model.

Key Details

• Project Scope: Tharsis Project encompasses the Squalus Lake Alkaline Complex, a Proterozoic multi‑phase alkaline intrusive complex targeted for REE and Nb.
• Exploration Basis: Prior work includes geological mapping, high‑resolution UAV magnetic surveying, and surface sampling; the drill program will provide the first subsurface test of the geophysically interpreted intrusive centre.
• Targeting Framework: Combines regional and ground magnetic datasets with UAV magnetic data to delineate an outer magnetic‑high ring and internal magnetic‑low centres interpreted as separate intrusive phases.
• Drilling Objectives:
• Validate whether magnetic signatures correlate with carbonatite bodies and associated REE/Nb mineralization at depth.
• Generate core‑based geological, structural, and analytical data to refine the exploration model and guide subsequent targeting.
• Program Timing: Planned as a winter diamond drilling campaign (specific start date not disclosed).
• Qualified Person: Technical content reviewed and approved by Jared Suchan, Ph.D., P.Geo., Technical Advisor (NI 43‑101 Qualified Person).
• CEO Comment: Adrian Lamoureux emphasized the drill program as “an important step in advancing Tharsis from surface‑based interpretation to direct subsurface information” and highlighted its role in refining the model and guiding disciplined next steps.

Notable Quotes

“This planned drill program is an important step in advancing Tharsis from surface-based interpretation to direct subsurface information,” said Adrian Lamoureux, Chief Executive Officer of Pan American. “Our objective is to test priority targets developed from multiple seasons of work and to generate the geological and analytical data needed to refine the evolving model and guide next steps in a disciplined way.”