Pan American Energy Completes Field Program at Tharsis Project

Executive Summary

• Pan American Energy completed its 2025 nine‑day preliminary field program at the Tharsis REE Project (Squalus Lake) in the Northwest Territories.
• The campaign generated detailed geological, magnetic susceptibility and bathymetric datasets that support a carbonatite‑dominated model with strong rare earth element potential.
• Data will be integrated into a 3‑D geospatial model to guide the placement of the first drill holes at Tharsis.

Key Details

• Field Campaign Duration & Team: Nine days in late September 2025; six‑person technical team conducted mapping, sampling and magnetic measurements around the northern end of Squalus Lake.
• Lithological Findings:
• Outcrop A (magnetic low core) – coarse biotite, feldspar, mafic minerals; average magnetic susceptibility 0.46 × 10⁻⁶ SI.
• Outcrop B (magnetic high ring) – coarse magnetite syenite with hornblende and biotite; average magnetic susceptibility 55 × 10⁻⁶ SI.
• Interpretation: Central magnetic low likely represents a carbonatite phase with high REE potential; surrounding magnetic ring interpreted as less prospective mafic syenitic material.
• Bathymetric Survey: ~17,500 data points collected on 100‑m spaced east‑west transects covering accessible lake areas (excluding eastern bay due to low water and boulders). Data will underpin a three‑dimensional model of the lake bottom for drill target refinement.
• Archaeological Survey: Conducted with local Indigenous participation to ensure compliance with heritage and cultural preservation standards.
• Data Integration Plan: All geological, magnetic and bathymetric datasets will be consolidated into a 3‑D geospatial workspace; next steps include preparation of a preliminary geological map, thin‑section and QEMSCAN analyses, and creation of an integrated subsurface/topography model to guide initial drill hole locations.
• CEO Quote: “The integration of detailed lithological, magnetic, and bathymetric datasets will provide the technical foundation for our first drill campaign at Tharsis… excellent rare earth potential.” – Adrian Lamoureux, CEO.

Notable Quotes

“Our team has completed an exceptional amount of work in a short field window,” stated Adrian Lamoureux, CEO of Pan American Energy. “The integration of detailed lithological, magnetic, and bathymetric datasets will provide the technical foundation for our first drill campaign at Tharsis.”