Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) (“Pan American” or the “Company”) is pleased to announce that it has mobilized EarthEx Geophysical (“EarthEx”) to conduct a 2D seismic survey at its flagship project, the Horizon Lithium Project (“Horizon” or the “Project”) in Big Smoky Valley, Esmeralda County, Nevada. The seismic survey will be conducted with the support of the Company’s previously announced contractor partner, RESPEC Consulting Inc. (“RESPEC”) in support the next stages of exploration and Phase 3 drill program at the Project, which is designed to expand the known mineral resources at the Project through step-out drilling to extend the deposit to the Northwest, South, East, and West and at greater depths.

Jason Latkowcer, Chief Executive Officer, commented, “We are thrilled to return to work at the Project after the release of our inaugural Mineral Resource Estimate setting out one of the largest identified lithium deposits in the United States in November. The Project is 70+ square km and the Mineral Resources Estimate encompasses only 31.5% of that land package. We expect this survey to play an instrumental role in our Phase 3 planning by helping to optimize our drill targeting.”

EarthEx will conduct a Horizontal to Vertical Spectral Ratio (“HVSR”) survey using a Tromino passive seismic device at the Project. The survey is expected to comprise 86 line-km with a line spacing of 1,000 meters and station spacing of 250 meters. Local and regional faulting may have displaced and/or offset blocks of the targeted Siebert Formation in relation to each other, which would affect the thickness of overlaying alluvial gravels otherwise known as overburden. The HVSR survey is expected to help map overburden thickness and identify fault lines on the Project, allowing for the design of a more targeted and efficient Phase 3 drill program.

Once the geophysical survey is captured and interpreted, RESPEC will support the Company with results analysis, mapping, and drill planning. RESPEC will also support permitting the high-priority drill targets with the Bureau of Land Management , Tonopah Field Office, with the goal of advancing a logistically sound and fully permitted Phase 3 drilling plan in 2024.

Tromino Passive Seismic Surveying:

There are ambient vibrations moving in the Earth’s crust at all times and these vibrations translate into all layers, including the unconsolidated overburden. The behaviour of these vibrations, at certain frequencies is a function of the thickness of the layer in which they are moving. The Tromino Passive seismic device makes use of the HVSR method (horizontal over vertical spectral ratio) to analyze these vibrations and estimate the depth to bedrock in a study area. The relationship between the depth of the bedrock and the frequencies at which peaks form in this ratio is dependent upon the velocities of the unconsolidated cover. In areas where cover material is fairly consistent and some good areas with known bedrock depth can be used for calibrating the frequency-depth relationship, this method is expected to produce depth estimates which are accurate within about 20%. The method is quick and efficient and does not suffer from penetration issues that may be present in ground penetrating radar surveys.