Pan American Energy (CSE: PNRG) (OTC PINK: PAANF) has just hit the jackpot after unearthing one of the largest lithium deposits ever discovered in the United States.
On Monday, the company saw sparkling results from its inaugural mineral resource estimate on the Horizon lithium project in Big Smoky Valley, Nevada. The estimate totals over 1.3 million tonnes of indicated and 8.8 million tonnes of inferred lithium carbonate equivalent resources.
“This initial mineral resource estimate marks the most important milestone to date for our company, highlighting the identification of a large scale and high-grade lithium deposit with significant future potential right here in North America,” Pan American CEO Jason Latkowcer said.
Latkowcer said that within less than a year, the company´s drilling efforts led to the discovery of a cluster of lithium mineralization and the inaugural mineral resource. The company will now focus on advancing the project as quickly as possible while working to expand and upgrade mineral resources.
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Table via Pan American Energy.
The expansive Horizon Lithium project stands out as one of the most substantial land packages within the Tonopah lithium belt. It has 839 unpatented lode claims across roughly 17,333 acres.
Pan American has a vested interest in the project through a property option agreement with the project owner, Horizon Lithium. The agreement grants Pan American the opportunity to explore the project and get complete ownership by fulfilling specified conditions, including cash payments and share issuances to Horizon Lithium LLC.
Horizon Lithium is right next to American Battery Technology’s (NASDAQ: ABAT) Tonopah Flats project, with a mineral resource estimate of 15.8 million tonnes of Inferred LCE mineral resources.
Pan American Energy states that it has discovered one of the largest Lithium deposits in the US, with the claim encompassing over 15.8 million tonnes of LCE resources.#LIS $LISMF $OROCF $TSLA $ALLI $APHLF #lithium #argentina #Mining #ElectricVehicleshttps://t.co/m23JBIYdKP
— Lithium South Development Corporation (@LithiumSouth) November 21, 2023
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In Nevada, the spotlight is on the Thacker Pass project. In early 2021, the Trump administration approved plans for a $1 billion open-pit mine at Thacker Pass, situated in a vast government-owned area covering 9 square miles above the world’s largest lithium deposit. The mine, spearheaded by Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) a Canadian multinational, aims to produce enough lithium annually to match the entire global output in 2020.
Other massive lithium deposits found in Nevada include the McDermitt Caldera along the Nevada-Oregon which is estimated to have 20-40 million metric tonnes of lithium. The deposit is inside an ancient supervolcano that was formed 16 million years ago.
The global lithium race has intensified due to the energy transition. As the demand for clean energy solutions grows, lithium has emerged as a critical component for batteries used in electric vehicles, solar energy storage and consumer electronics.
Natalia@mugglehead.com
