Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to announce that it has secured the high-grade Rosario Copper Project. This Manto-style Copper-Silver project is located in an infrastructure-rich setting in Chile’s premier copper-producing region, 10km north of the El Salvador copper mine.
Highlights:
-
Pan Asia Metals (ASX: PAM) enters exclusivity agreement for Rosario Copper Project, Chile.
-
Rosario located in an infrastructure-rich setting near the El Salvador copper mine.
-
High-grade copper-silver mineralisation with rock chip samples averaging 2.13% Cu and 6 g/t Ag.
-
Three distinct prospective trends with a combined strike length of over 10km.
Commenting on the recent deal Managing Director, Paul Lock stated: “We have entered into this transaction as the Rosario Copper Project ticks all PAM’s boxes: the Project is located in an infrastructure rich setting, with all processing needs nearby; it demonstrates peer group leading copper grades from a large suite of rock chips’ and it is located in a premier copper producing region which is known for its cost advantages. The Project has what is needed to gain a position in the lower third of the cost curve. Rosario represents a tremendous opportunity to position PAM with a high grade, low cost copper project. We view copper as an equally important metal with lithium in the global electrification transition, the supply-demand dynamics are compelling with deficits projected due to declining production and grades, and a lack of new discoveries. Importantly, Rosario is not a pivot, the Project is strategic, has the right fundamentals and offers PAM strategic options.”
Project Overview: The Rosario Copper Project is interpreted as a highly prospective yet significantly under-explored Manto-style copper-silver project. This style of mineralisation occurs throughout northern Chile and is responsible for significant historical and current copper production. The largest examples of this deposit style have historic production and Mineral Resources of over 200Mt at grades of 1% Cu or better, along with by-product silver. These include the Chilean based Mantos Blancos, El Solado and Michilla mines, along with a host of ‘smaller’ but significant deposits.
Next Steps: PAM is finalising due diligence and will formalise its agreement with the Vendor in the coming weeks. Upon entering into an option over the Project, future work will include additional geochemical sampling, mapping, trenching, and Induced Polarisation geophysics. This work is anticipated to rapidly delineate drill targets, and drilling would be undertaken at the earliest opportunity.
About us:
About Pan Asia Metals Limited (ASX:PAM):
Pan Asia Metals Limited is a Thailand-based investment holding company. The principal activities of its subsidiaries are in the identification and development of specialty metals assets situated in low-cost environments which are proximal to advanced industrial centers. It has lithium projects in South-East Asia and South America, and agreements with key battery and chemical producers in the Asian region to produce advanced battery chemicals. The Reung Kiet Lithium Project is a lepidolite-style lithium project located about 70 kilometers (km) northeast of Phuket in the Phang Nga Province in southern Thailand. The Tama Atacama Lithium Project is a series of brine and clay lithium holdings located in the Atacama Desert in Northern Chile. The Kata Thong Geothermal Lithium & Hard Rock Lithium-Tin Project is a compilation of five Special Prospecting License Applications in the Phang Nga Province in southern Thailand covering approximately 45 square kilometers.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & media
jm@janemorganmanagement.com.au