Pan American Lithium Corp. Announces Inferred Resource Estimates for Its Laguna Verde and Laguna Brava Surface Lake Projects in
04 5월 2010 - 10:33PM
Marketwired Canada
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UNITED STATES
Pan American Lithium Corp. ("Pan American" or the "Company") (TSX
VENTURE:PL)(PINK SHEETS:PALTF), a lithium exploration and mineral exploration
company with surface brine lake projects in Chile, today announced the results
of NI 43-101 compliant brine sampling inferred resource estimates for its
wholly-owned Laguna Verde and Laguna Brava surface brine lake projects located
in Atacama Region III. The Company believes that it is the first TSX-V listed
company which has published a NI-43-101 resource estimate for a lithium brine
project. The following scientific and technical disclosure is based on a NI
43-101 compliant report, authored by John Hiner, L.P. Geo., a Qualified Person
under Canadian National Instrument 43-101, dated April 30, 2010. Mr. Hiner is
independent in accordance with NI 43-101. The technical report will be filed by
the Company in accordance with applicable securities laws and regulatory
instruments, and will be accessible on SEDAR at www.sedar.com.
Key highlights of the NI 43-101 compliant programs are as follows:
- Inferred resource estimate at Laguna Verde surface lake at an average lithium
grade of 212.40 mg/litre is computed to be 512,960 tons of lithium carbonate
equivalent, and at an average potassium grade of 4,881 mg/litre is 4,223,134
tons of potassium chloride equivalent
- Inferred resource estimate at Laguna Brava is computed at an average lithium
grade of 313 mg/litre to be 13,580 tons of lithium carbonate equivalent, and at
an average potassium grade of 3,356 mg/litre is 46,623 tons of potassium
chloride equivalent
These estimates are based on bathymetric measurement surveys taken at both lakes
which, along with the surface area of each lake, provide the basis for the
calculation of the volume of fluid contained therein. Concurrent with the depth
measurements, the Company recovered brine samples at the surface and at varying
depths at each water body. 48 samples were taken at Laguna Verde and 19 samples
came from Laguna Brava. Brine samples were collected in sterilized plastic
bottles under the supervision of John Hiner, sealed on site, and shipped by
common carrier to ALS Chemex laboratories in Vancouver and Burnaby, B.C. for
analysis. The samples were analyzed directly as submitted by inductively coupled
plasma-mass spectrometry ("ICP"). Any overlimit results were subsequently
reanalyzed by ICP methods using higher limit standards. Given the uniform
consistency and homogeneity of lithium and potassium grades reported by ALS
Chemex throughout the sample population , for purposes of the inferred resource
estimates, the Company calculated and used average grades in mg/l to determine
contained lithium carbonate equivalent and potassium chloride equivalent in the
brines at each lake. The formula used for calculating lithium carbonate
equivalent is 1 tonne of lithium metal equals 5.285 tons of lithium carbonate.
The formula used for calculating potassium chloride equivalent is 1 tonne of
potassium metal equals 1.910 tonnes of potassium chloride.
Andrew Brodkey, CEO of Pan American commented, "These inferred resource
estimates are highly significant in light of the numerous junior lithium
companies who are attempting to bring this level of definition to their
projects. Importantly, the Company believes that Pan American is the first TSX-V
listed company which has published a NI 43-101 compliant resource estimate for a
lithium brine project. Global demand for lithium is growing significantly as a
result of expanded uses for lithium batteries, such as automobiles and
innovative electronic devices."
According to a Dundee Capital Markets report dated October 28, 2009, entitled
"Lithium-Hype or Substance", the lithium market is expected to expand
significantly, and lithium ion battery demand is driving the sector's growth,
particularly from the automotive market. The report states that lithium performs
better than other alternatives currently available on the market which make it
the best positioned mineral to be used in electric vehicles. The current market
price for lithium carbonate is approximately $5,500 per metric tonne.
Potassium chloride is used in medicine, food processing, fertilizers and
scientific applications. It also can be converted into a higher grade form of
fertilizer known as potash. The current market price for potash is approximately
$375 per metric tonne.
Mr. Brodkey continued, "Given the ease of access to our surface lake brines, and
over the course of only 4 months, Pan American's exploration efforts to reach an
inferred resource estimate are essentially complete. Pan American can now shift
the focus at Laguna Verde to scoping and phase chemistry studies in order to
develop the optimal processes for lithium and potassium recovery from our
brines, while at the same time we can develop more precise information about the
lithium and potassium content towards reaching the higher standard of indicated
and measured resources. At Laguna Brava, the encouraging grade results from
surface lake sampling lead us to believe that a subsurface drilling program in
the Laguna Brava basin, to expand the resource base, is now in order."
At Laguna Verde, the deepest sounding taken was 60 meters and the average mean
depth of the lake is calculated to be 33 meters. The surface area of the lake is
15.2 square kilometres. Using an average depth of 30 meters and an average
lithium grade of 212.40 mg /litre Li, the inferred resource estimate at Laguna
Verde is computed to be 512,940 tons of lithium carbonate equivalent and the
conservative estimate of the size of the lake is 456 million cubic meters. Using
the average potassium grade of 4,881 mg/litre K, the inferred resource estimate
at Laguna Verde is computed to be 4,223,134 tons of potassium chloride
equivalent.
At Laguna Brava, the average mean depth of the lake is at least one meter. The
surface area of the lake is 8.2 square kilometres. Using an average depth of one
meter and an average lithium grade of 313 mg /litre Li, the inferred resource
estimate at Laguna Brava is computed to be 13,580 tons of lithium carbonate
equivalent and the conservative estimate of the size of the lake is 8.2 million
cubic meters. Using the average potassium grade of 3,356 mg/litre K, the
inferred resource estimate at Laguna Brava is computed to be 46,623 tons of
potassium chloride equivalent.
The information contained in this press release which relates to sampling and
mineral resource estimates was compiled by John Hiner, L.P. Geo., a Qualified
Person under Canadian National Instrument 43-101, who is responsible for the
work conducted on the properties, and has reviewed, approved and confirmed the
technical details and results contained herein.
In addition, the Company is pleased to announce that it has entered into
Independent Director Agreements with each of Dr. David Terry and Ronald Richman,
the two independent members of the Board of Directors. These Independent
Director Agreements provide that the Company will compensate each independent
Director in the amount of USD$1,000 per month (and in the case of Dr. Terry, an
additional amount for GST or HST which may be levied by the Province of British
Columbia) for services provided by each independent Director as a member of the
Board and the Audit Committee.
On Behalf of the Board,
PAN AMERICAN LITHIUM CORP.
Andrew A. Brodkey, President and CEO
This press release contains projections and forward-looking information that
involve various risks and uncertainties regarding future events. Such
forward-looking information can include without limitation statements based on
current expectations involving a number of risks and uncertainties and are not
guarantees of future performance of the Company such as the statement that the
Company: (i) has NI 43-101 compliant inferred resource estimates for lithium
carbonate and potash equivalent at its Laguna Verde and Laguna Brava projects;
(ii) the inferred resource estimate for Laguna Verde at an average lithium grade
of 212.40 mg/litre is 512,940 tons of lithium carbonate equivalent and at an
average potassium grade of 4,881mg/litre is 4,223,134 tons of potassium chloride
equivalent; (iii) the inferred resource estimate for Laguna Brava at an average
lithium grade of 313 mg/litre is 13,580 tons of lithium carbonate equivalent and
at an average potassium grade of 3,356 mg/litre is 46,623 tons of potassium
chloride equivalent; and (iv) believes that Pan American is the first TSX-V
listed company which has published a NI 43-101 compliant resource estimate for a
lithium brine project. There are numerous risks and uncertainties that could
cause actual results and the Company's plans and objectives to differ materially
from those expressed in the forward-looking information, including: (i) adverse
market conditions; (ii) a decrease in demand for and price of lithium; (iii)
general uncertainties with respect to mineral exploration in general; (iv)
changes in the political or regulatory environment in Chile; (v) inability to
raise required financing or execute the Company's business plan; (vi)
assumptions made by the Company do not turn out to be correct; (vii)
transportation, infrastructure and/or other factors that can limit or prejudice
the access to the brine waters, or that can increase related costs materially.
Actual results and future events could differ materially from those anticipated
in such information. These and all subsequent written and oral forward-looking
information are based on estimates and opinions of management on the dates they
are made and are expressly qualified in their entirety by this notice. Except as
required by law, the Company does not intend to update these forward-looking
statements.
This press release does not constitute an offer to sell or solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to a U.S. Person unless
registered under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.
APPENDIX 1 - LAGUNA VERDE SAMPLE POINTS
---------------------------------------------------------------------------
Sample North East ALS Sample Li Grade K Grade Depth of
Point UTM UTM Sample # Depth (m) (mg/L) (mg/L) Lake (m)
---------------------------------------------------------------------------
Series 2 - Pt All UTM Coordinates in WGS 84
---------------------------------------------------------------------------
1 7026100 555100 1 0 198 4550 30
---------------------------------------------------------------------------
2 N/A
---------------------------------------------------------------------------
3 7025000 553800 3 0 197 4530 10
---------------------------------------------------------------------------
4 7025400 554000 4 0 184 4230 35
---------------------------------------------------------------------------
5 7025900 554300 5 0 183 4210 42
---------------------------------------------------------------------------
6 7026600 554600 6 0 184 4210 36
---------------------------------------------------------------------------
7 7026900 554900 7 0 192 4410 38
---------------------------------------------------------------------------
8 7026900 554000 8 0 191 4380 30
---------------------------------------------------------------------------
9 N/A
---------------------------------------------------------------------------
10 7025800 552500 10 0 193 4420 35
---------------------------------------------------------------------------
11 7026200 552600 11 0 187 4300 32
---------------------------------------------------------------------------
12 7026700 553000 12 0 199 4570 60
---------------------------------------------------------------------------
13 7027100 553300 13 0 186 4300 50
---------------------------------------------------------------------------
14 7027600 553500 14 0 191 4380 49
---------------------------------------------------------------------------
15 N/A
---------------------------------------------------------------------------
16 7026400 552100 16 0 191 4360 36
---------------------------------------------------------------------------
17 7026200 551200 17 0 192 4440 34
---------------------------------------------------------------------------
18 7026500 551500 18 0 186 4310 40
---------------------------------------------------------------------------
19 7027300 551900 19 0 203 4660 32
---------------------------------------------------------------------------
20 7027100 550700 22 0 198 4570 35
---------------------------------------------------------------------------
Series 3 - Pt All UTM Coordinates in SAM 56
---------------------------------------------------------------------------
21 7026500 550500 32 0 225 5190
---------------------------------------------------------------------------
33 5.5 219 5030
---------------------------------------------------------------------------
22 7027000 550500 34 0 221 5110
---------------------------------------------------------------------------
35 8 227 5110
---------------------------------------------------------------------------
23 7026500 551000 36 0 220 5040
---------------------------------------------------------------------------
37 8.5 231 5320
---------------------------------------------------------------------------
24 7026500 551500 38 0 222 5090
---------------------------------------------------------------------------
39 8.5 213 4840
---------------------------------------------------------------------------
25 7027500 551500 40 0 220 5050
---------------------------------------------------------------------------
41 6.5 216 4910
---------------------------------------------------------------------------
26 N/A Control
---------------------------------------------------------------------------
27 7027500 552000 43 0 233 5290
---------------------------------------------------------------------------
44 5 231 5300
---------------------------------------------------------------------------
28 7027000 552000 45 0 213 4900
---------------------------------------------------------------------------
46 10.5 228 5220
---------------------------------------------------------------------------
29 7026500 552000 47 0 228 5170
---------------------------------------------------------------------------
48 7.5 225 5120
---------------------------------------------------------------------------
30 7026000 552500 49 0 217 5010
---------------------------------------------------------------------------
50 5 215 4950
---------------------------------------------------------------------------
31 7026500 552500 51 0 212 4880
---------------------------------------------------------------------------
52 10 224 5030
---------------------------------------------------------------------------
32 7027000 552500 53 0 213 4930
---------------------------------------------------------------------------
54 9.5 219 5070
---------------------------------------------------------------------------
33 7027500 552500 55 0 224 5150
---------------------------------------------------------------------------
56 9 219 5040
---------------------------------------------------------------------------
34 7028000 552500 57 0 205 4740
---------------------------------------------------------------------------
58 10 211 4880
---------------------------------------------------------------------------
35 7027000 553000 59 0 214 4980
---------------------------------------------------------------------------
60 9.5 219 5040
---------------------------------------------------------------------------
36 7026500 553000 61 0 221 5110
---------------------------------------------------------------------------
62 13.5 221 5140
---------------------------------------------------------------------------
37 7026000 553000 63 0 211 4920
---------------------------------------------------------------------------
64 11 205 4760
---------------------------------------------------------------------------
38 7026000 553500 65 0 219 5030
---------------------------------------------------------------------------
66 10.5 222 5070
---------------------------------------------------------------------------
39 7026500 553500 67 0 236 5320
---------------------------------------------------------------------------
68 10 226 5090
---------------------------------------------------------------------------
40 7027000 553500 69 0 210 4830
---------------------------------------------------------------------------
70 11.5 220 5030
---------------------------------------------------------------------------
41 7025500 554000 71 0 219 4990
---------------------------------------------------------------------------
72 10.5 227 5110
---------------------------------------------------------------------------
42 7026000 554000 73 0 220 5050
---------------------------------------------------------------------------
74 14.5 212 4880
---------------------------------------------------------------------------
43 7026500 554000 75 0 221 5040
---------------------------------------------------------------------------
76 14 219 5020
---------------------------------------------------------------------------
44 7026500 554500 77 0 204 4690
---------------------------------------------------------------------------
78 13.5 206 4750
---------------------------------------------------------------------------
45 7026000 554500 79 0 214 4900
---------------------------------------------------------------------------
80 15 220 5100
---------------------------------------------------------------------------
46 7025500 554500 81 0 228 5180
---------------------------------------------------------------------------
82 14.5 219 5010
---------------------------------------------------------------------------
47 7025000 554500 83 0 204 4730
---------------------------------------------------------------------------
84 13 209 4850
---------------------------------------------------------------------------
48 7026500 555000 85 0 228 5230
---------------------------------------------------------------------------
86 15 222 5080
---------------------------------------------------------------------------
49 7026000 555000 87 0 211 4870
---------------------------------------------------------------------------
88 14.5 215 4970
---------------------------------------------------------------------------
50 7025500 555000 89 0 219 5060
---------------------------------------------------------------------------
90 12 213 4881
---------------------------------------------------------------------------
APPENDIX 2 - LAGUNA BRAVA SAMPLE POINTS
---------------------------------------------------------------------------
All UTM
Coordinates
in SAM 56
---------------------------------------------------------------------------
Surface Depth
Sample ALS Sample in Li Grade K Grade
Point Northing Easting # centimeters (mg/L) (mg/L)
---------------------------------------------------------------------------
1 7091000 538500 92 0 300 2910
---------------------------------------------------------------------------
93 60 279 2730
---------------------------------------------------------------------------
2 7091000 539000 94 0 307 2980
---------------------------------------------------------------------------
95 65 306 2960
---------------------------------------------------------------------------
3 7091000 539500 96 0 328 3110
---------------------------------------------------------------------------
97 60 301 2890
---------------------------------------------------------------------------
4 7090500 538500 98 0 323 3140
---------------------------------------------------------------------------
99 60 295 2870
---------------------------------------------------------------------------
5 7090500 539000 100 0 315 3040
---------------------------------------------------------------------------
101 65 315 3040
---------------------------------------------------------------------------
6 7090500 539500 102 0 268 2600
---------------------------------------------------------------------------
103 65 275 2670
---------------------------------------------------------------------------
7 7090000 538500 104 0 325 3140
---------------------------------------------------------------------------
105 65 326 3100
---------------------------------------------------------------------------
8 7090000 539000 106 0 364 3420
---------------------------------------------------------------------------
107 70 355 3360
---------------------------------------------------------------------------
9 7090000 539500 108 0 321 3050
---------------------------------------------------------------------------
109 75 320 3030
---------------------------------------------------------------------------
10 7089500 538500 110 0 339 3200
---------------------------------------------------------------------------
111 50 340 3230
---------------------------------------------------------------------------
11 7089500 539000 112 0 342 3240
---------------------------------------------------------------------------
113 75 312 2980
---------------------------------------------------------------------------
12 7089500 539500 114 0 CONTROL
---------------------------------------------------------------------------
None greater than
1 meter
---------------------------------------------------------------------------
13 7089000 538500 115 0 314 3010
---------------------------------------------------------------------------
116 65 328 3090
---------------------------------------------------------------------------
14 7089000 539000 117 0 312 3010
---------------------------------------------------------------------------
118 80 307 2960
---------------------------------------------------------------------------
15 7089000 539500 None 0
---------------------------------------------------------------------------
None greater than
1 meter
---------------------------------------------------------------------------
16 7088500 538500 119 0 314 2990
---------------------------------------------------------------------------
120 50 318 3020
---------------------------------------------------------------------------
17 7088500 539000 121 0 299 2850
---------------------------------------------------------------------------
122 65 311 2970
---------------------------------------------------------------------------
18 7088500 539500 123 0 268 2550
---------------------------------------------------------------------------
None greater than
1 meter
---------------------------------------------------------------------------
19 7088750 540000 None 0
---------------------------------------------------------------------------
None greater than
1 meter
---------------------------------------------------------------------------
20 7091500 539750 124 0 289 2750
---------------------------------------------------------------------------
125 50 313 2997
---------------------------------------------------------------------------
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