HL030, located in the northeast quadrant of Horizon, intersected the Siebert Formation top 15.5 feet below the ground surface.

Phase 2 boreholes did not intersect major subsurface structures with significant vertical displacement of strata due to faulting as was observed in boreholes (HL019 and HL005) located in the west central portion of Phase 1.

Proximity to Surface, Total Depth, and Siebert Elevation:

Compared to the Phase 1 program, less time was spent to reach the target zones due to improved proximity to the Siebert Formation top (ie., shallow overburden) in the areas drilled in the Phase 2 program.A total of 6,856 ft was drilled in the Phase 2 drill program, with 5,716 ft, or 84%, of intervals cored in the Siebert Formation.

The average total depth (“ TD”) for holes drilled in the Phase 2 drill program was 761 ft, with a maximum depth of 1,000 ft (HL024, and HL026).Drill pads were strategically placed to explore the eastern flank of Horizon’s subsurface for lithium mineralization.A total of nine boreholes were drilled and cored over 65 days of rig time.Preliminary Highlights from the Phase 2 drilling program include: RESPEC will continue to support the Company as it works towards declaring a mineral resource in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards of disclosure and National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Company is awaiting assay results from the Phase 2 drilling program and will use the combined Phase 1 and Phase 2 results to move towards declaring a mineral resource estimate at Horizon in the coming months. The successful completion of the drill program represents another milestone for Pan American as it works towards delineating the size, quality, and economic viability of the newly discovered lithium mineralization at Horizon. Following the success of the Phase 1 exploratory drilling program, where a lithium mineralization discovery was made, the Phase 2 exploratory drilling program consisted of nine targeted diamond core drill holes at Horizon, aggregating a total of 6,856 feet of drilling. The program involved targeted drilling in strategic locations based on geological research conducted by the Company’s strategic contractor partner, RESPEC (“ RESPEC”). (the “ Company” or “ Pan American”) ( CSE: PNRG) ( OTC PINK: PAANF) ( FRA: SS60) is pleased to announce the completion of its Phase 2 exploratory subsurface drill program at its Horizon Lithium Project (“ Horizon”) in Big Smoky Valley, Nevada. Material Hardness - Hardened materials over 30 HRC can be problematic when form tapping, is this case thread milling is recommended.CALGARY, Alberta, J(GLOBE NEWSWIRE) - Pan American Energy Corp.We often use dedicated tapping fluid when possible vs. Cutting oils are generally preferred because of their lubricity compared to water soluble coolants. Lubricity - Forming taps require good lubrication.A combination of tap class of fit and pre tap hole size can be experimented with to find the perfect strategy. It is possible to enlarge a hole slightly if tap breakage is an issue, so long as the hole still gauges correctly. Select the closest drill size possible for the thread percentage desired.

Pre Tap Hole Size - Reaming is always recommended.With form taps, the load is often less upon reversal. With cut taps, the point at which the tap reverses to retract is often the most critical. Consistency - Tool load is consistent throughout the tapping operation.Tool Life - Form taps can last multiple times longer than cut taps with the right recipe, there is simply less wear as the tap does not rely on sharp cutting edges.More Consistency - Without random chips smearing or wiping out threads accidently, form taps gauge more uniformly.Tap Strength - Form taps do not have conventional flutes which means the tap has more supporting material and rigidity vs.This makes form tapping ideal for blind holes, especially in materials like copper and stainless steel. Chipless Tapping - No chips are created when form tapping, the material is simply displaced into the thread shape.

Forming tap drill chart