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Tharsis PRoject

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Tharsis Project Overview

  • 8,750-hectare project primed for rapid advancement
  • Three highly elevated critical elements on project (REE, Nb, & P)*
  • Located in the Northwest Territories of Canada, 170 km northeast of the capital city of Yellowknife.
  • Situated 200 km from Canada’s only producing rare earth project**
  • Tharsis has the potential to join the newly created rare earth supply chain and provide material to meet domestic demand.
  • Access to the property is currently achieved by floatplane in the summer, by ski-plane in the winter, or by helicopter year-round.

*  Rare Earth Elements, Niobium & Phosphorus
** Proximity to Canada’s only producing rare earth project is not necessarily indicative of the mineralization on the Tharsis Project

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Click image to enlarge

Regional Geology

  • The Slave Province is a Late Archean craton in the northwestern Canadian Shield, spanning across the Northwest Territories and Nunavut.
  • The geologic region is made up of a complex assemblage of several geologic terranes, including prevalent granitoid units and meta-sediments with enclaves of various volcanic packages.
  • The regional geology hosts a variety of current and past producing mines, including the Nechalacho REE project.

*  Rare Earth Elements, Niobium & Phosphorus

Tharsis Project Geology

  • The Squalus Lake Alkaline Complex (SLAC) is a Proterozoic intrusion dated to be ~2,180 million years old.
  • Carbonatite dykes are observed surrounding the shoreline of Squalus Lake.
  • The SLAC is situated along a prominent structural feature known as the Phoenix Fault.

*  Rare Earth Elements, Niobium & Phosphorus

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Click image to enlarge

Tharsis Deposit Model

  • During erosion, carbonatite rocks are more susceptible to erosion than surrounding granitic rocks, creating a water-filled depression on the modern landscape.
  • Off-shooting carbonatite dikes can be found outcropping near the shoreline of the lake, presenting an opportunity to test mineralization that represents the underlying body.

*  Rare Earth Elements, Niobium & Phosphorus

Tharsis Magnetic Signature

  • Magnetic surveys performed in 1962, 2006, and 2022 confirm the presence of a magnetic ring structure beneath Squalus Lake.
  • The magnetic ring is hypothesized to correspond with a magnetic ferro-carbonatite lithological unit.
  • Rare earth mineralization often corresponds to the weaker magnetic cores in the middle of the structure, which are the units emplaced latest in the magmatic sequence.
  • Niobium is theorized to correspond with the magnetic high ring structure.
Click image to enlarge
Click image to enlarge

The scientific and technical content of this section has been reviewed, verified, and approved by Jared Suchan, Ph.D., P.Geo., Technical Advisor at the Company, and a “Qualified Person” as defined by National Instrument 43-101.

Rare Earth / Grade

Considering rare earth grades >0.5% TREO in the database (n = 18):

  • Total rare earth oxides TREO1
    Average sample 1.09% TREO
    Best sample has 2.78% TREO
  • Neodymium + praseodymium:
    TREO Average: 2,429 ppm (24% NdPr: TREO)
    Best sample: 6,500 ppm (24% NdPr: TREO)
  • Critical rare earth oxides:
    CREO2 Average:2,401 ppm (26.05% CREO: TREO)
    Best sample: 5,568 ppm (20% CREO: TREO)

1. Lanthanides plus scandium and yttrium

2. Neodymium, terbium, dysprosium, europium and yttrium

Rare Earth / Tonnage Potential

There is an estimated >200Mt of tonnage potential at the SLAC*, based upon the following six assumptions:

  1. Targets #1 and #2 are mineralized
  2. Target #1’s footprint is 417,000 m2.
  3. Target #2’s footprint is 407,500 m2.
  4. Mineralization extends 200m below surface.
  5. 50% of each target volume contains ore​ grades.
  6. Average ore density is 2,700 kg/m3.

* Squalus Lake Alkaline Complex (SLAC)

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Click image to enlarge

Tharsis Exploration Plan

  • A 2,000-meter drilling program is proposed.
  • The program has been designed using three ice-based targets, each with multiple drill holes that could range from 100-400 meters in depth.
  • Pads 1 and 2 are designed to test the two intrusive cores for carbonatite and rare earth mineralization.
  • Pad 3 is designed to test the magnetic ring for carbonatite and niobium mineralization.

Future / Domestic Supply Chain

Future / Development Timeline

2021

Field Program

COMPLETE

  • Staked original claims
  • Confirmed hand sample grades
  • Performed QEMSCAN analysis to examine host mineralogy

2022

Field Program

COMPLETE

  • Performed aeromagnetic survey to further reveal structure
  • Staked additional claims to capture entire structure

Q1-2 2023

Program Planning

COMPLETE

  • Use magnetic survey results to plan drill holes
  • Prepare exploration budgets

In Progress

Field Program

 
  • Construct camp for drilling program
  • Collect bathymetry data
  • Map outcrops to begin detailed geologic model

Subject to Financing

Drill Program

 
  • Test the structure for mineralogy, grade, and metallurgical potential
  • Produce an inferred mineral resource estimate

Future / Development Timeline

2021

Field Program

COMPLETE

  • Staked original claims
  • Confirmed hand sample grades
  • Performed QEMSCAN analysis to examine host mineralogy

2022

Field Program

COMPLETE

  • Performed aeromagnetic survey to further reveal structure
  • Staked additional claims to capture entire structure

Q1-2 2023

Program Planning

COMPLETE

  • Use magnetic survey results to plan drill holes
  • Prepare exploration budgets

In Progress

Field Program

 
  • Construct camp for drilling program
  • Collect bathymetry data
  • Map outcrops to begin detailed geologic model

Subject to Financing

Drill Program

 
  • Test the structure for mineralogy, grade, and metallurgical potential
  • Produce an inferred mineral resource estimate
  • CSE: PNRG
  • OTC: PAANF
  • FRA: SS6
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  • Pan American Energy Corp.
    #610, 505 3 Street SW,
    Calgary, Alberta, T2P 3E6,
    Canada
  • +1.587.885.5970
  • info@panam-energy.com
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