Pan American Energy Corp. (CSE: PNRG) (OTC PINK: PAANF) (FRA: SS6) is pleased to announce the complete assay results for the first five out of the eleven holes on the Horizon Lithium Project Phase 1 drilling program. The drill holes contained broad mineralization zones, with grades up to 2,040 ppm over a 5-foot interval. The Company completed the eleven hole Phase One drilling program on April 20^th, 2023 and is preparing to begin the Phase Two eleven hole program. The Company intends to file a National Instrument 43-101 – Standards of Disclosure for Mineral Projects Technical Report for Horizon which contains the results of the Company’s Phase 1 drilling program.

“Our team was able to safely and successfully complete our Phase One drill program with the discovery of a confirmed claystone lithium cluster at the Horizon Lithium Project” comments Jason Latkowcer, Chief Executive Officer. “These initial assay results have confirmed our geological hypotheses that the Siebert Formation, which has been proven by neighboring projects to host significant lithium grades at multiple horizons, would contain high grades and thick zones of lithium mineralization on our property. As we wait for the remaining assay results and prepare to begin the Phase Two drill program, we are encouraged by the Company’s potential to advance toward the declaration of an inferred mineral resource report before the end of the year. With continued strong results, we believe the Company has the potential to position itself amongst the likes of American Lithium and American Battery Technology, also on the Tonopah lithium belt, as an issuer with a significant USA-based lithium project.”

Assay Highlights:

• The assay results are taken from core samples, unlike the neighbouring projects that did the analysis on drill cuttings.
• Each of the five drill holes had excellent core recovery and encountered over 300 ppm lithium claystone with thick zones of mineralization, with assays from six (6) drill holes still pending.
• The longest intercept of lithium mineralization is 297.5 feet – Hole – HL008
• Highest primary intercept grade is 1227 ppm Li over 39 feet – Hole – HL008.
• The highest grade intercept is between 394 and 399 feet and is 2,040 ppm lithium. All samples from this hole were above 300ppm throughout the entire claystone interval sampled. – Hole HL008.
• Each hole returned multiple assay values (total of 28) > 1,000 ppm Li, with the highest value being 2,040 ppm.

Continuity:

• There is geological continuity of claystone stratigraphy in the vast majority of drill holes.
• Approximately10 km² was drilled in this initial drilling campaign
• RESPEC is currently developing a LeapFrog (Seequent) geological model with the newly acquired information to understand the continuity of the Seibert formation. The model will assist in location selection for Phase 2 drilling.
• The reported drill core holes are within a general area of 5.34 km x 3.72 km

Comparison with Adjacent Properties

• The initial assays indicate that Horizon has similar lithium-bearing horizons to American Battery Technology’s Tonopah Flats Project (15.8 million tonnes inferred lithium carbonate equivalent) and has similar potential to host a significant lithium deposit in the Siebert Formation.

Note: Mineralization on adjacent or nearby properties is not indicative of mineralization on the Horizon Lithium Project

Core Handling and Sampling Procedures:

Core handling and sampling procedures are as follows:

• Cored samples transported twice daily from the drill pad to RESPEC/PanAmericanEnergy core logging headquarters in Tonopah, NV, by RESPEC geologists.
• Detailed core examination of the samples was completed using industry standards for core descriptions by RESPEC geologists. Logging criteria include Geotechnical and Structural parameters (RQD, structure types and infill, planarity, roughness, hardness, and angle to core axis), Lithologic qualifiers (lithofacies, mineralogical composition, and cementation), and acid reactivity for calcium carbonate.
• On-site core-slab sampling program was performed by the RESPEC geologists with a 5% Quality Control insertion rate using Certified Reference Materials (2 pulp types of known Lithium content and 2 separate pulp blanks). Sample selection was completed on every 5-foot depth increments and accounts for notable lithological variations. The program also includes random core-slab sample duplicates from every drill hole in the study area. Once coarse and pulp rejects are returned from ALS Geochemistry, located in Reno, NV, a small percentage will be sent to a check lab.
• Core photography and database management of all sampled intervals and core boxes was performed by RESPEC’s field personnel.
• Samples were transported to ALS Geochemistry located in Reno, NV, by RESPEC field personnel.
• Chain of custody and sample assaying tracking/controls were kept throughout the entire program. ALS Geochemistery is independent of the Company.
• ALS Geochemistry performed ME-MS61 multi-element analyses by four acid digestion and ICP-MS on all of our Lithium-Bearing claystone samples.

Figure 1. HL008, 391-400.5, 2,040 ppm

Figure 2. HL020, 210-219 ft,1,360 PPM

Drill Figure 3. Drill Hole Location Map. Drill hole HL009 assays incomplete, partially received (two-hundred (200) feet), full hole anaylsis and results pending.

Qualified Person

The technical content of this news release has been reviewed and approved by Tabetha Stirrett, P.Geo, who is a Qualified Person as defined by NI 43-101 and is independent of the Company.

About Pan American Energy Corp.

Pan American Energy Corp. is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery metals in North America.

The Company executed an option agreement in Canada with Magabra Resources providing for the right to acquire up to a 90% interest in the drill-ready Big Mack Lithium Project, 80 km north of Kenora, Ontario. The Company has also entered a property option agreement with Horizon Lithium LLC providing for the right to acquire a 100% interest in the Horizon Lithium Project, located within the Clayton Valley – Tonopah Lithium Belt, Nevada, USA.