Pan American Energy Launches Winter Drill Program at Tharsis Project

Pan American Energy Corp. has announced its upcoming winter 2026 diamond drilling program at the Tharsis Project, located in the Northwest Territories, Canada. This initiative aims to validate high-priority targets for rare earth elements (REE), niobium, and yttrium, advancing the company’s exploration model in the region.

The winter program is scheduled to take place from March to April 2026, involving approximately 1,500 metres of diamond drilling across up to seven drill holes from three drill pads positioned on the ice of Squalus Lake. This marks a significant progression for the company, as it transitions from surface exploration to directly testing subsurface targets at Tharsis.

The focus of the drilling will be on areas interpreted to represent potential carbonatite bodies, which are associated with a well-defined alkaline intrusive system. According to the company, the drill program is designed to address critical early-stage questions necessary for evaluating the Project’s potential. This includes confirming the interpreted intrusive system beneath the lake and assessing its geometry, continuity, and scale.

Yttrium is of particular interest, as it appears on the U.S. Geological Survey’s 2025 and 2026 Critical Minerals List. It plays a crucial role in various sectors, including defense, aerospace, and energy, where it is utilized in high-performance alloys, lasers, and advanced ceramics. The concentration of yttrium supply chains overseas, especially in China, has prompted the U.S. and allied nations to pursue policies aimed at diversifying supply sources and strengthening domestic production capabilities.

Niobium also plays a vital role in modern technology, being essential for high-strength steels and superalloys used in military platforms and energy infrastructure. With similar supply risks, the need for expanded production within North America has become increasingly apparent.

The drilling program will target a priority area characterized by distinct geophysical features interpreted as intrusive centers within the broader Squalus Lake Alkaline Complex (SLAC). The primary goal is to confirm the presence of potential carbonatite bodies and related intrusive phases. The data gathered will provide insights on their thickness, distribution, and geological characteristics, laying the groundwork for refining the exploration model and prioritizing additional targets across the Project area.

“This winter drill program marks a significant step forward for the Tharsis Project,” said Adrian Lamoureux, Chief Executive Officer of Pan American Energy. “We are transitioning from surface-based exploration into drilling to directly test compelling targets and generate the data needed to assess scale and guide the next phase of growth at Tharsis.”

The drill target selection is supported by a well-established magnetic framework, featuring a prominent ring-shaped magnetic high and several internal magnetic lows interpreted as discrete intrusive centers aligned along a northeast-southwest trend. The company has identified the northern intrusive center as a high-confidence initial test of the broader system.

In addition to evaluating subsurface geology, the drill program aims to produce high-quality drill cores for modern analytical work. Data from core logging, sampling, and laboratory analysis will inform follow-up exploration planning, including potential expansion of drilling and the refinement of target areas.

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

Pan American Energy Corp. is an exploration-stage company focused on acquiring, exploring, and developing mineral properties containing battery and critical metals in North America. The company has secured interest in projects such as the Big Mack Lithium Project in Ontario and the Tharsis REE Project in the Northwest Territories, which hosts the Squalus Lake Alkaline Complex, a prospective site for rare earth and high field strength elements.

As the global demand for critical minerals continues to rise, companies like Pan American Energy are taking proactive steps to secure resources and enhance production capabilities within North America.