Overview

Pan Asia’s primary focus is to identify and develop specialty metals opportunities situated along the SE Asian Tin and Tungsten Belt.  Projects located elsewhere in Asia / SE Asia and Australia are considered from time to time, based on their merits.

Pan Asia has 4 peer group leading projects:

  • The Reung Kiet Lithium Project – Southern Thailand – 100% held.
  • The Khao Soon Tungsten Project – Southern Thailand – 100% held.
  • Bang Now Lithium Project – Southern Thailand – 100% held.
  • Minter Tungsten Project – Lachlan Fold Belt, NSW, Australia – 100% held.

Pan Asia’s strategy is to secure projects which have the potential to be positioned in the bottom tercile of the cost curve, and therefore which lead their respective peer groups in terms of quality and potential profitability, and most importantly, which offer the option to extend downstream into value added initiatives.

Pan Asia does not pursue projects based on grade and/or mineralised tonnage alone, in fact one or both of these metrics can prove meaningless due to simple factors such as geography, deposit geometry, and a myriad of other factors. Pan Asia in interested in projects which have:

  • At or near surface mineralisation;
  • Extensive mineralised strikes;
  • Industry leading grades;
  • Positive metallurgy;
  • Proximity to required infrastructure;
  • Well educated workforce; and
  • Potential for dowstream value adding.

Pan Asia’s current portfolio offers the opportunity to manufacture:

  • Lithium Carbonate;
  • Lithium Hydroxide;
  • Ammonium Para-tungstate and Ferro Tungsten; and
  • Other valuable by-products.

Reung Kiet Lithium Project

The Reung Kiet Lithium Project is located about 50km north-east of Phuket in the Phang Nga Province in Southern Thailand. Pan Asia holds a 100% interest in 6 Prospecting Licence Applications covering about 75km2.

The area of investigation was a major tin mining district up until the 1980s. There is little detailed information available regarding previous exploration and mining.  In the late 1960’s a joint Thai/British Geological Survey study was undertaken in the region. It was during this study that the mineral lepidolite was identified in pegmatites being mined for tin at the Reung Kiet and Bang I Tum open pit mines. Lepidolite is one of several mica minerals that contain lithium.

The 1960’s study conducted geological mapping, geochemical analysis and mineralogical descriptions of various tailings, concentrate and rock samples. The lepidolite was found to contain 3-4% Li2O. With significant focus on two key tin mines, Reung Kiet and Bang I Tum, the survey stated:

  • “the pegmatites at Reung Kiet and Bang I Tum may well be the largest un-zoned lepidolite pegmatites yet recorded”; and
  • “lepidolite is fairly evenly distributed both along the length of the pegmatite and from wall to wall. In places there is local enrichment of massive lepidolite”

The Reung Kiet Lithium Project is situated in the Western Province of the South East Asian Tin and Tungsten Belt. In the project area Mesozoic granites intrude older sedimentary rocks of the Phuket Group comprising interbedded mudstone-sandstone. Lithium mineralisation is associated with lepidolite rich pegmatite dykes and veins which intrude the Phuket Group sediments along the north-east trending Phang Nga Fault Zone. The pegmatites are rarely more than 3km from the Khao Po granite. The pegmatites are fine grained and sometimes aplitic. They are composed of quartz, albite, lepidolite, cassiterite and tantalite as well as other accessory minerals including some rare earths.

Since 2016 Pan Asia has undertaken soil and rock chip sampling, mapping and mineralogical studies, and has conducted extensive research.  These programs have consistently delivered strong results:

  • Lithium mica associated with extensive pegmatite dykes, previous mining exposed lepidolite pegmatites up to 25m wide;
  • Combined strike length, based on pits, exposures and rock chips, greater than 2.5km – one of longest striked in the peer group;
  • Average rock chip grades of 1.54% Li2O, one of the highest in the peer group;
  • Lepidolite content 25-45% in pegmatite;
  • Lepidolite contains 3.5-4.5% Li2O; and
  • Good tin, tantalum and other by-product potential.

The Reung Kiet Lithium Project has very strong underlying dynamics:

  • The project is a good fit with Thai Government industrial policy and objectives, it has support;
  • Feasibility work by ASX listed exploration and development companies Lepidico (LPD), Lithium Australia (LIT), European Metals Holdings (EMH), and Infinity Lithium (INF), has strongly endorsed Lithium Micas as potentially the lowest cost source of lithium carbonate and lithium hydroxide;
  • The project is well positioned to take advantage of downstream development opportunities, Pan Asia is positioning to build lithium carbonate and lithium hydroxide manufacturing capacity; and
  • The project is stragetically located in a key market with strong economic growth.

Khao Soon Tungsten Project

The Khao Soon Tungsten Project is located approximately 600km south of Bangkok in Nakhon Si Thammarat Province, Southern Thailand. Pan Asia holds two granted exploration licences and two licence applications covering 64km2.

The area of investigation was a major underground tungsten mine which operated for about 10 years to 1979/80. It is estimated that approximately 0.5Mt was mined at an average estimated head grade of 2.2% WO3, with the USGS reporting estimated production grades from 6-15% WO3 in some areas.  Mining was to depths of approximately 80m, with little coordination between competing small scale miners and syndicates.

The Khao Soon Tungsten Project was initially explored by Thai Goldfields (TGF) from 2006-2014. This work was led by Australian geologists.  TGF identified extensive areas of surface tungsten enrichment in soils and rock chips. Underground exploration identified numerous zones of high-grade tungsten. Geophysics located numerous anomalies. Drilling identified areas of near surface tungsten mineralisation in laterite.

The Khao Soon area is dominated by a sedimentary sequence consisting primarily of a siltstone with minor sandstone and calcareous inter-beds of the Silurian-Carboniferous aged Tanaosi Group.  The large Khao Luang granite batholith intrudes the sedimentary sequences immediately north and west of Khao Soon. These granites are mainly Jurassic-Triassic aged.

Primary mineralisation is hosted within brecciated and silicified sediments forming prominent ridges in the area. Tungsten occurs as ferberite (FeWO3), an iron rich end member of the wolframite group. Ferberite commonly forms the matrix of the mineralised breccia in association with unmineralised clasts of silicified metasediment. The breccia appears to be hydrothermal in nature and seems to form a series of semi-continuous/interconnected pipes, pods, lodes and fracture fill zones, and the old Khao Soon Mine workings are scattered over an area about 1km long and 500m wide. There are also many other zones of primary mineralisation associated with old workings identified throughout the project area

It is interpreted that the tungsten mineralisation at Khao Soon is related to (sourced from) a younger non-outcropping granite.  Regional magnetic data suggests the granite occurs beneath much of the Khao Soon project area. The exact depth to the top of the granite is unknown but could be in the order of 1km.  Importantly, tungsten mineralisation may occur all the way from the granite to the surface. There is also potential for the mineralisation at Khao Soon to be zoned from top to bottom where Sn +/- Mo +/- Bi may occur as the mineralistaion nears the granite contact.

Pan Asia has conducted additional soil and rock chip sampling, mapping programs, and Induced Polarisation geophysics.  The results of the exploration work indicate the potential for the Khao Soon project to host a world class endowment of tungsten.

Results achieved by Pan Asia and TGF include:

  • High grade WO3 rock chip assays: about 250 at >= 0.5%; 75 >= 2.0%; and 20 >= 5.0%WO3;
  • WO3 in soil anomalies > 0.1% over 4km long 20-150m wide;
  • Underground channel-chip WO3 results: 6.1m at 2.1%, 12m at 0.6% and 20m at 0.5% WO3;
  • Peer group leading metallurgy: 86% WO3 recoveries, 2% WO3 head grade; and
  • High tenor tungsten in soil anomalies supported by rock chips and breccia occurrences.

Khao Soon also exhibits areas of extensively developed regolith hosted tungsten mineralisation:

  • Tungsten in thick lateritic profiles at or near surface;
  • Highly anomalous WO3 values in regolith are likely vectors to underlying hard rock WO3 mineralisation; and
  • Tungsten in weathered breccia up-dip of fresh mineralisation.

Pan Asia has completed a total of approximately 2000m of diamond drilling at Khao Soon in two separate programs conducted at the Than Pho / Than Pho West prospects and the Rabbit prospect. The drilling has been highly successful in discovering near surface intersections with good tungsten grades over considerable widths.

The drilling results, supported by surface sampling and mapping, have provided Pan Asia the required information to estimate an Exploration Target in accordance with the JORC Code 2012.  The Exploration Target covers four key prospects. The tonnage and grade potential of the Exploration Target1 is in the range of:

15 to 29.5Mt @ 0.2% to 0.4% WO31

The drilling and related data indicates:

  • Mineralization commences at or near surface and has favorable geometries;
  • Mineralisation extends at depth into fresh rock;
  • Exploration Target is supported by drilling and surface geochemistry;
  • Exploration Target grade ranges are in line with peer company Mineral Resource Estimates;
  • Exploration model is validated with surface WO3 grades extending into weathered and fresh bedrock; and
  • Significant exploration potential remains.

1. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Bang Now Lithium Project

The Bang Now Lithium Project is located in Chumporn Province, approximately 480km WSW of Bangkok and 140km North of the Reung Kiet Lithium Project.

Within the application area Pan Asia has located historic mining activities with abundant tailings containing gravel to boulder sized lepidolite bearing pegmatite as well as quartz and meta-sediments.  Pegmatite is visible in several old mine faces.

The application area of 8Km2 is located in the prospective Ranong Fault Zone and captures the full extent of large scale historic alluvial-eluvial tin mining in the district:

Work by Pan Asia has shown:

  • Li2O grades returned from 5 rock chip samples range between 0.5% and 2.2%, with 4 samples > 1.78% Li2O;
  • Highly anomalous stream sediment assays, 2 assays of 0.22% and 0.14% Li2O.

Pan Asia’s objective is to identify potential lithium rich pegmatites with the dimensions and grades that would justify drilling.

Minter Tungsten Project

The Minter Tungsten Project is located about 500km WNW of Sydney and 20km southeast of Lake Cargelligo in central NSW. The area is easily accessed from adjacent bitumen main roads and then farm tracks. The land is flat with grazing and cropping being the main land use. The Exploration License is approximately 145km2.

The Minter Tungsten Project is situated in the Wagga-Omeo Tin Province, which is located in the central region of the Lachlan Fold Belt, NSW, Australia.

Several hundred tin and/or tungsten occurrences are documented in this belt. The Ardlethan Tin Mine, a significant tin producer, is located approximately 100km to the south of Minter

Tin and tungsten is mainly associated with granites of the Koetong Supersuite, which intrude metasediments.  Mineralisation is hosted in quartz veins, stockworks, pipes, breccia, greisens, aplites, pegmatite and skarns.

The area is host to numerous occurrences of tin and/or tungsten, many of which have been historically prospected but with only minor production. Modern exploration commenced in the late 1960’s to early 1970’s and was focused on tin and associated metals such as tungsten. In 1978 Aberfoyle Exploration commenced exploration work. This included geological mapping and geochemical sampling and led to the completion of about 3,800m of shallow RAB and 3,700m of deeper RC drilling. Numerous holes intersected low grade tungsten values over reasonable downhole widths. Aberfoyle Exploration relinquished the area in 1985 following the tin price crash.

The next major phase of exploration was commenced by Cullen Resources in the mid 2000’s. Cullen Resources conducted soil and rock chip sampling, mapping, ground magnetics and gravity surveys. These programs culminated in drilling 41 shallow aircore/RC holes for 1265m, 5 deeper RC holes for 765m, and 2 diamond drill core holes for 522m. Cullen Resources relinquished the area in 2017.

Some of the better intersections from the Abefoyle and Cullen drilling programs include:

  • MN-P02 – 28m @ 0.14% WO3 from 0m
  • PDH02 – 10m @ 0.18% WO3 from 0m
  • PDH05 – 27m @ 0.17% WO3 from 1.5m
  • PDH09 – 28m @ 0.14% WO3 from 2m
  • DAC017 – 26m @ 0.16% WO3 from 2m
  • DAC025 – 52.5m @ 0.10% WO3 from 3m
  • PDH10 – 26m @ 0.10% WO3 from 4m
  • DAC007 – 24m @ 0.32% WO3 from 4m
  • DAC019 – 16m @ 0.14% WO3 from 4m
  • ABRAB-82077 – 6m @ 0.54% WO3 from 16m

Work conducted by Pan Asia to date includes an extensive literature review and data compilation for statistical analysis. Pan Asia has also inspected stored drill core from the Cullen Resource drilling programs. This inspection and previous geological mapping suggest that the main host for tungsten mineralisation are steeply dipping quartz veins from mm to 20cm scale and that the quartz veins generally dip to the north and strike generally east-west.  This would indicate that previous drilling of vertical holes or holes oriented towards the east are far from optimal to test this new structural interpretation. Accordingly Pan Asia proposes drilling to test this new model.