Pan Asia Metals Reports Strong Results from Khao Soon Tungsten Project in Thailand

ID: 1564994
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- Assay results confirm wide, high-grade near surface tungsten mineralisation
- Results include:
- KSDD024: 13.1m (at) 0.51% WO3 from surface, incl. 4.6m (at) 0.97% WO3 from 8.5m
- KSDD025: 25.0m (at) 0.27% WO3 from surface, incl. 9.5m (at) 0.54% WO3 from 13.5m
- KSDD032: 32.9m (at) 0.53% WO3 from surface, incl. 7.5m (at) 1.22% WO3 from 13.6m
- KSDD032: 22.6m (at) 0.30% WO3 from 43.6m, incl. 4.5m (at) 0.74% WO3 from 60.1m
- KSDD033: 23.4m (at) 0.58% WO3 from surface, incl. 13.5m (at) 0.75% WO3 from 10m
- KSDD034: 45.8m (at) 0.32% WO3 from 2.8m, incl. 15.4m (at) 0.57% WO3 from 3.6m
- KSDD035: 54.0m (at) 0.25% WO3 from 25.6m, incl. 14.9m (at) 0.40% WO3 from 64.6m
- KSDD036: 27.5m (at) 0.38% WO3 from 76.1m, incl. 15.5m (at) 0.45% WO3 from 82.0m
- Results are in line with Exploration Target models
- Shallow dipping geometry confirmed, good WO3 grades, commencing at surface
- Mineralisation has shape and dimensions potentially amenable to open cut mining

Specialty metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (PAM or the Company) is pleased to report that laboratory assays have been received for the drilling program at the Khao Soon Tungsten Project (KSTP) located in southern Thailand.

Pan Asia Metals Managing Director Paul Lock said: We are pleased that the laboratory assays have returned strong results with a large number of intersections at greater than 0.5%, WO3 including 7.5m at 1.22% WO3. These are peer group leading results. At Than Pho West the results are in line with or better than the Exploration Target model, with the grades and geometries shaping up as open cut targets with the mineralisation being open at depth.

Further to our results it is pleasing to see the general buoyancy in the APT market, which is the reference price for tungsten. Fastmarkets MB recently reported that the APT price was $25,000-25,500 per tonne, the highest level since 2019. According to commentators the market is up due to tightness in the scrap and raw materials market and the demand side of the market is faced with the prospect that several large Chinese and Russian mines are reaching the end of their respective lives.

We believe Khao Soon will be one of the few new tungsten projects with the potential to work in the current price environment.


KSTP is one of PAMs key assets and a significant historical high-grade producer. Modern exploration has discovered potentially world-class, district scale tungsten mineralisation across numerous prospects. Previous diamond drilling by PAM has intersected robust widths and grades associated with strong surface anomalies, from which Exploration Targets have been estimated. The current drilling program seeks to test the Exploration Targets, with the ultimate aim of estimating Inferred Mineral Resources.

Target 2 and Than Pho West Assay Results are Very Encouraging

PAM has received assay results for holes KSDD024 to KSDD037 from the Target 2 (T2) and Than Pho West (TPW) prospects. The results support and generally enhance the previously reported spot hand-held XRF analysis on drill core and PAM notes a general increase in tungsten trioxide (WO3) concentrations.

Information on the drillholes and intersections of WO3 are included in Tables 1 and 2, respectively. Drillhole plans and cross sections are provided in this report.

Further details of the current and previous drilling programs can be found in Appendix 1, being JORC Table 1. Readers are also advised to refer to the following ASX announcements:

- October 8, 2020: Technical Reports for PAM Projects
- November 30, 2020: Khao Soon Tungsten Project Drilling Update
- December 23, 2020: Khao Soon Tungsten Project Drilling Update
- January 15, 2021: Khao Soon Tungsten Project Drilling Update

Target 2

Target 2 is defined by a large high tenor, tungsten in soil anomaly about 450m long and 150m wide (see Figure 1). Shallow drilling by previous explorers intersected tungsten mineralised laterite on the western side of the soil anomaly. Based upon the results of previous drilling and the large tungsten in soil anomaly, an Exploration Target of 6-12Mt (at) 0.1-0.3% WO3 was estimated for Target 2, with details reported on October 8, 2020 in ASX announcement Technical Reports for PAM Projects. Readers are advised that in reference to the Exploration Target, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The drilling program at Target 2 had three main objectives:

1. Test an Induced Polarisation anomaly
2. Test the large WO3 in soil anomaly
3. Evaluate the Exploration Target defined at Target 2

Figure 1: Khao Soon Tungsten Project - T2 collar plan and geochemistry

A total of nine (9) holes have been drilled for an aggregate of 773.3m. Drilling results have confirmed robust near surface WO3 grades exist beneath much of the tungsten in soil anomaly which are generally in-line with the grades stated for the Exploration Target (see Figure 2).

Results for holes (KSDD023) drilled to test a deep Induced Polarisation and holes (KSDD030-031) drilled to test laterite hosted WO3 mineralisation west of the soil anomaly, have tended to downgrade these targets, although further drilling is required due to the wide spaced nature of previous and current drillholes at these targets.

Additional drilling is planned at Target 2 and will test the soil anomaly along strike to the northeast and southwest where it remains open. Further holes are also planned to test the mineralised zone down dip. The estimation of a Mineral Resource is contingent upon the results of future drilling.

Figure 2: Khao Soon Tungsten Project - T2 Cross Section KSDD024-025-026

Than Pho West (TPW)

The TPW prospect is defined by a large plus 1km long WO3 soil anomaly supported by rock-chips and subsequent drilling (see Figure 3). PAM has previously completed seven (7) widely spaced diamond core holes at TPW and defined near surface tungsten mineralisation over substantial widths.

Figure 3: Khao Soon Tungsten Project - TPW collar plan and geochemistry

Based upon the initial seven (7) drill holes an Exploration Target of 4-8Mt (at) 0.2-0.4% WO3 was estimated, with details reported on October 8, 2020 in ASX announcement PAM Projects - Technical Reports. Readers are advised that in reference to the Exploration Target, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The drilling program at TPW was designed as infill and extensional drilling to test the Exploration Target. Should the program be successful it may allow a Mineral Resource to be estimated. In the current program PAM has completed ten (10) holes at TPW (KSDD032-041) for a total of 828.2m. Results have been received for holes KSDD032 to KSDD037. Results for the remaining four holes are expected in the near term.

Drillholes KSDD032 and 033 were drilled as infill holes on a previously drilled section (see Figure 4). Both holes intersected wide zones with robust WO3 grades, averaging around 0.47% WO3 which is generally in-line or above those of previous drilling and the Exploration Target grade ranges. The mineralized zone as interpreted on this cross section attains a maximum true width of almost 60m, and extends at least 150m down dip and remains open.

Figure 4: Khao Soon Tungsten Project - TPW Cross Section CX938425

Drillholes KSDD034, 035 and 036 were drilled on the same section about 120m north of KSDD032/033 cross section (see Figure 5). These three holes have delineated a thick zone of tungsten mineralisation dipping about 35 degrees to the east and extending at least 200m down dip, where the zone remains open down dip of hole KSDD036, which intersected 27.5m (at) 0.38% WO3 from 79.2m.

Figure 5: Khao Soon Tungsten Project - TPW Cross Section CX938530

This represents the deepest intersection at TPW to date. At its widest the true thickness of the mineralized zone on this section is interpreted to be approximately 63m.

The thickness and grade of the mineralized zone on this section is in line with the Exploration Target model.

Drillhole KSDD037 was drilled on a cross section about 120m south of the KSDD032/033 cross section (see Figure 6). KSDD037 intersected a 52m wide zone (true width), averaging 0.11% WO3 which remains open down dip. The thickness of this zone is in line with the Exploration Target model.

Figure 6: Khao Soon Tungsten Project - TPW Cross Section CX938300

Drillhole KSDD038 was drilled up-dip of KSDD037. PAM has no grade information from this hole due to a malfunction in the hand-held XRF. Laboratory assays for KSDD038 and subsequent holes 039, 040 and 041 are expected in the near term. PAM has also purchased a replacement hand-held XRF which should be delivered within three weeks.

Importantly most of the core intersections through the mineralized zones at TPW are PQ diameter. This larger diameter (85mm) core maximizes core recovery, compared to previous HQ diameter core (61mm), where recovery was variable in some of the mineralized zones. The PQ core also provides additional material for metallurgical test work.

The results support previous work, confirming a thick, shallow dipping mineralized zone with typical grades averaging between 0.2-0.5% WO3. These results serve to confirm and locally enhance the Exploration Target model.

Drilling at TPW is being undertaken at sufficient spacing that should enable a Mineral Resource estimate to be reported, subject to the success of the program and other factors that contribute to a Mineral Resource. Further drilling is planned at the TPW prospect and will seek to extend the mineralized zone along strike and down dip, along with local infill drilling.

PAM also has two other prospects where Exploration Targets have been estimated, Rabbit and Than Pho Ridge (see Figure 7). Further drilling is planned at these prospects to test the Exploration Targets with the aim of potentially delineating Mineral Resources. A large soil anomaly with robust WO3 grades occurs at the Last Hill prospect. This prospect will also be the focus of future drill testing.

Figure 7: Khao Soon Tungsten Project - General Overview

Table 1. Drillhole collar details

Hole_ID East North ElevatioDip Azimuth Depth
UTM UTM n ( (m)
Zone Zone mag)
47 47N (m)
KSDD023 547574 937910 90 -60 135 143.0
KSDD024 547655 937819 106 -75 315 100.1
KSDD025 547699 937768 107 -75 315 91.0
KSDD026 547755 937685 129 -75 315 129.1
KSDD027 547630 937721 126 -55 135 69.9
KSDD028 547741 937837 92 90 0 46.0
KSDD029 547637 937615 81 -60 315 70.2
KSDD030 547511 937962 75 90 0 51.0
KSDD031 547481 937853 85 -65 315 73.0
KSDD032 553205 938431 97 -90 270 67.0
KSDD033 553147 938418 100 -60 270 40.6
KSDD034 553192 938534 104 -60 270 53.6
KSDD035 553265 938526 83 -70 270 89.0
KSDD036 553325 938535 65 -75 270 115.0
KSDD037 553278 938306 74 -60 270 63.0
KSDD038 553209 938297 54 -60 270 170.0

Table 2. Assay results (KSDD023 to 037)

Hole Ifrom to (m)intervWO3 (%
D (m) al )

KSDD020 13 13 0.006#

KSDD020 13.1 13.1 0.51

KSDD028.5 13.1 4.6 0.97

KSDD020 25 25.0 0.27

KSDD0213.5 23 9.5 0.54

KSDD0242 72 Samplemax 0.
6 1m 001

KSDD020 16.5 16.5 0.14

KSDD0213.5 16.5 3.0 0.38

KSDD022.5 3.5 1.0 0.07

KSDD0225.2 40.2 15.0 0.06#

KSDD0227.2 30.2 3.0 0.16

KSDD0238.7 40.2 1.5 0.08

KSDD030 12.4 12.4 0.07

KSDD031.5 2.5 1.0 0.40

KSDD038 12.4 4.4 0.06

KSDD0318.7 22.5 3.8 0.06

KSDD0328 35.3 7.3 0.12

KSDD030 66 59.4 0.43

KSDD037.1 29.2 22.1 0.70

KSDD0313.6 21.1 7.5 1.22

KSDD0332.9 37.6 No core

KSDD0337.6 41.9 4.3 0.41

KSDD0341.9 43.6 No core

KSDD0343.6 66 22.4 0.30

KSDD0343.6 44.5 0.9 0.50

KSDD0360.1 64.6 4.5 0.74

Hole from to (m)intervWO3 (%
ID (m) al )

KSDD030 23.4 23.4 0.58

KSDD0310 23.4 13.4 0.75

KSDD0313 16.4 3.4 1.07

KSDD032.8 48.6 45.8 0.32

KSDD033.6 12.7 9.1 0.54

KSDD0314.9 19 4.1 0.62

KSDD0329.6 31.6 2.0 0.55

KSDD0310.4 11.4 1.0 0.08

KSDD0315.6 79.6 61.8 0.23

KSDD0315.6 20.4 4.8 0.11

KSDD0320.4 22.6 No core

KSDD0325.6 79.6 54.0 0.25

KSDD0329.9 32.6 2.7 0.46

KSDD0346.5 47.8 1.3 0.40

KSDD0356.6 57.6 1.0 0.40

KSDD0360 61.1 1.1 0.38

KSDD0364.6 79.6 15.0 0.40

KSDD0375.5 76.6 1.1 0.71

KSDD0372.9 73.9 1.0 0.05

KSDD0376.1 103.6 27.5 0.38

KSDD0382 102.6 20.6 0.44

KSDD030 52 52.0 0.11

KSDD032 7 5.0 0.11

KSDD0310 13 3.0 0.11

KSDD0319 24 5.0 0.10

KSDD0343 52 9.0 0.29

KSDD0348 52 4.0 0.45
# many samples less than 0.05% WO3

Working Towards Inaugural Inferred Mineral Resource Estimates

As further laboratory results from the drilling program at Khao Soon are received they will be used to enhance geological interpretations and grade modelling with a view to updating the Exploration Target. At some prospects it is anticipated that PAM may be able to report an inaugural Inferred Mineral Resource estimate, subject to ongoing success.

Drilling at TPW is being undertaken at sufficient spacing that should enable a Mineral Resource estimate to be reported, subject to the success of the program and other factors that contribute to a Mineral Resource. Further drilling is planned at the TPW prospect and will seek to extend the mineralized zone along strike and down dip, along with local infill drilling.

PAM also has two other prospects where Exploration Targets have been estimated. The Rabbit and Than Pho Ridge prospects have a combined Exploration Target estimate of:
5 to 9 Million tonnes at between 0.2 and 0.4% WO3.

Details of the Exploration Targets were reported on October 8, 2020 in ASX announcement Technical Reports for PAM Projects. Readers are advised that in reference to the Exploration Target, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource

Further drilling is planned at these prospects and will seek to test the Exploration Targets, with the aim of potentially delineating Mineral Resources.

A large soil anomaly with robust WO3 grades occurs at the Last Hill prospect. This will also be the focus of future drill testing.

Several other prospects at Khao Soon also require follow-up work, including drilling.

The Company looks forward to keeping Shareholders and the market updated on the drilling progress and results obtained from the planned drilling programs and other exploration at Khao Soon.


Authorised by:
Board of Directors

About the Khao Soon Tungsten Project

The Khao Soon Tungsten Project is a wolframite style tungsten project located approximately 600km south of Bangkok in Nakhon Si Thammarat Province, Southern Thailand. PAM holds a 100% interest in two contiguous Special Prospecting Licences (SPL) and a Special Prospecting Licence Application (SPLA) covering about 33km².

Figure 8: Regional map identifying the location of the Khao Soon Tungsten Project

About Pan Asia Metals Limited (ASX:PAM)

Pan Asia Metals Limited (ASX:PAM) is a specialty metals explorer and developer focused on the identification and development of projects in South East Asia that have the potential to position Pan Asia Metals to produce metal compounds and other value-added products that are in high demand in the region.

Pan Asia Metals currently owns two tungsten projects and two lithium projects. Three of the four projects are located in Thailand, fitting Pan Asia Metals strategy of developing downstream value-add opportunities situated in low-cost environments proximal to end market users.

Complementing Pan Asia Metals existing project portfolio is a target generation program which identifies desirable assets in the region. Through the program, Pan Asia Metals has a pipeline of target opportunities in South East Asia which are at various stages of consideration. In the years ahead, Pan Asia Metals plans to develop its existing projects while also expanding its portfolio via targeted and value-accretive acquisitions.

To learn more, please visit:

Stay up to date with the latest news by connecting with PAM on LinkedIn, Twitter and YouTube.

Investor Enquiries
Paul Lock
Managing Director

Media Enquiries
The Capital Network
Julia Maguire
+61 2 8999 3699

Competent Persons Statement

The information in this Public Report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr David Hobby, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Hobby is an employee, Director and Shareholder of Pan Asia Metals Limited. Mr Hobby has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hobby consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

Various statements in this document constitute statements relating to intentions, future acts and events which are generally classified as forward looking statements. These forward looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other important factors (many of which are beyond the Companys control) that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed in this document. For example, future reserves or resources or exploration targets described in this document may be based, in part, on market prices that may vary significantly from current levels. These variations may materially affect the timing or feasibility of particular developments. Words such as anticipates, expects, intends, plans, believes, seeks, estimates, potential and similar expressions are intended to identify forward-looking statements. Pan Asia Metals cautions security holders and prospective security holders to not place undue reliance on these forward-looking statements, which reflect the view of Pan Asia Metals only as of the date of this document. The forward-looking statements made in this document relate only to events as of the date on which the statements are made. Except as required by applicable regulations or by law, Pan Asia Metals does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.


To the extent permitted by law, PAM and its officers, employees, related bodies corporate and agents (Agents) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of PAM and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this document or information.

APPENDIX 1 - JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling · Nature and quality · Samples are derived from
techniqu of sampling diamond drilling conducted
es ( by Pan Asia (PAM) in late
eg cut channels, 2020, Pan Asia drill core
random chips, or is cut in half with one
specific half being the sub-sample.
These methods are
specialised industry considered
standard measurement appropriate.
tools appropriate to
the minerals under · Routine analysis of a W
investigation, such Certified Reference
as down hole gamma Material (CRM) or
sondes, or handheld standards are inserted
XRF instruments, during XRF or laboratory
etc). These examples Duplicates are also used as
should not be taken are internal laboratory
as limiting the broad QA/QC data
meaning of reported.

· Include reference to
measures taken to
ensure sample

representivity and the
calibration of any · Tungsten mineralization is
measurement tools or hosted in laterite and
systems weathered fault breccia
used. transitioning into fresh
rock. Broad zones are
· Aspects of the delineated above a lower
determination of cut-off of 0.05%
mineralisation that 3.
are Material to the
Public · Drill core is cut in half
Report. or ¼ to collect mostly
0.5-1.5m individual sample
lengths. Crushing to -2mm
of the whole sample, then
· In cases where riffle or rotary cone
industry standard splitting and pulverization
work has been done of 0.5-1kg, from which a
100g sample was extracted
this would be for dispatch
relatively simple assay.
eg reverse
circulation drilling
was used to obtain 1
m samples from which
3 kg was

pulverised to produce
a 30 g charge for
fire assay). In

cases more explanation
may be required, such
as where there is
coarse gold that has
inherent sampling
problems. Unusual
commodities or

mineralisation types (e
submarine nodules)
may warrant
disclosure of

Drilling · Drill type (eg core, · Diamond drilling was
techniqu reverse circulation, conducted using HQ, HQ
es open-hole hammer, triple tube or PQ/PQ triple
rotary air blast, tube. The core was not
auger, Bangka, sonic, oriented.

etc) and details (eg co
re diameter, triple or
standard tube, depth
of diamond tails,
face-sampling bit or
other type, whether
core is oriented and
if so, by what

Drill · Method of recording · Diamond core recovery is
sample and assessing core recorded for every drill
recovery and chip sample run by measuring recovered
recoveries and solid core length and
results dividing that over the
assessed. actual drilled length for
that run expressed as %.
· Measures taken to max Average core recoveries
imise through the reported
sample recovery and mineralised zones in each
ensure representative hole from 71%-92% and
nature of the average about
samples. 80%

· HQ and PQ diameter, triple
tube drilling is used to
· Whether a assist with maximising
relationship exists sample
between sample
recovery and grade recovery especially in the
and whether sample weathered
bias may have zone.
occurred due to Sample recovery of the
preferential mineralised zones excludes
loss/gain of zones where no core and
fine/coarse therefore no sample or
material. assays are

· For diamond core drilling
scatterplots of grade v
recovery indicate that high
W grades slightly
concentrate with recoveries
of less than 65%,
potentially indicating some
bias. However, lower to
moderate W grades broadly
occur across the broad
range of

Logging · Whether core and · Core is geologically
chip samples have logged with salient
been geologically and features recorded to
geotechnically logged sufficient detail for the
to a level of detail results being reported.
to support
appropriate Mineral
Resource estimation, · Logging was qualitative. Co
mining studies and lour
metallurgical , grain size, weathering,
studies. lithology type and salient
comments are recorded. For
· Whether logging is drill core each tray is
qualitative or photographed wet and dry.
Some cut core photos are
quantitative in also
nature. Core (or recorded.

costean, channel, etc) · 100% of every hole is
photography. geologically logged

For the diamond core logged
· The total length and intervals are around 30% of
percentage of the
relevant the total core drilled.

Sub-sampl· If core, whether cut · Half or quarter core
ing or sawn and whether samples are cut with a
techniqu quarter, half or all large knife or broad chisel
es and +/- hammer (when core soft
sample core taken. enough) or cut with a
preparat· If non-core, whether diamond saw if too hard to
ion riffled, tube hand-cut. The remaining
sampled, rotary half or 3/4 is retained in
split, the core tray. The bagged
sample is crushed to 100%
etc and whether passing -6mm or 80% passing
sampled wet or 2mm. A 0.5-1kg sub-sample
dry. is then riffle or rotary
spilt. The entire sample is
For all sample types, then pulverized to 75%
the nature, passing
quality and
appropriateness of · For drill core samples
the sample 25-50% of the drilled
preparation interval is collected for
technique. sampling, and around 30-50%
of this sample is
pulverized to produce the
pulp for
· Quality control
procedures adopted · The methods described are
for all sub-sampling considered appropriate and
stages to duplicate ¼ core samples
maximise representivity this.
samples. · For the Pan Asia diamond
drilling field
duplicate/second-half or ¼
· Measures taken to core sampling has been
ensure that the undertaken
sampling is
representative of the
· The sample/sub-sample
in situ material sizes are considered
collected, including appropriate for material
for instance results being sampled. The
for field pulverized sub-sample is
duplicate/second-half also considered
sampling. appropriate.

· Whether sample sizes
are appropriate to
the grain size of the
material being

Quality · The nature, quality For the PAM drilling, core
of and appropriateness samples were prepared by
assay of the assaying and ALS in Vientiane, Laos and
data laboratory procedures a 100g assay pulp sent to
and used and whether the ALS in Brisbane for
laborato technique is analysis. A lithium borate
ry considered partial or digestion
tests total.
digestion (ALS method ) was
employed with analysis by
ICP-MS (ALS method
ME-MS85). Samples >1%W were
· For geophysical
tools, spectrometers, analysed by XRF with sodium
handheld XRF peroxide digestion (ALS
method XRF-15b). These
instruments, etc, the techniques employed are
parameters used in appropriate for tungsten
determining the analysis and
analysis including
instrument make and are considered to be a total
model, reading times, analysis
calibrations factors technique.
applied and their

· Nature of quality
control procedures
eg standards, blanks,
duplicates, external
laboratory checks) · For the PAM diamond
and whether drilling program certified
acceptable levels of W standards as pulps, a
accuracy coarse blank and ¼ core
( duplicates were inserted at
i.e lack of bias) and regular intervals into the
precision have been appropriate sample stream.
established. External laboratory checks
have not been used. The
QA/QC procedures indicate
acceptable levels of
accuracy and

Verificat· The verification of · For the Pan Asia core
ion of significant drilling significant
sampling intersections by intersections have been
and either independent or verified by alternate
assaying alternative company company personnel, being
personnel. the Chief Geologist and

· The use of twinned · Twinned holes not used.
holes. · Primary data includes GPS
co-ordinates, paper
· Documentation of geological logs and sample
primary data, data data records. The hard copy
entry procedures, records are checked against
data verification, Excel spreadsheet files
data storage derived from digital data
(physical and import or manual data
electronic) entry.
· Adjustment of the data
includes the conversion of
· Discuss any W reported in lab analysis
adjustment to assay to
data. WO
3, by multiplying W by 1.261.
Location · Accuracy and quality · Drill holes are surveyed
of data of surveys used to by handheld GPS, accurate
points locate drill holes to about 2-5m in east and
(collar and down-hole north.
surveys), trenches,
mine workings and
other locations used · The grid system used is
in Mineral Resource WGS84, Zone 47. Northings
estimation. and eastings are reported
· Specification of the meters.
grid system
used. · The topographic control
used is Thailand national
data. This is reported at
· Quality and adequacy 10m contour intervals. This
of topographic data was checked against
control. Google Earth elevations and
those derived from GPS. The
data is considered adequate
for the purpose

Data · Data spacing for · Drillholes are typically
spacing reporting of being reported on sections
and Exploration from 70-125m apart, drill
distribu Results. spacing on section is
tion typically
· Whether the data spac 60-80m
and distribution is
sufficient to

establish the degree
of geological and
grade continuity
appropriate for the
Mineral Resource and · Sample compositing by way
Ore Reserve of weighted average grades
estimation at various cut-offs are
procedure(s) and being
classifications reported.

· Whether sample
compositing has been

Orientati· Whether the · The PAM diamond core
on of orientation of drilling was mostly
data in sampling achieves undertaken normal to the
relation unbiased sampling of strike of possible of the
to possible structures mineralized zone, and in
geologic and the extent to many cases normal or near
al which this is known, normal to the dip of
structur considering the interpreted mineralized
e deposit structures.
· No known relationship is
· If the relationship known to
between the drilling exist
orientation and the
orientation of key

mineralised structures
is considered to have
introduced a sampling
bias, this should be
assessed and reported

Sample · The measures taken · The drill core is
security to ensure sample transported to the secure
security. PAM
processing facility. Core
and samples are stored
securely. Samples are
delivered by reputable
courier to Laos and then
assay pulps delivered to
Australia by reputable
courier engaged by

Audits · The results of any · The sampling techniques
or audits or reviews of for the PAM diamond
reviews sampling techniques drilling have been less
and formally assessed, aside
data. from checks of assay
accuracy/precision which
provide acceptable
comparisons. The
sub-sampling and sample
preparation techniques
employed are industry

However audits or reviews
have not been

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code Commentary

Mineral · Type, reference · The tenements are held as Special
tenement name/number, Prospecting
and location and
land ownership Licences by Thai Mineral Venture
tenure including Co. Limited, a 100% owned
status agreements or subsidiary of Pan Asia Metals
material issues under Special Prospecting
with third
parties such as Licence (TSPL) 1/2555 and TSPL
joint ventures, 1/2562. They
overriding are located in the Nakhon Si Thammar
royalties, at
native title Province in southern Thailand. All
interests, of
historical the areas subject to the SPLs are
sites, accessible for exploration and
wilderness or potential
national park
and devleopmeent.


· The security of
the tenure held
at the time of
reporting along
with any known
impediments to · The tenure is granted for 5 years
obtaining a from the date of issue. PAM is
unaware of any impediments to
licence to obtaining a
operate in the
area. licence to operate in the area
aside from the normal provisions
that operate in Thailand, such as
regulatory approvals in
association with securing
agreements with relevant

Explorati· Acknowledgment · TGF is the only company recorded
on done and appraisal of to have done exploration, prior to
by exploration by PAM. PAM is reliant on the TGF
other other data,
parties parties. having conducted appropriate due
diligence and QA-QC studies. The
TGF work has been conducted to an
acceptable level.

Geology · Deposit type, · The deposit type is described as
geological tungsten hosted in laterite and
weathered to fresh breccia,
setting and style probably associated with faulted
of hydrothermal breccia. The
is located in the Main Range
Province of the South East Asian
Tin Tungsten
. Granitoid magmatism due to
subduction and collision of
microplates during the Early
Triassic to Oligocene has
generated some world-class tin -
tungsten deposits in the

Drill · A summary of · Provided in text
hole all information
Informat material to the
ion understanding of
the exploration
including a
tabulation of
the following
information for
all Material

o easting and
northing of the
drill hole

o elevation or RL
(Reduced Level -
elevation above
sea level in

metres) of the
drill hole

o dip and azimuth
of the

o down hole
length and

o hole length.
· If the
exclusion of
this information
is justified on
the basis that
the information
is not Material
and this
exclusion does
not detract from
understanding of
the report, the
Competent Person
should clearly
explain why this
is the

Data · In reporting · Bulk intersections are reported
aggregat Exploration at >
ion Results, 0.05%WO
methods weighting 3, and may rarely, allow for
averaging internal
maximum and/or diliution of < 0.05%WO3.over 2m
minimum grade down hole. No top cut has been
truncations applied.
eg cutting of
high grades) and
cut-off grades · Higher grade zones within the
are usually bulk lower grade zones are
Material and reported, at > 0.3%
should be WO
stated. 3 and allow for internal dilution
of <0.3%
· Where aggregate WO
intercepts 3 up to 2m wide. Some higher
incorporate cut-off grade zones are reported
short lengths of where material, generally >0.8%
high grade results3. Some lower grade to anomalous
and longer WO3 zones
lengths of low
grade results, are also reported where material.
the procedure
used for such · Metal equivalents are not
aggregation reported.
should be stated
and some typical
examples of such
should be shown

· The assumptions
used for any
reporting of
metal equivalent
values should be

Relations· These · For Pan Asia drill core, the
hip relationships results reported for most holes
between are particularly can be considered near to very
important in the near to true thickness.
mineralis reporting of
ation Exploration Mineralised zones are shallow
widths Results. dipping at 25-35 degrees, most
and holes are drilled normal to strike
intercep· If the geometry and normal to near normal to
t of the dip.
mineralisation wit
h respect to the
drill hole angle
is known, its
nature should be

· If it is not
known and only
the down hole
lengths are
reported, there
should be a
clear statement
to this effect
eg down hole
length, true
width not

Diagrams · Appropriate · See attached report and Figures.
maps and
sections (with
scales) and
tabulations of
should be

included for any
discovery being
reported These
should include,
but not be
limited to a
plan view of
drill hole
collar locations
and appropriate

Balanced · Where · All material drill results are
reportin comprehensive reported.
g reporting of all
Results is not
reporting of
both low and
high grades
and/or widths
should be

to avoid misleadin
g reporting of

Other · Other · The surface areas containing and
substant exploration surrounding the reported drilling
ive data, if results have been mapped and soil
explorat meaningful and sampling and rock-chip sampling
ion material, should has taken place. Results from
data be reported these programs indicate extensive
including (but development of a ferruginous
not limited to):
geological latertic zones and weatherd breccia
observations; zones at surface. These generally
geophysical occur in association with large W
survey results; in soil
geochemical anomalies.
survey results;
bulk samples -
size and method
of treatment;
test results;
bulk density,
geotechnical and
deleterious or

Further · The nature and · The mineralization has generally
work scale of planned been intersected in widely spaced
further work holes
eg tests for in close proximity to surface.
lateral Infill drilling is planned as well
extensions or as extensional drilling at depth.
depth extensions A metallurgical evaluation is also
or large-scale planned for the variety of
step-out oxidized and fresh mineralization
drilling). intersected.

· Diagrams
highlighting the · See attached report and Figures
areas of

including the
main geological
and future
drilling areas,
provided this
information is
not commercially

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Date: 02/24/2021 - 00:45
Language: English
News-ID 1564994
Character count: 2364
Firma: Pan Asia Metals
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