It has been reported that Australian mining company Pan Asia is raising up to USD 8 million to fund exploration and development activities at lithium and geothermal lithium fields in Thailand.
Proceeds from the capital raising will be used primarily to complete infill and extensional drilling at the Reung Kiet lithium project to enable the delivery of a maiden resource followed by a scoping study that is anticipated to be completed in the first quarter of 2022.
Funds will also be used to progress the exploration applications at the new Kata Thong geothermal field, located in the south of Thailand near an existing lithium project and a hydropower station, north of Phuket. This includes non-invasive exploration work permitted under the company’s current general prospecting licenses.
Pan Asia is seeking to work with Thai universities with local expertise in geothermal systems and will engage geothermal experts to assist with the design and execution of exploration programs to assess the geothermal lithium and power generation potential.
Currently, Thailand has one operating geothermal plant at Fang, in the very north of the country near the border to Myanmar.
(Sources: Think Geoenergy; Stockhead)