The company plans to initiate additional geochemical sampling work. Credit: BETO SANTILLAN/Shutterstock.

Pan Asia Metals (PAM) has sealed an exclusivity agreement to carry out due diligence on the Rosario Copper Project in Chile, marking a strategic move to diversify its portfolio with high-grade copper assets.

This move comes prior to PAM’s decision to proceed with entering an option agreement to acquire the Rosario project.

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The project, located near the El Salvador copper mine and infrastructure such as Enami’s processing plant and Codelco’s smelter, offers exploration prospects with identified trends over a 10km strike length and mineralised zones up to 200m wide.

It has shown potential, with 73 out of 89 samples yielding more than 0.1% copper, averaging 2.13% and reaching more than 5% in some instances, PAM said.

PAM’s acquisition of Rosario aligns with its strategy to secure battery metals projects that can position the company as a low-cost producer.

The company plans to initiate additional geochemical sampling, mapping, trenching and induced polarisation geophysics to identify drill targets.

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PAM managing director Paul Lock said: “We have entered into this transaction as the Rosario Copper Project ticks all PAM’s boxes: the project is located in an infrastructure-rich setting, with all processing needs nearby; it demonstrates peer group-leading copper grades from a large suite of rock chips’ and it is located in a premier copper producing region, which is known for its cost advantages.

“The project has what is needed to gain a position in the lower third of the cost curve. Rosario represents a tremendous opportunity to position PAM with a high-grade, low-cost copper project.

“We view copper as an equally important metal with lithium in the global electrification transition, the supply-demand dynamics are compelling with deficits projected due to declining production and grades, and a lack of new discoveries. Importantly, Rosario is not a pivot, the project is strategic, has the right fundamentals and offers PAM strategic options.”