The upgrade represents a 115% increase in the resource, derived after 35 boreholes were drilled at the tenement.
Pan Asia chief executive officer Alan Hopkins said the large JORC upgrade had surprised him.
“This massive increase in JORC resource is great news for the company and its shareholders and surpasses our expectations,” he said.
“These results cement the company’s faith in pursuing this quality asset as our flagship project.”
Pan Asia partnered with Kopex Mining Contractors to do the resource upgrade and carry out TCM’s bankable feasibility study.
Pan Asia said laboratory testing, including testing the quality of the resource, was underway while six boreholes remained to be drilled.
Pan Asia has a 75% stake in the TCM project and hopes to have the bankable feasibility study completed by March next year.
The mine has the potential to produce 1.5 to 2Mt per annum of product over an initial 15-30 year mine life and could be in development by June next year.
