---
title: "Pan American Energy Launches First Subsurface Drill Program at Critical Minerals Project in N.W.T."
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/275498282.md"
description: "Pan American Energy (TSE:PNRG) has initiated its first subsurface drill program at the Tharsis Project in Canada’s Northwest Territories, focusing on rare earth, niobium, and yttrium targets. The winter 2026 campaign will involve approximately 1,500 meters of diamond drilling to explore a priority zone beneath Squalus Lake. This effort aims to confirm the scale of the intrusive system and could enhance the project's potential as a North American source of critical minerals. Currently, analysts rate PNRG stock as a Sell with a price target of C$0.87, citing weak financial performance and unprofitability."
datetime: "2026-02-10T18:12:24.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/275498282.md)
  - [en](https://longbridge.com/en/news/275498282.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/275498282.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/275498282.md) | [繁體中文](https://longbridge.com/zh-HK/news/275498282.md)


# Pan American Energy Launches First Subsurface Drill Program at Critical Minerals Project in N.W.T.

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Pan American Energy ( (TSE:PNRG) ) has shared an update.

Pan American Energy has outlined a winter 2026 diamond drilling campaign at its Tharsis Project in Canada’s Northwest Territories, marking its first effort to test subsurface rare earth, niobium, and yttrium targets. The program will probe a priority zone beneath Squalus Lake interpreted as part of a large alkaline intrusive complex with potential carbonatite bodies.

The company plans about 1,500 metres of drilling from ice-based pads to confirm the geometry, continuity, and scale of the intrusive system while generating core for detailed analytical work. Success could materially advance its district-scale exploration model and position Tharsis as a prospective North American source of strategic critical minerals amid heightened efforts in the U.S. and allied nations to diversify supply chains away from concentrated overseas producers.

The most recent analyst rating on (TSE:PNRG) stock is a Sell with a C$0.87 price target. To see the full list of analyst forecasts on Pan American Energy stock, see the TSE:PNRG Stock Forecast page.

**Spark’s Take on TSE:PNRG Stock**

According to Spark, TipRanks’ AI Analyst, TSE:PNRG is a Neutral.

The score is primarily constrained by very weak financial performance (no revenue, widening losses, and ongoing cash burn alongside a shrinking equity base). Technical indicators are mixed and only modestly supportive due to oversold signals despite short-term weakness versus key moving averages. Valuation is also pressured by unprofitability (negative P/E) with no dividend support.

To see Spark’s full report on TSE:PNRG stock, click here.

**More about Pan American Energy**

Pan American Energy Corp. is a mineral exploration company listed on the CSE, OTC, and Frankfurt exchanges, focused on discovering and advancing rare earth elements, niobium, and yttrium projects in North America. Its Tharsis Project in Canada’s Northwest Territories targets carbonatite and alkaline intrusive systems that could host critical minerals used in defense, aerospace, energy, and advanced manufacturing sectors.

**Average Trading Volume:** 150,968

**Technical Sentiment Signal:** Hold

**Current Market Cap:** C$24.55M

Find detailed analytics on PNRG stock on TipRanks’ Stock Analysis page.

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