- Significant increase in estimated mineral resources for the
La Colorada Skarn project
- Mineral reserve replacement and 1.2 million ounce increase
in gold inferred mineral resources at Jacobina demonstrates
exploration potential
Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan
American" or the "Company") reports its estimated mineral reserves
and mineral resources as at June 30, 2024. Proven and probable
mineral reserves are estimated to contain approximately 468.0
million ounces of silver and 6.9 million ounces of gold. Measured
and indicated ("M&I") mineral resources (excluding proven and
probable ("P&P") reserves) are estimated to total approximately
1,148.0 million ounces of silver and 15.5 million ounces of gold.
Inferred mineral resources are estimated to total approximately
366.0 million ounces of silver and 9.4 million ounces of gold. The
updated mineral reserves and mineral resources estimates are
reported net of the sales of the MARA, Agua de la Falda and
Morococha properties, as announced in the Company's news release
dated July 31, 2023. The divestment of these non-core,
non-producing assets is largely responsible for a decrease in
mineral reserves and mineral resources compared to 2023.
“Our exploration efforts have successfully replaced mine
production and expanded mineral reserves at Jacobina, La Colorada,
Huaron and Minera Florida. In addition, infill and extensional
drilling at the Jacobina mine has increased inferred mineral
resources by over 1.2 million ounces of gold, highlighting the
significant exploration potential of the deposit and the
opportunity to replace mineral resources and mineral reserves in
the future,” said Christopher Emerson, Pan American’s Vice
President of Exploration and Geology. “At the La Colorada Skarn
project, estimated indicated mineral resources have grown
substantially to 309 million ounces of silver due to higher tonnage
and higher grades, with the inferred mineral resource now estimated
at 59 million ounces of silver. Zinc and lead contained within the
skarn deposit have also increased since our last resource
update.”
In 2024, Pan American plans to complete over 360,000 metres of
drilling across its portfolio of mines, focused on near-mine
exploration for mineral reserve replacement.
Consolidated Proven and Probable Mineral Reserves, as at June
30, 2024 (1,2,3)
Segment
Category
Tonnes (millions)
Ag
(g/t)
Contained Ag (Moz)
Au
(g/t)
Contained Au
(koz)
Silver Segment(4)
Proven Reserves
13.3
278
119.1
0.68
135.1
Probable Reserves
32.5
293
306.2
0.49
444.6
Proven and Probable Reserves
45.8
289
425.2
0.52
579.7
Gold Segment(5)
Proven Reserves
80.3
13
17.6
1.14
2,952.9
Probable Reserves
99.8
16
25.2
1.05
3,360.3
Proven and Probable Reserves
180.1
14
42.7
1.09
6,313.1
Total Segments(6)
Proven Reserves
93.7
75
136.6
1.11
3,088.0
Probable Reserves
132.3
124
331.4
0.92
3,804.8
Proven and Probable Reserves
225.9
105
468.0
1.00
6,892.8
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2024". (2) Please refer to the complete mineral reserve and mineral
resource tables at the end of this news release for more
information. (3) This summary table does not include base metal
grades or contents. Please refer to the Reserves & Resources
page on Pan American’s website for a more complete table, including
zinc, lead and copper grades and contents. (4) Silver Segment
mineral reserves comprised of Escobal, La Colorada, Huaron, San
Vicente, and Cerro Moro. (5) Gold Segment mineral reserves
comprised of Jacobina, Shahuindo, El Peñon, Timmins, Minera
Florida, La Arena, and Dolores. (6) Totals may not add up due to
rounding. Total average grades of each metal are with respect to
those mines that produce the metal.
Consolidated Mineral Resources, as at June 30, 2024
(1,2,3,4)
Segment
Category
Tonnes (millions)
Ag
(g/t)
Contained Ag (Moz)
Au
(g/t)
Contained Au
(koz)
Silver Segment(5)
Measured Resources
20.7
159
105.6
0.63
65.2
Indicated Resources
425.4
73
1,002.7
0.47
276.9
M&I Resources
446.1
77
1,108.4
0.50
342.2
Gold Segment(6)
Measured Resources
271.8
21
17.8
0.62
5,431.2
Indicated Resources
704.7
26
21.8
0.43
9,751.0
M&I Resources
976.5
24
39.6
0.48
15,182.2
Total Segments(7)
Measured Resources
292.4
82
123.5
0.62
5,496.4
Indicated Resources
1,130.1
71
1,024.5
0.43
10,027.9
M&I Resources
1,422.6
72
1,148.0
0.48
15,524.3
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2024". (2) Mineral resources are reported exclusive of mineral
reserves. (3) Please refer to the complete mineral reserve and
resource tables at the end of this news release for more
information. (4) This summary table does not include base metal
grades or contents. Please refer to the Reserves & Resources
page on Pan American’s website for a more complete table, including
zinc, lead and copper grades and contents. (5) Silver Segment
mineral resources comprised of Navidad, La Colorada Skarn, Escobal,
Huaron, La Colorada, Manantial Espejo, Cerro Moro, San Vicente, and
Joaquin. (6) Gold Segment mineral resources comprised of Jacobina,
La Arena II, La Pepa, El Peñon, Minera Florida, La Bolsa, Lavra
Velha, Pico Machay, Timmins, Shahuindo, Vogel, Gold River, Whitney,
Marlhill, Dolores, and La Arena. (7) Totals may not add up due to
rounding. Total average grades of each metal are with respect to
those mines that produce the metal.
Consolidated Inferred Mineral Resources, as at June 30, 2024
(1,2,3,4)
Segment
Category
Tonnes (millions)
Ag
(g/t)
Contained Ag (Moz)
Au
(g/t)
Contained Au
(koz)
Silver Segment(5)
Inferred Resources
130.0
78
327.8
0.61
304.3
Gold Segment(6)
Inferred Resources
254.0
21
38.2
1.12
9,118.4
Total Segments(7)
Inferred Resources
384.0
61
366.0
1.09
9,422.8
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2024". (2) Mineral resources are reported exclusive of mineral
reserves. (3) Please refer to the complete mineral reserve and
mineral resource tables at the end of this news release for more
information. (4) This summary table does not include base metal
grades or contents. Please refer to the Reserves & Resources
page on Pan American’s website for a more complete table, including
zinc, lead and copper grades and contents. (5) Silver Segment
inferred mineral resources comprised of Navidad, La Colorada, La
Colorada Skarn, Huaron, San Vicente, Escobal, Cerro Moro, Manantial
Espejo and Joaquin. (6) Gold Segment inferred mineral resources
comprised of Jacobina, Gold River, El Peñon, Arco Sul, Minera
Florida, Whitney, Pico Machay, La Arena II, Timmins, La Pepa, Lavra
Velha, La Bolsa, Vogel, Shahuindo, Dolores, and La Arena. (7)
Totals may not add up due to rounding. Total average grades of each
metal are with respect to those mines that produce the metal.
Mineral reserve and mineral resource highlights for the
12-months ended June 30, 2024:
- The successful divestment of non-core, non-producing properties
- MARA, Morococha and Agua de la Falda - in 2023 reduced the
consolidated P&P mineral reserves by 89.9 million ounces of
silver and 5.2 million ounces of gold. After adjusting for a full
year of production, the significant exploration success at many of
our operations and other parameters, the consolidated mineral
reserves at June 30, 2024, are estimated to total 468.0 million
ounces of silver and 5.2 million ounces of gold.
- Consolidated M&I silver mineral resources increased from an
estimated 959.0 million ounces to an estimated 1,148.0 million
ounces. The increase in M&I silver mineral resources is mainly
due to the increase in indicated resources at the La Colorada Skarn
project more than offsetting the sales of MARA and Morococha.
Consolidated M&I gold mineral resources decreased from an
estimated 17.5 million ounces to an estimated 15.5 million ounces,
largely due to the sales of the MARA and Agua de la Falda
properties.
- At the La Colorada Skarn project, estimated indicated mineral
resources significantly increased to 308.7 million ounces of
contained silver with higher tonnage, higher silver and base metal
grades, and improved geological confidence.
- At Jacobina, exploration more than replaced mine production
with new mineral reserves, marking the eighth consecutive year of
full replacement of production. New gold inferred mineral resources
estimated at over 1.2 million ounces were also added, including 495
thousand ounces at Maricota, a new zone north of Morro do Cuscuz.
See the Company's news releases dated June 17, 2024 and December 5,
2023, for further information on Maricota.
- At El Peñon, mineral resources and mineral reserves were added
to the southeast of the current mining zones in major veins like
Pampa Sur and Pampa Campamento, as well as in silver rich
structures like Tostado Sur and others. Future exploration will
continue to target converting the large inferred mineral resource
to mineral reserves and to discovering new veins on the mine's
extensive land position.
- At La Colorada, the eastward extensions of the veins, described
in previous news releases, contributed to a net addition to silver
P&P mineral reserves.
- At Minera Florida, 103.7 thousand ounces of P&P gold
mineral reserves and 864 thousand ounces of P&P silver mineral
reserves were added, more than replacing mine production.
- At Huaron, P&P silver mineral reserves increased by 1.7
million ounces, more than replacing mine production, with the
Horizonte zone alone adding 2.7 million ounces of new P&P
silver mineral reserves.
- At Timmins, exploration has been focused on the Whitney joint
venture project, with more than 20,500 metres of drilling completed
over the 2021 to 2023 period, contributing to an updated estimate
for indicated gold mineral resources of 93.6 thousand ounces and
inferred gold mineral resources of 574.0 thousand ounces (based on
a 100% interest). Pan American is now focused on further
exploratory and confirmation drilling of the project. See the
December 5, 2023 news release for more information on the Whitney
project.
A detailed summary of the silver and gold mineral reserves and
mineral resources as at June 30, 2024 is provided in the tables at
the end of this news release.
LA COLORADA SKARN MINERAL RESOURCE UPDATE
Approximately 73,000 metres of exploration and infill drilling
have been completed since the last mineral resource update,
including high-grade intercepts reported in previous news releases.
The drilling has resulted in a significant increase in estimated
mineral resources and higher silver and base metal grades. It also
improved a large portion of mineral resources from the inferred
category to indicated. The tables below illustrate the improvements
and the highlights include:
- A 53% increase in indicated mineral resources to an estimated
265.4 million tonnes.
- Improvement in silver, zinc and lead grades by 10%, 2% and 4%,
respectively, for the indicated mineral resource category.
- A 69% increase in contained silver to 308.7 million ounces in
indicated mineral resources. Contained silver in inferred mineral
resources is estimated at 58.6 million ounces.
- A 56% increase in contained zinc to 7.6 million tonnes and a
60% increase in contained lead to 3.6 million tonnes in indicated
mineral resources.
- Addition of 125.5 million ounces of silver, 2.7 million tonnes
of zinc and 1.4 million tonnes of lead to indicated mineral
resources.
Exploration and resource infill drilling is ongoing with
additional drill rigs completing condemnation and hydrogeological
work. Engineering work continues with geotechnical studies required
for sub level caving ("SLC") and reviewing the updated mineral
resource and mining shapes to optimize mineral extraction.
Next steps include further infill drilling, additional analysis
of alternative mining methods, optimizing throughputs, preparing
capital and operating cost estimates, as well as advancing
discussions with potential project partners.
La Colorada Skarn Estimated Mineral Resource as at June 30,
2024
Classification
Tonnes
(millions)
Zn
(%)
Pb
(%)
Ag
(g/t)
Indicated
265.4
2.85
1.37
36
Inferred
61.7
2.55
0.95
30
Notes:
- The effective date of the mineral resources estimate is June
30, 2024.
- Estimation and reporting of mineral resources were carried out
in accordance with Canadian Institute of Mining, Metallurgy and
Petroleum (“CIM”) guidelines.
- Mineral resources have been classified into indicated and
inferred confidence categories.
- Mineral resources have reasonable prospects for eventual
economic extraction demonstrating sufficient spatial continuity of
mineralization constrained within a potentially mineable shape.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. No mineral reserves are reported
at this time for the La Colorada Skarn project.
- Prices used to report mineral resources were: $22.00 per ounce
of silver, $2,800 per tonne of zinc and $2,200 per tonne of
lead.
- An estimated NSR (in US$/t) was calculated using metallurgical
recoveries of 84.9% Ag, 84.3% Pb and 93.7% Zn with mineral
concentrate qualities of 61% Pb in lead concentrate and 59% Zn in
zinc concentrate, obtained from metallurgical testing. Estimates
for transport, payability and refining/selling costs, based on
experience and long-term views of the marketing, treatment and
refining of these types of mineral concentrates, were
included.
- Reasonable prospects for eventual economic extraction were
assessed by determining the total in-situ tonnes and metal grades
constrained inside volumes that are based on a SLC mining method
considering operating and sustaining capital cost estimates of
$45/t. To determine the constraining SLC shapes, an initial
elevated cutoff value of $50/t NSR was applied. Then geotechnical,
geometry and caving rules were applied to ensure practical mining
shapes were achieved. The resulting constraining shapes were then
considered to be practical mining outlines. The tonnes and grades
are inclusive of the must-take low grade material within the
volume. No other mining recovery, ring recovery, dilution or
mineral losses have been applied.
- This mineral resource estimate was prepared under the
supervision of, or was reviewed by, Christopher Emerson, FAusIMM,
Vice President Exploration and Geology, who is a Qualified Person
as that term is defined in NI 43-101.
- Grades are shown as contained metal before mill recoveries are
applied. The Company has undertaken a verification process with
respect to the data disclosed in this news release.
- A total of 376 diamond drill holes with a total length of
314,930 metres were used in the geological interpretation and
resource estimate. Several old historic drill holes were included
in the modeling. Drilling of the La Colorada Skarn deposit has been
completed from both surface and underground drill platforms.
- All drill hole samples used in the mineral resource estimate
have been previously reported in news releases dated October 23,
2018, February 21, 2019, May 8, 2019, August 1, 2019, October 30,
2019, February 13, 2020, August 4, 2020, May 12, 2021, November 10,
2021, February 24, 2022, May 9, 2022, November 1, 2022, May 2,
2023, December 5, 2023, and April 7, 2024.
MINERAL RESERVES AND MINERAL RESOURCES TABLES
Consolidated Pan American Mineral Reserves as at June 30,
2024(1)
Property
Location
Classification
Tonnes
(millions)
Ag
(g/t)
Contained Ag
(koz)
Au
(g/t)
Contained Au
(koz)
Silver Segment
Escobal
Guatemala
Proven
2.5
486
39.5
0.42
34.2
Probable
22.1
316
225.0
0.34
243.8
La Colorada
Mexico
Proven
3.2
305
31.4
0.20
20.5
Probable
5.8
296
55.2
0.19
35.3
Huaron
Peru
Proven
6.2
173
34.4
--
--
Probable
3.5
163
18.2
--
--
San Vicente (95%)(2)
Bolivia
Proven
0.9
329
9.8
--
--
Probable
0.5
250
4.3
--
--
Cerro Moro
Argentina
Proven
0.4
272
3.9
5.58
80.4
Probable
0.6
200
3.6
9.31
165.5
Total Silver Segment(3)
45.8
289
425.2
0.52
579.7
Gold Segment
Jacobina
Brazil
Proven
24.0
--
--
1.84
1,420.0
Probable
30.3
--
--
1.79
1,742.3
Shahuindo
Peru
Proven
39.8
8
10.5
0.52
660.4
Probable
44.7
5
7.2
0.28
398.6
El Peñon
Chile
Proven
0.8
208
5.5
5.46
145.4
Probable
4.0
131
16.7
3.99
507.4
Timmins
Canada
Proven
5.4
--
--
2.79
481.4
Probable
4.4
--
--
2.74
386.2
Minera Florida
Chile
Proven
1.2
23
0.9
3.25
128.7
Probable
1.8
22
1.3
3.18
188.0
La Arena(4)
Peru
Proven
8.0
--
--
0.41
103.7
Probable
14.7
--
--
0.29
137.8
Dolores
Mexico
Proven
1.2
16
0.6
0.35
13.3
Probable
--
--
--
--
--
Total Gold Segment(3)
180.1
14
42.7
1.09
6,313.1
Total Gold and Silver
Segments(3)
Proven + Probable
225.9
105
468.0
1.00
6,892.8
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2024". (2) This information represents the portion of mineral
reserves attributable to Pan American based on its ownership
interest in the operating entity as indicated. (3) Totals may not
add up due to rounding. Total average grades of each metal are with
respect to those mines that produce the metal. (4) Pan American has
entered into an agreement to sell its interest in La Arena S.A.,
which owns the La Arena gold mine and the La Arena II copper-gold
project; see the news release dated May 1, 2024 for further
details.
Pan American Silver Measured and Indicated Mineral Resources
as at June 30, 2024 (1,2)
Property
Location
Classification
Tonnes
(millions)
Ag
(g/t)
Contained Ag
(koz)
Au
(g/t)
Contained Au
(koz)
Silver Segment
Navidad
Argentina
Measured
15.4
137
67.8
--
--
Indicated
139.8
126
564.5
--
--
La Colorada Skarn
Mexico
Indicated
265.4
36
308.7
--
--
Escobal
Guatemala
Measured
2.3
251
18.6
0.23
16.7
Indicated
14.2
201
91.6
0.20
93.0
Huaron
Peru
Measured
1.3
196
8.3
--
--
Indicated
1.8
162
9.4
--
--
La Colorada
Mexico
Measured
0.4
231
2.7
0.11
1.2
Indicated
2.1
181
12.2
0.27
18.4
Manantial Espejo
Argentina
Measured
0.3
164
1.7
2.40
24.7
Indicated
1.0
149
4.9
2.79
91.5
Cerro Moro
Argentina
Measured
0.1
226
0.9
5.48
21.4
Indicated
0.5
347
5.5
4.50
70.7
San Vicente (95%)(3)
Bolivia
Measured
0.7
180
4.1
--
--
Indicated
0.3
203
1.8
--
--
Joaquin
Argentina
Measured
0.1
360
1.5
0.28
1.2
Indicated
0.4
351
4.2
0.28
3.4
Total Silver Segment(3)
446.1
77
1,108.4
0.50
342.2
Gold Segment
Jacobina
Brazil
Measured
39.7
--
--
1.70
2,175.1
Indicated
55.1
--
--
1.58
2,796.0
La Arena II(4)
Peru
Measured
152.2
--
--
0.25
1,246.1
Indicated
554.3
--
--
0.23
4,042.7
La Pepa (80.0%)(3)
Chile
Measured
47.1
--
--
0.61
922.8
Indicated
52.3
--
--
0.49
824.3
El Peñon
Chile
Measured
1.6
166
8.3
5.25
262.2
Indicated
3.8
112
13.8
3.44
423.1
Minera Florida
Chile
Measured
1.9
17
1.1
3.26
202.6
Indicated
4.1
19
2.5
3.54
467.6
La Bolsa
Mexico
Measured
10.8
10
3.5
0.70
242.8
Indicated
10.6
8
2.7
0.54
184.3
Lavra Velha
Brazil
Indicated
4.5
--
--
1.96
282.1
Pico Machay
Peru
Measured
4.7
--
--
0.91
137.5
Indicated
5.9
--
--
0.67
127.1
Timmins
Canada
Measured
1.1
--
--
2.48
85.5
Indicated
1.3
--
--
2.76
114.2
Shahuindo
Peru
Measured
8.8
7
2.0
0.38
108.5
Indicated
6.8
6
1.2
0.34
74.2
Vogel
Canada
Indicated
2.2
--
--
1.75
125.0
Gold River
Canada
Indicated
0.7
--
--
5.29
117.4
Whitney (83.27%)(3)
Canada
Measured
--
--
--
--
--
Indicated
0.6
--
--
3.77
77.9
Marlhill
Canada
Indicated
0.4
--
--
4.52
57.4
Dolores
Mexico
Measured
3.0
30
2.9
0.41
39.4
Indicated
0.6
73
1.5
1.40
28.8
La Arena(5)
Peru
Measured
0.9
--
--
0.29
8.7
Indicated
1.4
--
--
0.19
8.9
Total Gold Segment(4)
976.5
24
39.6
0.48
15,182.2
Total Gold and Silver
Segments(4)
Measured + Indicated
1,422.6
72
1,148.0
0.48
15,524.3
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2024". (2) Mineral resources are reported exclusive of mineral
reserves. (3) This information represents the portion of mineral
resources attributable to Pan American based on its ownership
interest in the operating entity as indicated. (4) Totals may not
add up due to rounding. Total average grades of each metal are with
respect to those mines that produce the metal. (5) Pan American has
entered into an agreement to sell its interest in La Arena S.A.,
which owns the La Arena gold mine and the La Arena II copper-gold
project; see the news release dated May 1, 2024 for further
details.
Pan American Inferred Mineral Resources as at June 30, 2024
(1,2)
Property
Location
Classification
Tonnes
(millions)
Ag
(g/t)
Contained Ag
(koz)
Au
(g/t)
Contained Au
(koz)
Silver Segment
Navidad
Argentina
Inferred
45.9
81
119.4
--
--
La Colorada
Mexico
Inferred
12.4
235
93.8
0.19
74.4
La Colorada Skarn
Mexico
Inferred
61.7
30
58.6
--
--
Huaron
Peru
Inferred
5.2
165
27.5
--
--
San Vicente (95%)(3)
Bolivia
Inferred
1.6
213
11.0
--
--
Escobal
Guatemala
Inferred
1.9
180
10.7
0.90
53.7
Cerro Moro
Argentina
Inferred
0.7
168
3.6
6.98
149.8
Manantial Espejo
Argentina
Inferred
0.5
106
1.8
1.49
25.2
Joaquin
Argentina
Inferred
0.2
280
1.4
0.25
1.2
Total Silver Segment(4)
130.0
78
327.8
0.61
304.3
Gold Segment
Jacobina
Brazil
Inferred
57.1
--
--
1.77
3,249.5
Gold River
Canada
Inferred
5.3
--
--
6.06
1,027.4
El Peñon
Chile
Inferred
18.4
48
28.6
1.38
816.4
Arco Sul
Brazil
Inferred
6.2
--
--
3.08
614.2
Minera Florida
Chile
Inferred
5.4
15
2.7
3.03
531.2
Whitney (83.27 %)(3)
Canada
Inferred
4.0
--
--
3.75
477.7
Pico Machay
Peru
Inferred
23.9
--
--
0.58
445.7
La Arena II(5)
Peru
Inferred
66.8
--
--
0.21
445.2
Timmins
Canada
Inferred
3.5
--
--
3.37
382.5
La Pepa (80.0%)(3)
Chile
Inferred
20.0
--
--
0.46
296.1
Lavra Velha
Brazil
Inferred
4.7
--
--
1.56
238.0
La Bolsa
Mexico
Inferred
13.7
8
3.3
0.51
224.6
Vogel
Canada
Inferred
1.5
--
--
3.60
168.8
Shahuindo
Peru
Inferred
17.3
4
2.1
0.21
115.8
Dolores
Mexico
Inferred
0.9
56
1.6
1.65
45.8
La Arena(5)
Peru
Inferred
5.3
--
--
0.23
39.6
Total Gold Segment(4)
254.0
21
38.2
1.12
9,118.4
Total Gold and Silver
Segments(4)
Inferred
384.0
61
366.0
1.09
9,422.8
(1) See table below entitled "Metal price assumptions used to
estimate mineral reserves and mineral resources as at June 30,
2024". (2) Mineral resources are reported exclusive of mineral
reserves. (3) This information represents the portion of mineral
resources attributable to Pan American based on its ownership
interest in the operating entity as indicated. (4) Totals may not
add up due to rounding. Total average grades of each metal are with
respect to those mines that produce the metal. (5) Pan American has
entered into an agreement to sell its interest in La Arena S.A.,
which owns the La Arena gold mine and the La Arena II copper-gold
project; see the news release dated May 1, 2024 for further
details.
Metal price assumptions used to estimate mineral reserves and
mineral resources as at June 30, 2024
Mine
Category
Ag US$/oz
Au US$/oz
Cu US$/t
Pb US$/t
Zn US$/t
Escobal
All categories
20.00
1,300
2,204
2,424
La Colorada
Reserves
20.00
1,700
8,000
2,100
2,600
Resources
22.00
1,850
9,000
2,200
2,800
La Colorada Skarn
Resources
22.00
2,200
2,800
Huaron
Reserves
20.00
1,700
8,000
2,100
2,600
Resources
22.00
1,850
9,000
2,200
2,800
San Vicente
All categories
20.00
1,700
8,000
2,100
2,600
Cerro Moro
Reserves
21.00
1,850
Resources
23.00
1,950
Navidad
All categories
12.52
1,100
Manantial Espejo
Resources
22.00
1,700
Joaquin
Resources
22.00
1,700
Jacobina
Reserves
1,700
Resources
1,850
Shahuindo
Reserves
20.00
1,700
Resources
22.00
1,850
El Peñon
Reserves
20.00
1,700
Resources
22.00
1,850
Timmins West
Reserves
21.00
1,850
Resources
23.00
1,950
Bell Creek
Reserves
21.00
1,850
Resources
23.00
1,950
Whitney
Resources
1,950
Minera
Florida
Reserves
21.00
1,850
2,100
2,600
Resources
23.00
1,950
2,200
2,800
La Arena
Reserves
21.00
1,850
Resources
23.00
1,950
La Arena II
All categories
1,500
8,816
Dolores
Reserves
21.00
1,850
Resources
23.00
1,950
La Pepa
Resources
1,650
La Bolsa
All categories
14.00
825
Lavra Velha
Resources
1,650
Pico Machay
All categories
700
Vogel
Inside pit
1,150
Below pit
1,150
Gold River
Resources
1,200
Marlhill
Resources
1,125
Arco Sul
Resources
1,250
General Notes with Respect to Technical Information
All mineral reserves and mineral resources have been estimated
in accordance with the CIM Definition Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council, as
amended (the "CIM Standards") and reported in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). Mineral resources are reported exclusives
of mineral reserves.
Pan American does not expect these mineral reserve and mineral
resource estimates to be materially affected by metallurgical,
environmental, permitting, legal, taxation, socio-economic,
political, and marketing or other relevant issues.
The Company has undertaken a verification process with respect
to the data disclosed in this news release. The mineral resources
and mineral reserves databases comprising drilling and, in some
cases, surface and underground sampling, have been compiled at each
of the Pan American mine sites by the qualified staff. All the
assay data used in the resource evaluation provided by each of the
mines has been subjected to the industry standard quality assurance
and quality control ("QA/QC") program including the submission of
certified standards, blanks, and duplicate samples. The results are
reviewed monthly by management. The results of the QA/QC samples
submitted for the resource databases demonstrate acceptable
accuracy and precision. The Qualified Person is of the opinion that
the sample preparation, analytical, and security procedures
followed for the samples are sufficient and reliable for the
purpose of these mineral resource and mineral reserve estimates.
Pan American is not aware of any drilling, sampling, recovery or
other factors that could materially affect the accuracy or
reliability of the data reported herein.
Quantities and grades of contained metal are shown before
metallurgical recoveries.
Technical information contained in this news release with
respect to Pan American has been reviewed and approved by
Christopher Emerson, FAusIMM., Vice President of Exploration and
Geology, and Martin Wafforn, P.Eng., Senior Vice President
Technical Services and Process Optimization, who are each Qualified
Persons for the purposes of NI 43-101.
Pan American Silver Corp. is authorized by The Association of
Professional Engineers and Geoscientists of the Province of British
Columbia to engage in Reserved Practice under Permit to Practice
number 1001470.
About Pan American
Pan American Silver is a leading producer of silver and gold in
the Americas, operating mines in Canada, Mexico, Peru, Brazil,
Bolivia, Chile and Argentina. We also own the Escobal mine in
Guatemala that is currently not operating, and we hold interests in
exploration and development projects. We have been operating in the
Americas for three decades, earning an industry-leading reputation
for sustainability performance, operational excellence and prudent
financial management. We are headquartered in Vancouver, B.C. and
our shares trade on the New York Stock Exchange and the Toronto
Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com Follow us on LinkedIn
Cautionary Note Regarding Forward-Looking Statements and
Information
Certain of the statements and information in this news release
constitute “forward-looking statements” within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
“forward-looking information” within the meaning of applicable
Canadian provincial securities laws. All statements, other than
statements of historical fact, are forward-looking statements or
information. Forward-looking statements or information in this news
release relate to, among other things: estimated mineral reserve
and mineral resource information; estimated mine life and any
anticipated changes related thereto; the extent of, and success
related to any future exploration or development programs;
expectations that metallurgical, environmental, permitting, legal,
title, taxation, socio-economic, political, marketing or other
issues will not materially affect estimates of mineral reserves and
mineral resources; expectations regarding planned drilling in 2024,
including that it will be focused on near-mine exploration;
expectations regarding mineral reserve replacement; and
expectations with respect to future work to be conducted at the La
Colorada Skarn project.
These forward-looking statements and information reflect the
Company’s current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include: the
accuracy of our mineral reserve and mineral resource estimates and
the assumptions upon which they are based; ore grades and
recoveries are as anticipated; prices for silver, gold, and base
metals remaining as estimated; currency exchange rates remaining as
estimated; capital, decommissioning and reclamation estimates;
prices for energy inputs, labour, materials, supplies and services
(including transportation); all necessary permits, licenses and
regulatory approvals for our operations are received in a timely
manner; and our ability to comply with environmental, health and
safety laws. The foregoing list of assumptions is not
exhaustive.
The Company cautions the reader that forward-looking statements
and information involve known and unknown risks, uncertainties and
other factors that may cause actual results and developments to
differ materially from those expressed or implied by such
forward-looking statements or information contained in this news
release and the Company has made assumptions and estimates based on
or related to many of these factors. Such factors include, without
limitation: fluctuations in silver, gold and base metal prices;
fluctuations in prices for energy inputs, labour, materials,
supplies and services (including transportation); fluctuations in
currency markets (such as the PEN, MXN, ARS, BOB, CLP, BRL, GTQ and
CAD versus the USD); operational risks and hazards inherent with
the business of mining (including environmental accidents and
hazards, industrial accidents, equipment breakdown, unusual or
unexpected geological or structural formations, cave-ins, flooding
and severe weather); employee relations; relationships with, and
claims by, local communities and indigenous populations; our
ability to obtain all necessary permits, licenses and regulatory
approvals in a timely manner; changes in laws, regulations and
government practices in the jurisdictions where we operate,
including environmental, export and import laws and regulations;
legal restrictions relating to mining; risks relating to
expropriation; diminishing quantities or grades of mineral reserves
as properties are mined; increased competition in the mining
industry for equipment and qualified personnel; and those factors
identified under the caption “Risks Related to Pan American’s
Business” in the Company’s most recent form 40-F and Annual
Information Form filed with the United States Securities and
Exchange Commission (the “SEC”) and Canadian provincial securities
regulatory authorities, respectively. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, described or intended.
Investors are cautioned against undue reliance on forward-looking
statements or information. Forward-looking statements and
information are designed to help readers understand management’s
current views of our near and longer term prospects and may not be
appropriate for other purposes. The Company does not intend, nor
does it assume any obligation to update or revise forward-looking
statements or information, whether as a result of new information,
changes in assumptions, future events or otherwise, except to the
extent required by applicable law.
Cautionary Note to US Investors Regarding References to
Mineral Reserves and Mineral Resources
Unless otherwise indicated, all reserve and resource estimates
included in this news release have been prepared in accordance with
NI 43-101 and the CIM Standards. NI 43-101 is a rule developed by
the Canadian Securities Administrators that establishes standards
for all public disclosure an issuer makes of scientific and
technical information concerning mineral projects. Canadian
standards, including NI 43-101, differ significantly from the
mineral property disclosure requirements of the SEC (the “U.S.
Rules”), and reserve and resource information included herein may
not be comparable to similar information disclosed by U.S.
companies. In particular, and without limiting the generality of
the foregoing, this news release uses the terms “measured
resources,” “indicated resources” and “inferred resources” as
defined in accordance with NI 43-101 and the CIM Standards.
Mineralization described using these terms has a greater amount of
uncertainty as to its existence and feasibility than mineralization
that has been characterized as reserves. Accordingly, U.S.
investors are cautioned not to assume that any measured mineral
resources, indicated mineral resources, or inferred mineral
resources that the Company reports are or will be economically or
legally mineable. Further, “inferred mineral resources” have a
greater amount of uncertainty as to their existence and as to
whether they can be mined legally or economically. Under Canadian
securities laws, estimates of “inferred mineral resources” may not
form the basis of feasibility or pre-feasibility studies, except in
rare cases. While the above terms under the U.S. Rules are
“substantially similar” to the standards under NI 43-101 and CIM
Standards, there are differences in the definitions under the U.S.
Rules and CIM Standards. Accordingly, there is no assurance any
mineral reserves or mineral resources that the Company may report
as “proven mineral reserves”, “probable mineral reserves”,
“measured mineral resources”, “indicated mineral resources” and
“inferred mineral resources” under NI 43-101 would be the same had
the Company prepared the reserve or resource estimates under the
standards adopted under the U.S. Rules.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240911294411/en/
For more information contact: Siren Fisekci VP, Investor
Relations & Corporate Communications Ph: 604-806-3191 Email:
ir@panamericansilver.com
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