Pan American Silver drills highest grade intercept to date on the La Colorada Skarn project
Pan American Silver drills highest grade intercept to date on the La
Colorada Skarn project
VANCOUVER, BC
,
July 21, 2022
/CNW/ -
Pan American Silver Corp.
(NASDAQ: PAAS) (TSX: PAAS) ("Pan American" or the "Company") today
released results for 22 new infill and exploration drill holes totaling 18,071 metres that further demonstrate the size and quality of the mineralization at
the Company's La Colorada Skarn project. Infill drill hole D-96-03-22, in the western portion of the deposit, contains an extensive zone of high grade
silver and base metal sulphide mineralization with an intercept of 295.5 metres at 234 g/t Ag, 6.36% Pb and 5.72% Zn, including 97.0 metres at 654 g/t
Ag, 15.35% Pb and 11.38% Zn.
"Drillhole D-96-03-22 returned the highest-grade intercept from the more than 200,000 metres drilled to date on the La Colorada Skarn project," said
Christopher Emerson
, Pan American's Vice President Business Development and Geology. "Further infill drilling will provide tighter spacing to help
define this high-grade zone, while step out drilling targets extension of the footprint to the west where the mineralization is still open."
Pan American plans to provide an update to the mineral resource estimate for the La Colorada Skarn in the third quarter of 2022. The cut-off date for
the resource update was
April 30, 2022
, hence the drill results disclosed today will not be included in the upcoming mineral resource update.
Plan of the La Colorada Skarn drill holes disclosed on July 21, 2022 (CNW Group/Pan American Silver Corp.)
Drill Highlights Include:
D-96-03-22:
295.50 m
at 234 g/t Ag, 0.09% Cu, 6.36% Pb and 5.72% Zn, including
97.00 m
at 654 g/t Ag, 0.16% Cu, 15.35% Pb and 11.38% Zn
D-96-04-22:
31.25 m
at 216 g/t Ag, 0.05% Cu, 5.60% Pb and 4.82% Zn and
40.65 m
at 99 g/t Ag, 0.03% Cu, 3.64% Pb and 4.50% Zn
D-71-07-22:
188.50 m
at 59 g/t Ag, 0.09% Cu, 3.14% Pb and 4.82% Zn, including
91.30 m
at 70 g/t Ag, 0.13% Cu, 3.57% Pb and 5.86% Zn
D-93-03-22:
117.65 m
at 35 g/t Ag, 0.09% Cu, 2.75% Pb and 3.92% Zn
D-93-04-22:
69.10 m
at 48 g/t Ag, 0.06% Cu, 3.78% Pb and 4.83% Zn
D-93-05-22:
188.70 m
at 68 g/t Ag, 0.11% Cu, 4.66% Pb and 6.16% Zn, including
62.65 m
at 77 g/t Ag, 0.13% Cu, 6.69% Pb and 7.58% Zn
U-11-22:
67.70 m
at 54 g/t Ag, 0.12% Cu, 3.69% Pb and 5.38% Zn
U-18-22:
160.90 m
at 82 g/t Ag, 0.16% Cu, 3.67% Pb and 6.30% Zn, including
104.60 m
at 83 g/t Ag, 0.20% Cu, 5.14% Pb and 8.91% Zn and
124.20 m
at 50 g/t Ag, 0.11% Cu, 2.04% Pb and 2.66% Zn, including
43.95 m
at 70 g/t Ag, 0.18% Cu, 4.10% Pb and 5.05% Zn.
The drill results disclosed today have expanded the mineralized area of the Skarn deposit, as described in the following points:
D-96-03-22 and D-96-04-22 both show high silver grades. Together with drill hole U-67-21, disclosed on
November 10, 2021
, which returned
114.6 metres at 133 g/t Ag, 3.60% Pb and 4.83% Zn and 16.5 metres at 228 g/t Ag, 3.36% Pb and 6.45% Zn, these holes support the
interpretation of an east-west trending high grade silver zone between the Amolillo and NC2 veins that extends for at least 100 metres.
Underground and surface drilling in the western portion of the Skarn from drill holes west of U-11-22 and S-93-21, respectively, have shown
consistently wide intercepts and high grade mineralization.
Infill drilling D-95-10/11/12–22 extending mineralization to the south of the central block showed multiple skarn and breccia style mineralization with
widths up to 90 metres.
D-71-07-22 drilled in the eastern block intercepted strong sulphide mineralization over 180 metres and further opens up exploration to the east and
south. D-62-06-22 and D-62-07-22 also provided continuity of the mineralization 150 metres to the east.
Summary of Drill Results
The following table provides the drill results for the La Colorada Skarn deposit for the second quarter of 2022.
Previous drill results not included in this table have been disclosed in Pan American's news releases, which are available, together with cross sections,
plans and images of the skarn mineralized core, on our website at:
https://www.panamericansilver.com/operations/exploration/la-colorada-skarn/
.
Hole No.
From (m)
To (m)
Interval (m)
(1)
Ag g/t
Cu %
Pb %
Zn %
D-62-06-22
1129.25
1156.60
27.35
44
0.04
2.67
6.19
And
1280.40
1322.80
42.40
101
0.29
2.01
2.63
And
1340.80
1363.85
23.05
52
0.10
2.79
4.32
D-62-07-22
1051.80
1062.60
10.80
117
0.01
2.97
4.31
And
1214.05
1232.30
18.25
95
0.04
2.93
7.79
And
1447.30
1506.05
58.75
47
0.11
1.45
3.76
D-66-06-22
1387.85
1462.80
74.95
44
0.09
1.12
4.22
Include
1416.95
1454.05
37.10
63
0.06
1.25
4.73
D-66-07-22
1046.85
1053.30
6.45
42
0.12
1.91
4.66
And
1070.50
1093.35
22.85
27
0.15
1.39
3.03
And
1540.95
1573.20
32.25
32
0.25
1.20
3.26
D-71-06-22
(2)
1136.40
1172.35
35.95
26
0.01
2.00
3.76
And
1310.45
1335.55
25.10
20
0.12
0.28
4.58
D-71-07-22
1120.05
1143.15
23.10
57
0.05
1.36
2.63
And
1185.90
1374.40
188.50
59
0.09
3.14
4.82
Include
1264.95
1356.25
91.30
70
0.13
3.57
5.86
D-81-06-22
877.90
900.00
22.10
271
0.05
2.32
2.76
And
1289.65
1314.75
25.10
29
0.01
0.14
4.46
And
1341.05
1378.05
37.00
65
0.53
0.90
6.17
And
1397.75
1413.50
15.75
44
0.37
0.38
8.24
D-90-02-22
593.15
597.75
4.60
335
0.02
0.08
0.43
And
788.30
806.70
18.40
42
0.41
1.23
1.94
And
955.60
967.70
12.10
58
0.31
3.22
5.27
D-90-03-22
657.20
687.75
30.55
109
0.54
0.56
1.59
And
854.95
880.15
25.20
102
0.22
1.07
1.66
And
1065.20
1083.80
18.60
18
0.09
1.73
3.31
D-90-04-22
679.20
692.60
13.40
201
1.04
0.99
1.22
And
763.50
777.05
13.55
38
0.30
1.41
3.19
And
1086.10
1098.70
12.60
67
0.12
3.49
5.42
And
1208.15
1214.25
6.10
72
0.23
1.02
2.88
D-93-03-22
1056.10
1173.75
117.65
35
0.09
2.75
3.92
Include
1085.30
1120.00
34.70
48
0.13
3.97
6.48
D-93-04-22
825.35
838.30
12.95
46
0.31
0.67
2.70
And
1060.05
1129.15
69.10
48
0.06
3.78
4.83
D-93-05-22
1100.55
1289.25
188.70
68
0.11
4.66
6.16
Include
1110.70
1132.15
21.45
262
0.32
11.37
18.84
Include
1163.60
1226.25
62.65
77
0.13
6.69
7.58
D-95-10-22
1356.90
1409.15
52.25
28
0.11
2.21
3.53
And
1428.50
1517.90
89.40
27
0.18
1.72
3.43
D-95-11-22
1315.70
1322.45
6.75
42
0.16
1.59
1.90
And
1446.25
1457.75
11.50
19
0.05
1.32
2.40
D-95-12-22
772.25
786.05
13.80
38
0.33
0.44
2.42
And
1116.05
1121.95
5.90
44
0.11
3.77
5.17
And
1242.70
1249.35
6.65
98
0.27
3.10
4.13
And
1284.05
1321.90
37.85
25
0.17
1.50
2.38
And
1394.50
1403.80
9.30
25
0.19
1.56
4.38
D-96-03-22
1039.55
1060.75
21.20
18
0.03
1.26
2.63
And
1074.05
1095.30
21.25
38
0.06
3.59
4.79
And
1153.30
1448.80
295.50
234
0.09
6.36
5.72
Include
1194.80
1291.80
97.00
654
0.16
15.35
11.38
D-96-04-22
1077.45
1108.70
31.25
216
0.05
5.60
4.82
And
1160.30
1200.95
40.65
99
0.03
3.64
4.50
And
1268.40
1312.80
44.40
82
0.03
1.02
2.86
And
1343.90
1539.20
195.30
28
0.07
0.77
3.77
S-09-22
715.35
725.55
10.20
39
0.27
1.27
2.27
And
810.55
857.80
47.25
21
0.08
1.01
1.61
U-11-22
951.70
1019.40
67.70
54
0.12
3.69
5.38
Include
982.80
1011.80
29.00
77
0.16
4.36
7.10
U-18-22
458.05
618.95
160.90
82
0.16
3.67
6.30
Include
466.30
570.90
104.60
83
0.20
5.14
8.91
And
659.80
784.00
124.20
50
0.11
2.04
2.66
Include
707.30
751.25
43.95
70
0.18
4.10
5.05
U-23-22
125.85
129.75
3.90
527
0.13
1.80
5.39
And
887.60
919.65
32.05
69
0.05
1.05
3.50
(1) True widths of the mineralized intervals are unknown at this time.
(2) Partial results received.
La Colorada Skarn - Drill Hole Collar Information
Drill Hole ID
Type
East Local
North Local
Elevation
Length (m)
Azimuth Avg (
0
)
Dip Avg
D-62-06-22
Infill
5996.9
5753.7
2554.7
585.3
147.2
-79.0
D-62-07-22
Infill
5996.9
5753.7
2554.7
636.4
196.7
-86.8
D-66-06-22
Infill
5060.5
5509.3
2511.2
798.0
152.6
-67.8
D-66-07-22
Infill
5060.5
5509.3
2511.2
642.4
165.7
-63.1
D-71-06-22
Infill
6004.3
5588.6
2529.3
688.0
304.3
-79.7
D-71-07-22
Infill
6004.3
5588.6
2529.3
505.0
136.5
-78.3
D-81-06-22
Infill
5804.8
5770.1
2590.7
831.1
321.5
-86.7
D-90-02-22
Exploration
5538.7
5004.4
2532.2
811.7
14.0
-81.9
D-90-03-22
Exploration
5538.7
5004.4
2532.2
1095.4
180.2
-75.1
D-90-04-22
Exploration
5538.7
5004.4
2532.2
940.9
35.2
-81.0
D-93-03-22
Infill
4926.3
5166.1
2469.7
682.6
259.5
-64.3
D-93-04-22
Infill
4926.3
5166.1
2469.7
626.0
231.1
-60.4
D-93-05-22
Infill
4926.3
5166.1
2469.7
614.4
292.7
-68.2
D-95-10-22
Infill
5403.1
5126.1
2549.6
718.6
343.1
-74.7
D-95-11-22
Infill
5403.1
5126.1
2549.6
734.5
158.1
-82.8
D-95-12-22
Infill
5403.1
5126.1
2549.6
753.5
335.3
-74.0
D-96-03-22
Infill
4654.7
5286.4
2506.4
725.5
87.8
-69.5
D-96-04-22
Infill
4654.7
5286.4
2506.4
791.4
54.4
-76.5
S-09-22
Exploration
5490.2
4962.7
2517.2
1528.7
177.5
-85.1
U-11-22
Infill
4495.7
5329.2
2070.0
1074.2
143.7
-74.8
U-18-22
Exploration
4845.5
5324.1
1995.3
1200.1
359.6
-78.1
U-23-22
Infill
4495.8
5329.5
2070.0
1087.4
130.0
-77.8
Total Metres
18,071.0
General Notes with Respect to Technical Information
Grades are shown as contained metal before mill recoveries are applied. All samples provided in this news release were assayed by ALS Global,
Mexico
using acid digestion with ICP finish for silver, lead, zinc, and copper. Samples sent to ALS Global were prepared in
Zacatecas, Mexico
laboratory and sent to
Vancouver B.C.
Laboratory for assay. Pan American implements a quality assurance and quality control ("QAQC") program
including the submission of certified standards, blanks, and duplicate samples to the laboratories. The results of the QAQC samples submitted to ALS
Global demonstrate acceptable accuracy and precision. The Qualified Persons are of the opinion that the sample preparation, analytical, and security
procedures followed for the samples are sufficient and reliable for the purpose of any future 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. ALS Global is independent from Pan American.
Mineral resources and mineral reserves are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.
Mineral Resources that are not Mineral Reserves have no demonstrated economic viability. No mineral reserves have yet been estimated for the Skarn
deposit.
See the Company's Annual Information Form dated
February 23, 2022
, available at
www.sedar.com
for further information concerning QAQC and data
verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for
a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential
development of the Company's mineral reserves and mineral resources.
Technical information contained in this news release with respect to Pan American has been reviewed and approved by
Christopher Emerson
,
FAusIMM, Vice President Business Development and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process
Optimization, each of whom is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (''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 Silver
Pan American owns and operates silver and gold mines located in
Mexico
,
Peru
,
Canada
,
Argentina
and
Bolivia
. We also own the Escobal mine in
Guatemala
that is currently not operating. Pan American provides enhanced exposure to silver through a large base of silver reserves and resources,
as well as major catalysts to grow silver production. We have a 28-year history of operating in
Latin America
, 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 NASDAQ and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at
panamericansilver.com
.
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: the timing for, amount of, and anticipated results of, any exploration or development programs with respect
to the Company's La Colorada Skarn project, including the potential for further definition or expansion of the mineral resource in the future; the timing
of any update to the mineral resource estimate and the results of any such update; and the potential generation of minerals, if any, and the quality
thereof.
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: our mineral resource estimates and the assumptions upon which they are
based; ore grades and recoveries; 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 the
La Colorada
mine and related exploration projects are received in a timely manner; our
ability to secure and maintain the surface rights necessary for our operations; 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: the duration and effects of the COVID-19 virus and any other pandemics on our operations and workforce, and the effects on
global economies and society; fluctuations in silver and gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services
(including transportation); fluctuations in currency markets (such as the Canadian dollar, Peruvian sol, Mexican peso, Argentine peso and Bolivian
boliviano versus the U.S. dollar); risks relating to inflation and the global economic environment; 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); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties
with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; 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, including environmental, export and import laws and regulations;
changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in
Canada
,
the
United States
,
Mexico
,
Peru
,
Argentina
,
Bolivia
,
Guatemala
or other countries where the Company may carry on business, including legal restrictions
relating to mining; risks relating to expropriation; risk of liability relating to our past sale of the Quiruvilca mine in
Peru
; 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 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
This news release has been prepared in accordance with the requirements of Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and
Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. 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 public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange
Commission (the "SEC"), and information concerning mineralization, deposits, mineral reserve and resource information contained or referred to 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''. U.S. investors are advised that, while such terms are
recognized and required by Canadian securities laws, the SEC does not recognize them. The requirements of NI 43-101 for identification of ''reserves''
are not the same as those of the SEC, and mineral reserves reported by the Company in compliance with NI 43-101 may not qualify as ''reserves''
under SEC standards. Under U.S. standards, mineralization may not be classified as a ''reserve'' unless the determination has been made that the
mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not
to assume that any part of a "measured resource" or "indicated resource" will ever be converted into a "reserve". U.S. investors should also understand
that "inferred resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It
cannot be assumed that all or any part of "inferred resources" exist, are economically or legally mineable or will ever be upgraded to a higher category.
Under Canadian securities laws, estimated "inferred resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases.
Disclosure of "contained ounces" in a mineral resource is permitted disclosure under Canadian securities laws. However, the SEC normally only permits
issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade, without reference to unit
measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies
that report in accordance with U.S. standards.
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SOURCE
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%SEDAR: 00002432E
For further information:
Siren Fisekci, VP, Investor Relations & Corporate Communications, Ph: 604-806-3191, Email: [email protected]
CO: Pan American Silver Corp.
CNW 06:00e 21-JUL-22