Pan American Silver provides annual exploration update
Pan American Silver provides annual exploration update
Vancouver, B.C. – December 5, 2023 - Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the
"Company") released new exploration drill results for its Jacobina, El Peñon, La Colorada, Huarón and Timmins
properties and for its La Colorada Skarn project. These drill results demonstrate continued potential for organic
growth of mineral reserves and mineral resources in and around the Company's operations.
“The recent exploration drilling at Jacobina continues to reflect the geological potential to expand the resource
base close to existing mine infrastructure, specifically in the Maricota and João Belo Sul sectors, both of which
have the potential to add higher margin ounces. The large mineral reserve and mineral resource base, together
with a study underway to optimize the economic life of mine, underpin the growth potential and strong economics
of the Jacobina property,” said Christopher Emerson, Pan American’s Vice President of Exploration and Geology.
“We also continue to discover new targets and build new resources at our other mines, such as at La Colorada, El
Peñon, Huarón and Timmins. In addition, multiple mineralised intercepts of over 100 metre widths have further
expanded and added confidence to the large mineralisation footprint at the La Colorada Skarn project,
demonstrating the world-class nature of the deposit.”
Pan American's drill program in 2023 is focused on near-mine exploration and resource conversion throughout its
portfolio of operating mines. A total of 373,780 metres has been drilled during the ten months ended October 31,
2023, out of a 450,000 metre drill program planned for 2023. The mineral reserves and mineral resources update
as at June 30, 2023, which was released on August 24, 2023, reflects only a portion of the 2023 drill program. The
Company plans to incorporate the results of the full 2023 drill program, including results for the Company's other
assets not referenced in this news release, in a mineral reserve and mineral resource update as at June 30, 2024.
EXPLORATION HIGHLIGHTS
Jacobina mine, Brazil:
See Table 1 of this news release for drill result highlights
• Continued success in defining mineralisation outside the João Belo Sul mineral resource. Step-out drilling
approximately 200 metres to the north returned 4.85 metres at 14.69 g/t Au, including 1.15 metres at
59.25 g/t Au and 7.70 metres at 4.83 g/t Au, including 3.36 metres at 7.45 g/t Au (drill hole JBS00041).
These results confirm continuity and higher-grades along a 700 metre strike between João Belo Sul and
João Belo mine.
• Exploration drill results at Maricota, close to current infrastructure, show potential for future mineral
resource addition over an approximate 2,000 metre strike length by 1,000 metre depth profile, with
intercepts at higher-grade than average resource grade, such as 4.69 metres at 23.45 g/t Au, including
1.26 metres at 40.90 g/t Au and 1.52 metres at 35.17 g/t Au (drill hole MRCEX00004).
El Peñon, Chile:
See Table 2 of this news release for drill result highlights
• Nine drillholes within the dacite intrusive unit north of the Pampa Campamento structure returned higher
grades outside of the current mineral resource and mineral reserve footprint. Highlights include
(estimated true widths): 1.20 metres at 114.50 g/t Au and 72 g/t Ag (drill hole UIP0145), 1.80 metres at
28.90 g/t Au and 205 g/t Ag (drill hole UIP0146) and 1.74 metres at 19.14 g/t Au and 230 g/t Ag (drill hole
UIP0149). Mineralisation is defined over an approximate 150 metre vertical extent and remains open both
along strike and down plunge to the north.
• At El Valle, drilling confirmed the extension of mineralisation in the El Valle vein and parallel El Valle -30
splay, located northwest of Pampa Campamento. Mineralisation remains open to the south for further
expansion within the favourable rhyolite stratigraphy. Drill highlights include 2.30 metres at 46.50 g/t Au
and 805 g/t Ag and 0.80 metres at 40.70 g/t Au and 1,775 g/t Ag (drill hole SEV0004).
NEWS RELEASE
PAN AMERICAN SILVER CORP. 1
La Colorada mine, Mexico:
See Table 3 of this news release for drill result highlights
• Exploration drilling on the east extension of the NC2 vein has shown high-grade silver intercepts. Drill
highlights from 15,873 metres drilled this year include: 1.05 metres at 2,804 g/t Ag, 1.59% Pb and 1.33%
Zn (drill hole U-75-23) and 1.33 metres at 4,067 g/t Ag, 0.76% Pb and 1.82% Zn (drill hole S-84-23). The
high-grade zone is now defined by 50 metre-grid drill spacing, from the 498 to 588 level (approximately
100 metre vertical) over a 200 metre strike length. This area remains open to the northeast and to depth
with ongoing drilling focused on definition of further extensions.
La Colorada Skarn project, Mexico:
See Table 4 of this news release for drill result highlights
• More than 280,000 metres have been drilled on the project, with 97,000 metres completed since the last
mineral resource update issued on September 14, 2022. Recent drilling has focused on the 902 skarn zone
with 24 infill drill holes, which follow up on mineralisation reported in prior news releases dated May 2,
2023, November 1, 2022, and July 21, 2022. Results confirm wide zones of high-grade silver mineralisation,
as demonstrated by 332.40 metres at 144 g/t Ag, 4.11% Pb and 4.78% Zn, including 89.85 metres at 461
g/t Ag, 10.63% Pb and 11.05% Zn (drill hole D-93-09-23).
• Exploration drilling successfully extended the 902 skarn zone 100 metres to the northwest. Highlights from
extensional drilling in this area include 161.10 metres at 96 g/t Ag, 1.86% Pb, and 3.00% Zn (drill hole
U-43-23).
Huarón mine, Peru:
See Table 5 of this news release for drill result highlights
• In 2023, drilling and mine sill development focused on the Horizonte zone, an emerging shallow multiple
vein system located southeast of the core mine area that is becoming an important production area. Of
the 14,510 metres drilled at Huarón, 5,545 metres (38%) were focused on the Horizonte zone. Intercepts
from 10 drill holes within three structures in the Horizonte zone all returned positive results that will
contribute to future resource models.
Timmins mine (Whitney Project), Canada:
See Table 6 of this news release for drill result highlights
• Drilling in 2022 (39 holes totaling 7,849 metres) and 2023 (26 holes totaling 5,979 metres) tested remnant
mineralisation in both unmined veins and wall rock adjacent to historic mined stopes, confirming current
resources in Hallnor and historic resources in Broulan Reef zone, 1.5 km to the west. The Hallnor zone is
referenced in Pan American's mineral reserves and mineral resources update as at June 30, 2023, under
the name of Whitney, a joint venture (82.5% Pan American / 17.5% Newmont) in which Pan American is
the operator. The Hallnor zone is estimated to contain 586,000 ounces of measured and indicated gold
mineral resource and 141,400 ounces of inferred gold mineral resource.
• Significant assays in the Hallnor zone include: 1.20 metres at 145.73 g/t Au (drill hole TW22-719), 5.80
metres at 26.64 g/t Au and 3.10 metres at 9.97 g/t Au (drill hole TW22-712), 16.60 metres at 5.39 g/t Au
(drill hole TW22-705A), 8.00 metres at 6.76 g/t Au (drill hole TW22-709) and 4.60 metres at 10.43 g/t Au
(drill hole TW22-694) (all reported over core lengths).
• Significant assays from the drilling at Broulan Reef include: 10.00 metres at 38.11 g/t Au (drill hole
TW23-747), 8.00 metres at 6.39 g/t Au (drill hole TW23-740), 9.00 metres at 6.38 g/t Au (drill hole
TW23-745), 9.0 metres at 3.45 g/t Au (drill hole TW23-743) and 3.00 metres at 4.71 g/t Au (drill hole
TW23-730) (all reported over core lengths).
NEWS RELEASE
PAN AMERICAN SILVER CORP. 2
PROPERTY DESCRIPTION AND DRILL RESULT HIGHLIGHTS
Jacobina, Brazil
The Jacobina mine is an underground paleo placer gold mine located in the state of Bahia in northeastern Brazil.
The mine has a strong track record of mineral reserve and mineral resource replacement and growth. The mine
complex extends over eight kilometres with resources and exploration targets over a 14 kilometre trend where
gold mineralisation is hosted in conglomerate reefs that remain open to depth and along strike in multiple areas.
The Jacobina property consists of a mining claim, mining concessions and exploration permits over 155 kilometres
in a north-south direction and five to 25 kilometres in an east-west direction.
Brownfield exploration drilling totaled 44,006 metres with drilling completed largely at the João Belo Sul,
Maricota, João Belo Norte, Moro do Vento, and Serra do Corrego zones. Recent Jacobina exploration results
demonstrate upside potential for mineral reserve and mineral resource growth.
Drill results at João Belo Sul, together with the mineral reserves and mineral resources update as at June 30, 2023
that reported an additional 215,000 ounces of indicated gold mineral resource and 81,000 ounces of new inferred
gold mineral resource, as well as the addition of 58,000 ounces of probable mineral reserve, affirm the potential
for continued mineral reserve and mineral resource growth. Recent infill and exploration drilling at João Belo Sul
confirm mineralisation grade and continuity along strike and to depth, particularly along higher-grade ore shoots.
Maricota represents an opportunity to add higher-grade mineral resources close to existing mine infrastructure at
the northern end of the Jacobina mine. Exploration drilling, initiated in 2022, continues to extend mineralisation
along a strike length greater than two kilometres and to depth, where historic drill results include 9.72 g/t of gold
over 1.80 metres (drill hole MVTEX22) and 12.28 g/t of gold over 2.39 meters (CANEX006). The Company is
working to complete an initial mineral resource estimate for Maricota in 2024.
Table 1: Jacobina Mine
The following table provides infill and exploration drill result highlights for the João Belo Sul and Maricota Zones of
the Jacobina mine. Full infill and exploration drill results not included in this table, together with cross sections and
plans, are available at https://panamericansilver.com/operations/exploration/.
Hole Sector From (m) To (m) Interval (m) Est. True Width
(m) Au g/t
JBS00036 João Belo Sul 162.00 165.50 3.50 3.36 75.12
JBS00036 Includes 163.00 164.00 1.00 0.96 255.65
JBS00040 João Belo Sul 231.50 237.00 5.50 3.63 2.93
JBS00040 João Belo Sul 368.56 375.71 7.15 5.58 3.83
JBS00040 Includes 373.46 375.71 2.25 1.75 8.60
JBS00040 João Belo Sul 377.00 382.00 5.00 3.90 3.20
JBS00041 João Belo Sul 412.20 418.50 6.30 4.85 14.69
JBS00041 Includes 412.50 414.00 1.50 1.15 59.25
JBS00041 João Belo Sul 424.00 434.00 10.00 7.70 4.83
JBS00041 Includes 429.63 434.00 4.37 3.36 7.45
JBS00043 João Belo Sul 393.09 411.50 18.41 12.37 2.43
JBS00043 Includes 405.38 409.50 4.12 2.77 4.44
JBS00043 João Belo Sul 432.75 439.73 6.98 4.69 2.82
JBS00043 Includes 435.50 439.73 4.23 2.84 3.69
JBS00045 João Belo Sul 316.49 323.00 6.51 6.32 2.33
JBS00045 Includes 318.50 323.00 4.50 4.37 3.10
JBS00045 João Belo Sul 422.50 428.00 5.50 5.34 4.04
JBS00048 João Belo Sul 470.50 473.42 2.92 2.53 4.42
NEWS RELEASE
PAN AMERICAN SILVER CORP. 3
JBS00050 João Belo Sul 301.95 308.50 6.55 5.59 3.10
JBS00050 Includes 301.95 304.73 2.78 2.36 5.44
JBS00050 João Belo Sul 440.50 447.73 7.23 6.03 2.16
JBS00050 João Belo Sul 458.45 466.60 8.15 6.47 2.54
JBS00053 João Belo Sul 127.00 132.26 5.26 4.95 2.45
JBS00053 João Belo Sul 186.00 196.50 10.50 9.77 1.73
JBS00053 João Belo Sul 305.43 309.50 4.07 3.79 3.75
MRCEX00004 Maricota 541.35 547.50 6.15 4.69 23.45
MRCEX00004 Includes 541.35 543.00 1.65 1.26 40.90
MRCEX00004 Includes 544.50 546.50 2.00 1.52 35.17
MRCEX00008 Maricota 106.27 109.94 3.67 3.20 5.88
MRCEX00008 Maricota 112.10 123.00 10.90 9.60 1.67
MRCEX00008 Maricota 471.57 477.00 5.43 4.13 4.68
MRCEX00008 Maricota 553.86 567.50 13.64 10.96 3.58
MRCEX00009 Maricota 212.00 219.00 7.00 2.45 3.05
El Peñon, Chile
El Peñon is a large, high-grade multi-vein system located in northern Chile. Exploration drilling totaling 48,407
metres, mainly in the core mine area, includes 13,805 metres of infill drilling to convert inferred mineral resources
to indicated mineral resources, and 33,748 metres of exploration drilling to define new near-mine inferred mineral
resources. Exploration drilling was directed at expanding the mineralisation envelope along multiple core mine
structures, most notably Pampa Campamento and El Valle veins in the southwest mine sector. Both areas remain
targets for drilling in 2024 and are expected to contribute new mineral resources for the mineral reserve and
mineral resource update as at June 30, 2024.
NEWS RELEASE
PAN AMERICAN SILVER CORP. 4
Pampa Campamento is currently one of the most important veins contributing to production at El Peñon. Infill and
exploration drilling have extended mineralisation towards the north within an intrusive unit. Step out drilling north
of current resources below the 1,400 metre level has extended mineralisation approximately 150 metres
vertically. Mineralisation remains open in this area, both down plunge and along strike, as well as in splays such as
Pampa Campamento -35, Pampita and Pampa Campamento Oeste.
At El Valle, infill and exploration drilling confirmed mineralisation in the El Valle vein and parallel El Valle -30 splay,
where drill holes returned higher grades over horizontal widths ranging up to 2.50 metres. The zones remain open
to the south within the favourable rhyolite stratigraphy.
Pan American is currently designing a drill program to address the reserve reconciliation issue identified in 2023.
Table 2: El Peñon Mine
The following table provides infill and exploration drill result highlights for the Pampa Campamento and El Valle
vein systems of the El Peñon mine. Full infill and exploration drill results not included in this table, together with
longitudinal sections and plans, are available at https://panamericansilver.com/operations/exploration/.
UIP0135 Pampa Campamento 270.50 272.79 2.29 1.60 9.10 96
UIP0133 Pampa Campamento 255.95 256.88 0.93 0.80 12.37 49
UIP0137 Pampa Campamento 294.03 296.93 2.90 1.80 21.30 66
UIP0143 Pampa Campamento 304.07 306.05 1.98 1.29 20.12 73
UIP0145 Pampa Campamento 236.11 238.00 1.89 1.20 114.50 72
UIP0146 Pampa Campamento 261.33 264.32 2.99 1.80 28.90 205
UIP0149 Pampa Campamento 253.00 255.20 2.20 1.74 19.14 230
UIP0147 Sistema Pampa Campamento 224.77 225.98 1.21 0.80 5.55 223
UEP0055 Pampa Campamento (-35) 298.62 299.64 1.02 0.70 13.60 33
UEP0056 Pampa Campamento (-35) 254.20 256.20 2.00 1.10 5.80 20
UEP0057 Pampa Campamento 342.71 344.20 1.49 1.10 5.10 100
SIP0040 Pampa Campamento 635.20 637.95 2.75 1.60 8.09 113
SIP0040 Pampa Campamento(-10) 640.56 642.88 2.32 1.10 4.14 209
UIP0086 Pampa Campamento Oeste 50.64 51.25 0.61 0.66 7.10 243
UIP0103 Pampa Campamento Oeste 62.12 62.90 0.78 0.67 21.60 368
UIP0105 Pampa Campamento 343.38 345.88 2.50 1.20 8.67 235
UIP0106 Pampita 99.60 100.00 0.40 0.32 20.70 1372
UIP0112 Pampa Campamento 365.67 366.75 1.08 0.76 20.74 1020
UIP0113 Pampita 157.87 158.30 0.43 0.40 38.10 20
UIP0114 Pampa Campamento(-35) 217.42 219.00 1.58 1.10 10.65 237
UIP0114 Pampa Campamento 371.40 373.00 1.60 0.86 9.80 31
UIP0119 Pampa Campamento 333.66 335.88 2.22 1.28 20.25 499
UIP0120 Pampa Campamento Oeste 50.94 52.23 1.29 0.80 10.20 287
UIP0124 Pampa Campamento(-35) 249.00 251.10 2.10 1.40 15.35 339
UIP0127 Pampa Campamento(-35) 258.45 260.23 1.78 0.70 15.27 675
UEP0044 Pampa Campamento 165.60 166.85 1.25 0.90 134.20 248
UIV0050 El Valle 201.85 204.20 2.35 2.50 5.50 116
UIV0051 El Valle 205.32 206.61 1.29 1.30 8.60 30
UIV0054 El Valle 164.80 166.80 2.00 1.30 15.88 543
Hole Vein From (m) To (m) Interval (m) Est. True
Width (m) Au (g/t) Ag (g/t)
NEWS RELEASE
PAN AMERICAN SILVER CORP. 5
UIV0056 El Valle 227.20 229.00 1.80 1.70 6.00 334
SEV0004 El Valle (-30) 228.00 231.00 3.00 2.30 46.50 805
SEV0004 El Valle 269.65 270.86 1.21 0.80 40.70 1775
UEV0031 El Valle 257.00 258.56 1.56 1.69 5.30 252
Hole Vein From (m) To (m) Interval (m) Est. True
Width (m) Au (g/t) Ag (g/t)
La Colorada, Mexico
The La Colorada mine is a silver-rich polymetallic mine located in the state of Zacatecas, Mexico. A total of 108
holes for 29,569 metres were drilled on the vein targets (NC2, Veta 3, Recompensa, Amolillo and minor splays)
through the mine from both surface and underground with the focus on infill drilling. Exploration success was
reported on the high-grade east extension NC2 vein where 39 holes for 15,873 metres were drilled.
Most of the drill holes on NC2 extend the high-grade vein areas to the east, which are now drilled at roughly 50
metre spacing. The high-grade zone is defined from the 498 to 588 level (approximately 100 metre vertical) over a
200-metre strike length. This area remains open to the northeast and to depth with ongoing drilling focused on
definition of further extensions.
Table 3: La Colorada Mine
The following table provides the drill result highlights for the La Colorada mine. Full drill results not included in this
table, together with cross sections and plans, are available at https://panamericansilver.com/operations/
exploration/.
U-31-23 214.35 215.75 1.40 1.13 1181 1.02 3.25
U-38-23 219.15 219.90 0.75 0.58 160 1.70 14.91
U-47-23 188.45 190.30 1.85 0.99 385 5.90 15.09
U-49-23 207.40 208.65 1.25 0.96 976 1.15 2.70
U-53-23 228.05 231.05 3.00 2.09 675 1.93 5.77
U-56-23 262.80 264.85 2.05 1.74 320 5.89 15.57
S-73-23 711.20 713.10 1.90 1.33 1455 3.43 1.26
U-75-23 242.00 243.40 1.40 1.05 2804 1.59 1.33
U-77-23 266.95 268.10 1.15 0.98 393 6.15 7.50
U-83-23 230.25 232.50 2.25 1.89 226 0.44 2.92
S-84-23 666.50 668.20 1.70 1.33 4067 0.76 1.82
S-95-23 615.10 616.00 0.90 0.51 792 0.59 1.39
S-102-23 678.00 679.10 1.10 0.95 909 2.26 5.72
S-105-23 611.20 613.60 2.40 1.83 236 0.48 1.25
U-106-23 234.70 237.50 2.80 0.93 69 4.18 7.79
U-114-23 329.70 331.20 1.50 0.84 370 1.08 4.20
S-115-23 693.85 695.35 1.50 1.25 349 3.02 7.61
S-123-23 648.95 652.00 3.05 2.58 1171 1.04 0.81
Hole No. From (m) To (m) Interval (m) True Width (m) Ag g/t Pb % Zn %
La Colorada Skarn, Mexico
The La Colorada Skarn deposit was discovered in 2018, and is located at depth adjacent to the La Colorada
polymetallic mine area in Zacatecas, Mexico. The skarn zone extends from 900 to 1,800 metres below the surface
and comprises three distinct bodies (901 Main zone, 902 West zone, 903 East zone).
NEWS RELEASE
PAN AMERICAN SILVER CORP. 6
Exploration drilling has continued to define and expand the current resource. Since the last mineral resource
update provided on September 14, 2022, a total of 97,000 metres has been drilled with continued exploration
success in expanding mineralisation northwest of ore body 902 while adding infill definition to the high-grade
portion of the deposit (see news release dated July 21, 2022). An initial economic study of the La Colorada Skarn
project will be released in the fourth quarter of 2023.
A total of 44 new infill and exploration drill holes covering 43,337 metres were completed. This news release
includes 34 holes for 33,751 metres drilled since the last drill results update issued on May 2, 2023.
Recent drilling has focused on definition of the 902 skarn zone with 24 infill drill holes designed to follow up on
mineralisation reported in news releases dated May 2, 2023, November 1, 2022 and July 21, 2022. Results confirm
wide zones of high-silver grade mineralisation highlighted by drill holes D-93-09-23 and D-05-01-23 (see table
below for assays). This drilling confirms the high-grade nature of the silver mineralisation, which is now defined by
more than 35 drill holes on a 40-metre spaced grid over a strike length of 250 metres.
Exploration drilling also successfully extended 902 ore body mineralisation 100 metres to the northwest with drill
hole U-43-23 (see table below for assays).
Table 4: La Colorada Skarn Project
The following table provides infill and exploration drill result highlights for the La Colorada Skarn deposit. Full infill
and exploration drill results not included in this table, together with cross sections and plans, are available at
https://panamericansilver.com/operations/exploration/.
D-05-01-23 High grade infill 984.30 1125.95 141.65 78 3.96 5.92
Include 1057.00 1125.95 68.95 140 7.57 11.61
And 1400.30 1597.85 197.55 51 1.83 6.87
D-16-01-23 Infill 1376.65 1549.35 172.70 58 1.55 1.79
D-93-07-23 Infill 1071.50 1431.55 360.05 53 3.68 3.43
D-93-08-23 Infill 1166.95 1495.40 328.45 71 2.57 3.79
D-93-09-23 Infill 1025.20 1357.60 332.40 144 4.11 4.78
Include 1131.20 1221.05 89.85 461 10.63 11.05
D-96-13-23 Infill 1077.70 1517.20 439.50 72 2.13 3.27
D-96-14-23 High grade infill 1333.85 1552.00 218.15 41 1.04 2.57
D-96-15-23 Infill 1201.25 1411.80 210.55 55 3.02 4.05
U-103-22 Infill 723.35 997.30 273.95 82 2.85 3.26
U-124-22 Infill 446.70 726.10 279.40 45 2.75 4.60
Include 543.55 723.15 179.60 59 3.81 6.37
U-19-23 High grade infill 414.95 882.35 293.15 27 0.55 3.19
Include 825.95 882.35 56.40 31 0.09 12.86
U-28-23 Infill 540.00 970.05 430.05 28 1.17 4.00
U-30-23 High grade infill 666.75 818.05 151.30 38 2.31 5.98
U-43-23 High grade infill 755.20 916.30 161.10 96 1.86 3.00
U-44-23 Infill 513.40 954.45 441.05 25 1.12 2.97
U-70-23 Infill 558.15 963.90 405.75 37 1.16 2.49
All intervals reported over core lengths
Hole No. Type From (m) To (m) Interval (m) Ag g/t Pb % Zn %
NEWS RELEASE
PAN AMERICAN SILVER CORP. 7
Huarón, Peru
The Huarón mine is a polymetallic (Zn-Pb-Ag-Cu) deposit located in the Cerro de Pasco Department of central
Peru. Drilling in 2023 focused on brownfield extensions with 71 holes totaling 14,510 metres. Drilling aimed to
define new inferred mineral resources on principal structures in the lower portion of the mine (Tapada vein) as
well as the near surface Horizonte zone, an emerging shallow multiple vein system southwest of the core mine
area. A large portion of the new resources is defined by sill development (development on the vein structure) in
the Cuerpo Andres, Maria, Lucero and other splays southeast of the main mine.
Of the 11 drill holes totaling 1,730 metres completed on the Tapada vein, four holes are extension holes that
define high-grade areas, now drilled at roughly 45 to 50 metre spacing. The drilling in 2023 confirms extension of
mineralisation above level 0 (4,000 masl) and for at least 50 metres below the deepest mine development drift.
The Tapada zone remains open to depth, and to the east and west where current drilling continues to test further
vein extensions.
In the Horizonte zone, 21 holes covering 5,545 metres were drilled. Intercepts from 10 drill holes within three
structures have all returned positive results that will contribute to future resource models.
On the Cuerpo Andres vein, 11 holes covering 3,756 metres were completed with four holes drilled as extensions
in the high-grade areas. Drilling at roughly 45 to 50 metre spacing in the Cuerpo Andres zone confirms extension of
mineralisation 25 metres below the lowest mine development drift.
Sill development within the main structures in the Horizontes zone has generated positive results that are
expected to convert to new resources. Channel sampling using over 350 individual samples within 184 channels
over a cumulative strike length of 415 metres of sill development on the Maria splay, Lucero, Cuerpo Andes and
Ochentayuno structures averaged 2.92 metres at 246 g/t Ag, 4.9% Pb, 5.7% Zn.
NEWS RELEASE
PAN AMERICAN SILVER CORP. 8