Pan American Silver Provides Annual Exploration Update
Pan American Silver Provides Annual Exploration Update
Vancouver, B.C. – December 9, 2024 - Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the
"Company") provides an annual exploration update and releases new exploration drill results for its Jacobina, El
Peñon, La Colorada, Huaron, Minera Florida and Timmins mines, as well as its La Colorada Skarn project.
"The success of our exploration program highlights the potential for long-term organic growth at many of our
assets," said Christopher Emerson, Vice President of Exploration and Geology at Pan American. "Based on the
results we were achieving in exploration this year, we increased our drill budget to over 450,000 metres for 2024.
This exploration update highlights these results, and showcases the ongoing discovery of new mineralized
structures in and around our existing mining operations."
EXPLORATION HIGHLIGHTS:
All intercepts are reported as estimated true widths in metres ("m"), except for the La Colorada Skarn, which is a
massive orebody and intercepts are reported as drilled. Please refer to the Drill Result Highlights Tables beginning
on page four of this news release for additional details.
• Jacobina - extensional and infill drilling in the Maricota and the Morro do Vento zones demonstrate the
potential for future resource expansion. Significant results at grades higher than the average resource
grade include: 1.42m @ 116.41 g/t Au and 8.74m @ 5.86 g/t Au (Maricota - MRCEX00056); 12.75m @ 3.71
g/t Au, incl. 8.35m @ 5.26 g/t Au (Maricota - MRCEX00052); 5.75m @ 5.24 g/t Au, incl. 2.11m @ 11.68 g/t
Au (Morro do Vento - MVTEX00223).
• El Peñon - drilling of the principal structures and areas to the south continues to return high-grade
intercepts that are typical for this deposit. Significant results include: 1.05m @ 18.89 g/t Au, 746 g/t Ag
(Pampa Campamento - UIP0177); 1.09m @ 9.90 g/t Au, 97 g/t Ag (Pampa Sur - SEP0055); 4.10m @ 3.62 g/
t Au and 1,592 g/t Ag (Dominadora - UEH0024); and 1.46m @ 0.44 g/t Au and 2,547 g/t Ag (Chiquilla Chica
- UIH0049).
• La Colorada - 13 new veins have been discovered in the eastern portion of the property, expanding the
high-grade zone of the mine. Significant results within the Mariana, NC2 splay and San Geronimo veins
show continued high-grade results, notably: S-104-24 with 0.95m @ 9,618 g/t Ag, 4.85% Pb, 4.82% Zn
(Mariana vein); S-154-24 with 2.32m @ 2,615 g/t Ag, 2.31% Pb, 5.16% Zn (NC2 vein); and S-168-24 with
3.28m @ 308 g/t Ag, 10.18% Pb, 13.09% Zn (Cristina vein).
• La Colorada Skarn project - infill drilling reinforced confidence in the large, indicated mineral resource
update as at June 30, 2024. Notable intercepts include: 273.10m at 54 g/t Ag, 0.85% Pb, and 5.18% Zn,
incl. 62.55m at 84 g/t Ag, 1.97% Pb, and 7.57% Zn (U-155-24); and 60.25m at 85 g/t Ag, 7.05% Pb, and
10.41% Zn (U-19-24).
• Whitney Project (Timmins) - the increase in estimated gold mineral resources provided in the June 30,
2024 mineral reserve and mineral resource update highlights the potential of the Whitney project, while
ongoing drilling of the Bonetal/Hallnor and Broulan reef has continued to yield high-grade results along
the mineralized trend, including 360 g/t Au over 2.4 metres (TW24-793).
• Huaron - significant results from drilling focused on the Horizonte zone include: DDH-U-111-24 with 2.10m
@ 399 g/t Ag, 7.39% Pb and 14.58% Zn (Maria vein); DDH-U-113-24 with 1.50m @ 504 g/t Ag, 12.77% Pb
and 19.97% Zn (Maria Vein); DDH-U-049-24 with 2.77m @ 768 g/t Ag, 1.85% Pb and 0.62% Zn (Cuerpo
Andres);
• Minera Florida - exploration and infill drilling have extended mineralization at several key mine structures.
Significant results include: 1.98m @ 16.11 g/t Au, 13 g/t Ag and 6.44% Zn and 1.97m @ 9.38 g/t Au, 23 g/t
Ag, and 4.96% Zn (Maqui Norte vein - ALH4638); and 2.57m @ 10.32 g/t Au, 12 g/t Ag, and 0.08% Zn (Mila
Sur vein - ALH4562).
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SUMMARY OF EXPLORATION RESULTS
Jacobina mine, 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 and resources extend over eight kilometres with exploration targets extending over a 14 kilometre trend
of conglomerate reefs hosting gold mineralization, many of which remain open to depth and along strike.
• Brownfield exploration drilling totaled 35,583m, primarily targeting the João Belo Sul, Morro do Vento,
Maricota, Serra do Corrego, and João Belo Norte zones. Exploratory drilling focused on evaluating new
near-mine targets down-dip and north of Maricota. The recent exploration results continue to highlight
the significant potential for expanding mineral reserves and mineral resources at Jacobina.
• Infill drilling at João Belo Sul confirmed gold mineralization continuity, particularly in higher-grade zones
proximal to existing underground infrastructure at João Belo Norte mine. Notable intercepts include:
3.26m @ 8.21 g/t Au (JBS00093); 2.07m @ 5.55 g/t Au and 5.70m @ 4.63 g/t Au (JBS00094).
• Infill and exploration drilling at Morro do Vento continued to extend high-grade zones in the FW reef.
Significant intercepts include: 5.75m @ 5.24 g/t Au, incl. 2.11m @ 11.68 g/t Au (MVTEX00223); and 6.90m
@ 3.13 g/t Au, incl. 1.74m @ 9.06 g/t Au (MVTEX00217). Exploration drilling further confirms continuity of
mineralization down dip within the FW reef, with 7.03m @ 2.62 g/t Au, incl. 2.56m @ 5.08 g/t Au
(MVTEX00220), extending mineralization approximately 250m down-dip of the current indicated mineral
resources. Mineralization in this zone remains open to depth.
• Exploration and infill drilling results at Maricota confirm the continuity of mineralization within multiple
reefs (FW, HW, and Main) where mineralization remains open for expansion down dip and along strike to
the north. Significant intercepts include: 12.75m @ 3.71 g/t Au, incl. 8.35m @ 5.26 g/t Au, 4.31m @ 4.49
g/t Au and 2.54m @ 11.56 g/t Au (MRCEX00052); 5.98m @ 5.12 g/t Au, incl. 2.83m @ 9.78 g/t Au and
7.46m @ 2.05 g/t Au, incl. 3.16m @ 3.50 g/t Au (MRCEX00032); and 1.42m @ 116.41 g/t Au and 4.59m @
5.45 g/t Au, incl. 1.89m @ 10.08 g/t Au (MRCEX00056).
El Peñon, Chile
El Peñon is a large, high-grade gold-silver epithermal system located in northern Chile.
• For the period from May 2024 to October 2024, exploration drilling totaled 56,632 metres. This included
34,965 metres of infill drilling aimed at converting inferred mineral resources to the indicated category
around the principal veins, including El Valle, Pampa Campamento, Pampa Sur and Chiquilla Chica.
Additionally, 21,667 metres of exploration drilling were conducted to delineate new inferred mineral
resource.
▪ Highlights from El Valle include: 1.54m @ 8.55 g/t Au, 154 g/t Ag (UIV0079); 1.20m @ 4.70 g/t Au,
257 g/t Ag (UIV0078); and 0.83m @ 16.63 g/t Au, 721 g/t Ag (UIV0080). Mineralization remains
open to the north and down dip.
▪ Highlights from Pampa Campamento include: 1.05m @ 18.89 g/t Au, 746 g/t Ag (UIP0177); 0.76m
@ 16.13 g/t Au, 258 g/t Ag (UIP0189); 1.71m @ 10.65 g/t Au, 186 g/t Ag (UIS0028); and 0.65m @
15.33 g/t Au, 297 g/t Ag (UIP0175).
• Key results for exploration and infill drilling at the Pampa Sur vein include: 1.09m @ 9.90 g/t Au, 97 g/t Ag
(SEP0055); 0.98m @ 8.49 g/t Au, 156 g/t Ag (SIP0051); and 0.42m @ 18.80 g/t Au, 1,017 g/t Ag (SIP0064).
Structures identified to the east of Pampa Sur have also yielded positive results, notably 1.18m @ 6.50 g/t
Au and 493 g/t Ag (SIP0067). Pampa Sur represents an important opportunity to add mineral resources
near to existing mine infrastructure.
• Chiquilla Chica is a silver-rich satellite deposit located approximately 20 km southwest of El Peñon. Recent
exploration drilling has confirmed high silver grades, including: 1.46m @ 0.44 g/t Au and 2,547 g/t Ag
NEWS RELEASE
PAN AMERICAN SILVER CORP. 2
(UIH0049) and 1.44m @ 1.29 g/t Au and 1,181 g/t Ag (UIH0050). The Dominadora vein, a new discovery
northeast of the main Chiquilla Chica structure, returned 4.10m @ 3.62 g/t Au and 1,592 g/t Ag (UEH0024)
and 1.20m @ 0.23 g/t Au, and 1,349 g/t Ag (UEH0026) in initial drilling.
La Colorada mine, Mexico
The La Colorada mine is a silver-rich polymetallic operation located in the state of Zacatecas, Mexico.
• For the period May 2024 to October 2024, the Company completed 47,883 metres of exploration drilling,
successfully extending mineralization to the east.
• Drilling on the east extension of the NC2 vein returned silver-rich intercepts from the main structure and
parallel Mariana and NC2 splay veins. Notable drill highlights include: S-104-24 with 0.95m @ 9,618 g/t Ag,
4.85% Pb, 4.82% Zn (Mariana vein); 0.53m @ 4,916 g/t Ag, 9.82% Pb, 1.02% Zn (NC2 Splay); S-154-24 with
2.51m @ 1,189 g/t Ag, 0.82% Pb, 1.09% Zn (Mariana vein); and 2.32m @ 2,615 g/t Ag, 2.31% Pb, 5.16% Zn
(NC2 vein).
• Drilling on a new vein system discovered earlier in 2024, located parallel to the NC2 vein in the southeast
area of the mine, confirms high-grade mineralization in the Cristina vein. Notable drill results include:
S-168-24 with 3.28m @ 308 g/t Ag, 10.18% Pb, 13.09% Zn and S-119-24 with 1.95m @ 1,470 g/t Ag, 3.15%
Pb, 3.23% Zn. These intersects now define a mineralized vein over an area measuring 450m along strike by
550m vertical, and open in all directions.
• The San Geronimo vein system is now defined by 19 drillholes covering a mineralized area of 550m along
the strike by 450m vertical. Specific highlights include: S-115-24 with 1.08m @ 1,637 g/t Ag, 2.08% Pb,
3.35% Zn; S-161-24 with 5.59m @ 456 g/t Ag, 1.10% Pb, 2.41% Zn; S-168-24 with 2.93m @ 528 g/t Ag,
3.04% Pb, 5.54% Zn; S-172-24 with 4.08m @ 255 g/t Ag, 3.28% Pb, 7.33% Zn; and S-44-24 with 2.25m @
1,420 g/t Ag, 2.04% Pb, 1.93%.
La Colorada Skarn project, Mexico
The La Colorada Skarn is a large silver-bearing polymetallic deposit located below and adjacent to the producing
vein system of the La Colorada mine.
• Over 325,000 metres have been drilled at the Skarn project since the deposit was discovered, with 11,000
metres drilled since the mineral resource update as at June 30, 2024. The recent infill drilling, focused on
the 901, 902, and 903 Skarn zones, confirmed grades and widths, as defined in the June 30, 2024 mineral
resource estimate. Highlight infill intercepts include: 273.10m at 54 g/t Ag, 0.85% Pb, and 5.18% Zn, incl.
62.55m at 84 g/t Ag, 1.97% Pb and 7.57% Zn (U-155-24) and 60.25m at 85 g/t Ag, 7.05% Pb, and 10.41% Zn
(U-19-24).
Huaron mine, Peru
The Huaron mine is a polymetallic (Zn-Pb-Ag-Cu) deposit situated in the Cerro de Pasco Department of central
Peru.
• For the period May 2024 to October 2024, 58 drillholes totaling 14,714 metres were completed.
• High-grade mineralization within the Maria vein was extended by 100 metres and remains open at depth.
Results include: DDH-U-111-24 with 2.10m @ 399 g/t Ag, 7.39% Pb, and 14.58% Zn and hole DDH-
U-113-24 with 1.50m @ 504 g/t Ag, 12.77% Pb, and 19.97% Zn.
• Silver and polymetallic-rich mineralization on the east extension of the Cuerpo Andres vein was confirmed
with results including: DDH-U-040-24 with 0.56m @ 722 g/t Ag, 6.06% Pb, and 1.90% Zn; DDH-U-075-24
with 0.55 m @ 701 g/t Ag, 13.64% Pb, and 8.83% Zn; and DDH-U-049-24 with 2.77m @ 768 g/t Ag, 1.85%
Pb, and 0.62% Zn at depth.
• The Martin vein was extended 160 metres along strike, showing good mineralization with DDH-U-041-24
intercepting 2.46m @ 369 g/t Ag, 2.74 % Pb, and 2.01 % Zn; DDH-U-055-24 with 2.24m @ 683 g/t Ag,
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PAN AMERICAN SILVER CORP. 3
10.65 % Pb, and 3.10 % Zn; and DDH-U-086-24 with 1.56m @ 535 g/t Ag, 10.02 % Pb, and 2.31 % Zn at
depth.
Minera Florida, Chile
Minera Florida is an epithermal Au-Ag-Zn underground mine located in the coastal region of central Chile,
southwest of Santiago.
• For the period January 2024 to October 2024, a total of 58,658 metres of drilling was completed.
• Exploration and infill drilling have extended mineralization at several key mine structures, particularly at
Mila Sur, Maqui Norte, Lorena-Peque-Bandolera, and Sorpresa-Lo Balta.
• The Maqui Norte vein is a significant contributor to production, with potential for resource expansion to
the north of the current development and reserves. Significant intercepts include: 1.98m @ 16.11g/t Au,
13g/t Ag, and 6.44% Zn and 1.97m @ 9.38g/t Au, 23g/t Ag, and 4.96% Zn (ALH4638); 0.92m @ 20.61 g/t
Au, 13 g/t Ag, and 0.09% Zn (ALH4701); and 1.19m @ 13.62 g/t Au, 11 g/t Ag, and 3.81% Zn (ALH4588).
• Notable drill highlights at Mila Sur include: 2.57m @ 10.32 g/t Au, 12 g/t Ag, and 0.08% Zn (ALH4562);
1.70m @ 8.29 g/t Au, 110 g/t Ag, and 3.34% Zn (ALH4574); and 1.15m @ 6.52 g/t Au, 286 g/t Ag, and
2.29% Zn (ALH4467).
• Key results at Sorpresa – Lo Balta include: 2.95m @ 8.79 g/t Au, 10 g/t Ag, and 1.48% Zn (ALH4657); and
2.14m @ 5.84 g/t Au, 12 g/t Ag, and 1.35% Zn, 1.20m @ 5.99 g/t Au, 12 g/t Ag, and 2.07% Zn, and 1.19m
@ 7.29 g/t Au, 7 g/t Ag, and 1.48% Zn (ALH4426).
Whitney Project (Timmins), Canada
Pan American's Timmins West and Bell Creek mines are located near Timmins, Ontario. The Whitney project is
situated 4.5 kilometres south of the Bell Creek processing plant, adjacent to the Pamour open pit operated by
Newmont Corporation ("Newmont").
• For the period November 2023 to September 2024, drilling totaled 16,941 metres. The drilling confirmed
current resources at Hallnor/Bonetal and historic resources at Broulan Reef, located 1.5 km to the west.
The Hallnor/Bonetal and Broulan Reef zones are referenced in Pan American's mineral reserves and
mineral resources update as at June 30, 2024, under the Whitney project, which is a joint venture (83.27%
Pan American / 16.73% Newmont) operated by Pan American. The estimated mineral resources, as
provided in the June 30, 2024, mineral resource update, consist of 77,900 ounces of gold in the indicated
category and 477,700 ounces of gold in the inferred category.
• Significant assays in the Hallnor/Bonetal zones include: 2.7m at 19.89 g/t Au (TW24-758); 7.2m at 31.50 g/
t Au (TW24- 771); 11.7m at 3.28 g/t Au incl. 4.5m at 5.98 g/t Au (TW23-750); 13.7m at 2.11 g/t Au incl.
7.3m at 3.27 g/t Au (TW23-751).
• Significant assays from the drilling at Broulan Reef include: 2.4m at 360.18 g/t Au, incl. 0.4m at 1,940 g/t
Au, 0.3m at 140 g/t Au (TW24-793) and 0.8 at 28.4 g/t Au (TW23-749); 7.6m at 6.26 g/t Au (TW24-786);
0.3m at 378.00 g/t Au (TW24-802); and 4.3m at 4.69 g/t Au (TW24-804).
DRILL RESULT HIGHLIGHTS TABLES
Jacobina, Brazil
The following table provides infill and exploration drill result highlights for the Jacobina mine for the period May
2024 to October 2024. Full infill and exploration drill results not included in this table, together with cross sections
and plans, are available at https://panamericansilver.com/operations/gold-segment/jacobina/.
JBS00093 João Belo Sul LMPC 381.45 385.00 3.55 3.26 8.21
Hole No. Sector Reef Incl. From (m) To (m) Int. (m) Est. True
Width (m)
Au g/t
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JBS00094 João Belo Sul MPC 378.17 380.50 2.33 2.07 5.55
SPC 404.20 410.64 6.44 5.70 4.63
JBS00095 João Belo Sul LVLPC 342.23 347.50 5.27 4.72 3.10
JBEX00126 João Belo Norte LVLPC 400.04 405.06 5.02 3.34 6.88
LVLPC incl. 401.00 403.72 2.72 1.81 12.12
MRCEX00025 Maricota HW 140.66 141.50 0.84 0.70 19.22
MRCEX00026 Maricota FW 561.50 571.50 10.00 4.18 2.41
EMB 677.52 680.00 2.48 1.44 7.74
MRCEX00031 Maricota BAS 647.00 664.78 17.78 10.07 2.08
BAS incl. 651.50 657.05 5.55 3.14 2.58
MRCEX00032 Maricota MR 379.92 387.50 7.58 5.98 5.12
MR incl. 379.92 383.50 3.58 2.83 9.78
FW 403.05 412.50 9.45 7.46 2.05
FW incl. 404.50 408.50 4.00 3.16 3.50
MRCEX00034 Maricota HW 488.00 498.69 10.69 5.16 3.92
HW incl. 488.00 493.50 5.50 2.70 6.80
MRCEX00037 Maricota FW 541.38 550.50 9.12 6.56 2.75
MRCEX00038 Maricota MR 236.00 239.70 3.70 2.46 5.66
MRCEX00041 Maricota HW 173.15 177.50 4.35 3.27 6.87
MRCEX00044 Maricota HW 152.00 154.76 2.76 2.19 13.00
MRCEX00049 Maricota FW 173.50 175.00 1.50 1.07 10.54
MRCEX00052 Maricota FW 299.50 307.00 7.50 4.31 4.49
FW 314.50 319.00 4.50 2.54 11.56
FW 327.88 351.55 23.67 12.75 3.71
FW incl. 328.50 344.00 15.50 8.35 5.26
MRCEX00053 Maricota LU 137.00 141.00 4.00 3.27 3.11
MRCEX00056 Maricota HW 94.00 95.50 1.50 1.42 116.41
HW 106.15 111.00 4.85 4.59 5.45
HW incl. 107.00 109.00 2.00 1.89 10.08
FW 129.00 138.20 9.20 8.74 5.86
FW incl. 130.00 133.50 3.50 3.33 13.35
MRCEX00059 Maricota HW 115.50 118.50 3.00 2.96 10.23
MRCEX00061 Maricota HW 134.39 136.50 2.11 1.95 9.16
MRCEX00062 Maricota MR 177.50 179.50 2.00 1.59 7.43
FW 202.01 205.00 2.99 2.38 4.81
MVTEX00205 Morro do Vento FW 213.00 228.68 15.68 14.11 1.17
FW 243.50 246.00 2.50 2.20 4.86
MVTEX00207 Morro do Vento OFF_ R 192.00 196.35 4.35 3.62 3.02
MVTEX00216 Morro do Vento FW 439.50 449.50 10.00 6.74 2.65
FW incl. 443.50 449.00 5.50 3.70 3.13
MVTEX00217 Morro do Vento FW 327.50 339.50 12.00 6.90 3.13
FW incl. 329.21 332.24 3.03 1.74 9.06
MVTEX00219 Morro do Vento MU 256.00 259.50 3.50 2.27 3.32
Hole No. Sector Reef Incl. From (m) To (m) Int. (m) Est. True
Width (m)
Au g/t
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MVTEX00220 Morro do Vento FW 494.50 513.00 18.50 7.03 2.62
FW incl. 499.76 506.50 6.74 2.56 5.08
MVTEX00222 Morro do Vento FW 172.00 178.50 6.50 3.93 2.76
MVTEX00223 Morro do Vento FW 543.29 555.50 12.21 5.75 5.24
FW incl. 551.00 555.50 4.50 2.11 11.68
MVTEX00228 Morro do Vento FW 243.00 250.60 7.60 5.50 3.75
FW incl. 247.67 250.60 2.93 1.90 8.52
Hole No. Sector Reef Incl. From (m) To (m) Int. (m) Est. True
Width (m)
Au g/t
El Peñon Chile
The following table provides infill and exploration drill result highlights for the El Peñon mine for the period May
2024 to October 2024. Full infill and exploration drill results not included in this table, together with longitudinal
sections and plans, are available at: https://panamericansilver.com/operations/gold-segment/el-penon/.
SIH0021 Chiquilla Chica (C1) 184.30 185.90 1.60 0.88 0.77 1019
UIH0049 Chiquilla Chica (C1) 40.05 41.70 1.65 1.46 0.44 2547
UIH0050 Chiquilla Chica (C1) 72.60 75.30 2.70 1.44 1.29 1181
UIH0056 Chiquilla Chica (C1) 85.60 87.10 1.50 0.95 0.22 578
UEH0024 Dominadora 106.15 135.00 28.85 4.10 3.62 1592
UEH0026 Dominadora 50.77 55.67 4.90 1.20 0.23 1349
UIV0077 El Valle 260.20 262.20 2.00 1.38 4.70 183
UIV0078 El Valle 256.30 257.50 1.20 1.20 4.70 257
UIV0079 El Valle 259.95 262.00 2.05 1.54 8.55 154
UIV0080 El Valle 231.20 232.15 0.95 0.83 16.63 721
UIV0083 El Valle 270.15 270.93 0.78 0.76 10.11 30
UIU0052 La Paloma 114.69 116.50 1.81 1.31 10.88 26
SIE0015 Esmeralda 248.60 249.50 0.90 0.54 10.10 1139
UIP0174 Pampa Campamento 351.13 352.10 0.97 0.52 9.50 664
UIP0176 Pampa Campamento 389.88 390.25 0.37 0.32 26.50 42
UIP0177 Pampa Campamento 291.53 293.60 2.07 1.05 18.89 746
UIP0178 Pampa Campamento 213.94 215.49 1.55 0.52 9.50 420
UIP0175 Pampa Campamento (-35) 184.95 186.15 1.20 0.65 15.33 297
UIP0189 Pampa Campamento Diagonal sur 134.70 135.52 0.82 0.76 16.13 258
UIS0028 Pampa Campamento Diagonal sur 60.38 62.19 1.81 1.71 10.65 186
SEP0055 Pampa Sur 374.00 376.00 2.00 1.09 9.90 97
SEP0072 Pampa Sur 464.00 465.00 1.00 0.69 5.50 403
SIP0051 Pampa Sur 364.18 365.70 1.52 0.98 8.49 156
SIP0056 Pampa Sur 398.07 399.29 1.22 0.92 4.76 359
SIP0063 Pampa Sur 410.53 411.44 0.91 0.67 5.63 405
SIP0064 Pampa Sur 352.12 352.60 0.48 0.42 18.80 1017
SIP0067 Pampa Sur (+50) 328.00 330.00 2.00 1.18 6.50 493
SIP0080 Pampa Sur (+50) 358.50 360.00 1.50 0.79 13.90 716
SIP0073 Pampa Sur Este 378.68 379.38 0.70 0.36 16.00 1651
Hole No. Vein From (m) To (m) Int. (m) Est. True
Width (m)
Au (g/t) Ag (g/t)
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SES0036 Sorpresa 333.80 334.20 0.40 0.30 22.00 838
UIS0023 Sorpresa 199.30 200.90 1.60 1.30 4.29 133
Hole No. Vein From (m) To (m) Int. (m) Est. True
Width (m)
Au (g/t) Ag (g/t)
La Colorada, Mexico
The following table provides the drill result highlights for the La Colorada mine for the period May 2024 to October
2024. Full drill results not included in this table, together with cross sections and plans, are available at: https://
panamericansilver.com/operations/silver-segment/la-colorada/.
S-104-24 Mariana
Vein
621.50 622.60 1.10 0.95 9618 0.89 4.85 4.82
and NC2 Splay 795.95 796.70 0.75 0.53 4916 0.08 9.82 1.02
S-115-24 San
Geronimo
Vein System
461.10 463.65 2.55 1.08 1637 1.22 2.08 3.35
S-119-24 Cristina
Vein
596.00 599.40 3.40 1.95 1470 0.03 3.15 3.23
S-138-24 NC2 Vein 695.60 701.60 6.00 4.60 666 0.90 1.32 2.74
S-146-24 Mariana
Vein
701.05 704.55 3.50 2.47 1846 0.41 2.66 3.95
S-154-24 Mariana
Vein
466.30 469.85 3.55 2.51 1189 0.24 0.82 1.09
and NC2 Vein 540.25 544.30 4.05 2.32 2615 0.34 2.31 5.16
S-161-24 San
Geronimo
Splay
703.15 710.45 7.30 5.59 456 0.94 1.10 2.41
S-168-24 Cristina
Vein
361.90 367.00 5.10 3.28 308 4.55 10.18 13.09
and San
Geronimo
Vein
597.10 602.95 5.85 2.93 528 0.50 3.04 5.54
S-172-24 San
Geronimo
Splay
670.60 678.75 8.15 4.08 255 0.23 3.28 7.33
S-44-24 San
Geronimo
Splay
558.60 562.10 3.50 2.25 1420 0.60 2.04 1.93
S-47-24 NC2 Vein 771.85 783.65 11.80 5.90 837 0.39 2.97 8.01
S-75-24 Mariana
Vein
616.40 620.00 3.60 1.80 3025 0.49 4.21 3.10
S-81-24 NC2 Splay 678.30 679.75 1.45 1.36 7634 1.83 1.46 3.62
U-09-24 Sofia Vein 268.55 269.40 0.85 0.74 4914 1.34 6.69 0.03
U-151-24 CRD 66.05 84.50 18.45 17.34 110 0.23 2.20 7.96
U-158-24 Jenni Vein 45.95 49.35 3.40 1.70 1825 1.05 2.35 6.16
U-96-24 Real Vein 252.55 255.60 3.05 2.76 749 0.63 13.01 8.97
Hole No. Vein From (m) To (m) Interval (m) Est. True
Width (m)
Ag g/t Au (g/t) Pb % Zn %
La Colorada Skarn, Mexico
NEWS RELEASE
PAN AMERICAN SILVER CORP. 7
The following table provides infill and exploration drill result for the La Colorada Skarn deposit May 2024 to
October 2024. Full drill results not included in this table, together with cross sections and plans, are available at:
https://panamericansilver.com/operations/silver-segment/la-colorada-skarn/.
Hole No. From (m) To (m) Interval (m)(1) Ag g/t Cu % Pb % Zn %
D-71-12-24 1102.45 1250.60 148.15 39 0.07 1.68 3.12
U-155-24 724.00 997.10 273.10 54 0.17 0.85 5.18
Incl. 872.50 935.05 62.55 84 0.31 1.97 7.57
U-19-24 503.95 564.20 60.25 85 0.08 7.05 10.41
U-58-24 791.75 869.45 77.70 36 0.08 2.88 4.58
U-74-24 629.70 843.90 214.20 33 0.05 2.69 3.21
U-92-24 527.40 582.40 55.00 103 0.06 4.10 5.75
and 806.40 929.65 123.25 134 0.07 1.02 4.38
(1) True widths of the mineralized intervals are unknown at this time.
Huaron, Peru
The following table provides infill and exploration drill result highlights from the medium, lower and Horizonte
sectors of the Huaron mine for the period May 2024 to October 2024. Full drill and channel sampling results not
included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/
operations/silver-segment/huaron/.
DDH-U-040-24 Cuerpo Andres Horizonte 51.65 52.30 0.65 0.56 722 0.12 6.06 1.90
and Labor Este Horizonte 184.10 186.55 2.45 1.70 123 0.06 3.06 5.98
DDH-U-041-24 Martin Ramal Middle 198.30 200.90 2.60 2.46 369 0.15 2.74 2.01
DDH-U-049-24 Cuerpo Andres Horizonte 59.95 63.55 3.60 2.77 768 0.02 1.85 0.62
DDH-U-051-24 Martin Ramal Middle 236.30 237.20 0.90 0.58 409 0.13 9.27 15.82
DDH-U-055-24 Martin Ramal Middle 176.20 178.45 2.25 2.24 683 0.17 10.65 3.10
DDH-U-056-24 Cuerpo Andres Horizonte 48.35 53.00 4.65 3.90 162 0.04 4.02 6.06
DDH-U-064-24 Labor Este Horizonte 186.60 188.25 1.65 1.43 181 0.04 4.34 4.73
DDH-U-065-24 Cometa Ramal Horizonte 390.80 394.80 4.00 3.04 133 0.13 2.19 4.65
DDH-U-068-24 Cuerpo Andres Horizonte 56.75 57.60 0.85 0.65 459 0.07 9.43 6.72
and Labor Este Horizonte 202.35 205.25 2.90 1.98 243 0.06 3.54 5.20
DDH-U-071-24 Labor Este Horizonte 141.20 144.00 2.80 2.56 201 0.03 4.81 4.13
DDH-U-073-24 Labor Este Horizonte 140.10 143.55 3.45 3.21 74 0.03 2.31 2.16
DDH-U-075-24 Cuerpo Andres Horizonte 39.85 40.45 0.60 0.55 701 0.09 13.64 8.83
DDH-U-084-24 Cuerpo Andres Horizonte 60.55 63.00 2.45 1.70 61 0.08 1.97 12.73
DDH-U-086-24 Martin Ramal Middle 12.60 14.20 1.60 1.56 535 0.20 10.02 2.31
DDH-U-088-24 Cometa Ramal Horizonte 398.85 404.20 5.35 3.66 114 0.10 1.83 3.55
DDH-U-100-24 Cuerpo Andres Horizonte 264.85 267.25 2.40 1.64 115 0.04 2.85 3.89
DDH-U-105-24 Cuerpo Andres Horizonte 54.90 56.65 1.75 1.40 87 0.06 1.77 8.47
DDH-U-108-24 Cometa Ramal Horizonte 489.95 493.00 3.05 1.65 304 0.08 1.86 2.18
DDH-U-110-24 Maria Ramal Horizonte 66.00 73.15 7.15 4.10 140 0.04 3.10 5.91
DDH-U-111-24 Maria Ramal Horizonte 47.70 50.55 2.85 2.10 399 0.04 7.39 14.58
DDH-U-113-24 Maria Ramal Horizonte 37.35 39.00 1.65 1.50 504 0.04 12.77 19.97
Hole No Vein Zone From (m) To (m) Interval
(m)
Est. True
Width (m)
Ag g/t Cu% Pb% Zn%
NEWS RELEASE
PAN AMERICAN SILVER CORP. 8