Pan American Silver reports additional high-grade drill results from the La Colorada Skarn project
Pan American Silver reports additional high-grade drill results from the
La Colorada Skarn project
Vancouver, B.C. – April 8, 2024 - Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the
"Company") releases results from the ongoing infill and geotechnical drill program at its La Colorada Skarn project
in Zacatecas, Mexico (the "La Colorada Skarn"). Eight new drill holes totaling 8,101 metres returned additional
wide intercepts from the 902 mineralized zone of the western part of the La Colorada Skarn. Drill hole U-121-22
returned the highest-grade interval to date with 22.50 metres at 1,435 g/t Ag, 31.93% Pb and 20.49% Zn.
“The 902 zone at the La Colorada Skarn continues to return long intercepts in multiple drill holes, with the most
recent drill holes returning some of the highest grade intercepts since we discovered the La Colorada Skarn in
2018. Hole U-121-22 contains the highest silver grade intercept in the Skarn, to date, of 22 metres averaging 1,435
g/t Ag, 31.9% Pb and 20.5% Zn within a broader interval of 78 metres of 568 g/t Ag, 12.5% Pb and 9.6% Zn," said
Christopher Emerson, Pan American’s Vice President of Exploration and Geology. "Exploration drilling continues to
define the La Colorada Skarn mineral resource, and we look forward to presenting an updated mineral resource
estimate in August 2024.”
Drill highlights include:
• U-121-22: 26.85 m at 127 g/t Ag, 7.19% Pb and 11.12% Zn and 77.85 m at 568 g/t Ag, 12.45% Pb and
9.59% Zn, including 22.50 m at 1,435 g/t Ag, 31.93% Pb and 20.49% Zn
• U-91-23: 372.10 m at 77 g/t Ag, 3.91% Pb and 5.79% Zn, including 83.85 m at 172 g/t Ag, 8.48% Pb and
10.49% Zn and including 26.90 m at 127 g/t Ag, 7.02% Pb and 11.69% Zn
• U-03-24: 68.00 m at 80 g/t Ag, 3.98% Pb and 6.98% Zn, including 29.00 m at 136 g/t Ag, 7.45% Pb and
12.82% Zn
• U-121-23: 91.20 m at 31 g/t Ag, 2.61% Pb and 4.98% Zn
• U-137-23: 87.25 m at 32 g/t Ag, 1.41% Pb and 3.90% Zn and 134.55 m at 29 g/t Ag, 0.14% Pb and 6.58% Zn
• U-148-22: 23.15 m at 57 g/t Ag, 3.32% Pb and 5.59% Zn
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PAN AMERICAN SILVER CORP. 1
Plan view of the La Colorada Skarn drill holes referenced in this news release:
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La Colorada Skarn - summary of drill results
The following table provides the drill results for the La Colorada Skarn deposit included in this news release.
Previous drill results that are not included in this table as well as cross sections, plans and images of the La
Colorada Skarn mineralized core are available on our website 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 %
U-03-24 489.25 504.55 15.30 47 0.05 2.52 4.97
And 540.55 608.55 68.00 80 0.08 3.98 6.98
Including 559.90 588.90 29.00 136 0.11 7.45 12.82
U-07-23 486.55 497.95 11.40 34 0.07 1.41 1.71
And 548.60 614.95 66.35 17 0.07 0.97 1.65
And 692.20 716.10 23.90 21 0.12 1.95 2.78
U-121-22 565.70 592.55 26.85 127 0.13 7.19 11.12
And 657.30 735.15 77.85 568 0.12 12.45 9.59
Including 661.05 683.55 22.50 1435 0.12 31.93 20.49
And 783.50 878.50 95.00 22 0.07 1.56 2.52
U-121-23 48.00 66.05 18.05 196 0.07 1.04 1.73
And 518.80 533.25 14.45 83 0.11 3.61 4.99
And 712.85 726.00 13.15 26 0.08 2.83 4.41
And 742.90 760.70 17.80 23 0.09 2.42 4.08
And 803.60 894.80 91.20 31 0.11 2.61 4.98
And 1,013.00 1,066.40 53.40 25 0.07 0.17 4.63
U-137-23 460.30 475.20 14.90 63 0.03 2.34 3.59
And 532.95 574.85 41.90 56 0.04 2.47 2.13
And 661.05 748.30 87.25 32 0.08 1.41 3.90
And 905.15 1,039.70 134.55 29 0.18 0.14 6.58
U-148-22 373.40 383.25 9.85 161 0.08 3.62 3.83
And 587.35 610.50 23.15 57 0.13 3.32 5.59
U-91-23 545.65 917.75 372.10 77 0.11 3.91 5.79
Including 588.90 672.75 83.85 172 0.22 8.48 10.49
Including 742.15 769.05 26.90 127 0.28 7.02 11.69
And 966.50 1,003.30 36.80 25 0.12 0.43 6.57
U-112-23 1,018.10 1,040.20 22.10 84 0.71 0.14 1.52
(1) True widths of the mineralized intervals are unknown at this time.
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PAN AMERICAN SILVER CORP. 4
La Colorada Skarn - drill hole collar information
Drill Hole ID Type East Local North Local Elevation Length (m) Azimuth Avg (0) Dip Avg
U-03-24 Infill 4,845.1 5,323.6 1,995.5 1,176 343.6 -76.1
U-07-23 Geotech 4,845.8 5,316.9 1,995.5 732 161.9 -77.9
U-112-23 Exploration 4,493.8 5,333.3 2,070.5 1,161 326.9 -85.8
U-121-22 Infill 4,844.0 5,321.5 1,995.8 1,041 221.7 -84.8
U-121-23 Infill 4,846.1 5,320.7 1,995.9 1,109 60.8 -87.0
U-137-23 Infill 4,844.5 5,324.3 1,995.5 1,080 339.7 -83.8
U-148-22 Geotech 4,843.7 5,323.1 1,997.7 703 315.7 -77.4
U-91-23 Infill 4,842.6 5,323.0 1,995.3 1,101 267.3 -84.2
Total metres 8,101
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. For samples above the
detection limits of ICP, they were finalized with absorption spectrometry ("AAS"); For lead and zinc grades greater than 30%,
the determination was made by volumetric titration. Samples sent to ALS Global were prepared in Zacatecas and Hermosillo,
Mexico laboratories 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 have verified the data disclosed in this news release and they 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.
See the Company's Annual Information Form March 26, 2024, available at www.sedarplus.ca for further information
concerning QAQC and data verification matters, 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 Exploration 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.
Pan American 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 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
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For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: [email protected]
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PAN AMERICAN SILVER CORP. 5
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
extent of, and success related to any future exploration or development programs, including with respect to the exploration
program at the La Colorada Skarn; expectations regarding exploration drilling; and plans to present an update to the mineral
resource estimate for the La Colorada Skarn in August 2024.
These forward-looking statements and information reflect Pan American’s current views with respect to future events and are
necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject
to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include:
tonnage of ore to be mined and processed; 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; our mineral
reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials,
supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays
or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are
received in a timely manner; our ability to secure and maintain title and ownership to properties and 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.
Pan American 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 Pan American 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, GTQ, CAD, CLP, and BRL 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); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan
American does business; risks related to taxation, including but not limited to the results of ongoing tax audits in Mexico;
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 in the jurisdictions where we
operate, 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, Chile, Brazil or other countries where Pan American may carry on business,
including legal restrictions relating to mining, risks relating to expropriation, and risks relating to the constitutional court-
mandated ILO 169 consultation process in Guatemala; 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 Pan American'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 Pan American 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. Pan American 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.
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PAN AMERICAN SILVER CORP. 6