Pan American Silver Reports Mineral Reserves Estimate of 550 Million Ounces of Silver and 5.2 Million Ounces of Gold
Pan American Silver Reports Mineral Reserves Estimate of 550 Million Ounces of Silver and
5.2 Million Ounces of Gold
All financial figures are expressed in US$ unless otherwise indicated.
Vancouver, B.C. - Aug. 5, 2020 - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (“Pan
American”, or the “Company”) today reported its estimated mineral reserves and resources as of June
30, 2020. Proven and probable mineral reserves are estimated to contain approximately 550 million
ounces of silver and 5.2 million ounces of gold. Measured and indicated mineral resources (excluding
proven and probable reserves) are estimated to total approximately 806 million ounces of silver and
9.4 million ounces of gold. In addition, inferred resources, including the La Colorada polymetallic skarn
deposit, total 458 million ounces of silver and 6.9 million ounces of gold.
“Pan American holds one of the world’s largest silver mineral resources and reserves base. Over the
past year, we have replaced 76% of the silver and 107% of the gold mined for the 12-month period
ended June 30, 2020. Particularly significant gains were realized at La Colorada, La Arena and
Shahuindo,” said Christopher Emerson, Pan American’s Vice President of Business Development and
Geology. “Through 200,000 metres of drilling from July 2019 to June 2020, we were able to add 22.1
million ounces of silver and 719 thousand ounces of gold to our proven and probable mineral
reserves.”
Summary of Pan American total mineral reserves and resources for the silver and gold segments
Tonnes (Mt) Ag (g/t) Contained
Ag (Moz) Au (g/t) Contained
Au (koz)
Proven and Probable Reserves 283 63 550 0.61 5.2
Measured and Indicated Resources 1035 110 806 0.33 9.4
Inferred Resources 461 46 458 0.71 6.9
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30,
2020".
(2) Please refer to the complete mineral reserve and resource table at the end of this news release for more information.
Notable achievements during the year include:
• At La Colorada, exploration drilling led to an increased inferred mineral resource estimate for
the skarn deposit of 100.4 million tonnes, containing an estimated 141.0 million ounces of
silver, as disclosed on August 4, 2020. In the producing area of the La Colorada mine, we
discovered an estimated 10.0 million ounces of silver in proven and probable mineral reserves,
more than replacing the 7.2 million ounces mined during the year.
• At Shahuindo, infill drilling led to the discovery of an estimated 406 thousand ounces of gold
mineral reserves and 7.2 million ounces of silver mineral reserves, nearly twice the ounces
mined over the 12-month period ended June 30, 2020.
• At La Arena, we successfully replaced all of the production and increased the year on year
mineral reserves by an estimated 37 thousand ounces of gold, extending mine life by more
than one year.
• At Timmins, the Bell Creek mine succeeded in replacing 100% of production, primarily through
tightly spaced definition drilling, while Timmins West replaced 70% of production. Exploration
Suite 1500 - 625 Howe St.
Vancouver, BC Canada, V6C 2T6
604-684-1175
www.panamericansilver.com
PAN AMERICAN SILVER CORP.
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drilling laterally and to depth at Bell Creek extended known veins and increased inferred
mineral resources by an estimated 104 thousand ounces of gold.
• At Huaron, drilling of the major vein structures added an estimated 5.9 million ounces of silver
mineral reserves.
The La Colorada skarn and Navidad deposits are estimated to contain 141 and 119 million ounces of
inferred silver resources, respectively. The sale of the Juby exploration property was completed in
June 2020, which led to a subsequent reduction in the indicated and inferred gold mineral resources.
A summary of the silver and gold mineral reserves and mineral resources as of June 30, 2020 is
provided in the following tables.
Pan American Mineral Reserves as of June 30, 2020 (1,2)
Property Location Classification Tonnes (Mt) Ag (g/t)
Contained
Ag (Moz) Au (g/t)
Contained
Au (koz)
Silver
Segment
Huaron Peru Proven 6.9 164 36.3 -- --
Probable 3.6 169 19.8 -- --
Morococha
(92.3%) (3) Peru Proven 3.3 158 16.6 -- --
Probable 2.4 187 14.6 -- --
La Colorada Mexico Proven 4.4 339 48.2 0.25 35.3
Probable 5.7 301 55.1 0.20 36.3
Dolores Mexico Proven 30.1 23 21.9 0.88 853.7
Probable 6.8 26 5.7 0.81 177.4
Manantial
Espejo Argentina Proven 0.4 240 3.2 1.87 24.7
Probable 0.5 276 4.1 2.89 42.4
San Vicente
(95%) (3) Bolivia Proven 1.1 453 16.5 -- --
Probable 0.3 366 3.9 -- --
Joaquin Argentina Proven 0.0 591 0.9 0.15 0.2
Probable 0.3 546 5.8 0.35 3.8
COSE Argentina Probable 0.1 903 2.2 17.61 41.9
Escobal Guatemala Proven 2.5 486 39.5 0.42 34.2
Probable 22.1 316 225.0 0.34 243.8
PAN AMERICAN SILVER CORP.
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Property Location Classification Tonnes (Mt) Ag (g/t)
Contained
Ag (Moz) Au (g/t)
Contained
Au (koz)
Total Silver
Segment(4) 90.7 178 519.2 0.64 1493.8
Gold
Segment
La Arena Peru Proven 26.9 -- -- 0.36 311.3
Probable 15.6 -- -- 0.27 135.5
Shahuindo Peru Proven 74.8 7 16.1 0.50 1201.4
Probable 49.6 7 10.4 0.47 750.6
Timmins Canada Proven 3 -- -- 3.05 295.8
Probable 7.1 -- -- 2.93 665.5
La Bolsa Mexico Proven 9.5 10 3.1 0.67 202.9
Probable 6.2 7 1.4 0.57 113.1
Total Gold
Segment(4) 192.5 5 31.0 0.59 3676.0
Total Gold
and Silver
Segments(4)
Proven +
Probable 283.2 63 550.2 0.61 5169.8
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30,
2020".
(2) Mineral reserve estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM,
Vice President Business Development and Geology, and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services
and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101.
(3) This information represents the portion of mineral reserves 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 element are with respect to those mines that
produce the element.
PAN AMERICAN SILVER CORP.
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Pan American Silver Measured and Indicated Mineral Resources as of June 30, 2020 (1,2)
Property Location Classification Tonnes (Mt) Ag (g/t)
Contained
Ag (Moz) Au (g/t)
Contained
Au (koz)
Silver
Segment
Huaron Peru Measured 1.8 161 9.5 -- --
Indicated 2.4 155 11.8 -- --
Morococha
(92.3%) (3) Peru Measured 0.8 135 3.4 -- --
Indicated 0.6 142 2.8 -- --
La Colorada Mexico Measured 0.9 204 5.9 0.20 5.7
Indicated 1.1 242 8.8 0.16 5.7
Dolores Mexico Measured 1.6 12 0.7 0.36 18.8
Indicated 0.8 15 0.4 0.47 12.5
Manantial
Espejo Argentina Measured 0.1 213 0.9 1.71 6.9
Indicated 0.2 229 1.4 2.95 17.8
San Vicente
(95%) (3) Bolivia Measured 1.1 167 6.1 -- --
Indicated 0.2 260 1.9 -- --
Navidad Argentina Measured 15.4 137 67.8 -- --
Indicated 139.8 126 564.5 -- --
Joaquin Argentina Measured 0.2 356 1.8 0.19 0.9
Indicated 0.2 366 1.9 0.27 1.4
Escobal Guatemala Measured 2.3 251 18.6 0.23 16.7
Indicated 14.2 201 91.6 0.20 93.0
Total Silver
Segment(4) 183.8 135 799.9 0.26 179.4
Gold
Segment
La Bolsa Mexico Measured 1.4 11 0.5 0.9 39.9
Indicated 4.5 9 1.3 0.5 71.2
Pico Machay Peru Measured 4.7 -- -- 0.91 137.5
PAN AMERICAN SILVER CORP.
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Property Location Classification Tonnes (Mt) Ag (g/t)
Contained
Ag (Moz) Au (g/t)
Contained
Au (koz)
Indicated 5.9 -- -- 0.67 127.1
La Arena Peru Measured 3.6 -- -- 0.27 30.8
Indicated 6.6 -- -- 0.25 52.6
Shahuindo Peru Measured 11.0 5 1.7 0.25 87.9
Indicated 17.4 4 2.2 0.25 142.3
Timmins Canada Measured 2.2 -- -- 3.37 239.6
Indicated 4.9 -- -- 3.00 469.6
La Arena II Peru Measured 155.7 -- -- 0.25 1265.2
Indicated 586.7 -- -- 0.23 4371.9
Fenn-Gib Canada Indicated 40.8 -- -- 0.99 1298.6
Whitney
(79.0 %) (3) Canada Measured 0.8 -- -- 7.02 172.3
Indicated 1.8 -- -- 6.77 387.5
Gold River Canada Indicated 0.7 -- -- 5.29 117.4
Marlhill Canada Indicated 0.4 -- -- 4.52 57.4
Vogel Canada Indicated 2.2 -- -- 1.75 125.0
Total Gold
Segment(4) 851.1 3.9 5.6 0.34 9194.0
Total Gold
and Silver
Segments (4)
Measured +
Indicated 1034.9 110 805.5 0.33 9373.4
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30,
2020".
(2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM,
Vice President Business Development, and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services
and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101.
(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 element are with respect to those mines that
produce the element.
PAN AMERICAN SILVER CORP.
5
Pan American Inferred Mineral Resources as of June 30, 2020 (1,2)
Property Location Classification Tonnes (Mt) Ag (g/t)
Contained
Ag (Moz) Au (g/t)
Contained
Au (koz)
Silver
Segment
Huaron Peru Inferred 5.8 157 29.0 -- --
Morococha
(92.3%) (3) Peru Inferred 4.4 157 22.4 -- --
La Colorada Mexico Inferred 6.2 232 46.2 0.13 26.8
La Colorada
skarn Mexico Inferred 100.4 44 141.0
Dolores Mexico Inferred 3.8 43 5.3 1.14 139.0
Manantial
Espejo Argentina Inferred 0.6 206 3.9 2.18 41.9
San Vicente
(95%) (3) Bolivia Inferred 2.5 303 24.5 -- --
Navidad Argentina Inferred 45.9 81 119.4 -- --
Joaquin Argentina Inferred 0.4 351 4.2 0.27 3.2
COSE Argentina Inferred 0.0 382 0.3 7.10 6.3
Escobal Guatemala Inferred 1.9 180 10.7 0.90 53.7
Total Silver
Segment(4) 171.8 74 406.9 0.66 270.8
Gold
Segment
La Bolsa Mexico Inferred 13.7 8 3.3 0.51 224.6
Pico Machay Peru Inferred 23.9 -- -- 0.58 445.7
La Arena Peru Inferred 13.3 -- -- 0.24 101.0
Shahuindo Peru Inferred 12.0 7 2.8 0.52 201.8
Shahuindo
Sulphide Peru Inferred 97.4 14 45.1 0.74 2323.3
Timmins Canada Inferred 5.0 -- -- 3.27 529.3
La Arena II Canada Inferred 91.6 -- 0.23 683.1
Fenn-Gib Canada Inferred 24.5 -- 0.95 750.0
Whitney
(79.0 %) (3) Canada Inferred 0.8 -- 5.34 134.9
Gold River Canada Inferred 5.3 -- 6.06 1027.4
PAN AMERICAN SILVER CORP.
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Property Location Classification Tonnes (Mt) Ag (g/t)
Contained
Ag (Moz) Au (g/t)
Contained
Au (koz)
Vogel Canada Inferred 1.5 -- 3.60 168.8
Total Gold
Segment(4) 289.0 12 51.2 0.71 6589.9
Total Gold
and Silver
Segments (4) Inferred 460.8 46 458.1 0.71 6860.7
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30,
2020".
(2) Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM,
Vice President Business Development and Geology, and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services
and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101.
(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 element are with respect to those mines that
produce the element.
PAN AMERICAN SILVER CORP.
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Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2020
Mine Category Ag US$/oz Au US$/oz Cu US$/t Pb US$/t Zn US$/t
Huaron All categories 18.00 1,300 6,000 2,000 2,350
Morococha All categories 18.00 1,300 6,000 2,000 2,350
La Colorada All categories 18.00 1,300 6,000 2,000 2,350
La Colorada
skarn
Inferred
Resource 18.50 6500 2200 2600
Dolores Reserves 18.00 1,350
Resources 18.50 1,700
La Bolsa All categories 14.00 825
Manantial
Espejo All categories 18.00 1,400
San Vicente All categories 18.00 1,300 6,000 2,000 2,350
Navidad All categories 12.52 1,100
Pico Machay All categories 700
Joaquin All categories 18.00 1,300
COSE All categories 18.00 1,300
Escobal All categories 20.00 1,300 2,204 2,424
Shahuindo Reserves 18.00 1,350
Resources 18.50 1,700
Shahuindo
Sulphide
Inferred
Resource 15.00 1,400
La Arena Reserves 18.00 1,400
Resources 18.50 1,700
La Arena II All categories 1,500 8,816
Timmins All categories 1,350
Fenn-Gib Inside pit 1,190
Below pit 1,190
Whitney All categories 1,200
Gold River All categories 1,200
Marlhill All categories 1,125
Vogel Inside pit 1,150
Below pit 1,150
PAN AMERICAN SILVER CORP.
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