VANCOUVER, British Columbia--(BUSINESS WIRE)-- 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.

La Colorada Skarn: Longitudinal Section “A” (Graphic: Business Wire)
La Colorada Skarn: Longitudinal Section “A” (Graphic: Business Wire)

“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/tAu, 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).
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 holeU-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 resultsthat 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 Corporation) 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/tAu 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/tAu (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).
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
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