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Pan American Silver Reports Additional High-Grade Drill Results From the La Colorada Skarn Project

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May 4 2023Reviewed by Megan Craig, M.Sc.

Pan American Silver Corp. ("Pan American" or the "Company") today released results for 15 new infill and exploration drill holes totaling 14,122 metres at the Company's 100% owned La Colorada Skarn project in Zacatecas, Mexico.

La Colorada Skarn drill holes May 2023 (Graphic: Business Wire)

The most recent drill results include eight holes that were drilled to follow up on high-grade drill results reported in news releases dated July 21, 2022 and November 1, 2022. Hole D-96-10-22 returned two broad zones of mineralisation over 64 metres at 391 g/t Ag, 10.8% Pb and 8.5% Zn, including 23.25 metres at 914 g/t Ag, 25.19% Pb and 16.73% Zn, and a separate lower skarn zone over 135 metres at 37 g/t Ag, 1.13% Pb and 6.42% Zn.

"These new drill hole results both extend the 902 zone and confirm that there are multiple zones of higher grade within the limestone and skarn, which align with surrounding porphyry intrusives and epithermal veins," said Christopher Emerson, Pan American's Vice President Exploration and Geology. "We have now drilled over 20 holes into this area, which remains open to the west and northwest. The 2023 infill and exploration program of 28,000 metres from surface and underground drilling stations is currently underway.”

Drill Highlights Include:

D-96-10-22: 64.30 m at 391 g/t Ag, 0.13% Cu, 10.83% Pb and 8.50% Zn, including 23.25 m at 914 g/t Ag, 0.19% Cu, 25.19% Pb and 16.73% Zn and 135.70 m at 37 g/t Ag, 0.14% Cu, 1.13% Pb and 6.42% Zn
D-96-12-23: 109.55 m at 233 g/t Ag, 0.10% Cu, 6.62% Pb and 7.32% Zn, including 44.20 m at 487 g/t Ag, 0.15% Cu, 15.46% Pb and 10.12% Zn
D-96-09-22: 72.60 m at 98 g/t Ag, 0.07% Cu, 0.85% Pb and 4.11% Zn and 26.95 m at 162 g/t Ag, 0.05% Cu, 3.51% Pb and 3.52% Zn and 21.20 m at 123 g/t Ag, 0.11% Cu, 3.53% Pb and 8.63% Zn
D-96-11-22: 17.05 m at 165 g/t Ag, 0.12% Cu, 4.37% Pb and 9.33% Zn
U-138-22: 71.35 m at 193 g/t Ag, 0.15% Cu, 10.82% Pb and 9.27% Zn, including 57.95 m at 231 g/t Ag, 0.17% Cu, 13.11% Pb and 11.01% Zn
U-112-22: 53.15 m at 141 g/t Ag, 0.06% Cu, 5.84% Pb and 5.46% Zn, including 15.15 m at 243 g/t Ag, 0.08% Cu, 11.31% Pb and 8.28% Zn
D-15-02-22: 16.85 m at 121 g/t Ag, 0.28% Cu, 4.60% Pb and 9.58% Zn
D-93-06-23: 21.45 m at 304 g/t Ag, 0.17% Cu, 4.75% Pb and 2.55% Zn and 143.3 m at 27 g/t Ag, 0.10% Cu, 2.93% Pb and 4.68% Zn and 74.20 m at 49 g/t Ag, 0.25% Cu, 1.50% Pb and 4.36% Zn

Eight of the 15 drill holes reported in this news release are recent infill and extension holes that add definition to the high-grade areas, which are now drilled at roughly 30 metre spacing. Five infill drill holes: U-112-22, U-138-22, D-96-09-22, D-96-10-22 and D-93-06-23, confirm internal continuity of grade, similar to previously reported drill holes. The high-grade footprint has been extended approximately 50 metres to the northwest from the limit of prior drilling with recent holes D-96-11-22 and D-96-12-23 returning significant silver and base metal grades. This area remains open to the northwest where the ongoing drill program will continue to test further extension of the zone over the next few months from surface and underground drilling stations.

Exploration drilling in the 903 East mineralised zone was reduced in the fourth quarter of 2022 with a new focus on the high-grade area to the west. Recent results from S-101-22, the most southeast drill hole in the 903 zone, intercepts skarn mineralisation approximately 250 metres south of previous drilling. Drill hole D-09-04-22 intercepted mineralisation to the southeast of the central zone.

Plan view of the La Colorada Skarn drill holes referenced in this news release.

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 not included in this table have been disclosed in Pan American’s news releases, which are available, together with cross sections, plans and images of the skarn mineralised core, on our website at: https://www.panamericansilver.com/operations/north-and-central-america/la-colorada-skarn/

Hole No.	From (m)	To (m)	Interval (m)⁽¹⁾	Ag g/t	Cu %	Pb %	Zn %
D-09-04-22	576.20	642.45	66.25	23	0.13	0.22	2.01
And	742.50	755.10	12.60	29	0.27	1.28	2.54
And	828.00	857.95	29.95	47	0.15	2.16	3.91
D-15-02-22	739.20	757.35	18.15	59	0.46	1.29	3.53
And	794.80	801.65	6.85	46	0.46	1.50	4.92
And	1281.00	1293.75	12.75	57	0.30	1.99	2.44
And	1494.40	1504.95	10.55	33	0.18	2.63	3.41
And	1543.35	1560.20	16.85	121	0.28	4.60	9.58
And	1593.05	1617.70	24.65	30	0.11	3.23	4.80
And	1664.00	1698.95	34.95	39	0.23	0.47	3.39
And	1772.65	1791.60	18.95	68	0.32	1.04	5.43
D-96-09-22	979.30	984.30	5.00	106	0.03	1.28	2.65
And	1104.10	1125.30	21.20	123	0.11	3.53	8.63
And	1172.70	1199.65	26.95	162	0.05	3.51	3.52
And	1275.05	1347.65	72.60	98	0.07	0.85	4.11
Include	1275.05	1294.50	19.45	141	0.08	2.53	9.81
And	1382.95	1392.00	9.05	71	0.09	1.01	2.60
And	1404.65	1426.80	22.15	43	0.15	2.25	2.82
And	1472.55	1516.10	43.55	55	0.17	1.11	3.48
D-96-10-22	1122.45	1186.75	64.30	391	0.13	10.83	8.50
Include	1144.30	1167.55	23.25	914	0.19	25.19	16.73
And	1209.70	1232.45	22.75	154	0.03	2.23	0.95
And	1314.00	1327.30	13.30	27	0.23	2.47	5.03
And	1357.90	1493.60	135.70	37	0.14	1.13	6.42
D-96-11-22	1103.55	1120.60	17.05	165	0.12	4.37	9.33
And	1152.80	1159.20	6.40	134	0.05	5.27	6.92
And	1221.75	1231.65	9.90	56	0.05	1.63	4.18
And	1371.95	1392.45	20.50	152	0.02	0.90	2.80
And	1412.35	1426.90	14.55	79	0.06	0.59	1.88
S-101-22	748.05	775.15	27.10	125	0.06	0.99	2.70
S-92-22	641.20	655.70	14.50	279	0.06	0.61	0.58
U-112-22	420.90	436.15	15.25	80	0.03	1.34	1.21
And	742.90	796.05	53.15	141	0.06	5.84	5.46
Includes	749.15	764.30	15.15	243	0.08	11.31	8.28
And	828.75	853.45	24.70	66	0.07	0.56	3.46
And	946.10	979.05	32.95	25	0.08	1.68	3.85
U-138-22	580.60	584.65	4.05	122	0.08	2.67	5.32
And	710.75	782.10	71.35	193	0.15	10.82	9.27
Includes	718.95	776.90	57.95	231	0.17	13.11	11.01
And	955.55	995.85	40.30	49	0.14	0.41	1.09
U-96-22	49.30	65.30	16.00	215	0.29	2.39	5.08
And	518.75	569.90	51.15	28	0.14	1.12	2.08
D-96-12-23	1185.90	1295.45	109.55	233	0.10	6.62	7.32
Includes	1185.90	1230.10	44.20	487	0.15	15.46	10.12
And	1371.50	1389.50	18.00	54	0.03	1.35	2.56
U-73-22	193.40	215.95	22.55	48	0.14	2.25	8.82
And	255.10	264.15	9.05	21	0.10	1.15	5.54
And	321.55	362.35	40.80	22	0.08	1.46	3.01
And	382.30	401.70	19.40	34	0.09	1.46	2.77
U-87-22	422.65	454.85	32.20	36	0.13	2.89	5.35
D-93-06-23	963.5	984.95	21.45	304	0.17	4.75	2.55
And	1001.6	1006.65	5.05	17	0.07	1.74	3.77
And	1009.55	1040.75	31.2	40	0.02	2.66	3.48
And	1170.2	1313.5	143.3	27	0.10	2.93	4.68
And	1369.55	1374.65	5.1	22	0.06	3.68	5.93
And	1482	1556.2	74.2	49	0.25	1.50	4.36
U-13-23	540.25	547.15	6.9	44	0.01	2.75	2.41
And	562	569.1	7.1	60	0.03	3.25	5.33
And	635.15	653	17.85	120	0.02	1.99	2.62
(1) True widths of the mineralised intervals are unknown at this time.

La Colorada Skarn - Drill Hole Collar Information

Drill Hole ID	Type	East Local	North Local	Elevation	Length (m)	Azimuth Avg (0)	Dip Avg
D-09-04-22	Exploration	5490.2	4962.7	2517.2	612.0	330.6	-81.5
D-15-02-22	Infill	5227.9	5223.1	2559.4	1093.4	335.6	-67.4
D-96-09-22	Infill	4654.7	5286.4	2506.4	751.7	103.6	-84.9
D-96-10-22	Infill	4654.7	5286.4	2506.4	811.3	51.4	-78.3
D-96-11-22	Infill	4654.7	5286.4	2506.4	809.5	342.0	-83.4
D-96-12-23	Infill	4654.7	5286.4	2506.4	901.4	21.0	-78.4
S-101-22	Exploration	6019.3	5160.0	2489.7	1781.9	140.1	-89.6
S-92-22	Infill	5807.2	5769.5	2590.8	1716.0	106.2	-84.6
U-112-22	Infill	4496.3	5331.6	2070.0	1179.2	77.2	-74.7
U-138-22	Infill	4495.9	5331.7	2070.0	1006.4	74.4	-75.3
U-73-22	Geotech	5258.4	5416.2	2001.9	456.0	7.4	-67.6
U-87-22	Geotech	5258.4	5416.6	2002.6	461.7	29.5	-73.9
U-96-22	Geotech	5259.7	5417.0	1999.0	728.6	50.8	-69.0
D-93-06-23	Infill	4926.28	5166.06	2469.65	842.0	305.5	-77.0
U-13-23	Infill	4842.62	5323.92	1995.97	971.3	127.1	-79.0
Total metres					14,122.2