- Significant increase in estimated mineral resources for the La Colorada Skarn project
- Mineral reserve replacement and 1.2 million ounce increase in gold inferred mineral resources at Jacobina demonstrates exploration potential
VANCOUVER, British Columbia–BUSINESS WIRE–
Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (“Pan American” or the “Company”) reports its estimated mineral reserves and mineral resources as at June 30, 2024. Proven and probable mineral reserves are estimated to contain approximately 468.0 million ounces of silver and 6.9 million ounces of gold. Measured and indicated (“M&I”) mineral resources (excluding proven and probable (“P&P”) reserves) are estimated to total approximately 1,148.0 million ounces of silver and 15.5 million ounces of gold. Inferred mineral resources are estimated to total approximately 366.0 million ounces of silver and 9.4 million ounces of gold. The updated mineral reserves and mineral resources estimates are reported net of the sales of the MARA, Agua de la Falda and Morococha properties, as announced in the Company’s news release dated July 31, 2023. The divestment of these non-core, non-producing assets is largely responsible for a decrease in mineral reserves and mineral resources compared to 2023.
“Our exploration efforts have successfully replaced mine production and expanded mineral reserves at Jacobina, La Colorada, Huaron and Minera Florida. In addition, infill and extensional drilling at the Jacobina mine has increased inferred mineral resources by over 1.2 million ounces of gold, highlighting the significant exploration potential of the deposit and the opportunity to replace mineral resources and mineral reserves in the future,” said Christopher Emerson, Pan American’s Vice President of Exploration and Geology. “At the La Colorada Skarn project, estimated indicated mineral resources have grown substantially to 309 million ounces of silver due to higher tonnage and higher grades, with the inferred mineral resource now estimated at 59 million ounces of silver. Zinc and lead contained within the skarn deposit have also increased since our last resource update.”
In 2024, Pan American plans to complete over 360,000 metres of drilling across its portfolio of mines, focused on near-mine exploration for mineral reserve replacement.
Consolidated Proven and Probable Mineral Reserves, as at June 30, 2024 (1,2,3)
Segment | Category | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) |
Silver Segment(4) | Proven Reserves | 13.3 | 278 | 119.1 | 0.68 | 135.1 |
Probable Reserves | 32.5 | 293 | 306.2 | 0.49 | 444.6 | |
Proven and Probable Reserves | 45.8 | 289 | 425.2 | 0.52 | 579.7 | |
Gold Segment(5) | Proven Reserves | 80.3 | 13 | 17.6 | 1.14 | 2,952.9 |
Probable Reserves | 99.8 | 16 | 25.2 | 1.05 | 3,360.3 | |
Proven and Probable Reserves | 180.1 | 14 | 42.7 | 1.09 | 6,313.1 | |
Total Segments(6) | Proven Reserves | 93.7 | 75 | 136.6 | 1.11 | 3,088.0 |
Probable Reserves | 132.3 | 124 | 331.4 | 0.92 | 3,804.8 | |
Proven and Probable Reserves | 225.9 | 105 | 468.0 | 1.00 | 6,892.8 |
(1) See table below entitled “Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024”. (2) Please refer to the complete mineral reserve and mineral resource tables at the end of this news release f
