Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) released results for 22 new infill and exploration drill holes totaling 18,071 metres that further demonstrate the size and quality of the mineralization at the Company’s La Colorada Skarn project. Infill drill hole D-96-03-22, in the western portion of the deposit, contains an extensive zone of high grade silver and base metal sulphide mineralization with an intercept of 295.5 metres at 234 g/t Ag, 6.36% Pb and 5.72% Zn, including 97.0 metres at 654 g/t Ag, 15.35% Pb and 11.38% Zn.

“Drillhole D-96-03-22 returned the highest-grade intercept from the more than 200,000 metres drilled to date on the La Colorada Skarn project,” said Christopher Emerson, Pan American’s Vice President Business Development and Geology. “Further infill drilling will provide tighter spacing to help define this high-grade zone, while step out drilling targets extension of the footprint to the west where the mineralization is still open.”

Pan American plans to provide an update to the mineral resource estimate for the La Colorada Skarn in the third quarter of 2022. The cut-off date for the resource update was April 30, 2022, hence the drill results disclosed today will not be included in the upcoming mineral resource update.

Drill Highlights Include:

• D-96-03-22: 295.50 m at 234 g/t Ag, 0.09% Cu, 6.36% Pb and 5.72% Zn, including 97.00 m at 654 g/t Ag, 0.16% Cu, 15.35% Pb and 11.38% Zn
• D-96-04-22: 31.25 m at 216 g/t Ag, 0.05% Cu, 5.60% Pb and 4.82% Zn and 40.65 m at 99 g/t Ag, 0.03% Cu, 3.64% Pb and 4.50% Zn
• D-71-07-22: 188.50 m at 59 g/t Ag, 0.09% Cu, 3.14% Pb and 4.82% Zn, including 91.30 m at 70 g/t Ag, 0.13% Cu, 3.57% Pb and 5.86% Zn
• D-93-03-22: 117.65 m at 35 g/t Ag, 0.09% Cu, 2.75% Pb and 3.92% Zn
• D-93-04-22: 69.10 m at 48 g/t Ag, 0.06% Cu, 3.78% Pb and 4.83% Zn
• D-93-05-22:  188.70 m at 68 g/t Ag, 0.11% Cu, 4.66% Pb and 6.16% Zn, including 62.65 m at 77 g/t Ag, 0.13% Cu, 6.69% Pb and 7.58% Zn
• U-11-22: 67.70 m at 54 g/t Ag, 0.12% Cu, 3.69% Pb and 5.38% Zn
• U-18-22: 160.90 m at 82 g/t Ag, 0.16% Cu, 3.67% Pb and 6.30% Zn, including 104.60 m at 83 g/t Ag, 0.20% Cu, 5.14% Pb and 8.91% Zn and 124.20 m at 50 g/t Ag, 0.11% Cu, 2.04% Pb and 2.66% Zn, including 43.95 m at 70 g/t Ag, 0.18% Cu, 4.10% Pb and 5.05% Zn.

The drill results disclosed today have expanded the mineralized area of the Skarn deposit, as described in the following points:

• D-96-03-22 and D-96-04-22 both show high silver grades. Together with drill hole U-67-21, disclosed on November 10, 2021, which returned 114.6 metres at 133 g/t Ag, 3.60% Pb and 4.83% Zn and 16.5 metres at 228 g/t Ag, 3.36% Pb and 6.45% Zn, these holes support the interpretation of an east-west trending high grade silver zone between the Amolillo and NC2 veins that extends for at least 100 metres.
• Underground and surface drilling in the western portion of the Skarn from drill holes west of U-11-22 and S-93-21, respectively, have shown consistently wide intercepts and high grade mineralization.
• Infill drilling D-95-10/11/12–22 extending mineralization to the south of the central block showed multiple skarn and breccia style mineralization with widths up to 90 metres.
• D-71-07-22 drilled in the eastern block intercepted strong sulphide mineralization over 180 metres and further opens up exploration to the east and south.  D-62-06-22 and D-62-07-22 also provided continuity of the mineralization 150 metres to the east.

Summary of Drill Results

The following table provides the drill results for the La Colorada Skarn deposit for the second quarter of 2022.

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 mineralized core, on our website at:

 https://www.panamericansilver.com/operations/exploration/la-colorada-skarn/.

La Colorada Skarn – Drill Hole Collar Information

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. Samples sent to ALS Global were prepared in Zacatecas, Mexico laboratory and sent to Vancouver B.C. Laboratory for assay.  Pan American implements a quality assurance and quality control 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 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.

Mineral resources and mineral reserves are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.

Mineral Resources that are not Mineral Reserves have no demonstrated economic viability. No mineral reserves have yet been estimated for the Skarn deposit.

See the Company’s Annual Information Form dated February 23, 2022, available at www.sedar.com for further information concerning QAQC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, 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 Business Development 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 (”NI 43-101”).

Pan American Silver Corp. 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 owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. We also own the Escobal mine in Guatemala that is currently not operating. Pan American provides enhanced exposure to silver through a large base of silver reserves and resources, as well as major catalysts to grow silver production. We have a 28-year history of operating in Latin America, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management.

Plan of the La Colorada Skarn drill holes disclosed on July 21, 2022 (CNW Group/Pan American Silver Corp.)