Pan American Silver extends mineralization at the La Colorada Skarn project

Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) provides results for 43 new infill and exploration drill holes totaling 38,460 metres, all of which contain multiple skarn and breccia intercepts. Highlights include infill hole U-04-22 with 233.70 metres at 44g/t Ag, 4.05% Pb and 5.04% Zn and step-out hole U-08-22 with 174.95 metres at 40 g/t Ag, 0.17% Pb and 7.95% Zn and 46.95 metres at 78 g/t Ag, 3.84% Pb, 8.79% Zn.

“We drilled more metres on the skarn in the first quarter of 2022 than during any other quarterly period, with infill drilling increasing our confidence in the central skarn resource and exploration drilling further defining the extensions to the east, south and west,” said Christopher Emerson, Pan American’s Vice President Business Development and Geology. “Over 100,000 metres have been drilled on the skarn since the last resource estimate dated August 4, 2020, and the program continues with 14 machines. The results from this program will be included in an updated resource estimate that we plan to provide in the third quarter of 2022.”

Drill Highlights Include:

U-04-22: 233.70 m of 44 g/t Ag, 0.15% Cu, 4.05% Pb and 5.04% Zn
U-08-22: 174.95 m of 40 g/t Ag, 0.21% Cu, 0.17% Pb and 7.95% Zn including 99.10 m of 56 g/t Ag, 0.28% Cu, 0.24% Pb and 10.78% Zn and 46.95 m of 78 g/t Ag, 0.07% Cu, 3.84% Pb and 8.79% Zn
D-96-01-21: 154.00 m of 57 g/t Ag, 0.08% Cu, 2.43% Pb and 4.36% Zn, including 96.00 m of 78 g/t Ag, 0.11% Cu, 3.12% Pb and 5.68% Zn
U-105-21: 121.45 m of 77 g/t Ag, 0.08% Cu, 2.00% Pb and 5.48% Zn; and 32.90 m of 104 g/t Ag, 0.09% Cu, 0.36% Pb and 3.43% Zn; and 44.15 m of 114 g/t Ag, 0.04% Cu, 3.15% Pb and 4.15% Zn; and 16.55 m of 122 g/t Ag, 0.11% Cu, 5.05% Pb and 9.07% Zn
U-127-21: 101.90 m of 43 g/t Ag, 0.18% Cu, 0.48% Pb and 6.62% Zn
U-95-21: 88.30 m of 49 g/t Ag, 0.07% Cu, 1.46% Pb and 5.08% Zn; and 35.35 m of 83 g/t Ag, 0.03% Cu, 3.66% Pb and 2.14% Zn; and 22.55 m of 176 g/t Ag, 0.09% Cu, 3.33% Pb and 5.94% Zn
D-62-04-21: 117.10 m of 64 g/t Ag, 0.06% Cu, 2.06% Pb and 3.24% Zn including 53.05 m of 99 g/t Ag, 0.07% Cu, 4.07% Pb and 5.97% Zn and 28.35 m of 157 g/t Ag, 0.02% Cu, 4.56% Pb and 5.82% Zn
D-77-01-22: 102.05 m of 58 g/t Ag, 0.13% Cu, 1.42% Pb and 3.43% Zn including 26.65 m of 124 g/t Ag, 0.22% Cu, 2.26% Pb and 5.53% Zn and 15.30 m of 43 g/t Ag, 0.03% Cu, 2.46% Pb and 4.38% Zn

Drilling from an underground platform into the western part of the skarn deposit has successfully expanded the mineralization 120 metres to the northwest with step-out drill holes 105-21, 08-22, 95-21, and 127-21 all containing multiple polymetallic sulphide intercepts up to 175 metres in length, as reported in “Drill Highlights” above. The skarn deposit remains open to the northwest and at depth.

Infill drilling in the central eastern part of the deposit confirmed continuous mineralization over a 400 metre-wide area.

The eastern part of the deposit has been extended 80 metres to the north and south, with infill and exploration drilling from surface platforms defining multiple mineralized intercepts in step-out drill holes D-73-1-21 and D-71-04-21 and D-62-04-21, ranging between 10 to 117 metres wide.

The central part of the deposit was extended 150 metres to the south with step out drilling from surface located at S-90-21 and S-95-21. Six holes (95-04/05/06/07/08 and 09) all reported wide zones of breccia-style mineralization up to 215 metres thick. The deposit remains open to the south.

Summary of Drill Results

The following table provides the drill results for the La Colorada skarn deposit for the first quarter of 2022.

Previous drill results not included in this table are disclosed in Pan American’s news releases, which are available, together with cross sections, plan and images of the skarn mineralized core, at:

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

Hole No.	From (m)	To (m)	Interval (m) ⁽¹⁾	Ag g/t	Cu %	Pb %	Zn %
D-03-02-21	511.90	516.55	4.65	100	0.14	1.82	4.19
and	1130.45	1176.15	45.70	34	0.27	1.18	2.35
D-62-04-21	1030.45	1058.80	28.35	157	0.02	4.56	5.82
and	1187.10	1304.20	117.10	64	0.06	2.06	3.24
Including	1187.10	1240.15	53.05	99	0.07	4.07	5.97
D-62-05-21	1057.30	1070.70	13.40	123	0.04	3.88	6.57
and	1482.75	1514.40	31.65	125	0.53	0.78	1.38
and	1554.70	1593.80	39.10	102	0.26	0.69	8.82
D-66-04-21	1301.20	1304.25	3.05	355	0.02	1.21	0.25
and	1314.75	1341.00	26.25	28	0.07	2.21	4.02
D-66-05-21	1059.35	1068.45	9.10	58	0.39	1.33	8.02
and	1149.55	1160.85	11.30	42	0.12	2.60	4.03
D-71-04-21⁽²⁾	1291.80	1361.20	69.40	71	0.07	2.37	6.64
and	1376.30	1389.20	12.90	39	0.21	3.49	5.54
D-71-05-22	1147.95	1177.55	29.60	27	0.03	1.29	2.63
and	1264.65	1332.65	68.00	27	0.07	1.00	1.61
D-73-01-21⁽³⁾	1235.35	1251.85	16.50	50	0.15	1.19	3.14
and	1525.05	1593.45	68.40	52	0.38	0.32	1.47
D-73-03-21	988.95	1030.00	41.05	39	0.06	2.15	3.40
and	1053.50	1128.85	75.35	75	0.13	1.20	3.15
Including	1082.20	1103.40	21.20	55	0.17	2.54	4.79
D-73-04-21	994.60	1098.65	104.05	23	0.04	1.30	2.61
Including	1052.20	1072.40	20.20	45	0.11	2.72	4.86
and	1474.60	1481.75	7.15	6	0.03	0.02	7.37
D-73-05-21	957.45	963.50	6.05	29	0.07	1.87	4.12
and	1149.15	1195.55	46.40	25	0.20	1.59	4.62
D-77-01-22	864.65	879.95	15.30	43	0.03	2.46	4.38
and	1101.20	1203.25	102.05	58	0.13	1.42	3.43
Including	1161.85	1188.50	26.65	124	0.22	2.26	5.53
D-79-01-21	630.80	652.95	22.15	73	0.25	1.95	6.91
D-79-02-21	635.90	652.15	16.25	69	0.17	1.85	5.77
D-79-03-21	999.75	1011.20	11.45	19	0.13	0.18	2.31
D-79-04-22	1025.90	1039.05	13.15	61	0.31	0.29	2.15
D-81-05-22	787.10	797.15	10.05	380	0.15	2.52	5.25
D-90-01-21	676.25	702.10	25.85	143	1.14	0.87	0.93
and	772.50	785.50	13.00	112	1.08	3.71	4.73
and	970.00	990.20	20.20	54	0.09	2.69	3.13
and	1374.10	1433.00	58.90	13	0.04	2.12	2.84
D-93-01-21	1066.00	1208.10	142.10	16	0.08	1.18	2.17
Including	1182.00	1208.10	26.10	35	0.22	1.90	2.54
and	1342.90	1391.00	48.10	37	0.02	0.21	2.97
D-93-02-21	1053.85	1242.25	188.40	20	0.10	1.45	2.43
Including	1084.30	1119.45	35.15	24	0.11	2.04	3.94
D-95-04-21⁽³⁾	1101.15	1316.40	215.25	31	0.09	1.12	1.76
Including	1155.60	1191.75	36.15	64	0.11	1.93	2.53
and	1365.15	1381.95	16.80	32	0.21	2.74	5.67
and	1627.15	1695.20	68.05	44	0.24	0.27	3.57
D-95-05-21	1066.00	1089.75	23.75	56	0.16	0.91	2.20
and	1355.65	1383.75	28.10	85	0.69	1.21	2.16
D-95-06-21	1068.60	1079.45	10.85	44	0.07	0.77	2.05
and	1279.10	1283.60	4.50	185	0.30	6.30	6.85
D-95-07-21	1142.20	1189.75	47.55	57	0.15	1.86	2.45
and	1199.00	1286.65	87.65	28	0.14	1.38	3.22
and	1320.15	1404.90	84.75	36	0.20	1.58	3.15
D-95-08-21	1344.85	1359.50	14.65	85	0.25	3.59	6.62
and	1381.05	1417.60	36.55	46	0.13	1.05	2.13
and	1568.95	1595.65	26.70	58	0.40	0.55	3.66
D-95-09-22	1144.25	1156.20	11.95	250	0.45	3.63	5.68
and	1466.55	1480.35	13.80	88	0.24	0.71	3.75
D-96-01-21	1199.20	1353.20	154.00	57	0.08	2.43	4.36
Including	1199.20	1295.20	96.00	78	0.11	3.12	5.68
D-96-02-22	1303.90	1331.65	27.75	68	0.06	2.49	4.66
S-79-21	630.35	654.50	24.15	138	0.56	1.74	7.69
and	1391.10	1401.85	10.75	16	0.03	2.72	4.26
and	1416.85	1430.15	13.30	56	0.06	3.20	8.16
and	1469.20	1501.30	32.10	32	0.04	0.35	3.23
and	1522.25	1538.55	16.30	29	0.07	0.32	3.69
S-90-21	687.30	832.10	144.80	60	0.41	0.99	1.72
and	1036.05	1083.75	47.70	25	0.09	0.70	2.26
S-93-21	1051.25	1074.60	23.35	67	0.03	2.93	1.74
and	1086.25	1118.10	31.85	15	0.07	1.32	2.21
and	1140.10	1246.45	106.35	22	0.05	2.28	2.48
S-96-21	173.50	188.05	14.55	1092	0.07	0.72	1.12
and	1274.45	1402.80	128.35	37	0.06	2.08	3.35
S-96A-21	180.70	188.50	7.80	575	0.05	0.45	0.86
U-04-22	579.40	813.10	233.70	44	0.15	4.05	5.04
Including	670.70	755.25	84.55	49	0.22	4.96	6.51
U-07-22	891.55	894.80	3.25	134	0.06	1.72	14.25
U-08-22	392.35	423.85	31.50	79	0.09	2.82	3.83
and	532.20	570.65	38.45	60	0.03	3.45	4.53
and	697.90	744.85	46.95	78	0.07	3.84	8.79
and	890.15	1065.10	174.95	40	0.21	0.17	7.95
Including	920.70	1019.80	99.10	56	0.28	0.24	10.78
U-105-21	311.15	327.70	16.55	122	0.11	5.05	9.07
and	495.15	499.50	4.35	104	0.20	3.98	5.89
and	551.35	595.50	44.15	114	0.04	3.15	4.15
and	641.50	762.95	121.45	77	0.08	2.00	5.48
Including	641.50	722.40	80.90	95	0.08	2.07	6.77
and	874.15	907.05	32.90	104	0.09	0.36	3.43
and	944.30	969.15	24.85	14	0.11	0.04	4.59
U-109-21	868.00	874.55	6.55	69	0.12	0.26	7.29
U-110-21	442.50	449.40	6.90	223	0.04	3.04	6.97
U-115-21	143.15	174.15	31.00	42	0.02	1.18	4.48
and	730.70	739.15	8.45	575	0.07	14.63	16.14
and	789.20	828.90	39.70	72	0.11	4.16	6.24
U-125-21	577.30	583.55	6.25	248	0.06	3.65	13.59
U-127-21	937.00	968.60	31.60	86	0.13	0.48	3.50
and	1002.50	1104.40	101.90	43	0.18	0.48	6.62
Including	1004.60	1061.00	56.40	59	0.22	0.57	9.94
and	1135.20	1149.00	13.80	53	2.12	0.10	0.22
U-95-21	369.80	392.35	22.55	176	0.09	3.33	5.94
and	506.05	541.40	35.35	83	0.03	3.66	2.14
and	790.95	879.25	88.30	49	0.07	1.46	5.08
Including	808.40	821.85	13.45	70	0.18	2.16	19.73

(1)	True widths of the mineralized intervals are unknown at this time.
(2)	Partial results received.
(3)	Partial results were reported in the news release dated February 24, 2022.

La Colorada Skarn – Drill Hole Collar Information

Drill Hole ID	Type	East Local	North Local	Elevation	Length (m)	Azimuth Avg (⁰)	Dip Avg
D-03-02-21	Infill	5367.1	5477.5	2556.2	930.0	146.5	-80.9
D-62-04-21	Exploration	5996.9	5753.7	2554.7	503.4	120.1	-84.6
D-62-05-22	Exploration	5996.9	5753.7	2554.7	719.5	16.6	-86.3
D-66-04-21	Infill	5060.5	5509.3	2511.2	897.7	143.7	-68.8
D-66-05-21	Infill	5060.5	5509.3	2511.2	870.6	168.3	-74.0
D-71-04-21	Infill	6004.3	5588.6	2529.3	811.2	195.3	-80.1
D-71-05-22	Infill	6004.3	5588.6	2529.3	721.2	30.3	-80.0
D-73-01-21	Infill	5798.7	5607.7	2578.1	994.9	105.1	-86.9
D-73-03-21	Infill	5798.7	5607.7	2578.1	825.6	302.1	-80.6
D-73-04-21	Infill	5798.7	5607.7	2578.1	702.8	44.5	-81.0
D-73-05-21	Infill	5798.7	5607.7	2578.1	707.0	27.8	-74.0
D-77-01-22	Exploration	5777.8	5504.1	2540.8	814.1	87.0	-81.0
D-79-01-21	Exploration	5808.0	5209.2	2482.2	802.4	253.2	-79.0
D-79-02-21	Exploration	5808.0	5209.2	2482.2	742.9	206.4	-61.2
D-79-03-21	Exploration	5808.0	5209.2	2482.2	823.6	224.9	-77.9
D-79-04-22	Exploration	5808.0	5209.2	2482.2	675.8	319.3	-84.1
D-81-05-22	Infill	5804.8	5770.1	2590.7	645.7	256.9	-80.7
D-90-01-21	Exploration	5538.7	5004.4	2532.2	1075.6	133.2	-82.1
D-93-01-21	Infill	4926.3	5166.1	2469.7	581.2	138.7	-77.0
D-93-02-21	Infill	4926.3	5166.1	2469.7	489.1	225.4	-66.7
D-95-04-21	Exploration	5403.1	5126.1	2549.6	841.3	72.9	-72.1
D-95-05-21	Exploration	5403.1	5126.1	2549.6	574.8	129.1	-77.8
D-95-06-21	Exploration	5403.1	5126.1	2549.6	573.0	92.3	-74.0
D-95-07-21	Exploration	5403.1	5126.1	2549.6	783.9	12.6	-73.4
D-95-08-21	Exploration	5403.1	5126.1	2549.6	796.0	41.4	-81.3
D-95-09-22	Exploration	5403.1	5126.1	2549.6	832.3	71.8	-83.0
D-96-01-21	Infill	4654.7	5286.4	2506.4	639.0	122.9	-75.8
D-96-02-22	Infill	4654.7	5286.4	2506.4	793.0	129.7	-81.7
S-79-21	Exploration	5808.0	5209.2	2482.2	1652.3	286.9	-86.8
S-90-21	Exploration	5538.7	5004.4	2532.2	1664.8	0.0	-90.0
S-93-21	Infill	4926.3	5166.1	2469.7	1416.0	22.6	-73.6
S-96-21	Infill	4654.7	5286.4	2506.4	1496.5	104.4	-80.0
S-96A-21	Infill	4656.1	5285.5	2505.1	188.5	0.0	-90.0
U-04-22	Infill	4843.3	5321.3	1995.1	814.1	187.8	-80.6
U-07-22	Exploration	4423.7	5065.6	2102.9	1200.4	150.9	-83.2
U-08-22	Infill	4844.9	5324.0	1995.2	1152.1	358.0	-82.6
U-105-21	Exploration	4845.6	5319.5	1995.6	1023.4	323.0	-81.9
U-109-21	Exploration	4495.1	5329.6	2070.1	1175.5	242.1	-83.3
U-110-21	Exploration	4426.4	5067.8	2106.1	1253.7	262.8	-88.3
U-115-21	Exploration	4843.3	5321.3	1995.1	926.8	230.5	-78.2
U-125-21	Exploration	4426.4	5067.8	2106.1	1176.1	92.2	-86.9
U-127-21	Exploration	4496.1	5330.1	2070.5	1187.7	115.3	-87.5
U-95-21	Exploration	4845.0	5320.8	1995.5	965.1	25.1	-83.7
				Total Metres	38460.0

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 SGS Durango, Mexico using acid digestion with ICP finish for silver, lead, zinc, and copper and ALS Global using the same analytical procedure. Samples sent to SGS Durango were prepared in Durango and ALS Global are prepared in Zacatecas, Mexico laboratory and send to Vancouver B.C. Laboratory for assay. Pan American implements a quality assurance and quality control (“QAQC”) program including the submission of certified standards, blanks, and duplicate samples to the laboratories. The results of the QAQC samples submitted to SGS and ALS demonstrate acceptable accuracy and precision. The Qualified Person is 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. SGS and ALS are 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. We are headquartered in Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol “PAAS”.

La Colorada Skarn: plan view of drill hole and section line locations (CNW Group/Pan American Silver Corp.)

Posted May 10, 2022

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