Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) today announced results for 14 holes drilled on the La Colorada polymetallic skarn discovery in Mexico during the fourth quarter of 2019.

“Further step-out exploration drill results demonstrate the potential to increase our initial 72.5 million tonne resource estimate announced on December 11, 2019,” said Christopher Emerson, Pan American’s Vice President Business Development and Geology. “Drillholes U-88-19 and U-105-19 indicate extensions of high grade massive sulphides to the southeast, while holes D-81-01-19 and S-81-19 indicate the resource may expand to the northeast.”

Drill highlights include:

• U-88-19: 270.9 m at 60 g/t Ag, 0.17% Cu, 2.69% Pb and 4.52% Zn including 166.9 m at 85 g/t Ag, 0.18% Cu, 3.93% Pb and 6.39% Zn
• U-105-19: 192.5 m at 30 g/t Ag, 0.15% Cu, 2.42% Pb and 3.51% Zn including 105.6 m at 29 g/t Ag, 0.14% Cu, 3.05% Pb and 4.52% Zn
• D-30-03-19: 76.1 m at 35 g/t Ag, 0.20% Cu, 2.04% Pb and 3.31% Zn
• D-30-05-19: 62.5 m at 51 g/t Ag, 0.28% Cu, 1.79% Pb and 4.57% Zn
• D-81-01-19: 32.9 m at 54 g/t Ag, 1.15% Cu, 0.36% Pb and 2.51% Zn and 75.9 m at 78 g/t Ag, 0.50% Cu, 0.34% Pb and 3.83% Zn and 19.2 m at 133 g/t Ag, 0.88% Cu, 0.25% Pb and 3.36% Zn
• U-87-19: 47.2 m at 33 g/t Ag, 0.09% Cu, 2.13% Pb and 4.95% Zn
• S-81-19: 24.5 m at 54 g/t Ag, 0.05% Cu, 2.01% Pb and 10.33% Zn and 28.8 m at 43 g/t Ag, 0.16% Cu, 1.03% Pb and 3.54% Zn

Since the discovery in 2018, Pan American has drilled a total of approximately 60,000 metres on the La Colorada skarn. An initial inferred mineral resource estimate of the deposit was provided in the Company’s news release dated December 11, 2019. The most recent drill results provided in this news release were not included in this initial resource estimate.

In 2020, Pan American plans to invest US$16 million to $18 million on the drilling program, early stage engineering and metallurgical testing for the La Colorada skarn discovery. The 44,000 metre drill program is focused on infill and exploration drilling to further define, expand and add confidence to the inferred resource estimate. Pan American is aiming to provide an update on the initial resource estimate concurrent with the release of its annual mineral reserve and resource estimates effective June 30, 2020.

Please see our website at: panamericansilver.com/operations/exploration/la-colorada-skarn/ for further information, including cross sections, plan and images of the mineralized core.

Summary of Drill Results for the Fourth Quarter of 2019

Previous drill results disclosed in Pan American’s news releases dated October 23, 2018, February 21, 2019, May 8, 2019, August 1, 2019, and October 30, 2019 are not included in this table.

Drill Hole Collar Information

General Notes with Respect to Technical Information

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, who is a Qualified Person for the purposes of NI 43-101.

Grades are shown as contained metal before mill recoveries are applied. All samples provided in this news release were prepared and analyzed by SGS in Durango, Mexico using fire assay with gravimetric finish for gold, and by acid digestion with ICP finish for silver, lead, zinc, and copper. 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 SGS 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 is independent from Pan American.

About Pan American Silver

Pan American is the world’s second largest primary silver producer, providing enhanced exposure to silver through a diversified portfolio of assets, large reserves and growing production. We own and operate mines in Mexico, Peru, Canada, Argentina and Bolivia. In addition, we own the Escobal mine in Guatemala that is currently not operating. Pan American has a 25-year history of operating in Latin America, earning an industry-leading reputation for operational excellence and corporate social responsibility.