Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2024
Press Release
September 11, 2024
VANCOUVER, British Columbia– 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 for more information.
(3) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s website for a more complete table, including zinc, lead and copper grades and contents.
(4) Silver Segment mineral reserves comprised of Escobal, La Colorada, Huaron, San Vicente, and Cerro Moro.
(5) Gold Segment mineral reserves comprised of Jacobina, Shahuindo, El Peñon, Timmins, Minera Florida, La Arena, and Dolores.
(6) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
Consolidated Mineral Resources, as at June 30, 2024 (1,2,3,4)
|
Segment |
Category |
Tonnes (millions) |
Ag (g/t) |
Contained Ag (Moz) |
Au (g/t) |
Contained Au (koz) |
|
Silver Segment (5) |
Measured Resources |
20.7 |
159 |
105.6 |
0.63 |
65.2 |
|
Indicated Resources |
425.4 |
73 |
1,002.7 |
0.47 |
276.9 |
|
|
M&I Resources |
446.1 |
77 |
1,108.4 |
0.50 |
342.2 |
|
|
Gold Segment (6) |
Measured Resources |
271.8 |
21 |
17.8 |
0.62 |
5,431.2 |
|
Indicated Resources |
704.7 |
26 |
21.8 |
0.43 |
9,751.0 |
|
|
M&I Resources |
976.5 |
24 |
39.6 |
0.48 |
15,182.2 |
|
|
Total Segments (7) |
Measured Resources |
292.4 |
82 |
123.5 |
0.62 |
5,496.4 |
|
Indicated Resources |
1,130.1 |
71 |
1,024.5 |
0.43 |
10,027.9 |
|
|
M&I Resources |
1,422.6 |
72 |
1,148.0 |
0.48 |
15,524.3 |
(1) See table below entitled “Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024”.
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the complete mineral reserve and resource tables at the end of this news release for more information.
(4) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s website for a more complete table, including zinc, lead and copper grades and contents.
(5) Silver Segment mineral resources comprised of Navidad, La Colorada Skarn, Escobal, Huaron, La Colorada, Manantial Espejo, Cerro Moro, San Vicente, and Joaquin.
(6) Gold Segment mineral resources comprised of Jacobina, La Arena II, La Pepa, El Peñon, Minera Florida, La Bolsa, Lavra Velha, Pico Machay, Timmins, Shahuindo, Vogel, Gold River, Whitney, Marlhill, Dolores, and La Arena.
(7) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
Consolidated Inferred Mineral Resources, as at June 30, 2024 (1,2,3,4)
|
Segment |
Category |
Tonnes (millions) |
Ag (g/t) |
Contained Ag (Moz) |
Au (g/t) |
Contained Au (koz) |
|
Silver Segment (5) |
Inferred Resources |
130.0 |
78 |
327.8 |
0.61 |
304.3 |
|
Gold Segment (6) |
Inferred Resources |
254.0 |
21 |
38.2 |
1.12 |
9,118.4 |
|
Total Segments (7) |
Inferred Resources |
384.0 |
61 |
366.0 |
1.09 |
9,422.8 |
(1) See table below entitled “Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024”.
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the complete mineral reserve and mineral resource tables at the end of this news release for more information.
(4) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American’s website for a more complete table, including zinc, lead and copper grades and contents.
(5) Silver Segment inferred mineral resources comprised of Navidad, La Colorada, La Colorada Skarn, Huaron, San Vicente, Escobal, Cerro Moro, Manantial Espejo and Joaquin.
(6) Gold Segment inferred mineral resources comprised of Jacobina, Gold River, El Peñon, Arco Sul, Minera Florida, Whitney, Pico Machay, La Arena II, Timmins, La Pepa, Lavra Velha, La Bolsa, Vogel, Shahuindo, Dolores, and La Arena.
(7) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
Mineral reserve and mineral resource highlights for the 12-months ended June 30, 2024:
IBF4
