Pan American Silver Corp. (NYSE: PAAS) has reported new drill results from its La Colorada mine in Zacatecas, Mexico, identifying multiple high-grade silver and base metal veins that could expand mineral resources, extend mine life and enhance project economics.
The results build on the company’s exploration program targeting the mine’s eastern zone, with drilling between November 2024 and June 2025 totalling approximately 65,000 metres across 170 holes.
“Our exploration efforts have identified high-grade intercepts below and along the strike of the known La Colorada vein system, east of the defined mineral resource footprint, demonstrating opportunities for further mineral resource expansion,” said Christopher Emerson, Pan American’s Senior Vice President of Exploration and Geology.
“The discovery of a new high-grade replacement style of mineralisation, and vein style mineralisation, particularly in the San Geronimo and Cristina zones in the southeastern portion of the property, will be reflected in an update to the estimated mineral resources for the La Colorada mine when the company reports its annual mineral reserves and mineral resources as at June 30, 2025.”
Drilling has significantly extended mineralisation along the NC2 and Mariana veins.
The Mariana vein now spans about 1,000 metres along strike with vertical continuity exceeding 350 metres, while the NC2 system extends over 2,000 metres with more than 500 metres of vertical depth.
Exploration has also advanced more than 300 metres east of current production levels.
Recent results included:
- 3.66m @ 3,844 g/t Ag, 2.30 g/t Au, 4.53% Pb, 11.05% Zn (Mariana vein, hole S-77-25)
- 11.61m @ 811 g/t Ag, 0.86 g/t Au, 8.21% Pb, 22.31% Zn (Mariana vein, hole U-84-25)
- 2.27m @ 5,876 g/t Ag, 0.56 g/t Au, 3.36% Pb, 3.19% Zn (NC2 vein, hole U-99-25)
- 0.42m @ 12,309 g/t Ag, 9.70 g/t Au, 2.16% Pb, 3.60% Zn (NC2 vein, hole S-74-25).
The company also confirmed skarn and carbonate replacement style mineralisation east of the vein systems, including a 42.3m intercept grading 48 g/t Ag, 1.51% Pb and 2.95% Zn.
Exploration in the San Geronimo and Cristina veins defined high-grade mineralisation extending over 500 metres along strike and vertically, with intersections such as:
- 0.15m @ 11,076 g/t Ag, 0.93 g/t Au, 6.56% Pb, 6.90% Zn (SG1 vein, hole S-226-24)
- 0.57m @ 1,325 g/t Ag, 0.55 g/t Au, 8.34% Pb, 24.70% Zn (SG1 vein, hole S-08-25)
- 0.51m @ 1,550 g/t Ag, 0.50 g/t Au, 0.71% Pb, 0.91% Zn (Cristina vein, hole S-36-25).
In addition, drilling outlined a new style of contact-related replacement mineralisation at the boundary between volcanic and sedimentary rocks in the southeast zone.
Results included 50.30m @ 258 g/t Ag, 0.62% Pb, 0.42% Zn (historic hole S-99-24) and 7.80m @ 413 g/t Ag, 3.60% Pb, 8.67% Zn (S-182-24).
Pan American Silver said the new zones and replacement-style discoveries presented further growth opportunities for La Colorada.
Updated mineral resource estimates, incorporating the results, will be included in the company’s annual reporting as at June 30, 2025.
A full table of drill results, plans and sections for the November 2024–June 2025 program is available on Pan American’s website.
