Mineria

Pan American Silver Reports Large Increase to the Mineral Resource Estimate for its La Colorada Skarn Deposit

VANCOUVER, BC, Sept. 14, 2022 /CNW/ – Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) («Pan American», or the «Company») today announced an updated mineral resource estimate for its 100% owned La Colorada Skarn deposit in Zacatecas, Mexico. The estimated indicated mineral resource totals 95.9 million tonnes containing 94.4 million ounces of silver, 2.7 million tonnes of zinc and 1.2 million tonnes of lead. In addition, the estimated inferred mineral resource now totals 147.8 million tonnes containing 132.9 million ounces of silver, 3.4 million tonnes of zinc and 1.5 million tonnes of lead. The updated mineral resource estimate is a significant increase relative to our previous mineral resource estimate released on August 4, 2020.

The mineral resource estimate is based on a US$45 per tonne unit cut-off value and an underground sub-level cave (SLC) mining method followed by processing through a selective flotation beneficiation plant that generates zinc and lead concentrates.

«Our exploration team has done a remarkable job of delineating a large resource with notable growth potential in only four years. Our confidence in the geology has also improved, resulting in a large portion of the deposit now being classified as indicated resources,» said Christopher Emerson, Pan American’s Vice President Business Development and Geology. «Notably, the high-grade intersects we announced on July 21, 2022 are not included in today’s mineral resource estimate, and the deposit remains open in nearly all directions for further resource expansion.»

Michael Steinmann, President and CEO, said: «The prospect of an extensive polymetallic deposit located below our largest and highest-grade silver mine is very promising, and based on its size, we believe the Skarn could provide Pan American with production for many decades.»

«Our next steps to advance the project involve incorporating the most recent drill results and high-grade intersects into the resource model, and continuing the development of preliminary project engineering studies. Our aim is to release an updated Technical Report on the La Colorada property in 2023 that includes a preliminary economic assessment of the Skarn deposit,» added Mr. Steinmann.

Estimated Mineral Resource

Classification Cut-off Value

(US$/tonne)

Tonnes

(millions)

Zn

(%)

Pb

(%)

Ag

(g/t)

Indicated 45 95.9 2.77 1.28 31
Inferred 45 147.8 2.29 1.04 28

Notes:

  1. Estimation and reporting of mineral resources were carried out in accordance with CIM guidelines.
  2. Mineral resources have reasonable prospects for eventual economic extraction demonstrating sufficient spatial continuity of mineralisation constrained within a potentially mineable shape. No mineral reserves are reported at this time.
  3. Prices used to report mineral resources were: US$22 per ounce of silver, US$2,800 per tonne of zinc and US$2,200 per tonne of lead.
  4. An estimate of mineral value per tonne was calculated using metallurgical recoveries of 87.4% Ag, 88% Pb and 93% Zn with mineral concentrate qualities of 67% Pb in lead concentrate and 60% Zn in zinc concentrate, obtained from metallurgical testing. Estimates for transport, payability and refining/selling costs, based on experience and long-term views of the marketing, treatment and refining of these types of mineral concentrates, were included.
  5. Reasonable prospects for eventual economic extraction were assessed by determining the total in-situ tonnes and grade constrained inside volumes that are based on a bulk style sub-level caving underground mining method. The tonnes and grades are inclusive of the must-take low grade material within the volume, as per CIM best practice guidelines. No other mining dilution or mineral losses have been accounted for. A US$45 per tonne operating cost has been assumed, which includes estimates of mining, processing and G&A operating costs.
  6. This mineral resource estimate was prepared under the supervision of, or was reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology, and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom is a Qualified Person as that term is defined in National Instrument 43-101 («NI 43-101»).
  7. The effective date of the mineral resources estimate is September 13, 2022.

The La Colorada Skarn is a large underground mineral deposit, and a range of mining methods is being considered for its extraction. The mineral resource estimate provided in this news release considers using the bulk SLC method throughout the deposit. However, the table below is provided for comparison purposes only to highlight how the mineral resource estimate would change using potentially mineable shapes and cut-off value estimates specific to two alternative mining methods. Applying some combination of these mining methods to the mineral resource may prove economically and technically optimal, depending on geometric, geographic and geotechnical factors specific to different areas of the deposit.

Mineral Resource Estimate at Different Cut-off Values and Mining Methods

Mining Method Cut-off Value

(US$/tonne)

Classification Tonnes

(millions)

Zn

(%)

Pb

(%)

Ag

(g/t)

Zn

(Mt)

Pb

(Mt)

Ag

(Moz)

Sub-levelCaving (SLC) 45 Indicated 95.9 2.77 1.28 31 2.66 1.23 94.4
Inferred 147.8 2.29 1.04 28 3.39 1.54 132.9
Sub-levelShrinkage (SLS) 45 Indicated 101.5 2.66 1.22 30 2.70 1.24 96.3
Inferred 153.2 2.03 0.88 25 3.12 1.34 125.1
65 Indicated 67.3 3.08 1.46 33 2.07 0.98 72.1
Inferred 60.8 2.59 1.13 30 1.60 0.68 59.8
Long-holeOpenStoping(LHOS) 60 Indicated 65.4 3.39 1.62 36 2.22 1.06 75.6
Inferred 113.8 2.91 1.32 34 3.31 1.50 124.6
70 Indicated 56.3 3.62 1.76 38 2.03 0.99 68.0
Inferred 88.5 3.17 1.46 37 2.80 1.29 104.5

Notes:

  1. Prices used to report mineral resources were: US$22 per ounce of silver, US$2,800 per tonne of zinc and US$2,200 per tonne of lead.
  2. An estimate of mineral value per tonne was calculated using metallurgical recoveries of 87.4% Ag, 88% Pb and 93% Zn with mineral concentrate qualities of 67% Pb in lead concentrate and 60% Zn in zinc concentrate, obtained from metallurgical testing. Estimates for transport, payability and refining/selling costs, based on experience and long-term views of the marketing, treating and refining of these types of mineral concentrates, were included.
  3. This table has been included to reflect the sensitivity of the mineral resource to mining method, potential mineable shapes and costs rather than applying variable cut-off values within a non-selective mining shape.
  4. The inventories in the table are for sensitivity comparisons to the SLC mineral resource estimate stated above; they do not represent mineral resource estimates in themselves.
  5. All inventories are in-situ tonnes and metal contents.

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