PR Newswire
VANCOUVER, Dec. 11, 2019
VANCOUVER, Dec. 11, 2019 /PRNewswire/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American", or the "Company") today announces an initial mineral resource estimate for the large polymetallic deposit discovered in 2018 at the Company's La Colorada mine in Zacatecas, Mexico. The inferred mineral resource totals 72.5 million tonnes, averaging 44 grams per tonne of silver, 0.17% copper, 2.02% lead and 4.40% zinc, assuming a cut off value of US$60 per tonne after accounting for transportation, smelting and refining costs. The deposit remains open in nearly all directions for resource expansions.
"The initial inferred mineral resource estimate containing 102 million ounces of silver and a large volume of base metals indicates the significance of this new discovery," said Christopher Emerson, Pan American's Vice President Business Development and Geology. "In just over a year since we first announced the discovery, we have completed 54,000 metres of drilling into the deposit and developed the geological model for this initial resource estimate. An aggressive drilling program is planned for 2020 to further explore the deposit's potential."
Highlights
To view cross sections, plan and images of the mineralized core, please see our website at panamericansilver.com
Michael Steinmann, President and CEO commented: "This initial resource estimate is a very exciting development for Pan American Silver and our La Colorada operation. The substantial size and grades point to a world-class deposit, discovered with our near-site exploration program. We are planning to continue our drilling program, advance early stage engineering and complete further metallurgical testing, with the aim of defining the potential development of a new, large mine for Pan American Silver."
In 2020, Pan American plans to invest US$10 million to drill 44,000 metres, focusing on infill and exploration drilling to further define, expand and add confidence to the inferred resource.
Mineral Resource Estimate Details
Classification | Cut-off | Tonnes | Ag | Cu | Pb | Zn |
| US$/tonne | millions | g/t | % | % | % |
Inferred | 60 | 72.5 | 44 | 0.17 | 2.02 | 4.40 |
Sensitivity of the Mineral Resource Estimate at Different Cut-off Values
Cut-off | Tonnes | Ag | Cu | Pb | Zn | Ag | Cu | Pb | Zn |
US$/tonne | millions | g/t | % | % | % | Moz | kt | Mt | Mt |
50 | 81.5 | 41 | 0.16 | 1.88 | 4.13 | 109 | 130 | 1.5 | 3.4 |
60 | 72.5 | 44 | 0.17 | 2.02 | 4.40 | 102 | 121 | 1.5 | 3.2 |
70 | 63.6 | 46 | 0.17 | 2.18 | 4.70 | 94 | 111 | 1.4 | 3.0 |
80 | 55.0 | 49 | 0.18 | 2.35 | 5.02 | 86 | 100 | 1.3 | 2.8 |
Notes:
General Notes with Respect to Technical Information
A total of 65 diamond drillholes with a total length of 54,000 metres were used in the geological interpretation and resource estimate. Drilling of the skarn deposit has been completed from both surface and underground drilling.
All drill hole samples used in the mineral resource estimate have been previously reported in news releases dated October 23, 2018, February 21, 2019, May 8, 2019, August 1, 2019 and October 30, 2019. The drill hole samples were prepared by the internal La Colorada mine laboratory, SGS of Durango, Activation Laboratories Ltd ("Actlabs") of Zacatecas and Bureau Veritas of Hermosillo. Pan American implements a quality assurance and quality control ("QAQC") program, including the submission of certified standards, blanks, and duplicate samples to the laboratories.
Both Actlabs and SGS used fire assay with gravimetric finish for gold, and acid digestion with ICP finish for silver, lead, zinc, and copper. Bureau Veritas used fire assay with gravimetric finish for gold and by acid digestion with ICP finish for silver, lead, zinc, and copper in their Vancouver, Canada laboratory. The La Colorada mine laboratory, which is operated by our employees, used fire assay with gravimetric finish for gold and silver, and acid digestion with atomic absorption finish for lead, zinc, and copper.
The results of the QAQC samples submitted to SGS, Actlabs, Bureau Veritas, and the La Colorada mine laboratory all demonstrate acceptable accuracy and precision. Some standards, blanks and duplicate failures were associated with analysis conducted at the La Colorada mine laboratory, as reported in the news releases dated October 23, 2018 and May 8, 2019. These failed batches were re-submitted to SGS or Actlabs for analysis.
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 mineral resource and mineral reserve estimates.
Mineral reserves and resources are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM").
Pan American reports mineral resources and mineral reserves separately. Reported mineral resources do not include amounts identified as mineral reserves. Mineral resources that are not mineral reserves have no demonstrated economic viability. No mineral reserves have yet been estimated for the skarn deposit.
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