Pan American Silver (TSX:PAAS) Reports Updated Mineral Reserves and Resources for June 2024

2 min read | September 11, 2024 10:40 PM EDT | By Team Kalkine Media

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Pan American Silver (TSX:PAAS) Reports Updated Mineral Reserves and Resources for June 2024 — Image source: shutterstock

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Pan American Silver Corp. (NYSE:PAAS) (TSX:PAAS) has released its estimated mineral reserves and resources as of June 30, 2024. The latest report reveals proven and probable reserves containing approximately 468.0 million ounces of silver and 6.9 million ounces of gold. In addition, measured and indicated (M&I) mineral resources, excluding the proven and probable reserves, are estimated at 1,148.0 million ounces of silver and 15.5 million ounces of gold. Inferred resources are estimated to total about 366.0 million ounces of silver and 9.4 million ounces of gold.

The updated estimates reflect the recent divestment of the MARA, Agua de la Falda, and Morococha properties, as announced on July 31, 2023. The sale of these non-core, non-producing assets has led to a decrease in the company’s mineral reserves and resources compared to 2023 figures.

Despite this, Pan American has achieved notable exploration successes. According to Christopher Emerson, Vice President of Exploration and Geology, “Our exploration efforts have successfully replaced mine production and expanded mineral reserves at Jacobina, La Colorada, Huaron, and Minera Florida. Infill and extensional drilling at the Jacobina mine have increased inferred mineral resources by over 1.2 million ounces of gold, showcasing the deposit’s significant exploration potential and future reserve replacement opportunities.”

Additionally, the La Colorada Skarn project has shown substantial growth, with indicated mineral resources rising to 309 million ounces of silver due to higher tonnage and grades. The inferred mineral resource at this project is now estimated at 59 million ounces of silver. The project has also seen increases in zinc and lead resources since the last update.

Looking ahead, Pan American plans to undertake over 360,000 metres of drilling in 2024. This extensive drilling campaign will focus on near-mine exploration, aiming to replace mineral reserves and further expand the company's resource base across its portfolio of mines.

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