Pan American Silver Yields 10,305g/t Ag at La Colorada

Canada-based silver mining company Pan American Silver announced new exploration drill results from the southeastern and eastern Candelaria zones of its La Colorada mine in Zacatecas. The company highlights that over 40% of the reported drill holes exceeded 1,000g/t Ag, as well as presenting significant grades of gold and other base metals. According to Pan American Silver, the recent drilling program, conducted between November 2025 and January 2026, has identified at least four new high-grade veins and associated replacement mineralization between the existing Cristina and San Gerónimo systems.

The 17,774m drilling campaign comprised 38 holes and confirmed the presence of the Filomena, Nicolasa, Bernardina, and Josefina veins. These structures form a structural cluster delineated over a 500m strike length and a 500m vertical extent. According to Christopher Emerson, Senior Vice President of Exploration and Geology, Pan American Silver, 40% of the reported drill holes yielded silver assays exceeding 1,000 g/t, often accompanied by high gold and base-metal grades.

“The discovered structures indicate the potential to add to the mineral resources at La Colorada, which we look forward to reporting in our mineral reserve and mineral resource update as at Jun. 30, 2026,” Emerson noted, adding that the exploration results further substantiate the company’s revised approach for a phased development plan at La Colorada that targets the higher grade zones of the vein mine and skarn deposit.

Significant intercepts from the Cristina and Filomena systems include hole S-161-25, which returned 1.03m at 9,730g/t Ag and 6.19g/t Au, and hole S-171-25, which intercepted 5.13m at 1,000g/t Ag. The company noted that mineralization typically widens near lithological contacts, indicating a combination of vein and contact-related replacement styles.

In addition to the new veins, drilling delineated the La Chona Breccia, a vertically extensive zone with estimated widths ranging from 10m to 65m. Notable results from this area include hole S-176-25, which intercepted 65.63m at 101g/t Ag and 2.54% Zn.

In the northeastern Candelaria Mine, drilling along the eastern extensions of the Mariana and NC2 veins extended known mineralization by approximately 200m to the east. High-grade intercepts in this zone included hole U-207-25, which returned 0.22m at 10,305g/t Ag and 16.00% Zn.

Pan American Silver is currently executing an infill and extensional drilling campaign alongside underground development to further define these zones. An exploration crosscut on Level 588 advanced 170m by the end of January 2026, while a second crosscut on Level 448 was initiated in 1Q26 to improve drill coverage. 

La Colorada Mine Profile

Pan American Silver maintains 100% ownership of La Colorada, which stands as the company’s largest silver-producing asset. This underground operation utilizes a flotation plant to treat sulphide ore, producing silver-rich lead and zinc concentrates. The facility maintains an average plant throughput of 1,800t/d.

The infrastructure underwent a significant expansion completed in 2017, which included the construction of a new 618m deep mine shaft and a dedicated sulphide processing plant. This development was supported by a new 115kV power line and further advancement of the underground workings. Following a major exploration discovery in 2018, the site also includes the La Colorada Skarn project.

Current financial and production data indicate proven and probable silver reserves of 90.7Moz. To date, the mine has achieved a total production of 6,015Moz of silver. The operation maintains an all-in sustaining cost (AISC), excluding net realizable value (NRV), of US$24.85/oz.