Pan American Silver (NYSE, TSX: PAAS) reported major drill results from its La Colorada mine in Zacatecas, Mexico, pointing to new high-grade silver veins that could expand mineral resources, extend mine life and improve economics.
The company’s shares rose 3.6% to $35.80 in pre-market trading in New York following the news. Pan American, with a market capitalization of $15.1 billion, called the results a key success of its ongoing exploration program targeting the eastern zone of La Colorada, its largest silver-producing mine.
Senior vice-president of exploration and geology, Christopher Emerson, said drilling identified high-grade intercepts both below and along strike of the established vein system. The findings include a new style of high-grade replacement mineralization in the San Geronimo and Cristina zones.
The Canadian silver giant said these discoveries will be incorporated into…
