Pan American Silver stock surges on drill success at La Colorada
Pan American Silver’s (NASDAQ, TSX: PAAS) stock was up nearly 10% on Thursday after announcing results from exploration drilling completed over the past three months at its La Colorada skarn discovery in Mexico.
Pan American first announced the La Colorada exploration discovery in October 2018, and provided additional drill results in February and May of this year.
The latest drill highlights include:
- U-51-19: 114.0 m at 109 g/t Ag, 0.38% Cu, 1.66% Pb and 3.80% Zn
- including 58.2 m at 158 g/t Ag, 0.59% Cu, 2.57% Pb and 5.08% Zn
- U-46-19: 126.0 m at 55 g/t Ag, 0.22% Cu, 3.79% Pb and 6.56% Zn
- and 32.9 m at 74 g/t Ag, 0.44% Cu, 5.38% Pb and 10.29% Zn
- U-42-19: 214.2 m at 40 g/t Ag, 0.17% Cu, 1.24% Pb and 2.78% Zn
Christopher Emerson, Pan American’s VP, business development and geology said drillholes U-51 and U-46 indicate the high concentration of base metal and silver sulphides over large widths.
“The drill holes now cover a horizontal area of about 600 metres by 300 metres, delineating skarn and manto zones that are still open laterally and at depth,” Emerson said.
For the rest of the year, Pan American plans to complete a 50,000 metre drill program and review the results of a 12 km magnetotellurics geophysics survey undertaken at La Colorada.
At market close on Thursday, Pan American’s shares were up 9.55%, and trading volume reached over 8.1 million, nearly triple the average daily volume of 2.9 million. The company has a $3.5 billion market capitalization.