Pan American Silver has announced the discovery of four new veins at the La Colorada mine in Zacatecas, Mexico, following an exploration drilling campaign conducted between November 2025 and January 2026.
These discoveries took place within the south-eastern and eastern Candelaria zones, specifically between the Cristina and San Gerónimo systems.
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Pan American Silver said that these veins are associated with contact-related replacement mineralisation, exhibiting significant intercepts with high silver, gold and base metal grades.
The campaign involved 17,774m of drilling across 38 holes, building upon previous findings released in September and December 2025.
The newly identified veins, Filomena, Nicolasa, Bernardina and Josefina, are part of a structural cluster that spans a strike length of approximately 500m and extends vertically by 500m.
These veins contribute to a combined strike length of approximately 2,500m, maintaining a west-north-west trend seen between the previously known Cristina and San Gerónimo veins.
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By GlobalDataPan American Silver is continuing with intensive infill and extensional drilling to further delineate and expand this mineralised zone.
A new exploration crosscut on Level 588 had progressed by 170m as of the end of January 2026.
An additional crosscut on Level 448 was started in early 2026 to enhance access and drill coverage in the area.
Key drill results from the Filomena and Cristina vein systems include findings such as hole S-153-25 with an intercept of 11.60m yielding 241 grams per tonne (g/t) silver, 0.81g/t gold, 2.08% lead and 4.48% zinc.
Another notable result from hole S-161-25 includes an intercept of 1.03m with grades reaching up to 9,730g/t silver, 6.19g/t gold, 2.62% lead and 5.67% zinc.
The exploration efforts have also identified La Chona Breccia as a newly delineated brecciated zone within the south-eastern structural corridor, with widths varying between 10m and 65m.
This zone has shown potential for elevated silver and base metal grades.
Drilling along the eastern extensions of the Mariana and NC2 veins in the north-eastern part of the mine has extended high-grade mineralisation by around 200m.
These results will be included in an update of mineral reserves and resources as of 30 June 2026.
Notable results from this area include hole S-147-25, which intercepted a width of 1.90m at grades of 1,297g/t silver, 0.43g/t gold, 2.66% lead and 8.87% zinc.
Hole U-207-25 yielded an intercept with grades reaching up to 10,305g/t silver, 0.66g/t gold, 9.99% lead and 16.00% zinc.
Pan American Silver senior vice-president of exploration and geology Christopher Emerson said: “Exploration at La Colorada continues to deliver exceptional results, highlighted most recently by the discovery of at least four new high-grade veins in the south-eastern Candelaria zone.”
In September 2025, the company concluded the acquisition of all of MAG Silver’s entire issued and outstanding common shares.
