(Updates shares.)

Pan American Silver (PAAS.TO) shares were last seen up 7% after it provided its annual exploration update.

At the Jacobina project, significant drill results include 1.42 meters at 116.41 grams per tonne (g/t) gold and 8.74 meters at 5.86 g/t gold.

Pan American said drilling of the principal structures at the El Penon property continued vto return high-grade intercepts, including 1.05 meters at 18.89 g/t gold and 746 g/t silver.

For the La Colorada operation, the company said it discovered 13 new veins to expand the high-grade zone of the mine. Significant results include 0.95 meters at 9,618 g/t silver, 4.85% lead and 4.82% zinc.

Infill drilling at the La Colorada Skarn project reinforced confidence in the indicated mineral resource update as at June 30. Notable intercepts include 273.10 meters at 54 g/t silver and 0.85% lead.

Pan American said the Whitney project continued to yield high-grade results, including 360 g/t silver over 2.4 meters.

Drill highlights from the Huaron project include 2.10 meters at 399 g/t silver, 7.39% lead and 14.58% zinc. Meanwhile, drill results from Minera Florida include 1.98 meters at 16.11 g/t gold, 13 g/t silver and 6.44% zinc.

"The success of our exploration program highlights the potential for long-term organic growth at many of our assets," said Christopher Emerson, vice president of exploration and geology at Pan American. "Based on the results we were achieving in exploration this year, we increased our drill budget to over 450,000 meters for 2024."

"This exploration update highlights these results, and showcases the ongoing discovery of new mineralized structures in and around our existing mining operations," Emerson added.

The company's shares were last seen up $2.20 to $33.60 on the Toronto Stock Exchange.