Pan American Silver (PAAS.TO) late on Wednesday reported mineral reserves and mineral resources as of June 30, which included an increase in estimated mineral resources for the La Colorada Skarn project.

In addition, mineral reserve replacement and an increase of 1.2 million ounces in gold inferred mineral resources at Jacobina demonstrate the exploration potential, the company said.

Proven and probable mineral reserves are estimated to contain about 468 million ounces of silver and 6.9 million ounces of gold.

Measured and indicated mineral resources are estimated at around 1,148 million ounces of silver and 15.5 million ounces of gold.

Inferred mineral resources are estimated at around 366 million ounces of silver and 9.4 million ounces of gold.

"Our exploration efforts have successfully replaced mine production and expanded mineral reserves at Jacobina, La Colorada, Huaron and Minera Florida," said Christopher Emerson, vice president of exploration and geology at Pan American. "At the La Colorada Skarn project, estimated indicated mineral resources have grown substantially to 309 million ounces of silver due to higher tonnage and higher grades, with the inferred mineral resource now estimated at 59 million ounces of silver."

In 2024, Pan American plans to complete over 360,000 meters of drilling across its portfolio of mines, focused on near-mine exploration for mineral reserve replacement.