05:17 PM EDT, 06/17/2024 (MT Newswires) -- Pan American Silver ( PAAS ) on Monday updated exploration results for its mines in Latin America as it looks to expand resources and replace production.

The company said drill results for its Jacobina, El Penon, La Colorada and Huaron mines showed the potential for replacing mined resources, while touting "significant exploration potential" at El Penon and La Colorada.

"At La Colorada, we discovered an entirely new set of vein structures with high silver grades to the east and southeast of the main NC2 vein. At El Penon, drill results from the Pampa Sur zone bode well for potential mineral resource additions close to the existing mine infrastructure, with additional potential in the largely unexplored southern area of the mine," Christopher Emerson, vice president of exploration and geology, said in a release.

The company's shares closed down $0.28 to $26.93 on the Toronto Stock Exchange.