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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
DATED JANUARY 29, 2003
Commission File Number 000-13727
PAN AMERICAN SILVER CORP.
SUITE 1500, 625 HOWE STREET
VANCOUVER, BRITISH COLUMBIA, CANADA V6C 2T6
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [X]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7): [ ]
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-__________
| SIGNATURE | ||||||||
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant, Pan American Silver Corp., has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: |
January 29, 2003 PAN AMERICAN SILVER CORP. |
By:
/s/ Ross Beaty
Chairman and C.E.O.
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January 29, 2003
News Release 03-01
SILVER STANDARD AND PAN AMERICAN SILVER ANNOUNCE FURTHER BONANZA-GRADE
DRILL INTERCEPTS AT MANANTIAL ESPEJO IN ARGENTINA
Vancouver, B.C. — Silver Standard Resources Inc. (Nasdaq SmallCap — SSRI; TSX Venture — SSO; Berlin — 858840) and Pan American Silver Corp. (Nasdaq — PAAS; TSX — PAA) are pleased to report further high-grade drilling results from their jointly owned Manantial Espejo silver-gold property in the Santa Cruz province of Argentina. Silver Standard is managing the 6,000-meter core-drilling program (Ken McNaughton, P.Eng., V.P., Exploration, Silver Standard, Qualified Person), which is expected to result in an updated pre-feasibility study in 2003. Manantial Espejo is a 257.2 km 2 (99.3 square-mile) project that includes mineral and surface rights to 20 kilometres (12.4 miles) of the mineralized trend that contains the Maria, Marta and Melissa veins.
This release covers results from 3,170 meters of drilling in 21 holes. Assays are complete for 13 holes in the Maria vein area, which were located to infill previous drilling to 25-meter spacing (from 50 meters) over a strike length of 700 meters.
The best hole in this area in the current program (T-319 at Line 325W) intersected three zones of mineralization. The highlight of the three zones was 16.2 meters grading 17.4 grams of gold per tonne and 409.4 grams of silver per tonne (53.1 feet of 0.51 ounces of gold per ton and 11.9 ounces of silver per ton) and included 4.8 meters of 47.9 grams of gold per tonne and 1,075.6 grams of silver per tonne (15.7 feet of 1.39 ounces of gold per ton and 31.4 ounces of silver per ton).
T-309 (Line 625W) contained an intercept of 14.6 meters grading 8.6 grams of gold per tonne and 115.5 grams of silver per tonne (47.9 feet of 0.25 ounces of gold per ton and 3.11 ounces of silver per ton) and a second intercept of 5.6 meters of 5.6 grams of gold per tonne and 965.8 grams of silver per tonne (18.11 feet of 0.16 ounces of gold per ton and 28.2 ounces of silver per ton).
These values confirm the continuity of the vein by comparing favorably in grade and thickness to results of drilling on adjacent sections. The Maria vein has been traced on surface for a strike length of at least 2,000 meters. Several widely-spaced step-out holes tested areas with limited surface trenching but no recent drilling. These include T-311 (at Line 1200W) and T-312 (at Line 1000W) which were both mineralized and will require further drilling to assess the extent and grade of resources in this largely untested extension of known mineralization. A new map showing locations of drill holes summarized in this release can be found at www.silver-standard.com or www.panamericansilver.com.
In addition, assays were received for three more holes targeting the Melissa vein, located about 700 meters due east of Maria, where previous drilling intersected bonanza-grade silver and gold values. The best results were from T-313 that intersected 13.6 meters grading 0.48 grams of gold per tonne and 191.2 grams of silver per tonne (44.6 feet grading 0.013 ounces of gold per ton and 5.6 ounces of silver per ton). Within this interval was a 4.9 meter section that assayed 0.84 grams of gold per tonne and 380.7 grams of silver per tonne (16.1 feet grading 0.024 ounces of gold per ton and 4.1 ounces of silver per ton). Similar values over narrower widths were intersected in T-314.
Sufficient drilling has now been completed on the silver-dominant Melissa vein to complete a resource calculation, adding this zone to three other vein systems (Maria, Karina/Union and Concepción) on which
1180-999 WEST HASTINGS STREET, VANCOUVER, BC V6C 2W2 . TEL 604.689.3846 FAX 604.689.3847
www.silver-standard.com
1500-625 HOWE STREET, VANCOUVER, BC V6C 2T6 . TEL 604.684.1175 FAX 604.684.0147
www.panamericansilver.com
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resources have been outlined on the Manantial Espejo project. The Melissa vein is a high-grade vein-type deposit open at depth. There are other mineralized trends on the large property package that require further exploration.
The drill program had three primary objectives: (1) infill drilling of the Maria vein where approximately 70 percent of total precious metals resources have been outlined on the property to date; (2) definition of the geometry of the Melissa vein where very high-grade silver-gold values have been intersected in earlier drilling programs; and (3) extension and exploration drilling of nearby vein targets on this large, well-mineralized property. Silver and gold mineralization at Manantial Espejo occurs predominantly as sulfides and electrum in low sulfidation quartz-adularia veins and stockworks hosted in Jurassic igneous rock.
Assay results were also received from five shallow holes drilled on the Marta and Ayelen veins. This drilling confirmed the presence of mineralization over narrow intervals and further work is needed to outline resources in these nearby vein systems. Drilling is now complete and further results will be reported as assays are received.
Silver Standard is a significant silver resource company with projects in Australia, Argentina, Chile, Mexico, the United States and Canada. With approximately US$10.8 million in cash, Silver Standard is actively advancing its portfolio with drill programs under way at Bowdens in Australia and Manantial Espejo in Argentina.
Pan American Silver is North America’s purest large silver producer with three mines, two development projects, and multiple exploration projects in Peru, Mexico, Bolivia and Argentina.
- 30 -
For further information, contact:
| Silver Standard Robert A. Quartermain, President, (604) 689-3846 or Paul LaFontaine, Director, Investor Relations NA toll-free: (888) 338-0046 Direct: (604) 484-8212 E-Mail: invest@silverstandard.com |
Pan American Silver Ross J. Beaty, Chairman and CEO or Rosie Moore, VP Corp. Relations, (604) 684-1175 E-mail: info@panamericansilver.com |
*SUMMARY OF SELECTED MANANTIAL ESPEJO DRILLING RESULTS — January 2003
| Location | Dip/ | From | To | Interval | Gold | Gold | Silver | Silver | ||||||||||||||||||||||||||||
| Hole No. | (UTM) | Azimuth | (meters) | (meters) | (meters) | (g/tonne) | (oz./ton) | (g/tonne) | (oz./ton) | |||||||||||||||||||||||||||
Maria Vein |
||||||||||||||||||||||||||||||||||||
T-303 |
4594152N | -60°/ | 98.5 | 102.1 | 3.7 | 0.4 | Trace | 74.2 | 2.2 | |||||||||||||||||||||||||||
| 2462242E | 31° | |||||||||||||||||||||||||||||||||||
| 137.5 | 146.0 | 8.5 | 5.63 | 0.16 | 66.1 | 1.9 | ||||||||||||||||||||||||||||||
| 151.0 | 156.0 | 5.0 | 35.30 | 1.03 | 242.1 | 7.1 | ||||||||||||||||||||||||||||||
T-304 |
4594196N | -60°/ | 71.0 | 82.0 | 4.0 | 3.05 | 0.09 | 97.1 | 2.8 | |||||||||||||||||||||||||||
| 2462268E | 30° | |||||||||||||||||||||||||||||||||||
| incl | 98.5 | 101.3 | 2.8 | 18.37 | 0.54 | 410.8 | 12.0 | |||||||||||||||||||||||||||||
T-305 |
4594248N | -60°/ | 52.9 | 54.4 | 1.5 | 0.86 | 0.03 | 282.5 | 8.2 | |||||||||||||||||||||||||||
| 2462299E | 31° | |||||||||||||||||||||||||||||||||||
| incl | 61.9 | 64.0 | 2.1 | 2.25 | 0.07 | 116.2 | 3.4 | |||||||||||||||||||||||||||||
T-306 |
4594257N | -60°/ | 29.9 | 47.3 | 17.4 | 2.11 | 0.06 | 129.8 | 3.8 | |||||||||||||||||||||||||||
| 2461730E | 31° | |||||||||||||||||||||||||||||||||||
| incl | 38.3 | 47.3 | 9.0 | 3.81 | 0.11 | 186.4 | 5.4 | |||||||||||||||||||||||||||||
T-307 |
4594512N | -60°/ | 71.0 | 72.4 | 1.4 | 0.09 | Trace | 77.0 | 2.2 | |||||||||||||||||||||||||||
| 2461730E | 30° | |||||||||||||||||||||||||||||||||||
T-308 |
4594557N | -60°/ | 36.0 | 40.6 | 4.6 | 0.05 | Trace | 298.1 | 8.7 | |||||||||||||||||||||||||||
| 2461755E | 30° | |||||||||||||||||||||||||||||||||||
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| Location | Dip/ | From | To | Interval | Gold | Gold | Silver | Silver | ||||||||||||||||||||||||||||
| Hole No. | (UTM) | Azimuth | (meters) | (meters) | (meters) | (g/tonne) | (oz./ton) | (g/tonne) | (oz./ton) | |||||||||||||||||||||||||||
T-309 |
4594372N | -60°/ | 116.7 | 131.3 | 14.6 | 8.60 | 0.25 | 115.5 | 3.4 | |||||||||||||||||||||||||||
| 2461851E | 32° | |||||||||||||||||||||||||||||||||||
| 136.0 | 141.6 | 5.6 | 5.60 | 0.16 | 965.8 | 28.2 | ||||||||||||||||||||||||||||||
T-310 |
4594495N | -60°/ | 104.5 | 108.4 | 5.0 | 2.90 | 0.08 | 331.2 | 9.7 | |||||||||||||||||||||||||||
| 2461875E | 32° | |||||||||||||||||||||||||||||||||||
T-311 |
4594487N | -60°/ | 99.2 | 102.5 | 3.3 | 0.05 | Trace | 113.9 | 3.3 | |||||||||||||||||||||||||||
| 2461413E | 10.5° | |||||||||||||||||||||||||||||||||||
T-312 |
4594526N | -60°/ | 60.4 | 71.0 | 10.6 | 0.05 | Trace | 161.9 | 4.7 | |||||||||||||||||||||||||||
| 2461635E | 0° | |||||||||||||||||||||||||||||||||||
T-316 |
4594355N | -60°/ | 106.55 | 122.9 | 16.35 | 0.11 | Trace | 88.5 | 2.6 | |||||||||||||||||||||||||||
| 2461898E | 31° | |||||||||||||||||||||||||||||||||||
| 138.6 | 140.45 | 1.85 | 17.01 | 0.50 | 53.1 | 1.5 | ||||||||||||||||||||||||||||||
T-317 |
4594383N | -60°/ | 119.8 | 126.6 | 6.8 | 1.81 | 0.05 | 220.5 | 6.4 | |||||||||||||||||||||||||||
| 2461914E | 31° | |||||||||||||||||||||||||||||||||||
| incl | 123.7 | 125.5 | 1.8 | 4.87 | 0.14 | 598.4 | 17.5 | |||||||||||||||||||||||||||||
T-318 |
4594201N | -60°/ | 133.75 | 137.0 | 3.25 | 1.13 | 0.03 | 119.7 | 3.5 | |||||||||||||||||||||||||||
| 2462097E | 30° | |||||||||||||||||||||||||||||||||||
| 145.7 | 146.9 | 1.2 | 8.67 | 0.25 | 291.7 | 8.5 | ||||||||||||||||||||||||||||||
| 165.0 | 173.43 | 8.43 | 1.05 | 0.03 | 164.8 | 4.8 | ||||||||||||||||||||||||||||||
| incl | 166.7 | 172.7 | 6.0 | 1.09 | 0.03 | 205.3 | 5.6 | |||||||||||||||||||||||||||||
T-319 |
4594226N | -60°/ | 103.85 | 107.0 | 3.15 | 8.91 | 0.26 | 81.5 | 2.4 | |||||||||||||||||||||||||||
| 2462112E | 32.5° | |||||||||||||||||||||||||||||||||||
| 124.9 | 129.75 | 4.9 | 0.12 | Trace | 110.0 | 3.2 | ||||||||||||||||||||||||||||||
| 139.8 | 156.0 | 16.2 | 17.41 | 0.51 | 409.4 | 11.9 | ||||||||||||||||||||||||||||||
| incl | 144.55 | 149.35 | 4.8 | 47.9 | 1.39 | 1,075.6 | 31.4 | |||||||||||||||||||||||||||||
Melissa Vein |
||||||||||||||||||||||||||||||||||||
T-313 |
4594231N | -60°/ | 171.4 | 185.0 | 13.6 | 0.48 | Trace | 191.2 | 5.6 | |||||||||||||||||||||||||||
| 2463274E | 180.5° | |||||||||||||||||||||||||||||||||||
| incl | 171.4 | 176.3 | 4.9 | 0.84 | 0.02 | 380.7 | 11.1 | |||||||||||||||||||||||||||||
T-314 |
4594218N | -60°/ | 151.0 | 156.1 | 5.1 | 0.98 | 0.03 | 207.9 | 6.1 | |||||||||||||||||||||||||||
| 2463222E | 180° | |||||||||||||||||||||||||||||||||||
| and | 170.4 | 172.2 | 1.8 | 2.75 | 0.08 | 407.5 | 11.9 | |||||||||||||||||||||||||||||
T-315 |
4594208N | -60°/ | 40.4 | 41.0 | 0.6 | 1.41 | 0.04 | 174.5 | 5.1 | |||||||||||||||||||||||||||
| 2463174E | 180° | |||||||||||||||||||||||||||||||||||
Marta Vein |
||||||||||||||||||||||||||||||||||||
T-298 |
4594242N | -60°/ | 42.8 | 43.1 | 0.25 | 2.14 | 0.06 | 97.0 | 2.8 | |||||||||||||||||||||||||||
| 2463060E | 16° | |||||||||||||||||||||||||||||||||||
T-299 |
4594466N | -60°/ | 31.4 | 40.5 | 9.1 | 0.07 | Trace | 41.7 | 1.2 | |||||||||||||||||||||||||||
| 2462412E | 345° | |||||||||||||||||||||||||||||||||||
T-300 |
4594438N | -60°/ | 67.9 | 68.3 | 0.4 | 4.51 | 0.13 | 719.1 | 21.0 | |||||||||||||||||||||||||||
| 2462420E | 345° | |||||||||||||||||||||||||||||||||||
Ayelen Vein |
||||||||||||||||||||||||||||||||||||
T-301 |
4593176N | -60°/ | 15.3 | 15.7 | 0.4 | 1.68 | 0.05 | 193.1 | 5.6 | |||||||||||||||||||||||||||
| 2463594N | 0.5° | |||||||||||||||||||||||||||||||||||
T-302 |
4593125N | -60°/ | No significant values | |||||||||||||||||||||||||||||||||
| 2463597E | 0° | |||||||||||||||||||||||||||||||||||
| * | All assays are fire assays and were performed by ALS Chemex Labs, with industry standard QA/QC procedures. |
CAUTIONARY NOTE
Some of the statements in this news release are forward-looking statements,
such as estimates of future production levels, expectations regarding mine
production costs, expected trends in mineral prices and statements that
describe Pan American/Silver Standard’s future plans, objectives or goals.
Actual results and developments may differ materially from those contemplated
by these statements depending on such factors as changes in general economic
conditions and financial markets, changes in prices for silver and other
metals, technological and operational hazards in Pan American/Silver Standard’s
mining and mine development activities, uncertainties inherent in the
calculation of mineral reserves, mineral resources and metal recoveries, the
timing and availability of financing, governmental and other approvals,
political unrest or instability in countries where Pan American/Silver Standard
are active, labor relations and other risk factors listed from time to time in
Pan American’s Form 40-F and Silver Standard’s Form 20-F.
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