New Pacific Metals Corp. (TSX:NUAG) (NYSEAMERICAN:NEWP) said its Bolivian joint venture partner has received the exploration licenses and environmental permits required to commence multi-disciplinary exploration activities at its Carangas silver project in Bolivia.
The Phase I drill program at the project is expected to commence shortly after the company received exploration licenses, environmental permits, and community approvals for exploration at the project, which is situated in Bolivia’s Oruro Department.
Carangas is one of two regional exploration initiatives New Pacific is exploring in Bolivia in addition to its flagship Silver Sand project. The other is the Silverstrike project. New Pacific recently said the acquisition of Carangas cemented its first-mover status in an under-explored silver district.
READ: New Pacific Metals acquires 98% stake in the Carangas silver project in Oruro Department, Bolivia
At Carangas, New Pacific has identified and prioritized four drill target areas for bulk tonnage and high-grade silver mineralization and will commence an initial 5,000 metre discovery drill program with support facilities on site.
“Contingent on results, we will evaluate further exploration work at the Project,” New Pacific CEO Dr. Mark Cruise said in a statement. “We look forward to providing updates on the progress of the drill program.”
The two exploration licenses are valid for five years and can be renewed upon expiry. They allow a wide variety of early to advanced-stage exploration activities including drilling, underground development, geological mapping, geochemical sampling, and geophysical surveying.
An exploration license gives the holder the preferential right to request and enter into an Administrative Mining Contract with the Jurisdictional Mining Administrative Authority in Bolivia.
“We are well-funded to continue executing on our strategy, including the completion of the Silver Sand Project PEA, exploration work at our properties and continued project generation efforts, all of which are geared toward creating shareholder value,” Cruise added.
Contact the author: stephen.gunnion@proactiveinvestors.com