New Pacific Metals Corp (CVE:NUAG) (OTCQX:NUPMF) (FRA:3N7A) has commenced an initial discovery drill program at the Carangas Silver Project in Bolivia.
The company said it has identified near-surface bulk-tonnage and high-grade vein-hosted silver-rich polymetallic targets centered on and adjacent to the historically exploited West and East Dome areas.
Phase I of the 5,000-metre (m) drill program will consist of about 20 drill holes for an initial 3,000m to be completed over an eight-week period. Contingent on the success of initial results, follow-up drilling will complete the budgeted 5,000m program.
READ: New Pacific Metals gets the green light to start drilling at Carangas
New Pacific said the Carangas exploration camp and support facilities are now fully operational and the Project’s Bolivian drill contractor has commenced drilling with a single diamond drill rig.
Drill core samples will be sent to ALS Global in Oruro, Bolivia for preparation and to ALS Global in Lima, Peru for geochemical analysis. The company will announce results as they become available.
“We are excited by the potential offered at the Carangas Project located on La Ruta de la Plata (the Silver Road), which hosts outcropping silver mineralization and historically exploited high-grade silver veins. We look forward to sharing the results as they become available,” said CEO Mark Cruise in a statement.
The Carangas Project consists of two exploration licenses covering an area of 6.25 square kilometers (sq km) and 100%-owned by the company’s Bolivian joint venture partner. New Pacific has entered into a mining association agreement with the Bolivian partner, under which New Pacific is required to cover 100% of the future expenditures on exploration, mining, development, and production activities in return for 98% economic interest in the Project.
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