New Pacific Metals (TSX:NUAG, NYSE:NEWP) Corp revealed it has kicked off a 38,000 metre (m) diamond drill program at its flagship Silver Sand project in Bolivia in a bid to expand existing resources and to support a preliminary economic assessment.
The campaign also comprises around 5,000m dedicated to testing feeder zones for the deposit, which remains open along strike and depth, and for exploration drilling at the Snake hole zone and the North Block.
Two rigs are currently turning and four are expected to be in operation by next month.
READ: New Pacific Metals commences initial discovery drill program at Carangas Silver Project in Bolivia
Silver Sand already boasts a measured and indicated (M&I) resource of 35.39 million tonnes (Mt) at a grade of 137 grams per ton (g/t) silver, which contains 155.86 million ounces (Moz) of silver.
Drilling to date has shown that the hydrothermal system remains open for expansion along strike and at depth, noted New Pacific, and around 23,500m of the drill program will be allocated to testing gaps in the current model and by drilling exploration targets adjacent to and beneath the current conceptual constrained resource.
Of that 23,500m, around 5,000m are designed to explore the project's hydrothermal system at depth, with several 1,000m long drill holes planned to test potential feeder zones.
To support the current PEA and future advanced engineering and mining studies, the firm said it will carry out around 8,000m of short-interval, orientated, mineral continuity and geotechnical, cross-style drill-sets, in three separate areas in the south and north portions of the Central Zone and within the West Zone.
Meanwhile, the Snake Hole Zone was drilled in late 2019 with highlight results of 279 g/t silver over 72.44m width, including 517 g/t silver over 32.96m intercept in one hole. Several more silver zones were hit in the first quarter of 2020.
The aim now is to better understand the size potential of these zones and to continue exploring the target along the 650m strike extent to the north. A total of 2,500m have been allocated for this phase.
Finally, at the beginning of 4Q, 2021, New Pacific plans to start the inaugural drilling of the North Block properties, which include the El Bronce, Jisas and Jardan areas. Approximately 4,000m in 18 drill holes are planned.
The geology, alteration and style of existing silver mineralization at the North Block provides compelling evidence that the Silver Sand deposit forms part of a larger regional to district-scale, silver-rich, hydrothermal system or systems whose exploration potential remains to be unlocked, noted the company.
Explorer New Pacific is focused on precious metal projects, including its flagship Silver Sand project, the Silverstrike project and the Carangas project, all of which are in Bolivia.
Contact the author at giles@proactiveinvestors.com