New Pacific Metals (TSX:NUAG, NYSE:NEWP) Corp has reported assays from the first two holes of a 13-hole drill program at the Carangas silver project in Bolivia, which showed silver-rich polymetallic mineralization starting at or near-surface continuing to depth.
The first phase program comprises around 3,000 meters (m) of diamond core drilling to test the depth extensions of the historically mined West and East Dome zones, and so far, 12 holes for 3,012m have been sunk.
Highlight drill results included an intersection of 187.7m at a grade of 101 grams per ton (g/t) silver-equivalent (AgEq). That included a length of 7.4m at 625 g/t silver-equivalent and 143.6m at 144 g/t silver-equivalent, including 26.2m at 589 g/t silver-equivalent.
New Pacific said all holes completed to date had encountered thick intervals of polymetallic mineralization.
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"While assays are pending, based on geological features and field-based, real-time, X-Ray Fluorescence analysis (utilizing a Niton XRF), drilling to date appears to have defined mineralization covering an area approximately 1,000 m long by 300 m wide and up to 200 m in depth," it added.
"Mineralization remains open in every direction including depth beyond the current drill footprint."
Six holes were completed at West Dome, three holes each were sunk at East Dome and Central Valley, while the final planned hole of this Phase I drilling will test for mineralization beneath the mineralized outcrop of lithic tuff and breccia at South Dome and the underlying surrounding fluvial sediments.
New Pacific is a Canadian exploration and development company with precious metal projects, including the flagship Silver Sand Project, the Silverstrike Project, and the Carangas Project, all of which are located in Bolivia.
Contact the writer at giles@proactiveinvestors.com