New Pacific Metals (TSX:NUAG, NYSE:NEWP) Corp, together with its local Bolivian partner, has announced that it has mobilised two additional drill rigs at its Carangas silver project in Bolivia as it expands the drill program at the site.
The Bolivia-focused explorer said the expanded Phase II drill program includes a total of three drill rigs and is expected to complete an additional minimum of 7,500 metres (m) of diamond drilling by the end of 2021.
“Target generation, which was carried out prior to the Phase I discovery drill program, defined a near-surface, structurally controlled, bulk tonnage, exploration target, centered on and adjacent to extensive historic workings,” the company said in a statement.
“These historic workings exploited narrow, high grade silver polymetallic veins,” it added.
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Highlights of the Phase I discovery drill program, which commenced in late June 2021 and was recently completed, include:
- 3,790m completed in 13 drill holes: All drill holes intersected thick intervals of predominantly fracture-controlled, volcanic breccia and/or dacitic tuff-hosted, polymetallic mineralization, defined by detailed geological logging and real-time, X-ray fluorescence analysis
- Assay results for the first two drill holes are consistent with the exploration thesis for bulk tonnage, high-grade silver mineralization: Results returned broad zones of silver-rich polymetallic mineralization with higher grade intervals present
- Drilling to date appears to define large, mineralized area: While assays are pending, the drill holes completed during the Phase I drill program appear to define a mineralized area approximately 1,000m long by 700m wide and up to 400m in depth
- Mineralization is open at depth: Mineralization remains open in every direction, including at depth, beyond the current drill footprint. Many drill holes were terminated in mineralization due to drill rig constraints.
Following the results from the Phase I drill program, New Pacific said Phase II will further define the extent of the large, emerging, mineralized system.
The program will comprise approximately 26 drill holes, and contingent on positive results may be expanded. Core processing facilities at the Carangas project and the technical team have been expanded accordingly, it added.
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.
The company is focused on progressing the development of the Silver Sand project while growing its mineral resources through the exploration and acquisition of properties in the Americas.
Contact the author at stephen.gunnion@proactiveinvestors.com