New Pacific Metals (TSX:NUAG, NYSE:NEWP) Inc, the Bolivia-focused explorer, has told investors that it ended its fiscal second quarter with US$38.1 million in working capitall, sufficient to advance its Silver Sand and Carangas assets, along with other regional exploration.
Reporting results for the three and six months to December 31, 2021, the company said included among highlights of the second quarter, were that it had completed an initial discovery drill program at the Carangas project and received metallurgical test results from Silver Sand.
It also noted that subsequent to quarter-end, the firm had announced the resignation of Dr Mark Cruise as CEO and director and Dr Rui Feng had been appointed as CEO. Feng is the founder of New Pacific and served as CEO until April 27, 2020.
READ: New Pacific Metals announces appointment of CEO and new chairman of the board
The initial discovery drill program at Carangas saw two phases for a total of 13,209 metres (m) sunk in 35 holes, which defined a mineralized area around 1,000m by 700m and up to 400m in depth.
Meanwhile, metallurgical test results for Silver Sand had identified a heap leach process as the preferred processing method, which achieves 80% silver recovery and significantly de-risks the project.
For the three months to December 31, 2021, the company posted a net loss of around US$1.3 million, up from a loss of US$1.7 million in the corresponding period in 2020.
For the six months to December 31, 2021, the net loss was around US$2.6 million, compared to a net loss of around US$2.9 million for the six months ended December 31, 2020.
New Pacific is a Canadian exploration and development company with precious metal projects, including its flagship Silver Sand project, the Silverstrike project and the Carangas project, all in Bolivia.
The company is focused on progressing the development of Silver Sand, while growing its resources through exploration and acquisition of properties in the Americas.
Contact the writer at giles@proactiveinvestors.com