New Pacific Metals (TSX:NUAG, NYSE:NEWP), the Bolivia-focused explorer, has told investors that it ended its fiscal third quarter with US$34.7 million in working capital, sufficient to advance its Silver Sand and Carangas assets, along with other regional exploration.
Reporting results for the three and nine months to March 31, 2022, the company said highlights of the third quarter included assay results of the 2021-2022 drill program at the Silver Sand project.
It also noted that it reported assay results of 25 drill holes from the discovery drill program completed in 2021 at the Carangas silver-gold project.
READ: New Pacific reports impressive assay results from 2021-2022 drill programs at its flagship Silver Sand project in Bolivia
At Silver Sand, New Pacific said the 2021 drill programs comprised structural orientation drilling, step-out and infill drilling as well as exploration drilling. Assay results of all 55 holes completed in 2021 and results of 13 holes from 48 holes in 10,520 metres (m) completed during the quarter under the 2022 drill program have been received, it added.
The company said the aim of the resource infill drilling is to improve the confidence in the continuity of mineralization in the core area of Silver Sand and to upgrade resource categories, and the step-out drilling is to test the extension of the major mineralized zones up and down dip as well as on strike. A total of 10,520 m in 48 holes were completed, for which assay results of 13 holes have been received.
At Carangas, the company said all drill holes with assay results intersected silver-rich polymetallic mineralization near surface with some deep holes intersecting a wide zone of gold mineralization below.
Total drilling of 13,209m was completed in 35 holes under the 2021 discovery drill program, defining a mineralized area of approximately 1,000m long by 700m wide and up to 400m in depth.
Following the success of the 2021 discovery drill program at Carangas, New Pacific said it has commenced a 2022 resource definition drill program during the quarter with initial planned meterage of 30,000m which could be extended to 40,000m or more if ongoing drill results continue to be encouraging.
Finally, at its Silverstrike project, New Pacific said its exploration team completed reconnaissance and detailed mapping and sampling programs on the northern portion of the project during 2020. The results to date indicate good to excellent exploration potential for hosting narrow, high-grade, near-surface broad zones of silver mineralization.
The company said it is planning a discovery drill program in 2022 to test the northern and central areas of the project.
For the three months to March 31, 2022, the company posted a net loss of around US$1.41 million, narrower than a loss of US$1.7 million in the corresponding period of 2021.
For the nine months to March 31, 2022, the net loss was US$4.08 million, compared to a net loss of US$4.59 million for the nine months ended March 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 author at stephen.gunnion@proactiveinvestors.com