New Pacific Metals (TSX:NUAG, NYSE:NEWP) Corp said it has commenced a 6,000-metre (m), one-rig drill program at the Silverstrike project in Bolivia targeting a broad gold zone identified by the company and historical drilling.
The company has previously identified near-surface broad zones of silver mineralized in altered sandstones to the north, with similarities to New Pacific’s Silver Sand project located 450 kilometres northwest of the Silverstrike project.
New Pacific said it has also identified a near-surface broad silver zone that occurs near the top of a 900 m diameter volcanic dome of ignimbrite units with the intrusion of rhyolite dyke swarm and andesite flows and a broad gold zone occurs halfway from the top of the dome in the Silverstrike Central area.
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“Based on the company's field mapping, chipping sample and limited historical drilling results, the company interprets the gold zone as very similar to the gold discovery in the Carangas Project that the silver-rich zone sits at the top of the system stacking on top of the gold mineralization in volcaniclastic sediments that intruded by rhyolitic porphyry dyke swarms,” New Pacific said in a statement.
The company has a 98% interest in the project with its Bolivian partner and said that it will cover 100% of the future expenditures on exploration, mining, development, and production activities.
New Pacific Metals (TSX:NUAG, NYSE:NEWP) is a Canadian mining company exploring and developing silver and gold deposits in Bolivia.
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