New Pacific Metals (TSX:NUAG, NYSE:NEWP) Corp has told investors it ended fiscal 2022 with US$29.3 million in working capital, which is enough to advance its current and regional exploration activities.
Reporting results for the three months and year to June 30, 2022, the resource group noted that much drilling had been undertaken in the year gone.
It also said it continues to advance the preliminary economic assessment (PEA) study for its flagship Silver Sand project in Bolivia, which is expected to be completed by the end of the year and will include a resource estimate.
This year saw the completion of the 2021 drill program of 13,313.7 metres (m) in 55 holes at Silver Sand, with all assays received. In the 2022 program, 21,309m in 94 holes have been sunk at the project, with assays for 35 holes received.
READ: New Pacific Metals reports assay results for another seven drill holes of the 2022 drill program at the Carangas Silver-Gold Project
At the Carangas silver-gold asset, a total of 21,980m in 43 drill holes have been completed so far in 2022. Assay results from 12 holes so far continue to show near-surface silver horizons stacking over a broad bulk of gold mineralization.
Other highlights of fiscal 2022, included the start of a 6,000m initial discovery drill program at the Silverstrike project and a 2,000m initial discovery drill program at the Jisas prospect - a satellite concession located in the north block of Silver Sand.
For the three months to June 30, 2022, New Pacific Metal's net loss attributable to equity holders came in at US$2.34 million compared to a loss of US$1.97 million in the year-earlier period. For the 12 months to end-June 2022, the net loss was US$6.42 million, down from a net loss of US$6.57 million in fiscal 2021.
Contact the author at giles@proactiveinvestors.com