New Pacific Metals (TSX:NUAG, NYSE:NEWP) Corp has announced encouraging assay results for the first drill hole from the Discovery Drill Program at the Silverstrike Project in Bolivia.
The company said the drill hole intersected broad gold mineralization starting near surface. The drill program commenced in June 2022 and to date, 2,030 metres (m) have been drilled in seven diamond drill holes. Assay results of the remaining six holes are pending.
New Pacific noted that Drill hole DSSk0001 intersected a broader interval of 195.05m - from 10.22m to 205.27m - grading 0.96 grams per tonne (g/t) gold (Au) and 6 g/t silver (Ag), including an interval of 111.39m - from 12.61m to 124.00m - grading 1.54 g/t Au and 8 g/t Ag, and a higher grade near-surface sub-interval of 36.06m - from 12.61m to 48.67m - grading 3.97 g/t Au and 20 g/t Ag.
READ: New Pacific Metals ends fiscal 2022 with US$29.3 million in working capital
Hole DSSk0001 was drilled to test the continuous surface chip sampling results of 42m interval grading 1.02 g/t Au and 18 g/t Ag. The gold mineralization discovered is hosted in volcanic clastic sediments that extend to the north and north-east with fractures dipping at high angles to the east. The ignimbrite or breccia host rock for gold is similar to the company's gold discovery at the Carangas Project, the company said.
It noted that the discovery marks another milestone following New Pacific's discoveries made at Silver Sand and Carangas, underscoring the company's capability of growing shareholder value through project identification, acquisition, thorough geological study and drilling.
New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia. The company's flagship project, Silver Sand Silver, is awaiting a new Mineral Resource Estimate Update and a PEA by the end of 2022.
Contact the author at jon.hopkins@proactiveinvestors.com