New Pacific Metals (TSX:NUAG, NYSE:NEWP) Corp said it ended the three months to September 30, 2022, with working capital of $20.6 million, sufficient to advance the company’s existing exploration projects and other regional initiatives.
The Canadian exploration and development company said it completed the 2022 resource infill and step-out drill program at its flagship Silver Sand Project's south block with a total of 19,323 metres (m) in 86 drill holes.
The completion of the 2022 drill program has provided firm support to the project's ongoing mineral resource estimate (MRE) update and Preliminary Economic Assessment (PEA), the latter which is on track for completion by the end of this year.
For the three months ended September 30, total expenditures of $2.50 million were capitalized under the project, compared with $2.21 million in the same period a year earlier.
READ: New Pacific Metals drills high-grade gold at Silverstrike project in Bolivia
At the Carangas Silver-Gold Project, New Pacific said 76 drill holes for a total of 36,012m have been completed to date for the 2022 exploration program.
Assay results for 33 drill holes have been received, showing intersection of a broad, near-surface silver horizon measuring about 1,000m long, 800m wide, and up to 200m thick, stacked over a broad bulk gold zone.
For this project, total expenditures of $2.98 million were capitalized as at the end of September, compared with $0.55 million a year ago.
At the Silverstrike Project, the company has completed a total of 2,030m of the planned 6,000m initial discovery drill program for 2022. Assay results for the first of seven drill holes have been received, showing a broad gold intersection starting near surface.
The project's expenditures totalled $0.44 million as of end-September, against $0.001 million at the end of the same period in 2021.
New Pacific said it posted a net loss of $2.09 million for the three months ended September 30, 2022, against a loss of $1.38 million a year earlier, mainly as a result of higher operating expenses of $2.06 million compared to $1.60 million in the comparative quarter, net loss from investments of $0.04 million compared to $0.05 million in the comparative quarter, and foreign exchange gain of $0.01 million compared to $0.26 million in the comparative quarter.
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