New Pacific Metals (TSX:NUAG, NYSE:NEWP) has unearthed further gold and silver mineralization from its 2022 campaign at the Carangas silver-gold project in Bolivia.
The company told investors that latest assays covering six deep drill holes have helped define the extent of a gold mineralization beneath a shallow silver mineralization zone.
To date, this feature is seen to measure 1,000 metres in length, 800 metres width, and some 200 metres of thickness.
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It comes after New Pacific last month confirmed high-grade silver at Carangas, and, recently completed the 2022 resource infill and step-out drill programme at its flagship Silver Sand Project's south block
Today's highlight drill results included grades of up to 4.15 grams per tonne (g/t) gold in one section and 18 g/t in another, both from with a 591 metre interval that was measured at 1.03 g/t gold and 6g/t silver. Other highlighted assays included lead, zinc and copper grades amongst the other drill holes.
New Pacific noted it presently has five rigs running at Carangas with the drilling progressing apace – some 39,862 metres of drilling has been completed in the 2022 campaign to date, across a total of 86 holes.
Assays have so far been received for 39 of the completed holes, and, drilling operations continue until the end of the year.
Once drilling is complete, the company expects to hire an independent consultant to conduct an inaugural mineral resource estimate for the project.
Follow up testing on anomalies
In parallel with drilling the company has also conducted geophysical work, to test the geophysical signatures of known mineralization. The work successfully identified multiple chargeability anomalies, and, the company said its result reveal that holes drilled in the campaign to date overlap with one of many anomalies.
It added that several of the anomalies are seen to the north the current drilling area and they will warrant follow-up drill testing.
Detailing the geology seen in the survey, the company said: “The IP survey also showed that higher chargeability at 3600 metres elevation, approximately 350 metres below the surface, appears to perfectly coincide with the higher grade gold intercepts at that depth.”
“Previous gold intercepts seem to have hit the east half of the chargeability anomaly at 3600 metres elevation. More drill holes are planned to test the west half of this target.”
It added: “Recent geophysical results also indicate that gold mineralization is potentially related to some kind of ‘plume’ system, which differs from our previous view that the gold may be related to regional north-west structures."