The 2019 drilling programme aims to infill drill to a point where an initial mineral resource estimate can be made for the Silver Sand area by the end of the year. It will also target prospects showing good silver grades from historical artisanal mining dumps to expand the mineralisation zones while also drilling nearby prospects showing similar silver mineralisation as revealed by historical artisanal mining, and generate samples for further metallurgical test work.
Grab samples of hundreds of surface dump sites and chip-samples from many artisanal mining tunnels show the silver mineralised fracture zones could extend up to an area 6km long and 2km wide.
As part of its mobilisation, New Pacific has acquired land 16km from the project area to build an exploration camp and drill core processing and storage facilities.
New Pacific has also received environmental permits from the relevant government authorities to conduct mineral exploration activities in areas surrounding the Silver Sand area that fall within the mining production contract (MPC) that it signed with state mining company Comibol in January. The MPC is still subject to ratification by the Plurinational Legislative Assembly of Bolivia.
Shares in New Pacific Metal (TSXV:NUAG) opened almost 1% higher at C$2.40 valuing the company at $318 million. Its share price has increased about 66% so far this year. Its shareholders include Silvercorp Metals and Pan American Silver.