New Pacific drills 279.25 metres of 91 g/t silver
Drilling at The Silver Sand Project in Bolivia. A total of 55,000 meters of diamond coring drilling were completed in 195 holes, of which silver mineralization was hit in 190 holes. The holes were drilled on a grid of 50 meters spacing orienting N60°E direction at dips of 45 degrees, approximately normal to the strike and dipping of mineralized fracture zones. Source: New Pacific Metals Corp.
New Pacific Metals Corp. [NUAG-TSXV; NUPMF-OTCQX] has released assay results from the final 37 drill holes from a resource definition and discovery drill program at its 100%-owned Silver Sand Project in Potosi, Bolivia.
The company said drilling continues to return broad intervals of near-surface, structurally controlled, silver mineralization within which it has noted the occurrence of higher-grade zones.
Drilling highlights include 279.25 metres of 91 g/t silver from 4.9 metres to 284.15 metres, including 15.4 metres of 657 g/t silver from 217.55 to 232.95 metres.
On Friday, New Pacific shares rose 1.34% or $0.08 to $6.02. The shares are currently trading in a 52-week range of $1.66 and $6.99.
New Pacific Metals is a Canadian company engaged in the exploration and development of precious metal mining properties in Bolivia, Canada and China. The company’s flagship project is the Silver Sand property.
Its largest shareholders are Silvercorp Metals [SVM-TSX, NYSE American] and Pan American Silver Corp. [PAAS-TSX, NASDAQ]. Pan American recently reported US$33.7 million in investment income in the fourth quarter results, which was largely related to its 17% equity interest in New Pacific Metals.
New Pacific’s chief operating officer is Dr. Mark Cruise, the former CEO of Vancouver-based Trevali Mining Corp. [TV-TSX; TREVF-OTCQX, 4T1-Frankfurt, TV-LMA].
New Pacific recently raised $17.2 million from a bought deal offering of 4.3 million shares, priced at $4 per share. The offering was underwritten by BMO Capital Markets. The company said it will use the proceeds to advance exploration and construct an exploration camp at the Silver Sand Project, which is located approximately 4,050 metres above sea level and 25 km northeast of the world-famous Cerro Rico silver and base metal system near Potosi.
In 2019, the company said 52,604 metres of drilling in 167 boreholes was completed at Silver Sand. That brings the total amount drilled since project inception to 91,662 metres in 362 diamond drill holes. That makes Silver Sand one of the largest green-field exploration drill campaigns in Latin America during that period.
The company said the 2019 program successfully confirms mineral continuity and defines several high-grade zones on the property. It said mineralization remains open for expansion to the North and South and at depth.
New Pacific has said it hopes to announce a NI 43-101-compliant resource estimate by the end of the first quarter of 2020.
Meanwhile, the company’s exploration group is currently completing detailed geological and structural mapping and associated geochemical sampling on the wholly-owned Silver Sand North Block which is located approximately 2 km north of the Silver Sand deposit, including the recently acquired El Bronce property. The results will be utilized for subsequent target generation and initial drill testing.