New Pacific Metals Corp. [NUAG-TSX; NEWP-NYSE American] reported assay results of the first five drill holes of the 2022 drill program at the 98%-optioned Carangas silver-gold project, Oruro department, Bolivia.
So far, 16,754 metres in 31 drill holes have been completed at Carangas in 2022, of which the assay results of the first five holes are released herein. Assay results for the remaining 26 holes are pending with estimated turnaround time of up to 10 weeks after sample delivery. The assay results continue to show near surface silver horizons stacking over a broad bulk gold mineralization below.
Currently there are five drill rigs deployed at the project, of which the three larger drill rigs with capability of 1,000-metre capacity depth are focusing on both near surface silver and at deeper gold zones, while the other two smaller drill rigs are focusing on near surface silver zone only.
Highlights include Hole DCAr0039 that intersected 535.63 metres (from 162.08 m to 697.71 m) grading 1.00 g/t gold and 11 g/t silver, including a high-grade interval of 72.16 mteres grading 3.54 g/t gold and 12 g/t silver (from 450.34 m to 522.5 m). Hole DCAr0038 intersected 58.1 metres (from 10 m to 68.1 m) grading 507 g/t silver, 0.60% lead and 0.94% zinc, including a 5.17-metre bonanza interval (from 43.57 m to 48.74 m) grading 6,236 g/t silkver, 2.62% lead, 6.23% zinc and 0.42% copper.
The company has begun preliminary metallurgy tests including flotation and leaching on the mineralized materials of Carangas Project. Five composite samples from rejects of drill cores have been collected and delivered to Bureau Veritas Minerals based in Richmond, BC.
New Pacificâ€™s flagship Project, the Silver Sand Silver Project, is waiting for a new Mineral Resource Estimate Update and a PEA by the end of 2022. Recently discovered Carangas Silver-Gold Project is undergoing a 40,000-metre drill program. The third project, the Silverstrike Silver-Gold Project, begand a 6,000-metre initial test drilling program in June 2022.