New Pacific Metals (TSX:NUAG, NYSE:NEWP), the Bolivia-focused explorer, told investors it ended its third fiscal quarter with working capital of US$34.7 million, enough to advance its Silver Sand and Carangas assets, as well as other regional exploration.
Presenting results for the three and nine months to March 31, 2022, the company said third quarter highlights included assay results from the 2021-2022 drilling program at the Silver Sand Project.
He also noted that he had reported assay results from 25 drill holes from the discovery drilling program completed in 2021 on the Carangas silver-gold project.
READ: New Pacific reports impressive assay results from 2021-2022 drilling programs at its flagship Silver Sand project in Bolivia
At Silver Sand, New Pacific said 2021 drilling programs include structural orientation drilling, step-out and infill drilling as well as exploration drilling. Assay results from 55 holes completed in 2021 and results from 13 holes of 48 holes at 10,520 meters (m) completed during the quarter from the 2022 drill program have been received, he said. added.
The company said the objective of the infill resource drilling is to improve confidence in the continuity of mineralization in the central Silver Sand area and to improve resource categories, and that the milestone drilling is to test the extension of the main mineralized zones upwards. and down dip as well as on strike. A total of 10,520m in 48 holes have been completed, for which assay results from 13 holes have been received.
At Carangas, the company said all drill holes with assay results intersected silver-rich polymetallic mineralization near surface, with some deep holes intersecting a broad zone of gold mineralization below.
A total of 13,209m was drilled in 35 holes as part of the 2021 discovery drilling program, defining a mineralized zone approximately 1,000m long by 700m wide and up to 400m deep.
Following the success of the 2021 discovery drilling program at Carangas, New Pacific said it commenced a 2022 resource definition drilling program during the quarter with an initial planned footage of 30,000m which could be expanded to 40,000m. m or more if current drilling results continue to be encouraging.
Finally, on its Silverstrike project, New Pacific said its exploration team completed reconnaissance and detailed mapping and sampling programs on the northern portion of the project in 2020. Results to date indicate potential for Good to excellent exploration for hosting narrow, high-grade, near-surface wide zones of silver mineralization.
The company said it plans a discovery drilling program in 2022 to test the northern and central areas of the project.
For the three months to March 31, 2022, the company recorded a net loss of approximately US$1.41 million, narrower than a loss of US$1.7 million in the corresponding period of 2021.
For the nine months ended March 31, 2022, net loss was US$4.08 million, compared to a net loss of US$4.59 million for the nine months ended March 31, 2020.
New Pacific is a Canadian exploration and development company with precious metals projects, including its flagship Silver Sand Project, Silverstrike Project and Carangas Project, all in Bolivia.
The Company is focused on advancing the development of Silver Sand while increasing its resources through exploration and the acquisition of properties in the Americas.
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