New Pacific reports initial resources of 670 million silver equivalent ounces at Carangas in Bolivia
|Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!|
(Kitco News) - New Pacific Metals (TSX: NUAG) (NYSE: NEWP) today reported the inaugural mineral resource estimate (MRE) for its 98%‐controlled “globally significant” Carangas silver‐gold polymetallic discovery in Bolivia.
The company said that the deposit’s initial indicated mineral resources amounted to 214.9 million tonnes containing 205.3 million ounces of silver, 1,588.2 thousand ounces of gold, 1,444.9 million pounds of lead, 2,653.7 million pounds of zinc, and 112.6 million pounds of copper; or collectively 559.8 million silver equivalent ounces.
Carangas also has the initial inferred mineral resources of 45.0 million tonnes containing 47.7 million ounces of silver, 217.7 thousand ounces of gold, 297.9 million pounds of lead, 533.7 million pounds of zinc, and 16.8 million pounds of copper; or collectively 109.8 million silver equivalent ounces.
The company said that gold mineralization remains open to the north and northeast at depth, adding that there is the potential for mineral resource growth through additional drilling campaigns.
Importantly, the company said that the project’s mineralization starts at or near surface, “potentially allowing for open-pit mining” with an average stripping ratio for the conceptual pit of approximately 1.8:1 (tonnes of waste : tonnes of mineral resource).
New Pacific also noted that below the pit constraint, substantial gold-dominant mineralization, similar in size and grade to the reported gold domain, has the potential for conversion to underground mineable resources “pending further evaluation for reasonable prospects of eventual economic extraction.”
New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia, including the company’s flagship project, the Silver Sand silver project, the company’s recently discovered Carangas silver-gold project and the company’s third project, the Silverstrike silver-gold project.
|Lithium behemoth Albemarle makes revised bid to acquire Liontown valued at US$4.3 billion|