New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP) has announced a major milestone for its Carangas Silver-Gold Project in Bolivia. The company signed Administrative Mining Contracts covering the approximately 39-square-kilometre project with the Bolivia Administrative Mining Jurisdictional Authority on Aug. 21, 2026. These 30-year contracts are now set to be submitted to the Plurinational Legislative Assembly of Bolivia for ratification and approval, a crucial step toward formally obtaining mining tenure.
The significance of this development cannot be overstated. Securing mining contracts is a vital component for any mining project's advancement, as it provides the legal framework and security needed for long-term investment and development. For New Pacific, this moves Carangas closer to becoming a producing mine, adding to the company's portfolio of Bolivian precious metals projects.
In conjunction with the contract signing, New Pacific has scheduled its approximately 30,000-metre 2026 Carangas drill program to begin the week of Sept. 8. About 25,000 metres of this drilling will focus on upgrading mineral resources in the silver and gold zones, with the remaining 5,000 metres targeting potential extensions and new exploration targets. The program will also collect crucial data for the planned feasibility study, including metallurgical samples and geotechnical and hydrological drilling.
This drill program is designed to not only expand the resource base but also to provide the necessary technical information to advance the project to the next stage of development. The feasibility study will be a key document for potential investors and partners, demonstrating the economic viability of the project.
New Pacific Metals is a Canadian exploration and development company with a focus on Bolivia. The company's Silver Sand project in Potosí has the potential to become one of the world's largest silver mines, and the Carangas project in Oruro adds scale and robust economics, as well as regional exploration potential. With nearly a decade of operating experience in Bolivia, New Pacific has established strong relationships with stakeholders and shareholders.
The ratification of these contracts by the Bolivian legislative assembly is the next hurdle. While the process can be lengthy, the signing represents a positive step. If approved, New Pacific will have the secure tenure needed to proceed with the project's development. The company is also progressing with its drill program, which will provide valuable data to support the feasibility study and ultimately a production decision.
Investors and industry observers will be watching closely as New Pacific advances Carangas. The combination of a secure mining contract and an aggressive drill program underscores the company's commitment to developing this high-potential silver-gold project. For more information on New Pacific Metals, visit their newsroom at http://ibn.fm/NEWP.
