New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP) has taken a significant step forward in the development of its Carangas Silver-Gold Project in Bolivia. The company announced the signing of Administrative Mining Contracts covering the approximately 39-square-kilometre project area. These contracts, signed with the Bolivia Administrative Mining Jurisdictional Authority on Aug. 21, 2026, are valid for 30 years and will now be submitted to the Plurinational Legislative Assembly of Bolivia for ratification and approval. This is a crucial milestone as it moves the project closer to formally obtaining mining tenure.
The Carangas project, located in the Oruro department, is one of New Pacific's two key assets in Bolivia, alongside the Silver Sand project in Potosí. The company has been operating in Bolivia for nearly a decade and has established strong relationships with local stakeholders. The signing of these contracts demonstrates the company's commitment to advancing its projects through the regulatory process.
In addition to the contract signing, New Pacific provided an update on its exploration activities. The company is scheduled to begin its approximately 30,000-metre drill program at Carangas the week of Sept. 8. Of this, about 25,000 metres will be focused on upgrading mineral resources in the silver and gold zones, while the remaining metres will target potential extensions and new targets. The program will also collect data for the planned feasibility study, including metallurgical samples and geotechnical and hydrological drilling.
The Carangas project has the potential to become a significant silver and gold producer, and this drilling program is designed to further define and expand the resource base. The company's strategy is to advance the project through feasibility and permitting, positioning it for development.
New Pacific's portfolio is strengthened by the Carangas project's scale, robust economics, and regional exploration potential. The company is focused on becoming a leading silver producer, and the progress at Carangas is a key part of that vision.
Investors and stakeholders can find more information about New Pacific Metals and its projects on the company's website. The company's newsroom provides updates and developments, accessible at http://ibn.fm/NEWP.
The announcement of the mining contracts and the upcoming drill program underscore New Pacific's commitment to advancing its Bolivian assets. With the contracts now moving through the legislative approval process, the company is on track to secure the necessary tenure to move Carangas toward production.
