New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP) has taken a significant step toward securing the mining rights for 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 in the process of formally obtaining mining tenure, which is essential for advancing the project toward development.
The Carangas project is one of two precious metals projects in Bolivia that New Pacific is advancing. The company also holds the Silver Sand project in Potosí, which has the potential to become one of the world's largest silver mines. Carangas, located in Oruro, strengthens the company's portfolio through its scale, robust economics, and regional exploration potential. With nearly a decade of operating experience in Bolivia, New Pacific has built strong relationships with stakeholders and shareholders, which is vital for navigating the country's regulatory environment.
In addition to the contract signing, New Pacific has scheduled its approximately 30,000-metre 2026 drill program at Carangas to begin the week of Sept. 8. The program will focus on upgrading mineral resources in the silver and gold zones, with approximately 25,000 metres dedicated to resource conversion. The remaining metres will target potential extensions and new targets, aiming to expand the project's resource base. The drilling will also collect data necessary for the planned feasibility study, including metallurgical samples and geotechnical and hydrological drilling. This comprehensive approach is designed to de-risk the project and support the development of a robust mine plan.
The signing of the mining contracts and the upcoming drill program underscore New Pacific's commitment to advancing Carangas, which is expected to be a significant contributor to the company's long-term growth. The project's strong economics and regional exploration upside make it a key asset in New Pacific's portfolio. As the contracts move through the legislative approval process, the company is positioning itself to transition from exploration to development, potentially unlocking substantial value for shareholders.
New Pacific's progress in Bolivia is particularly noteworthy given the country's rich mineral endowment and the growing global demand for silver and gold. The company's focus on responsible development and community engagement has helped it gain the confidence of local authorities and stakeholders, which is critical for the successful advancement of its projects. With the Carangas project moving forward, New Pacific is well on its way to becoming a significant player in the precious metals mining sector.
For more information about New Pacific Metals and its projects, visit the company's newsroom at http://ibn.fm/NEWP.
