New Pacific Metals Corp (CVE:NUAG) has announced that, as of March 31, 2021, it had working capital of C$59.98 million.
The company said the financial runway is sufficient to advance its flagship Silver Sand Project in Bolivia and regional exploration initiatives, including the Silverstrike Project and the Carangas Silver Project.
New Pacific also noted that the Silver Sand Preliminary Economic Analysis (PEA) continues to advance with approximately 65% completed as of March 31 and an initial discovery drill program at Carangas is planned for 2021.
READ: New Pacific Metals acquires 98% stake in the Carangas silver project in Oruro Department, Bolivia
The company recently acquired a 98% interest in Carangas. Under the agreement, New Pacific is required to cover 100% of the future expenditures on exploration, mining, development, and production activities. The agreement has a term of 30 years and is renewable for an additional 15 years.
"I am pleased with the work our team has accomplished during the quarter as we advanced the Silver Sand project PEA,” New Pacific CEO Mark Cruise said in a statement.
“Simultaneously, our project generation team continues to assess opportunities as we continue to take advantage of our first-mover status in the country. This work led to the acquisition of the Carangas Silver Project in April 2021, where we have identified the potential for near-surface bulk tonnage mineralization as well as high-grade mineralization at relatively shallow depths.”
Cruise added: “We look forward to commencing a drill program this year to test our prioritized targets. With the addition of a third project to our portfolio, we are well-positioned to continue to deliver shareholder value."
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