The Vancouver-based company told shareholders it acquired a 100% interest in a Special Temporary Authorization, or ATE, on the package for a one-time payment of US$200,000 to the concession’s former owners.
The new package of six hectares will total around half of a square kilometre once it is consolidated to concessions called ‘cuadriculas’ and converted to mining administrative contract with Bolivian regulators, New Pacific said.
According to New Pacific, the new land package shows geological similarities to the Silver Sand project, with outcropping and strongly altered miocene dacitic intrusions cut by numerous northwest-striking silver mineralized structures.
Historic work on the property from the Spanish colonial era left widespread mining dumps, including those from more recent artisanal activity.
Due diligence sampling conducted by New Pacific returned silver grades ranging from tens of grams to a few hundreds of grams per ton, the firm said in a statement.
Earlier in December New Pacific reported it hit near surface silver mineralization at Silver Sand, with results from the program ranging from approximately 50 to 200 metres thick and returning average silver values from 33 to 289 grams per ton silver.
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