New Pacific Metals Co (TSX: NUAG) has identified new gold and silver intersections in assay results of the last 29 drill holes from the 2022 drill programme at its Carangas Silver-Gold Project, Oruro Department, Bolivia.
Of the 29 latest holes, ten are deep holes which were drilled in different directions towards the Central Valley to define the limit of the gold mineralization system at depth. Drill results indicate the gold system is open to the north and north-east directions with these targets currently being drill tested as part of the company’s Q1 2023 drill programme.
The remaining 19 holes are shallow and were drilled to define the near surface silver mineralization. All nineteen holes intersected silver mineralization.
In addition to the drilling activities, results of an expanded 3D Bipole-Dipole IP-MT survey program completed in January 2023 have been received, showing multiple chargeability anomalies outside the current area of drilling. These new chargeability anomalies display a similar geophysical signature to those of the known silver-gold system and will be drill tested in future drilling campaigns.
Update on Q1 2023 Resource Drill Programme
The company’s 2023 15,000m drill programmr at Carangas is close to being completed. The results from this drill programme, together with the results from 2021 and 2022 drilling, will be used to estimate an inaugural mineral resource to be completed in the second quarter of 2023.
Expanded IP Survey Programme
A pilot 3D Bipole-Dipole IP-MT survey programme was completed in the drilled area of West Dome-Central Valley-East Dome in September 2022 revealing that the blind gold mineralization system at the Central Valley overlays the strongest chargeability anomaly under the young sediments of the Central Valley.
Encouraged by the success of the pilot 3D Bipole-Dipole IP-MT survey programme, an expanded 3D Bipole-Dipole IP-MT survey programme was carried out at Carangas by Southern Rock Geophysics S.A. of Chile from November 2022 to January 2023. This expanded IP program covers the entire Carangas Basin of 29sq. km, which is mostly covered by young sediments.
Multiple high chargeability anomalies with a similar signature to that of the Central Velley were identified in the expanded area outside of the drilled area.
These new anomalies generally have weak or no chargeability response near surface, but high chargeability starts to show from 200m depth to more than 800m depth from surface. These deep high chargeability anomalies may be related to sulphide mineralization at depth, which may be related to rhyolite intrusive bodies, like those seen in the Central Valley. These anomalies, such as those to the north of the Central Valley, will be drill targets in future exploration programmes.
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