New Pacific Metals acquires 98% stake in the Carangas silver project in Oruro Department, Bolivia

New Pacific Metals Corp (TSE:NUAG) (OTCMKTS:NUPMF) (FRA:3N7A) revealed it will acquire a 98% stake in the Carangas silver project in the Oruro Department of Bolivia, which, the company says, cements its first mover status in an under-explored silver district.  The explorer has inked a deal with a private Bolivian company over the purchase and a 5,000 metres (m) discovery diamond drill program is planned for this year upon receipt of a permit.  READ: New Pacific Metals ends 4Q with nearly C$63M in working capital to advance Bolivian silver projects New Pacific will cover all future exploration, mining and development costs and production activities. The agreement has a 30-year term and is renewable for a further 15. "The addition of the Carangas project fits well with the company's strategy to become a premier Latin American focused precious metal explorer and developer," said Dr Mark Cruise, CEO of New Pacific. "Initial field work, including target generation, positions us well for a successful drill program and complements our planned exploration programs at our Silverstrike project, in addition to the advanced exploration and development studies currently in progress on our flagship Silver Sand project." Carangas comprises two exploration concessions totaling 6.25 square kilometres (sq km) and the project sits within the South American epithermal belt, which hosts large precious metal deposits and operations in neighboring countries but remains under-explored in Bolivia. The property, which is not actively mined today, hosts two separate domes known as West and East Domes, which are dissected by a series of laterally extensive, steeply dipping to sub-vertical, extensional fault and fracture zones. The company believes there is potential for near surface bulk tonnage mineralization and high-grade mineralization at relatively shallow depths. Mining is thought to have started there in the 16th century and continued intermittently until the early 20th century. A drill program in 2000 included a highlight of 76m at an average grade of 90 g/t silver, 0.96% lead, and 0.12% zinc (from 0m to 76m downhole). New Pacific's own due diligence sampling included 30m at an average grade of 101 g/t silver, 15m at an average grade of 252 g/t silver, and 8m at an average grade of 512 g/t silver. The company's flagship project is Silver Sand, which is in the Potosi Department of Bolivia. It also has the Silverstrike project, in the La Paz Department of Bolivia and the Carangas project in the Oruro Department. The aim is to advance Silver Sand, while growing resources through the exploration and acquisition of properties in the Americas. Contact the author at giles@proactiveinvestors.com