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. The 30-year contracts were signed with the Bolivia Administrative Mining Jurisdictional Authority on Aug. 21, 2026, and will now be submitted to the Plurinational Legislative Assembly of Bolivia for ratification and approval. This approval is the next step toward formally obtaining mining tenure for the project.
The Carangas project is one of two permitting-stage 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. The Carangas project, located in Oruro, strengthens the company's portfolio through its scale, robust economics, and regional exploration potential.
In conjunction with the contract signing, New Pacific announced that its approximately 30,000-metre 2026 Carangas drill program is scheduled to begin the week of Sept. 8. Of this total, approximately 25,000 metres will be focused on upgrading mineral resources in the silver and gold zones, while the balance will target potential extensions and new targets. The program will also gather data for the planned feasibility study, including metallurgical samples and geotechnical and hydrological drilling.
The signing of the contracts and the upcoming drill program mark important milestones for the Carangas project. The 30-year contracts provide long-term security for the project's development, and the drill program is designed to expand and upgrade the resource base, which could enhance the project's economic viability. The data collected will be crucial for the feasibility study, which is a key step toward potential mine development.
New Pacific has nearly a decade of operating experience in Bolivia, which has earned the confidence of its stakeholders and shareholders. The company's focus on advancing its projects in the country positions it to potentially become a significant player in the global silver and gold mining industry.
For more information on the press release, visit https://ibn.fm/bOLji. The latest news and updates relating to NEWP are available in the company's newsroom at http://ibn.fm/NEWP.
