New Pacific Metals (TSX:NUAG, NYSE:NEWP) Inc, the Bolivia-focused explorer, told investors it ended its second fiscal quarter with working capital of $38.1 million, enough to advance its Silver Sand and Carangas assets, as well as other regional explorations.
Reporting results for the three and six months to Dec. 31, 2021, the company said among the highlights of the second quarter were that it completed an initial discovery drilling program at the Carangas project and received the Silver Sand metallurgical test results.
He also noted that after the end of the quarter, the company announced the resignation of Dr. Mark Cruise as CEO and director and that Dr. Rui Feng was named CEO. Feng is the founder of New Pacific and served as CEO until April 27, 2020.
READ: New Pacific Metals announces appointment of CEO and new chairman of the board
The initial discovery drilling program at Carangas saw two phases for a total of 13,209 meters (m) drilled in 35 holes, which defined a mineralized zone of approximately 1,000m by 700m and up to 400m from depth.
Meanwhile, metallurgical test results for Silver Sand had identified a heap leach process as the preferred processing method, which achieves 80% silver recovery and significantly reduces project risk.
For the three months to December 31, 2021, the company recorded a net loss of approximately US$1.3 million, compared to a loss of US$1.7 million in the corresponding period in 2020.
For the six months ended December 31, 2021, the net loss was approximately US$2.6 million, compared to a net loss of approximately US$2.9 million for the six months ended December 31, 2020.
New Pacific is a Canadian exploration and development company with precious metals projects, including its flagship Silver Sand Project, Silverstrike Project and Carangas Project, all in Bolivia.
The Company is focused on advancing the development of Silver Sand, while increasing its resources through exploration and the acquisition of properties in the Americas.
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