New Pacific Metals’ (TSX:NUAG) Founder and CEO, Dr Rui Feng, spoke to The Market Herald’s Brieanna McCutcheon at PDAC 2022 about the start of drilling at its Silverstrike Project in Bolivia.
The company is testing broad gold zones through a planned 6,000 m program. A standout channel chip sample in the area came in at 4.7 m, grading 14.76 g/t gold and 27 g/t silver.
An additional company highlight includes a recent intercept from ongoing exploration at its Carangas Project of 596.7 m grading 1.3 g/t gold from a new discovery. Four drill rigs are on-site testing a shallow silver horizon and gold at depth over a 40,000 m program.
Challenges that are top of mind for New Pacific include educating the international investment community about Bolivia’s underexplored mineral riches, as well as minimizing uncertainty and stigma about its politically unstable past.
The company’s most significant opportunity is exploring Bolivia’s gold and copper resources found underneath the silver and tin the country is known for.
Feng is bullish on metals into the future but highlights how New Pacific is financially conservative with US$36M in cash on hand, which is enough to continue its programs for two years even in a down market.