New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP) has taken a significant step toward securing its Carangas Silver-Gold Project in Bolivia by signing 30-year Administrative Mining Contracts with the country's Administrative Mining Jurisdictional Authority. The contracts, signed on Aug. 21, 2026, cover the approximately 39-square-kilometre project area and are now headed to the Plurinational Legislative Assembly for ratification. This approval is the next critical milestone in obtaining formal mining tenure, a process that underscores the company's long-term commitment to the region.
The announcement comes as New Pacific prepares to launch its 2026 drill program at Carangas, scheduled to begin the week of Sept. 8. The program will total approximately 30,000 metres, with the majority (about 25,000 metres) focused on upgrading mineral resources in both the silver and gold zones. The remaining metres will target potential extensions and new targets, aiming to expand the project's known mineralization. Additionally, the drilling will collect essential data for the planned feasibility study, including metallurgical samples and geotechnical and hydrological drilling, which are crucial for assessing the project's economic viability.
The Carangas project is a key asset in New Pacific's portfolio, complementing its Silver Sand project in Potosí, which has the potential to become one of the world's largest silver mines. With nearly a decade of operating experience in Bolivia, New Pacific has built strong relationships with local stakeholders and shareholders, positioning itself to advance these projects through the permitting and development stages.
The signing of these contracts is a positive indicator for the company's progress in Bolivia, as it navigates the regulatory framework to secure its mining rights. The upcoming drill program will be instrumental in defining the resource base and providing the technical foundation for a feasibility study, which could ultimately lead to a production decision. This development is important for New Pacific as it seeks to unlock the value of its Bolivian assets and contribute to the global supply of silver and gold.
