New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP) has taken a significant step toward advancing its Carangas Silver-Gold Project in Bolivia by signing 30-year Administrative Mining Contracts. The contracts, signed on Aug. 21, 2026, with the Bolivia Administrative Mining Jurisdictional Authority, cover the approximately 39-square-kilometre project area. They will now be submitted to the Plurinational Legislative Assembly of Bolivia for ratification and approval, a crucial next step in formally obtaining mining tenure.
The announcement marks a key milestone for New Pacific, which has been developing the Carangas project as part of its portfolio in Bolivia. The company has emphasized the project's scale, robust economics, and regional exploration potential. With near a decade of operating experience in Bolivia, New Pacific has built strong relationships with stakeholders and shareholders, which could facilitate the approval process.
In conjunction with the contract signing, New Pacific has scheduled its approximately 30,000-metre 2026 Carangas drill program to begin the week of Sept. 8. Of this total, around 25,000 metres will be dedicated to upgrading mineral resources in the silver and gold zones, while the remaining metres will target potential extensions and new exploration targets. The drill program will also gather essential data for the planned feasibility study, including metallurgical samples and geotechnical and hydrological drilling.
The Carangas project is one of two permitting-stage precious metals projects in Bolivia for New Pacific, alongside the Silver Sand project in Potosí, which has the potential to become one of the world's largest silver mines. The company's focus on advancing these projects aligns with its strategy to grow its presence in the region and capitalize on the high-grade silver and gold potential.
The signing of the mining contracts is a pivotal development for New Pacific, as it moves the Carangas project closer to production. The ratification by the Plurinational Legislative Assembly will be a critical hurdle, but the company's experience and local presence may help navigate the regulatory process. The upcoming drill program will provide valuable data to support the feasibility study, which could ultimately lead to a construction decision.
Investors and industry observers will be watching closely as New Pacific progresses through the approval and exploration phases. The company's commitment to advancing its Bolivian assets underscores the growing interest in silver and gold projects in the region. For more information on New Pacific Metals and its projects, visit the company's newsroom at http://ibn.fm/NEWP.
This development is part of a broader trend of mining companies securing long-term tenure in South America, which provides stability for large-scale investments. New Pacific's ability to secure a 30-year contract demonstrates its long-term commitment to the Carangas project and its confidence in the region's mining potential.
As the drill program commences, the results will be critical in determining the project's economic viability and future development path. The company's efforts to upgrade mineral resources and explore new targets could significantly enhance the project's value. With the support of local stakeholders and the Bolivian government, New Pacific is well-positioned to advance Carangas toward becoming a significant silver and gold producer.
