New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP) has taken a major step forward in the development of its Carangas Silver-Gold Project in Bolivia by signing 30-year Administrative Mining Contracts. The contracts, signed with the Bolivia Administrative Mining Jurisdictional Authority on Aug. 21, 2026, cover the approximately 39-square-kilometre project area and will now be submitted to the Plurinational Legislative Assembly of Bolivia for ratification and approval. This approval is the next critical step toward formally obtaining mining tenure, which is essential for advancing the project to production.
The significance of this signing cannot be overstated. It represents a de-risking milestone for New Pacific Metals, as securing long-term mining contracts provides the company with the legal framework needed to proceed with confidence. The Carangas project, located in the Oruro department, is one of two permitting stage precious metals projects in Bolivia that New Pacific is advancing, with the other being the Silver Sand project in Potosí. The company's near a decade of operating experience in Bolivia has positioned it well to navigate the regulatory landscape, and this signing underscores the trust and credibility the company has built with local authorities.
In conjunction with the contract signing, New Pacific also announced the upcoming commencement of its 2026 drill program at Carangas, scheduled to begin the week of Sept. 8. The program will total approximately 30,000 metres, with about 25,000 metres focused on upgrading mineral resources in the silver and gold zones. The remaining metres will target potential extensions and new targets, with the goal of expanding the resource base. Additionally, the drill program will gather essential data for the planned feasibility study, including metallurgical samples and geotechnical and hydrological drilling. This data will be crucial for evaluating the project's economic viability and environmental considerations.
The Carangas project is a key component of New Pacific's strategy to become a significant silver producer. The project's robust economics and regional exploration potential strengthen the company's portfolio, which already includes the Silver Sand project, considered to have the potential to become one of the world's largest silver mines. The advancement of Carangas through the permitting process is a testament to the company's commitment to responsible development and its ability to work collaboratively with the Bolivian government.
Investors and stakeholders are watching closely as New Pacific moves forward with these milestones. The signing of the mining contracts and the upcoming drill program signal tangible progress, bringing the Carangas project closer to a potential production decision. For more information on the company's latest news and updates, visit the company's newsroom at http://ibn.fm/NEWP.
