New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP) has taken a significant step forward in advancing its Carangas Silver-Gold Project in Bolivia by signing Administrative Mining Contracts covering the approximately 39-square-kilometre project area. The 30-year contracts were signed with the Bolivia Administrative Mining Jurisdictional Authority on Aug. 21, 2026, and will now be submitted to the Plurinational Legislative Assembly of Bolivia for ratification and approval. This procedural milestone is the next step toward formally obtaining mining tenure, a critical de-risking event for the project.
The signing of these contracts underscores New Pacific's commitment to the Carangas project, which is one of two permitting-stage precious metals projects in Bolivia. The company has been operating in Bolivia for nearly a decade and has earned stakeholder confidence through its responsible development approach. The Carangas project, located in Oruro, is seen as a key asset that strengthens the company's portfolio through its scale, robust economics, and regional exploration potential.
In conjunction with the contract signing, New Pacific announced that its approximately 30,000-metre 2026 drill program at Carangas is scheduled to begin the week of Sept. 8. The program will focus on upgrading mineral resources in the silver and gold zones, with approximately 25,000 metres dedicated to this effort. The remaining metres will target potential extensions and new targets, aiming to expand the resource base. The drilling will also collect data for the planned feasibility study, including metallurgical samples and geotechnical and hydrological drilling, which are essential for advancing the project to the next stage of development.
The Carangas project is part of New Pacific's broader strategy to develop significant precious metals assets in Bolivia. The company's Silver Sand project in Potosí has the potential to become one of the world's largest silver mines, and Carangas complements this with its silver-gold profile. The progress at Carangas is particularly noteworthy as it moves through the permitting process, with the mining contracts representing a major hurdle cleared. The ratification by the legislative assembly is a formality but is still a critical step in the process.
The announcement is significant for investors as it reduces regulatory uncertainty and signals the company's continued progress in advancing its projects. The drill program will provide updated resource estimates and technical data that will be crucial for the feasibility study, which is expected to further de-risk the project. With the mining contracts in hand, New Pacific is well-positioned to move Carangas toward development, potentially adding a new source of silver and gold production in the coming years.
For more information on New Pacific Metals and its projects, visit the company's newsroom at http://ibn.fm/NEWP. The full press release can be viewed at https://ibn.fm/bOLji.
