New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP) has taken a significant step toward developing 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 pending ratification by the Plurinational Legislative Assembly of Bolivia, a critical step in securing formal mining tenure.
This development comes as the company prepares to launch a substantial 30,000-metre drill program at Carangas, scheduled to begin the week of Sept. 8. The program will allocate roughly 25,000 metres to upgrade mineral resources in the silver and gold zones, with the remaining metres targeting potential extensions and new exploration targets. Additionally, the drilling will collect essential data for a planned feasibility study, including metallurgical samples and geotechnical and hydrological drilling information.
The Carangas project, located in the Oruro department, is one of two permitting-stage precious metals projects in Bolivia for New Pacific Metals, alongside the Silver Sand project in Potosí. The company has emphasized Carangas' potential to strengthen its portfolio through scale, robust economics, and regional exploration opportunities. With nearly a decade of operating experience in Bolivia, New Pacific has reportedly earned the confidence of stakeholders and shareholders.
The signing of the mining contracts is a pivotal milestone for the project, as it moves from the permitting phase toward formal development. The ratification by the Plurinational Legislative Assembly will be the next hurdle, and its approval would grant the company long-term security to advance the project. This is particularly important in a country like Bolivia, where mining regulations and government approvals are critical to project viability.
For the mining industry, this news underscores the ongoing interest in Bolivia's mineral wealth, especially in silver and gold. The Carangas project, if successfully developed, could contribute significantly to global silver and gold supply, given its scale. The drill program's focus on upgrading resources and supporting a feasibility study signals that the company is moving toward a production decision, which could have implications for the regional economy and the global precious metals market.
Investors and industry observers will be watching closely as the legislative ratification process unfolds and as drilling results come in. The outcome of these steps will determine the project's trajectory and its potential impact on New Pacific Metals' valuation and the broader mining sector.
For more information on New Pacific Metals, visit the company's newsroom at http://ibn.fm/NEWP. The full press release can be viewed at https://ibn.fm/bOLji.
