New Pacific Gets Mining Contract for Flagship Silver Sand Project
New Pacific Metals Corp announced that Bolivia’s Jurisdictional Mining Administrative Authority has granted an Administrative Mining Contract for the Company’s Silver Sand Project. All required registration, notarization and publication steps to perfect the title of the AMC in favour of Empresa Minera Alcira SA, the Company’s wholly-owned Bolivian subsidiary, are complete. The AMC establishes a clear title to the Silver Sand Project mineral rights. In accordance with Bolivia’s Mining Laws, as summarized below, New Pacific submitted all required documents for the consolidation and conversion of the original seventeen ATEs that comprised the Silver Sand Project to cuadriculas and an AMC to AJAM. The AMC for the Silver Sand Project was signed with AJAM in 2020, registered and notarized before Bolivia’s National Mining Registry on June 17, 2021, and published in AJAM’s Mining Gazette on July 15, 2021.
The AMC for the Silver Sand Project, which hosts the Silver Sand deposit, covers an area of 3.17 km2. The total area under full control of the Company will be 5.42 km2 after completing the consolidation and conversion procedures for the North Block, which is comprised of three ATEs (Jisas, Jardan and El Bronce).
Exploration and mining rights in Bolivia are granted by the Ministry of Mines and Metallurgy through AJAM. A new and complete Mining and Metallurgy Law No. 535 was introduced in May, 2014. The 2014 Mining Law was modified by Law No. 845 in October, 2016. Under the Mining Law, tenure is granted as either an exploration license for early-stage projects or an AMC for development-stage project.
New Pacific is a Canadian exploration and development company with precious metal projects, including the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, while growing its Mineral Resources through the exploration and acquisition of properties in the Americas.