According to the report, the deposit contains 35.4 million tons in the measured and indicated category grading at 137 grams per ton silver for a total of 155.9 million ounces of silver.
The project also has 9.8 million tons at 112 grams per ton silver for 35.6 million ounces in the inferred category.
READ: New Pacific Metals releases new drill results showing near-surface mineralization at Silver Sand
Silver Sand is one of the more significant primary silver discoveries made within the last decade, New Pacific told shareholders. Mineralization remains open at depth as well as to the north and south, with no feeder zones or source intrusions discovered to date.
Detailed drilling reveals “good mineral continuity,” the company said in a statement, giving it high confidence at a lower technical risk. The 35.4 million tons in the measured and indicated category represents around 70% of the resource estimate. As well, mineralization begins at or near the surface, making it potentially amenable to open-pit extraction, New Pacific said.
What’s more, the resource estimate does not include the recently discovered Snake Hole zone, where drilling intercepted 72.4 metres grading at 279 grams per ton silver in January 2020.
New Pacific said it remained well-funded to progress with work on Silver Sand, with US$32 million in the bank.
Also on Tuesday, New Pacific updated shareholders on its operations amid the coronavirus pandemic that put a halt to fieldwork at Silver Spring. The company said it is “actively completing” detailed geological studies on the deposit to support future advanced technical studies. Advanced discussions with various experts continue in preparation for when field studies are permitted to restart, it told investors.
The company also said its exploration team is interpreting results from recently completed sampling and mapping work to generate new exploration targets along the Silver Sand North Block, including the highly prospective El Bronce and Jisas targets.
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Published at Tue, 14 Apr 2020 20:42:00 +0000-New Pacific Metals delivers maiden resource estimate on Silver Sand project