World Gold Council reported that central banks were once again making net purchases of the precious metal, with global reserves up 19.4 tonnes in April. Central bank demand for gold has gained new attention this year due to ongoing conflict in Eastern Europe. As a result, Western nations, led by the United States, imposed significant sanctions. According to market analysts, the militarization of the US dollar could prompt some central banks to increase their gold holdings and diversify away from the US dollar. Lombardi Financial research analyst Moe Zulfiqar said that growing central bank demand could be the main driver behind the push in gold prices to $3,000 an ounce, which is good news for companies like New Pacific Metals Corp (TSX:NUAG) (NYSE:NEWP), AngloGold Ashanti Limited (NYSE:AU), Equinox Gold Corp. (TSX: EQX) (NYSE:EQX), Kinross Gold Corporation (TSX:K) (NYSE:KGC) and Barrick Gold Corporation (TSX:ABX) (NYSE:GOLD).
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New Pacific Metals Corp is a Canadian company focused on the exploration and development of precious metals properties. On June 16, New Pacific Metals announced that it has commenced a 6,000 meter (m), one rig drilling program at the Silverstrike Project, as the mineral resource update drilling at the Silver Sand project has been winding down. The Silverstrike Project with an area of approximately 13km² is located approximately 140 kilometres (km) southwest of La Paz, Bolivia and approximately 450 km northwest of the company’s Silver Sand Project. The Company has 98% interest in the Silverstrike Project.
New Pacific Metals previously identified near-surface broad-zones of silver mineralization in altered sandstones at the Silverstrike North, similar to that of the Silver Sand Style; and near surface broad Silver zone occurs near the top of a ~900m diameter volcanic dome of ignimbrite units with intrusion of rhyolite dyke swarm and andesite flows at the Silverstrike Central; and a broad gold zone occurs half way from the top of the dome. The initial focus of this drilling program will test the broad gold zone.
Last month, New Pacific Metals announced the assay results from 20 additional holes from the 2022 drill programs at the Silver Sand Project as part of its 15,000m of infill and step-out drilling for an update to the estimation of mineral resources. An expanded program totaling 21,309m in 94 holes has been completed so far in 2022.
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New Pacific Metals intersected a 60.48mr interval grading 236 grams per tonne silver at Silver Sand Project. Drill programs in 2022 started in late January and have progressed well and on schedule. To date, 21,309m have been completed in 94 holes. As a result, the budgeted 15,000m announced earlier in the year has been expanded. Most of the drilling completed to date in 2022 is in the core area of Silver Sand.
New Pacific Metals also announced impressive assay results from the last ten drill holes of the Discovery Drilling Program completed in 2021 at the Carangas Silver-Gold Project, Oruro Department, Bolivia. Assay results from the 35 holes drilled in 2021 have now been received and released.
The company intersected a 595.7m interval grading 1.25 g/t gold and a 10.25m interval grading 1,213 g/t silver at the Carangas project.
New Pacific has four rotary rigs on the Carangas Project and expects to complete up to 40,000m of drilling this year. Of the four drills, two are testing the shallow silver horizon and the other two are testing gold mineralization at depth. About 10,000m have been completed in 15 holes so far. Assay results from 15 drill holes completed in 2022 are pending.
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