New Pacific Metals continues to advance Bolivia projects as it reports on 'productive' fiscal 2021

New Pacific Metals Corp reported that it had a busy fiscal 2021, which saw the Bolivia-focused explorer acquire the Carangas silver project, continue to advance its preliminary economic analysis (PEA) for Silver Sand, uplist to the Toronto Stock Exchange and start trading on the NYSE American. 

Reporting results for the year to June 30, the company noted it had maintained its working capital of US$46.36 million, which was enough to advance Silver Sand and fund regional exploration initiatives, including at Carangas and Silverstrike. 

“Fiscal year 2021 has been very productive for our team and I am pleased with the work we have accomplished to advance our projects and the milestones we have achieved,” said Dr Mark Cruise, the CEO of New Pacific, in a statement. 

READ: New Pacific Metals hits silver-rich polymetallic mineralization with first two holes of Carangas drill program

“Importantly, our listing on the NYSE American and graduation to the TSX, have increased our ability to appeal to the investment community, offering greater investability and liquidity, while we continue to focus on creating value for our shareholders.”

In April this year, the company bought a 98% interest in the Carangas asset and a 5,000 metres (m) initial discovery drill program kicked off in June, while a 38,000m exploration and resource expansion drill program began at Silver Sand in July this year.

Other highlights of the period included the identification of three significant new zones of gold and silver-rich polymetallic mineralization at Silverstrike and the implementation of company-wide environmental and corporate social responsibility policies.

It also successfully completed the spin-out transaction of Whitehorse Gold Corp, which means shareholders realized the value of the Tagish Lake gold asset in the Yukon.

The net loss for the year was US$6.57 million, compared to a net income of US$5.91 million for the year to June 30, 2020.

The company said this was mainly down to nil impairment recovery compared to US$8.72 million in the previous year, operating investment expenses of US$5.95 million compared to US$4.61 million in fiscal 2020, income from investments of US$0.40 million compared to US$1.31 million in the prior yet and a foreign exchange loss of US$1.02 million compared to gain of US$0.47 million in the prior year.

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Story by ProactiveInvestors