08:27 AM EDT, 04/29/2024 (MT Newswires) -- New Pacific Metals ( NEWP ) on Monday said metallurgical tests on ores from the company's Silver Sand project in Bolivia showed high-grade silver recoveries.

The company said best results from cyanide heap-leach processing resulted in recoveries of between 89.6% and 92.7% of silver from the ores, in line with estimates from the company's January, 2023, preliminary economic analysis (PEA). It expects to release a preliminary feasibility study (PFS) for the project in June.

"Our PFS metallurgical test program has demonstrated the exceptional metallurgical properties of Silver Sand," Chief Executive Andrew Williams said in a release. "Recoveries remained consistent with those assumed in the PEA, but with reduced cyanide consumption highlighting the potential for reduced operating costs in our upcoming PFS."

New Pacific shares closed up $0.14 to $2.84 on Friday on the Toronto Stock Exchange.