VANCOUVER, BC, Oct. 19,
2022 /PRNewswire/ - New Pacific Metals Corp. ("New
Pacific" or the "Company") (TSX: NUAG) (NYSE American: NEWP),
together with its local Bolivian partner, reports assay results for
21 drill holes at its Carangas Silver-Gold Project, Oruro
Department, Bolivia (the "Carangas
Project" or the "Project"). Together with the first five holes
released on July 13, 2022, and seven
holes released on August 8, 2022, the
assay results of the 33 holes from the 2022 drill program continue
to intersect a broad, near-surface silver horizon measuring
approximately 1,000 metres ("m") long, 800
m wide and up to 200 m thick,
stacked over a broad bulk gold zone.
To date, 76 drill holes have been completed and assay results
for the remaining 43 drill holes, including several deep holes
targeting Carangas' gold mineralization (samples analyzed by fire
assay), are pending. Detailed results and drill hole specifications
are provided in Tables 1 and 2.
Of the 21 holes detailed in this press release, 19 were drilled
in the Central Valley and West Dome, all of which intersected a
broad, near-surface silver horizon. In addition, two wildcat holes,
DCAr0055 and DCAr0058, were drilled approximately 1,200 m north of the Central Valley and only
intersected narrow silver mineralization.
HIGHLIGHTS FROM THE NEAR SURFACE SILVER HORIZON
Hole DCAr0077: 163.04 m
interval (from 67.71 m to
230.75 m) grading 109 grams per
tonne ("g/t") silver ("Ag"), 0.34 percent ("%") lead ("Pb"), and
0.8% zinc ("Zn"), including 47.09 m
(from 67.71 m to 114.8 m) grading 288 g/t Ag, 0.85% Pb and 1.76%
Zn;
Hole DCAr0056: 180.14 m
interval (from 25.09 m to
205.23 m) grading 71 g/t Ag, 0.23% Pb
and 0.75% Zn, including 50.6 m (from
25.09 m to 75.69 m) grading 166 g/t Ag, 0.43% Pb and 1.5%
Zn;
Hole DCAr0057: 127.41
m interval (from 9.7 m to
137.11 m) grading 60 g/t Ag, 0.35 %
Pb and 0.68% Zn, including 33.24 m
(from 47.8 m to 81.04 m) grading 165 g/t Ag, 0.54% Pb and 1.0%
Zn;
Hole DCAr0063: 100.4
m interval (from 29.0 m to
129.4 m) grading 104 g/t Ag, 0.26% Pb
and 0.45% Zn, including 18.94 m (from
107.6 m to 126.54 m) grading 247 g/t Ag, 0.48% Pb, 0.21%
Zn;
Hole DCAr0064: 220.85 m
interval (from 16.7 m to 237.55 m) grading 50 g/t Ag, 0.34% Pb and 0.88%
Zn, including 50.9 m (from
16.7 m to 67.6
m) grading 97 g/t Ag, 0.52% Pb and 0.83% Zn;
Hole DCAr0070: 128.53
m interval (from 11.32 m to
139.85 m) grading 83 g/t Ag, 0.4% Pb
and 0.83% Zn, including 64.0 m
(44.0 m to 108.0 m) grading 149 g/t Ag, 0.56% Pb and 1.33%
Zn. The hole also intersected a deeper 8.13 m interval (from 207.8 m to 215.93
m) grading 629 g/t Ag, 0.58% Pb and 0.18% Zn; and
Hole DCAr0076: 127.82 m
interval (from 29.0 m to 156.82 m) grading 63 g/t Ag, 0.68% Pb and 0.53%
Zn, including 21.03 m (from
48.32 m to 69.35 m) grading 150 g/t Ag, 0.87% Pb and 0.72%
Zn, and 7.13 m (from 98.57 m to 105.7 m)
grading 315 g/t Ag, 2.5% Pb and 1.11% Zn.
Table
1 Summary of Drill Intercepts
|
Hole_ID
|
|
Depth_from
|
Depth_to
|
Interval_m
|
Ag_g/t
|
Au_g/t
|
Pb_%
|
Zn_%
|
Cu_%
|
AgEq_g/t
|
DCAr0050
|
|
26.00
|
193.30
|
167.30
|
41
|
n/a
|
0.27
|
0.72
|
0.01
|
74
|
|
incl.
|
78.49
|
103.19
|
24.70
|
132
|
n/a
|
0.38
|
0.92
|
0.01
|
175
|
|
|
222.60
|
223.72
|
1.12
|
148
|
n/a
|
0.01
|
0.08
|
0.01
|
152
|
DCAr0051
|
|
67.78
|
236.00
|
168.22
|
47
|
n/a
|
0.24
|
0.55
|
0.02
|
73
|
DCAr0053
|
|
6.77
|
286.84
|
280.07
|
37
|
n/a
|
0.42
|
0.73
|
0.02
|
76
|
|
|
16.92
|
87.22
|
70.30
|
96
|
n/a
|
0.98
|
1.09
|
0.02
|
163
|
|
|
312.80
|
323.78
|
10.98
|
5
|
n/a
|
0.30
|
0.64
|
0.00
|
35
|
|
|
335.20
|
347.45
|
12.25
|
7
|
n/a
|
0.64
|
1.14
|
0.01
|
64
|
DCAr0054
|
|
43.45
|
217.27
|
173.82
|
57
|
n/a
|
0.34
|
1.04
|
0.01
|
103
|
|
|
78.67
|
89.57
|
10.90
|
136
|
n/a
|
0.59
|
1.59
|
0.02
|
209
|
|
|
172.55
|
189.40
|
16.85
|
193
|
n/a
|
0.51
|
0.69
|
0.01
|
231
|
DCAr0055
|
|
No Significant
Intercept
|
|
|
|
|
|
|
|
DCAr0056
|
|
25.09
|
205.23
|
180.14
|
71
|
n/a
|
0.23
|
0.74
|
0.01
|
103
|
|
incl.
|
25.09
|
75.69
|
50.60
|
166
|
n/a
|
0.43
|
1.50
|
0.02
|
227
|
DCAr0057
|
|
9.70
|
137.11
|
127.41
|
60
|
n/a
|
0.35
|
0.68
|
0.01
|
94
|
|
incl.
|
47.80
|
81.04
|
33.24
|
165
|
n/a
|
0.54
|
1.00
|
0.01
|
215
|
DCAr0058
|
|
214.60
|
215.90
|
1.30
|
52
|
n/a
|
0.11
|
0.11
|
0.01
|
77
|
DCAr0061
|
|
1.39
|
138.68
|
137.29
|
57
|
n/a
|
0.41
|
0.51
|
0.01
|
87
|
|
incl.
|
49.80
|
65.00
|
15.20
|
272
|
n/a
|
1.20
|
0.87
|
0.03
|
339
|
DCAr0063
|
|
29.00
|
129.40
|
100.40
|
104
|
n/a
|
0.26
|
0.45
|
0.01
|
127
|
|
incl.
|
107.60
|
126.54
|
18.94
|
247
|
n/a
|
0.48
|
0.21
|
0.02
|
270
|
DCAr0064
|
|
16.70
|
237.55
|
220.85
|
50
|
n/a
|
0.34
|
0.88
|
0.01
|
90
|
|
incl.
|
16.70
|
67.60
|
50.90
|
97
|
n/a
|
0.52
|
0.83
|
0.01
|
140
|
|
incl.
|
194.85
|
221.10
|
26.25
|
106
|
n/a
|
0.28
|
0.57
|
0.01
|
134
|
|
|
245.50
|
274.70
|
29.20
|
5
|
n/a
|
0.31
|
0.51
|
0.00
|
31
|
|
|
293.70
|
301.25
|
7.55
|
21
|
n/a
|
0.34
|
0.63
|
0.00
|
52
|
|
|
324.35
|
328.30
|
3.95
|
13
|
n/a
|
0.71
|
1.30
|
0.01
|
78
|
DCAr0065
|
|
27.05
|
35.70
|
8.65
|
31
|
n/a
|
0.08
|
0.06
|
0.00
|
36
|
|
|
64.85
|
103.40
|
38.55
|
33
|
n/a
|
0.23
|
0.58
|
0.01
|
60
|
DCAr0066
|
|
53.87
|
281.00
|
227.13
|
22
|
n/a
|
0.32
|
0.86
|
0.01
|
62
|
|
incl.
|
220.90
|
241.36
|
20.46
|
68
|
n/a
|
0.33
|
0.66
|
|
100
|
DCAr0068
|
|
25.65
|
221.52
|
195.87
|
39
|
n/a
|
0.41
|
1.19
|
0.01
|
92
|
DCAr0069
|
|
64.33
|
287.42
|
223.09
|
17
|
0.01
|
0.50
|
1.29
|
0.02
|
77
|
|
incl.
|
64.33
|
108.56
|
44.23
|
50
|
|
0.59
|
0.91
|
0.01
|
98
|
|
|
300.60
|
345.08
|
44.48
|
6
|
0.05
|
0.42
|
0.72
|
0.01
|
47
|
|
|
370.19
|
380.54
|
10.35
|
4
|
|
0.36
|
0.70
|
0.00
|
37
|
DCAr0070
|
|
11.32
|
139.85
|
128.53
|
83
|
n/a
|
0.40
|
0.83
|
0.01
|
123
|
|
incl.
|
44.00
|
108.00
|
64.00
|
149
|
n/a
|
0.56
|
1.33
|
0.01
|
211
|
|
|
158.00
|
169.33
|
11.33
|
22
|
n/a
|
0.09
|
0.16
|
0.00
|
30
|
|
|
207.80
|
215.93
|
8.13
|
629
|
n/a
|
0.58
|
0.18
|
0.02
|
653
|
DCAr0072
|
|
7.70
|
162.65
|
154.95
|
42
|
n/a
|
0.33
|
0.69
|
0.01
|
76
|
|
incl.
|
55.19
|
74.70
|
19.51
|
134
|
n/a
|
0.50
|
1.05
|
0.01
|
185
|
|
incl.
|
105.90
|
110.30
|
4.40
|
374
|
n/a
|
0.83
|
0.69
|
0.02
|
422
|
|
|
233.47
|
238.60
|
5.13
|
52
|
n/a
|
0.06
|
0.13
|
0.00
|
58
|
DCAr0073
|
|
67.20
|
147.00
|
79.80
|
31
|
n/a
|
0.44
|
1.67
|
0.02
|
101
|
|
|
164.81
|
223.24
|
58.43
|
30
|
n/a
|
0.14
|
0.36
|
0.01
|
47
|
|
|
234.90
|
251.68
|
16.78
|
23
|
n/a
|
0.34
|
0.55
|
0.00
|
51
|
DCAr0076
|
|
29.00
|
156.82
|
127.82
|
63
|
n/a
|
0.68
|
0.53
|
0.02
|
102
|
|
incl.
|
48.32
|
69.35
|
21.03
|
150
|
n/a
|
0.87
|
0.72
|
0.02
|
202
|
|
incl.
|
98.57
|
105.70
|
7.13
|
315
|
n/a
|
2.50
|
1.11
|
0.04
|
429
|
|
|
212.25
|
222.56
|
10.31
|
66
|
n/a
|
0.02
|
0.01
|
0.02
|
69
|
DCAr0077
|
|
67.71
|
230.75
|
163.04
|
109
|
n/a
|
0.34
|
0.80
|
0.02
|
147
|
|
incl.
|
67.71
|
114.80
|
47.09
|
288
|
n/a
|
0.85
|
1.76
|
0.04
|
376
|
DCAr0079
|
|
80.66
|
95.30
|
14.64
|
55
|
n/a
|
0.37
|
0.30
|
0.01
|
76
|
|
|
151.67
|
161.42
|
9.75
|
22
|
n/a
|
0.04
|
0.28
|
0.01
|
34
|
Notes:
|
1.
Drill hole location, altitude, azimuth, and dip are provided in
Table 2.
|
2.
Drill intercept is core length, and grade is length weighted.
True width of mineralization is unknown due to early stage of
exploration without adequate drill data.
|
3.
Calculation of silver equivalent ("AgEq") is based on the
long-term median of the August 2021 Street Consensus Commodity
Price Forecasts, which are US$22.50/oz for Ag, US$0.95/lb for Pb,
US$1.10/lb for Zn, US$3.40/lb for Cu, and US$1,600/oz for Au. The
formula used for the AgEq calculation is as follows: AgEq = Ag g/t
+ Pb g/t * 0.0029 + Zn g/t * 0.00335 + Cu g/t * 0.01036 + Au g/t *
71.1111. This calculation assumes 100% recovery. Due to the early
stage of the Project, the Company has not yet completed
metallurgical test work on the mineralization encountered to
date.
|
4. A
cut-off of 20 g/t AgEq is applied to calculate the length-weighted
intercept. At times, samples lower than 20 g/t AgEq may be included
in the calculation of consolidation of mineralized
intercepts.
|
5. n/a
stands for no fire assay of gold was carried out.
|
PROGRESS ON THE 2022 DRILLING PROGRAM
Five rigs are drilling at the Carangas Project for the planned
40,000 m drill program in 2022
(36,012 m in 76 drill holes completed
to date). The current program, which is expected to wrap up by
mid-December, will constitute a drill grid of 50 m by 50 m to
100 m by 100
m and should be able to support an inaugural mineral
resource estimate in 2023.
Table 2 Summary of
Drill Holes of 2022 Drill Program of Carangas Project
|
|
|
|
Hole_id
|
Easting
|
Northing
|
Altitude
|
Depth_m
|
Azimuth
(°)
|
Dip
(°)
|
Target
|
|
DCAr0050
|
539182.72
|
7905514.58
|
3907.40
|
300.00
|
20
|
-45
|
CV
|
|
DCAr0051
|
539217.76
|
7905453.94
|
3907.94
|
500.00
|
20
|
-45
|
CV
|
|
DCAr0053
|
539013.91
|
7905342.94
|
3906.16
|
401.00
|
20
|
-45
|
CV
|
|
DCAr0054
|
539052.96
|
7905452.20
|
3908.93
|
302.00
|
20
|
-45
|
CV
|
|
DCAr0055
|
541548.94
|
7906645.91
|
3928.74
|
425.00
|
20
|
-68
|
Regional
|
|
DCAr0056
|
539082.78
|
7905520.35
|
3910.80
|
245.00
|
20
|
-45
|
CV
|
|
DCAr0057
|
539094.02
|
7905553.36
|
3911.77
|
250.00
|
20
|
-45
|
CV
|
|
DCAr0058
|
540389.97
|
7906058.28
|
3920.38
|
311.00
|
20
|
-45
|
Regional
|
|
DCAr0061
|
539106.25
|
7905586.53
|
3916.75
|
250.00
|
20
|
-45
|
CV
|
|
DCAr0063
|
539120.73
|
7905628.36
|
3923.75
|
300.00
|
20
|
-45
|
WD
|
|
DCAr0064
|
539032.73
|
7905374.23
|
3906.24
|
335.00
|
20
|
-45
|
CV
|
|
DCAr0065
|
539132.59
|
7905668.06
|
3933.42
|
250.00
|
20
|
-45
|
WD
|
|
DCAr0066
|
539085.47
|
7905379.05
|
3905.93
|
324.00
|
20
|
-45
|
CV
|
|
DCAr0068
|
539106.17
|
7905436.16
|
3906.79
|
302.00
|
20
|
-45
|
CV
|
|
DCAr0069
|
539063.64
|
7905317.93
|
3906.26
|
400.00
|
20
|
-45
|
CV
|
|
DCAr0070
|
539127.28
|
7905496.87
|
3907.29
|
260.00
|
20
|
-45
|
CV
|
|
DCAr0072
|
539148.79
|
7905553.29
|
3907.11
|
251.00
|
20
|
-45
|
CV
|
|
DCAr0073
|
539153.06
|
7905424.34
|
3907.89
|
300.00
|
20
|
-45
|
CV
|
|
DCAr0076
|
539270.05
|
7905596.70
|
3908.23
|
270.00
|
20
|
-45
|
CV
|
|
DCAr0077
|
539203.27
|
7905408.07
|
3907.69
|
272.00
|
20
|
-45
|
CV
|
|
DCAr0079
|
539290.00
|
7905650.10
|
3908.29
|
250.00
|
20
|
-45
|
CV
|
|
Note:
|
1. Drill collar
coordinate system is WGS1984 UTM Zone 19S
|
|
2. Coordinate of
drill collar is picked with Real Time Kinematics (RTK)
GPS
|
|
3. CV - Central
Valley; WD - West Dome
|
QUALITY ASSURANCE AND QUALITY CONTROL
The Company maintains tight sample security and QA/QC for all
aspects of its exploration program at the Carangas Project.
Drill core is logged, photographed and split on-site by the company
and stored under secure conditions until being shipped in
security-sealed bags by New Pacific staff in Company vehicles,
directly from the project to ALS Global in Oruro, Bolivia for preparation, and ALS Global in
Lima, Peru for geochemical
analysis. ALS Global is an ISO 17025 accredited laboratory
independent from New Pacific. All samples are first analyzed by a
multi-element ICP package (ALS code ME-MS41) with ore grade
specified limits for silver, lead, and zinc further analyzed using
ALS code OG46. Further silver samples over specified limits are
analyzed by gravimetric analysis (ALS code of GRA21). Gold is
assayed first by ICP and then by fire assay with AAS finish (ALS
code of Au-AA25). Certified reference materials, various types of
blank samples and duplicate samples are inserted into normal drill
core sample sequences prior to delivery to the laboratory for
preparation and analysis. The overall ratio of quality control
samples in sample sequences is around twenty percent.
QUALIFIED PERSON
The scientific and technical information contained in this news
release has been reviewed and approved by Alex Zhang, P. Geo., Vice President of
Exploration, who is a Qualified Person for the purposes of National
Instrument 43-101 — Standards of Disclosure for Mineral Projects
("NI 43-101"). The Qualified Person has verified the
information disclosed herein, including the sampling, preparation,
security and analytical procedures underlying such information, and
is not aware of any significant risks and uncertainties that could
be expected to affect the reliability or confidence in the
information discussed herein.
ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and development company
with precious metal projects in Bolivia. The Company's flagship Project, the
Silver Sand Silver Project, is expected to deliver a new Mineral
Resource Estimate Update and a PEA by the end of 2022. The
recently discovered Carangas Silver-Gold Project is undergoing a
40,000 m drill program. The
third project, the Silverstrike Silver-Gold Project, commenced a
6,000 m discovery drill program in
June 2022 and discovered a near
surface broad gold zone in its first hole drilled.
For further information, please
contact:
Dr. Rui Feng,
CEO & Director
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free:
1-877-631-0593
E-mail: invest@newpacificmetals.com
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CAUTIONARY NOTE REGARDING
FORWARD-LOOKING INFORMATION
Certain of the statements and information in this news
release constitute "forward-looking statements" within the meaning
of the United States Private Securities Litigation Reform Act of
1995 and "forward-looking information" within the meaning of
applicable Canadian provincial securities laws. Any
statements or information that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, or future events or performance (often,
but not always, using words or phrases such as "expects", "is
expected", "anticipates", "believes", "plans", "projects",
"estimates", "assumes", "intends", "strategies", "targets",
"goals", "forecasts", "objectives", "budgets", "schedules",
"potential" or variations thereof or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and
may be forward-looking statements or information. Such statements
include, but are not limited to: statements regarding anticipated
exploration, drilling, development, construction, and other
activities or achievements of the Company; timing of receipt of
permits and regulatory approvals; timing and content of the PEA,
and estimates of the Company's revenues and capital expenditures;
and other future plans, objectives or expectations of the
Company.
Forward-looking statements or information are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual events or results to differ from those
reflected in the forward-looking statements or information,
including, without limitation, risks relating to: global economic
and social impact of COVID-19; fluctuating equity prices, bond
prices, commodity prices; calculation of resources, reserves and
mineralization, general economic conditions, foreign exchange
risks, interest rate risk, foreign investment risk; loss of key
personnel; conflicts of interest; dependence on management,
uncertainties relating to the availability and costs of financing
needed in the future, environmental risks, operations and political
conditions, the regulatory environment in Bolivia and Canada; risks associated with community
relations and corporate social responsibility, and other factors
described under the heading "Risk Factors" in the Company's Annual
Information Form for the year ended June 30,
2021 and its other public filings.
This list is not exhaustive of the factors that may affect
any of the Company's forward-looking statements or
information.
The forward-looking statements are necessarily based on a
number of estimates, assumptions, beliefs, expectations and
opinions of management as of the date of this news release that,
while considered reasonable by management, are inherently subject
to significant business, economic and competitive uncertainties and
contingencies. These estimates, assumptions, beliefs,
expectations and options include, but are not limited to, those
related to the Company's ability to carry on current and future
operations, including: the duration and effects of COVID-19 on our
operations and workforce; development and exploration activities;
the timing, extent, duration and economic viability of such
operations; the accuracy and reliability of estimates, projections,
forecasts, studies and assessments; the Company's ability to meet
or achieve estimates, projections and forecasts; the stabilization
of the political climate in Bolivia; the Company's ability to obtain and
maintain social license at its mineral properties; the availability
and cost of inputs; the price and market for outputs; foreign
exchange rates; taxation levels; the timely receipt of necessary
approvals or permits, including the ratification and approval of
the Mining Production Contract with COMIBOL by the Plurinational
Legislative Assembly of Bolivia;
the ability of the Company's Bolivian partner to convert the
exploration licenses at the Carangas Project to AMC; the ability to
meet current and future obligations; the ability to obtain timely
financing on reasonable terms when required; the current and future
social, economic and political conditions; and other assumptions
and factors generally associated with the mining industry.
Although the forward-looking statements contained in this
news release are based upon what management believes are reasonable
assumptions, there can be no assurance that actual results will be
consistent with these forward-looking statements. All
forward-looking statements in this news release are qualified by
these cautionary statements. Accordingly, readers should not
place undue reliance on such statements. Other than specifically
required by applicable laws, the Company is under no obligation and
expressly disclaims any such obligation to update or alter the
forward-looking statements whether as a result of new information,
future events or otherwise except as may be required by law.
These forward-looking statements are made as of the date of this
news release.
CAUTIONARY NOTE TO US
INVESTORS
This news release, including the documents incorporated by
reference herein, has been prepared in accordance with the
requirements of the securities laws in effect in Canada which differ from the requirements of
United States securities laws. All
mining terms used herein but not otherwise defined have the
meanings set forth in NI 43-101.
Accordingly, information contained in this news release and
the documents incorporated by reference herein containing
descriptions of the Company's mineral deposits may not be
comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements of
United States federal securities
laws and the rules and regulations thereunder.
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SOURCE New Pacific Metals Corp.