New Pacific Metals Corp. (TSX:NUX) ("New Pacific" or the "Company") is pleased
to announce the results of a Technical Report entitled "Technical Report Skukum
Gold-Silver Project Whitehorse Mining District, Yukon Territory, Canada" with
effective date of July 16, 2012 and includes new independent resource estimates
on the Mt. Skukum (Lake Zone), Skukum Creek and Goddell Gully deposits on the
Company's Skukum Gold-Silver Project (the "Project") in southern Yukon
Territory, Canada. The Technical Report was undertaken for the Company by
Christopher O. Naas, P.Geo. of CME Consultants Inc. ("CME") and Ronald G.
Simpson, P.Geo. of GeoSim Services, Inc. ("GeoSim"). Both Mr. Naas and Mr.
Simpson are independent of New Pacific pursuant to National Instrument 43-101
("NI 43-101"). Mr. Simpson is the Qualified Person with respect to the resource
estimates and Mr. Naas is the Qualified Person with respect to all other aspects
of the Technical Report. The Technical Report will be made available for review
on the SEDAR at www.sedar.com and on the Company's website at
http://www.newpacificmetals.com/ in due course.
CME personnel conducted a property visit and acquired core samples as part of a
sample assay verification program prior to, and in support of, the resource
estimation. Results of the verification sampling, confirmed the presence of gold
and silver mineralization with comparable grades to those reported historically
for Mt Skukum (Lake Zone) and for samples collected by New Pacific during the
2011 diamond drilling exploration of the Lake Zone, Skukum Creek and Goddell
Gully deposits.
Mineral Resource (1) Estimates
Resource estimates were undertaken on three of the targets within the Project
area: Mt. Skukum (Lake Zone); Skukum Creek (comprising the Rainbow Zone, Kuhn
Zone, Berg Zone, and Rainbow2 Zone); and Goddell Gully. The resource estimates
were carried out using all available exploration data up to, and including, the
results of New Pacific's 2011 exploration program.
Each of the deposits were modeled as veins in Leapfrog3d software using a
minimum horizontal width of 1.5 metres. The Mt. Skukum (Lake Zone) deposit was
modeled as a single continuous vein, the Skukum Creek deposit was modeled as
four separate vein zones: Rainbow, Rainbow 2, Berg and Kuhn, and the Goddell
Gully deposit was modeled as two sub-parallel vein structures: the Southern Vein
and the Northern Vein. Gold and silver values were used in the grade estimates
of the Mt. Skukum and Skukum Creek deposits to create a gold-equivalent value.
Only gold values were used in the estimation of the Goddell Gully deposit due to
incomplete silver assaying on the samples used.
Best fit downhole sample assay composites of gold and silver (for the Mt. Skukum
and Skukum Creek deposits) and gold only (for the Goddell Gully deposit) were
generated using a nominal 1 metre interval within the zone domains. Samples were
capped at established levels prior to compositing, and bulk densities used in
the calculations were generated using density measurements made on diamond drill
core sampled from the 2011 exploration program.
A rotated block model for each deposit was then created in Gemcom-Surpac
Vision(C) software using a block sizing as follows:
-- Mt. Skukum deposit: 5 x 5 x 3 metres with sub-blocking enabled to 2.5 x
2.5 x 1.5 metres;
-- Skukum Creek deposit: 5 x 1.5 x 5 metres with sub-blocking enabled to
2.5 x 0.75 x 2.5 metres; and,
-- Goddell Gully deposit: 5 x 1.5 x 5 metres with sub-blocking enabled to
2.5 x 0.75 x 2.5 metres.
Gold and silver grades within the vein domain(s) were estimated in three passes
using the inverse distance weighting method to the third power (ID3). A single
pass nearest neighbour estimate was also carried out for use in model
validation. Verification of the generated model was then carried out by visual
comparison of blocks and sample grades in plan and section views.
For all targets, a base case cut-off grade of 3.0 g/t gold or gold equivalent
was selected and is considered to be generally consistent with the economic
cut-off for other mineral deposits of similar characteristics, scale, and
location. The current resource estimates of the targets using the 3.0 g/t gold
or gold equivalent cut-offs are:
1. Mt. Skukum (Lake Zone): Inferred Mineral Resources of 90,500 tonnes at
9.51 g/t Au equivalent;
2. Skukum Creek: Indicated Mineral Resource of 1,086,800 tonnes at 8.72 g/t
Au equivalent and Inferred Mineral Resource of 586,000 tonnes at 6.83
g/t Au equivalent; and,
3. Goddell Gully: Indicated Mineral Resource of 329,700 tonnes at 8.13 g/t
Au and Inferred Mineral Resource of 483,900 tonnes at 7.13 g/t Au
The mineral resource inventory for the Project, by category, are provided below
in Tables 1 and 2:
Table 1: Indicated Mineral Resources
----------------------------------------------------------------------------
Cut-off Total Total Total
Grade Au Ag Au EQ contained contained contained
Deposit g/t (2) Tonnes g/t g/t g/t oz Au oz Ag oz Au EQ
----------------------------------------------------------------------------
Skukum Creek 3.0 1,086,800 5.54 159 8.72 193,700 5,547,600 304,600
----------------------------------------------------------------------------
Goddell Gully 3.0 329,700 8.13 - 8.13 86,210 - 86,210
----------------------------------------------------------------------------
Total Indicated 3.0 1,416,500 6.14 - 8.58 279,910 5,547,600 390,810
----------------------------------------------------------------------------
Table 2: Inferred Mineral Resources
----------------------------------------------------------------------------
Cut-off Total Total Total
Grade Au Ag Au EQ contained contained contained
Deposit g/t (2) Tonnes g/t g/t g/t oz Au oz Ag oz Au EQ
----------------------------------------------------------------------------
Mt. Skukum 3.0 90,500 9.25 13 9.51 26,900 37,800 27,656
----------------------------------------------------------------------------
Skukum Creek 3.0 586,000 4.74 105 6.83 89,200 1,972,700 128,700
----------------------------------------------------------------------------
Goddell Gully 3.0 483,900 7.13 - 7.13 110,867 - 110,867
----------------------------------------------------------------------------
Total Inferred 3.0 1,160,400 6.09 - 7.16 226,967 2,010,500 267,223
----------------------------------------------------------------------------
Notes:
(1) By prescribed definition, "Mineral Resources" do not have demonstrated
economic viability. An Inferred Mineral Resource is that part of a mineral
resource for which quantity and grade can be estimated on the basis of
geological evidence and limited sampling and reasonably assumed, but not
verified, geological and grade continuity.
(2) Cut-off grade is 3.0 g/t Au equivalent (AuEQ) for Mt Skukum and Skukum
Creek, 3 g/t Au for Goddell Gully. Metal prices were assumed $US1300/oz Au
and US$26/oz Ag. The AuEQ formula is as follows: Au + (Ag (i)0.02) = Au EQ
The Qualified Persons, Christopher O. Naas, P.Geo. and Ronald G. Simpson,
P.Geo., have reviewed and approved the contents of this news release.
About New Pacific Metals Corp.
New Pacific Metals Corp. is a Canadian near-term gold and silver production
mining company engaged in the exploration and development of gold polymetallic
properties in Yukon, Canada. The Company's current project is the Tagish Lake
Gold Property in Yukon. With experienced management and sufficient technical and
financial resources, the Company is well positioned to build shareholder value
through discovery, exploration and resource development.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in this press release constitute
"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. Forward-looking statements or information relate to,
among other things: the price of silver and other metals; the accuracy of
mineral resource and mineral reserve estimates at the Company's material
properties; the sufficiency of the Company's capital to finance the Company's
operations; estimates of the Company's revenues and capital expenditures; timing
of receipt of permits and regulatory approvals; availability of funds from
production to finance the Company's operations; and access to and availability
of funding for future construction, use of proceeds from any financing and
development of the Company's properties.
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: fluctuating
commodity prices; calculation of resources, reserves and mineralization and
precious and base metal recovery; interpretations and assumptions of mineral
resource and mineral reserve estimates; exploration and development programs;
feasibility and engineering reports; permits and licenses; title to properties;
First Nations title claims and rights; property interests; joint venture
partners; acquisition of commercially mineable mineral rights; financing; recent
market events and conditions; economic factors affecting the Company; timing,
estimated amount, capital and operating expenditures and economic returns of
future production; integration of future acquisitions into the Company's
existing operations; competition; operations and political conditions;
regulatory environment in Canada; environmental risks; insurance; risks and
hazards of mining operations; key personnel; conflicts of interest; dependence
on management.
This list is not exhaustive of the factors that may affect any of the Company's
forward-looking statements or information. Forward-looking statements or
information are statements about the future and are inherently uncertain, and
actual achievements of the Company or other future events or conditions may
differ materially from those reflected in the forward-looking statements or
information due to a variety of risks, uncertainties and other factors,
including, without limitation, those referred to in the Company's Annual
Information Form for the year ended June 30, 2011 under the heading "Risk
Factors". Although the Company has attempted to identify important factors that
could cause actual results to differ materially, there may be other factors that
cause results not to be as anticipated, estimated, described or intended.
Accordingly, readers should not place undue reliance on forward-looking
statements or information.
The Company's forward-looking statements and information are based on the
assumptions, beliefs, expectations and opinions of management as of the date of
this press release, and other than as required by applicable securities laws,
the Company does not assume any obligation to update forward-looking statements
and information if circumstances or management's assumptions, beliefs,
expectations or opinions should change, or changes in any other events affecting
such statements or information. For the reasons set forth above, investors
should not place undue reliance on forward-looking statements and information.
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