Highlights include 228.3 m at 73 g/t AgEq from surface including
18.06 m at 317 g/t AgEq
and
182.5 m at 89 g/t
AgEq from surface including 37.2 m at
249 g/t AgEq
VANCOUVER, BC, Nov.
1, 2021 /PRNewswire/ - New Pacific Metals Corp. ("New
Pacific" or the "Company") (TSX: NUAG) (NYSE American: NEWP),
together with its local Bolivian partner, announces the receipt of
assay results from four additional drill holes of the Phase I
discovery drill program at the Carangas Silver Project, Oruro
Department, Bolivia (the "Carangas
Project" or the "Project").
All four drill holes, similarly to the initial two drill holes,
intersected broad zones of silver-rich, polymetallic mineralization
starting at or near-surface and continuing to depth (Table 1 and
Figure 1 below). For details of the assay results from the initial
two drill holes, please refer to the Company's news release dated
September 8, 2021. Significant zones
of higher-grade mineralization occur within several of the drill
holes, in particular drill hole DCAr0005.
Table 1. Summary
of Drill Intercepts
|
Hole
ID
|
|
Depth
(from)
|
Depth
(to)
|
Intercept
2 (m)
|
AgEq
3 (g/t)
|
Ag
(g/t)
|
Pb
(%)
|
Zn
(%)
|
Cu
(%)
|
DCAr0003
|
|
0.00
|
90.86
|
90.86
|
50
|
35
|
0.49
|
0.01
|
0.01
|
|
and
|
117.73
|
138.82
|
21.09
|
44
|
37
|
0.18
|
0.01
|
0.02
|
DCAr0004
|
|
3.40
|
166.93
|
163.53
|
52
|
22
|
0.33
|
0.60
|
0.01
|
DCAr0005
|
|
0.15
|
228.45
|
228.30
|
73
|
39
|
0.56
|
0.50
|
0.01
|
|
incl.
|
57.00
|
65.50
|
8.50
|
286
|
257
|
0.95
|
0.02
|
0.02
|
|
incl.
|
179.74
|
197.80
|
18.06
|
317
|
164
|
1.69
|
3.03
|
0.02
|
|
incl.
|
207.00
|
209.36
|
2.36
|
523
|
385
|
1.24
|
2.79
|
0.08
|
DCAr0006
|
|
0.00
|
182.50
|
182.50
|
89
|
42
|
0.41
|
1.01
|
0.01
|
|
incl.
|
44.49
|
81.69
|
37.20
|
249
|
107
|
0.98
|
3.28
|
0.03
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
1.
|
Drill location,
altitude, azimuth and dip of drill holes are provided in Table 2
below.
|
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 silver, US$0.95/lb for lead, US$1.10/lb for zinc,
and US$3.40/lb for copper. 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. 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 for calculation of length-weighted intercept.
At times, samples lower than 20 g/t AgEq may be included in the
calculation of consolidation of mineralized intercepts. Future
ongoing test work is contingent on the success of the exploration
program. The results outlined in this table do not guarantee a
specific outcome.
|
The Phase I discovery drill program commenced in early
June 2021 (for details please refer
to the Company's news release dated June 29,
2021). A total of 3,790 metres ("m") were completed in 13
drill holes (Figure 1 and Table 2) designed to test the depth
extensions of the historically mined West and East Domes, as well
the Central Valley target, below recent fluvial sediments (for
details please refer to the Company's news releases dated
April 12, 2021 and June 14, 2021).
All drill holes intersected thick intervals of predominantly
structurally controlled (with or without disseminations)
polymetallic mineralization, hosted within sub-horizontal volcanic
breccia and/or dacitic tuff-host units.
Assay results of the first six drill holes, which tested the
West Dome target have been received. Assays for the remaining seven
drill holes, which tested the East Dome and Central Valley Targets
are pending; however, in aggregate the drill holes appear to define
a mineralized area approximately 1,000
m long by 700 m wide and up to
400 m in depth (Figure 1 and Table
2). Mineralization remains open in every direction, including at
depth, beyond the current drill footprint. Many drill holes were
terminated in mineralization due to drill rig constraints.
As a result, two additional drill rigs have been mobilized to
site and an expanded discovery drill program (the "Phase II Drill
Program") has been initiated to further define the extent of the
emerging mineralized system. The Phase II Drill Program is expected
to comprise approximately 7,500 m in
26 drill holes (Figure 1), and contingent on positive results, may
be expanded (for details please refer to the Company's news release
dated October 26, 2021).
Intercepted Broad Zones of Silver Mineralization Starting at
Surface
Drill holes DCAr0003, DCAr0004 and DCAr0005 were collared near
the center of West Dome and drilled in various directions to test
the morphology and extensions of historically mined workings
(Figure 1).
Drill hole DCAr0003 was drilled to the south-west and
intercepted a 90.86 m interval at a
grade of 50 g/t AgEq (35 g/t Ag and 0.49% Pb) from surface.
Multiple intervals, totaling 10.43 m,
did not recover core as a result of historical mining voids
encountered down hole.
Drill hole DCAr0004 was drilled to the north-east and
intercepted 163.53 m at a grade of 52
g/t AgEq (22 g/t Ag, 0.33% Pb and 0.60% Zn) from surface. The drill
hole intercepted four historical mining voids with an aggregate
total length of 6.40 m without core
recovery.
Drill hole DCAr0005 was drilled to the south-east and
intercepted multiple zones of high-grade, silver-rich, polymetallic
mineralization within a broad interval of 228.30 m which returned 73 g/t AgEq (39 g/t Ag,
0.56% Pb and 0.50% Zn) from surface. The drill hole intercepted
multiple historical mining voids and broken zones with an aggregate
length of 15.86 m without core
recovery.
Drill hole DCAr0006 was collared on the eastern slope of West
Dome above the historic Orko Tunko Adit (Figure 1). It was drilled
to the north-east to test the down dip extensions of
structural-controlled mineralized zones exposed in the adit. It
intercepted 182.50 m at 89 g/t AgEq
(42 g/t Ag, 0.41% Pb and 1.01% Zn) from surface within which
37.20 m returned 249 g/t AgEq (107
g/t Ag, 0.98% and 328% Zn). The drill hole intercepted multiple
historical mining voids without core recovery for a total length of
5.65 m.
Figure 1. Simplified geology plan map and drill holes of the
Phase I discovery drill program at the Carangas Project.
Table 2. Summary
of Phase I Discovery Drill Program of Carangas
Project
|
Hole
ID
|
Easting
|
Northing
|
Altitude
(m)
|
Depth (m)
|
Azimuth (°)
|
Dip (°)
|
Assay
Results
|
Area
|
DCAr0001
|
538781
|
7905614
|
4,000
|
300
|
120
|
-55
|
Received
|
West Dome
|
DCAr0002
|
538781
|
7905614
|
4,000
|
200
|
225
|
-40
|
Received
|
West Dome
|
DCAr0003
|
538763
|
7905561
|
3,990
|
150
|
240
|
-40
|
Received
|
West Dome
|
DCAr0004
|
538834
|
7905613
|
4,000
|
250
|
46
|
-50
|
Received
|
West Dome
|
DCAr0005
|
538785
|
7905658
|
4,015
|
250
|
151
|
-40
|
Received
|
West Dome
|
DCAr0006
|
538968
|
7905487
|
3,910
|
300
|
30
|
-45
|
Received
|
West Dome
|
DCAr0007
|
539385
|
7905182
|
3,904
|
300
|
20
|
-45
|
Pending
|
East Dome
|
DCAr0008
|
539332
|
7905280
|
3,890
|
350
|
20
|
-45
|
Pending
|
East Dome
|
DCAr0009
|
539582
|
7905155
|
3,970
|
250
|
20
|
-45
|
Pending
|
East Dome
|
DCAr0010
|
539184
|
7905463
|
3,875
|
206
|
20
|
-45
|
Pending
|
Central
Valley
|
DCAr0011
|
539152
|
7905374
|
3,875
|
250
|
20
|
-45
|
Pending
|
Central
Valley
|
DCAr0012
|
539121
|
7905290
|
3,875
|
400
|
20
|
-45
|
Pending
|
Central
Valley
|
DCAr0013
|
538878
|
7905022
|
3,880
|
584
|
50
|
-45
|
Pending
|
South Dome
|
|
|
|
Total
|
3,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
1.
|
Drill collar
coordinate system is UTM Zone 19S.
|
2.
|
Coordinate of
drill collar is picked with handheld GPS, subject to minor
modification when resurveyed with RTK GPS upon completion of the
drilling program.
|
QUALITY ASSURANCE AND QUALITY CONTROL
All samples in respect of the exploration program at the
Carangas Project, conducted by the Company and discussed in this
news release, are shipped in securely-sealed bags by New Pacific
staff in the Company's vehicles, directly from the field 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 over 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). Certified reference materials, various types of blank
samples and duplicate samples are inserted to normal drill core
sample sequences prior to delivery to 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, including the flagship Silver Sand
Project, the Silverstrike Project and the Carangas Project,
all of which are located in Bolivia. The Company is focused on progressing
the development of the Silver Sand Project, while growing its
Mineral Resources through the exploration and acquisition of
properties in the Americas.
For further information, please
contact:
Stacey Pavlova, CFA
VP, Investor Relations and Corporate Communications
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free:
1-877-631-0593
E-mail: info@newpacificmetals.com
www.newpacificmetals.com
To receive company news by e-mail, please register using New
Pacific's website at www.newpacificmetals.com.
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 the anticipated
timing, amount and completion of exploration, drilling,
development, construction, and other activities or achievements of
the Company; the Phase II Drill Program and anticipated outcomes
therefrom; future economics of the Company's projects; timing of
receipt of permits and regulatory approvals; 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 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 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 has been prepared in accordance with the
requirements of NI 43–101 and the Canadian Institute
of Mining, Metallurgy and Petroleum Definition Standards, which
differ from the requirements of U.S. Securities laws.
NI 43–101 is a rule developed by the Canadian
Securities Administrators that establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects.
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SOURCE New Pacific Metals Corp.