VANCOUVER, BC, June 14,
2022 /CNW/ - New Pacific Metals Corp. ("New Pacific"
or the "Company") (TSX: NUAG) (NYSE American: NEWP) is pleased to
announce that a 6,000-metre ("m"), one rig drilling program has
commenced at the Silverstrike Project. The program will initially
focus on testing a broad gold zone identified by the Company and by
historical drilling.
The Silverstrike Project with an area of approximately 13km² is
located approximately 140 kilometres ("km") southwest of
La Paz, Bolivia, or approximately
450 km northwest of New Pacific's Silver Sand Project. The Company
has 98% interest in the Silverstrike Project with its Bolivian
partner and will cover 100% of the future expenditures of
exploration, mining, development and production activities.
In the previous news releases (September
29, and November 19, 2020),
the Company identified near-surface broad-zones of silver
mineralization in altered sandstones to the North, with
similarities to that at Silver Sand; and in the Silverstrike
Central area, a near surface broad Silver zone that occurs near the
top of a 900 m diameter
volcanic dome of ignimbrite (volcaniclastic sediments) units with
intrusion of rhyolite dyke swarm and andesite flows; and a broad
gold zone occurs half way from the top of the dome.
The Gold Zone at the Silverstrike
Central
Gold-rich mineralization at Cerro Tatitu Kkollu occurs adjacent
to the contact zones between the ignimbrites and the rhyolite dyke
swarm.
A total of 277 channel chip samples were collected over three
key outcropping areas, the best results were 4.7 m grading 14.76 g/t Au and 27 g/t Ag from a
historical mining adit; 42m @ 1.02g/t
Au and18g/t Ag, and 10m @ 1.45g/t
and14g/t Ag.
A single dump grab sample collected from a historic exploration
adit returned 1.66g/t Au, 154g/t Ag, and 7.97% Cu.
Three holes Drilled by Rio Tinto in 1995 on the gold zone
returning broad intervals of Au mineralization from surface:
Hole BER-02 –
302m grading 0.27 g/t Au, including
42m grading 0.52g/t Au.
Hole BRC-04 –
110m grading 0.46 g/t Au, including
22m grading 1.42 g/t Au.
Hole BRC-12 –
258m grading 0.19 g/t Au.
Based on the Company's field mapping, chipping sample and
limited historical drilling results, the Company interprets the
gold zone as very similar to the gold discovery in the Carangas
Project that the silver rich zone sits at the top of the system
stacking on top of the gold mineralization in volcaniclastic
sediments that intruded by rhyolitic porphyry dyke swarms.
QUALIFIED PERSON
The scientific and technical information contained in this news
release have 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 mining company exploring and
developing the silver and gold deposits in Bolivia. Its flagship Silver Sand Project is a
large pure silver deposit amenable to open pit & heap leach
operation. The newly discovered Carangas gold-silver Project is an
extensive historical silver digging site with a thick gold zone
discovered underneath. The Silverstrike Project is another
extensive historical silver digging site at surface to be
drilled.
For further information,
please contact:
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free:
1-877-631-0593
E-mail: investor@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; 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
The disclosure in this news release and referred to herein
was prepared in accordance with NI 43-101 which differs
significantly from the requirements of the U.S. Securities and
Exchange Commission (the "SEC"). The terms "proven mineral
reserve", "probable mineral reserve" and "mineral reserves" used in
this news release are in reference to the mining terms defined in
the Canadian Institute of Mining, Metallurgy and Petroleum
Standards (the "CIM Definition Standards"), which definitions have
been adopted by NI 43-101. Accordingly, information contained in
this news release providing descriptions of our mineral deposits in
accordance with NI 43-101 may not be comparable to similar
information made public by other U.S. companies subject to
the United States federal
securities laws and the rules and regulations thereunder.
Investors are cautioned not to assume that any part or all of
mineral resources will ever be converted into reserves. Pursuant to
CIM Definition Standards, "Inferred mineral resources" are that
part of a mineral resource for which quantity and grade or quality
are estimated on the basis of limited geological evidence and
sampling. Such geological evidence is sufficient to imply but
not verify geological and grade or quality continuity. An inferred
mineral resource has a lower level of confidence than that applying
to an indicated mineral resource and must not be converted to a
mineral reserve. However, it is reasonably expected that the
majority of inferred mineral resources could be upgraded to
indicated mineral resources with continued exploration. Under
Canadian rules, estimates of inferred mineral resources may not
form the basis of feasibility or pre-feasibility studies, except in
rare cases. Investors are cautioned not to assume that all or
any part of an inferred mineral resource is economically or legally
mineable. Disclosure of "contained ounces" in a resource is
permitted disclosure under Canadian regulations; however, the SEC
normally only permits issuers to report mineralization that does
not constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Canadian standards, including the CIM Definition Standards
and NI 43-101, differ significantly from standards in the SEC
Industry Guide 7. Effective February 25,
2019, the SEC adopted new mining disclosure rules under
subpart 1300 of Regulation S-K of the United States Securities Act
of 1933, as amended (the "SEC Modernization Rules"), with
compliance required for the first fiscal year beginning on or after
January 1, 2021. The SEC
Modernization Rules replace the historical property disclosure
requirements included in SEC Industry Guide 7. As a result of the
adoption of the SEC Modernization Rules, the SEC now recognizes
estimates of "Measured Mineral Resources", "Indicated Mineral
Resources" and "Inferred Mineral Resources". In addition, the SEC
has amended its definitions of "Proven Mineral Reserves" and
"Probable Mineral Reserves" to be substantially similar to
corresponding definitions under the CIM Definition Standards.
During the period leading up to the compliance date of the SEC
Modernization Rules, information regarding mineral resources or
reserves contained or referenced in this news release may not be
comparable to similar information made public by companies that
report according to U.S. standards. While the SEC Modernization
Rules are purported to be "substantially similar" to the CIM
Definition Standards, readers are cautioned that there are
differences between the SEC Modernization Rules and the CIM
Definitions Standards. Accordingly, there is no assurance any
mineral reserves or mineral resources that the Company may report
as "proven mineral reserves", "probable mineral reserves",
"measured mineral resources", "indicated mineral resources" and
"inferred mineral resources" under NI 43-101 would be the same had
the Company prepared the reserve or resource estimates under the
standards adopted under the SEC Modernization Rules.
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SOURCE New Pacific Metals Corp.