VANCOUVER, BC, July 13, 2022 /PRNewswire/ - New
Pacific Metals Corp. ("New Pacific" or the "Company") (TSX: NUAG)
(NYSE: NEWP), together with its local Bolivian partner, announce
the assay results of the first five drill holes of the 2022 drill
program at the Carangas Silver-Gold Project, Oruro Department,
Bolivia (the "Carangas Project" or
the "Project"). Results are summarized in Table 1 and the drill
specifications are provided in Table 2 (see also Figure 1).
So far, 16,754 meters ("m") in 31 drill holes have been
completed at Carangas in 2022, of which the assay results of the
first five holes are released herein. Assay results for the
remaining 26 holes are pending with estimated turnaround time of up
to 10 weeks after sample delivery. The assay results continue
to show near surface silver horizons stacking over a broad bulk
gold mineralization below.
Currently there are five drill rigs deployed at the Project, of
which the three larger drill rigs with capability of 1,000 m capacity depth are focusing on both near
surface silver and at deeper gold zones, while the other two
smaller drill rigs are focusing on near surface silver zone
only.
Highlights
- Hole DCAr0039 intersected 535.63
m interval (from 162.08 m to
697.71 m) grading 1.00 grams per
tonne ("g/t") gold ("Au") and 11 g/t silver ("Ag"), including a
high-grade interval of 72.16 m
grading 3.54 g/t Au and 12 g/t Ag (from 450.34 m to 522.5
m).
- Hole DCAr0038 intersected 58.1
m interval (from 10 m to
68.1 m) grading 507 g/t Ag, 0.60%
lead ("Pb") and 0.94% zinc ("Zn"), including 5.17 m bonanza interval (from 43.57 m to 48.74 m)
grading 6,236 g/t Ag, 2.62% Pb, 6.23% Zn and 0.42% copper
("Cu").
- Hole DCAr0037 intercepted an interval of 98.65 m (from 10.85
m to 109.5 m) grading 88 g/t
Ag, 0.70% Pb and 0.80% Zn.
- Hole DCAr0036 intersected 57.83 m interval (from
13.17 m to 71
m depth) grading 166 g/t Ag, 0.47% Pb and 0.25% Zn and
215.81 m interval (from 280.74 m to 496.55
m) grading 0.73 g/t Au and 18 g/t Ag.
Detailed Description
Hole DCAr0039 intersected a silver horizon of
152.73 m (from 9.35 m to 162.08 m)
grading 55 g/t Ag, 0.53% Pb and 1.07% Zn, including 36.75 m grading 195 g/t Ag, 1.19% Pb and 2.57%
Zn. Immediately below the silver horizon, the hole intercepted
535.63 m interval (from 162.08 m to 697.71
m) grading 1.00 g/t Au and 11 g/t Ag, including a high-grade
interval of 72.16 m grading 3.54 g/t
Au and 12 g/t Ag from 450.34 m.
Gold mineralization is hosted in strongly argillic-sericitized
ignimbrites and volcanic tuff of dacitic composition with
disseminated sulfides and cut by veinlets of pyrite and
chalcopyrite, similar to the holes reported previously.
The hole was drilled off the drill grid and across the Central
Valley from East Dome to West Dome, in an azimuth direction of 254
degrees and at a high dip angle of -66 degrees.
Hole DCAr0036 intersected two silver horizons, the first
with 57.83 m (from 13.17 m to
71 m depth) interval grading 166 g/t
Ag, 0.47% Pb and 0.25% Zn, the second interval is 95.55 m (from 114 m
to 209.65 m depth) grading 35 g/t Ag,
0.32% Pb and 1.06% Zn. Below the silver horizons, the hole
intercepted a gold interval of 215.81
m (from 280.74 m to
496.55 m) grading 0.73 g/t Au and18
g/t Ag. This hole was drilled off grid in the Central Valley in
azimuth direction of 230 degrees and at a shallow dip angle of -45
degrees.
Hole DCAr0038 intersected a silver interval of
58.10 m (from 10.0 m to 59.1 m)
grading 507 g/t Ag, 0.60% Pb and 0.94% Zn, including a bonanza
interval of 5.17 m (from 43.57 m to 48.74 m)
grading 6,236 g/t Ag, 2.62% Pb, 6.23% Zn and 0.42% copper ("Cu"). A
second silver horizon with an interval of 90.90 m grading 28 g/t Ag, 0.47% Pb and 1.25% Zn
was intersected from depth 99.25 m.
At further depth, a gold interval of 68.03
m grading 0.41 g/t Au, 3 g/t Ag, 0.31% Pb and 0.52% Zn was
intersected from depth 334.27
m. This hole was drilled on a grid close to
East Dome in an azimuth direction of 20 degrees and at a shallow
dip angle of -45 degrees.
Hole DCAr0037 intercepted an interval of 98.65 m grading 88 g/t Ag, 0.70% Pb and 0.80% Zn
from depth 10.85 m to 109.5 m. This hole was drilled off grid
across the Central Valley in an azimuth direction of 350 degrees
and at a shallow dip of -45 degrees.
Hole DCAr0040 was drilled off grid at East Dome in
an azimuth direction of 50 degrees and at a shallow dip angle of
-45 degrees and intersected a silver mineralization interval of
38.03 m grading 18 g/t Ag, 0.22% Pb
and 0.42% Zn from depth 26.42 m and
another silver zone of 157.72 m
grading 24 g/t Ag, 0.26% Pb and 0.80% Zn from depth 87.55 m, including a high-grade interval of
34.32 m grading 61 g/t Ag, 0.59% Pb
and 1.73% Zn from depth 92.25 m.
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
|
DCAr0036
|
|
13.17
|
71.00
|
57.83
|
166
|
|
0.47
|
0.25
|
0.01
|
189
|
|
|
114.10
|
209.65
|
95.55
|
35
|
|
0.32
|
1.06
|
0.01
|
82
|
|
|
280.74
|
496.55
|
215.81
|
18
|
0.73
|
0.19
|
0.15
|
0.05
|
88
|
DCAr0037
|
|
10.85
|
109.50
|
98.65
|
88
|
|
0.70
|
0.80
|
0.01
|
136
|
DCAr0038
|
|
10.00
|
68.10
|
58.10
|
507
|
|
0.60
|
0.94
|
0.05
|
562
|
|
incl.
|
43.57
|
48.74
|
5.17
|
6,236
|
|
2.62
|
6.23
|
0.42
|
6564
|
|
|
99.25
|
190.15
|
90.90
|
28
|
0.01
|
0.47
|
1.25
|
0.02
|
86
|
|
|
334.27
|
402.30
|
68.03
|
3
|
0.41
|
0.31
|
0.52
|
|
59
|
DCAr0039
|
|
9.35
|
162.08
|
152.73
|
55
|
0.01
|
0.53
|
1.07
|
0.01
|
109
|
|
incl.
|
76.90
|
113.65
|
36.75
|
195
|
0.01
|
1.19
|
2.57
|
0.04
|
321
|
|
|
162.08
|
697.71
|
535.63
|
11
|
1.00
|
0.07
|
0.17
|
0.07
|
97
|
|
incl.
|
450.34
|
522.50
|
72.16
|
12
|
3.54
|
0.06
|
0.02
|
0.09
|
276
|
|
|
821.86
|
939.80
|
117.94
|
11
|
0.20
|
0.06
|
0.31
|
0.12
|
50
|
DCAr0040
|
|
26.42
|
64.45
|
38.03
|
18
|
n/a
|
0.22
|
0.42
|
|
39
|
|
|
87.55
|
245.27
|
157.72
|
24
|
n/a
|
0.26
|
0.80
|
0.01
|
59
|
|
incl.
|
92.25
|
126.57
|
34.32
|
61
|
n/a
|
0.59
|
1.73
|
0.01
|
137
|
|
|
340.13
|
364.15
|
24.02
|
7
|
n/a
|
0.57
|
0.70
|
0.01
|
48
|
Notes:
|
1.
|
Drill location,
altitude, azimuth, and dip of drill holes 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 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.
|
5.
|
n/a stands for no
fire assay of gold was carried out.
|
![Figure 1: Simplified geology map and drill holes of the 2021 Discovery Drill Program at Carangas Project (CNW Group/New Pacific Metals Corp.) Figure 1: Simplified geology map and drill holes of the 2021 Discovery Drill Program at Carangas Project (CNW Group/New Pacific Metals Corp.)](https://mma.prnewswire.com/media/1858145/New_Pacific_Metals_Corp__New_Pacific_Intersects_535_m_Interval_G.jpg)
Figure 1. Simplified geology map and drill holes of the 2021
Discovery Drill Program at Carangas Project
Preliminary Metallurgy
Tests
The Company has initiated preliminary metallurgy tests including
flotation and leaching on the mineralized materials of Carangas
Project. Five composite samples from rejects of drill cores have
been collected and delivered to Bureau Veritas Minerals based in
Richmond, BC, Canada.
Table 2
Summary of Drill Holes of the 2022 Drill Program of
Carangas Project
|
Hole_id
|
Easting
|
Northing
|
Altitude
|
Depth_m
|
Azimuth
(°)
|
Dip
(°)
|
Date_start
|
Date_complete
|
Target
|
DCAr0036
|
539315.00
|
7905427.00
|
3915.00
|
800.00
|
230
|
-45
|
2/3/2022
|
2/18/2022
|
C. Valley
|
DCAr0037
|
539215.56
|
7905298.07
|
3907.52
|
450.00
|
350
|
-45
|
2/4/2022
|
2/14/2022
|
C. Valley
|
DCAr0038
|
539256.57
|
7905277.56
|
3907.77
|
470.00
|
20
|
-45
|
2/15/2022
|
2/22/2022
|
C. Valley
|
DCAr0039
|
539315.40
|
7905428.95
|
3909.09
|
1037.39
|
254
|
-66
|
2/19/2022
|
3/12/2022
|
C. Valley
|
DCAr0040
|
539259.71
|
7905275.40
|
3907.90
|
430.00
|
50
|
-45
|
3/2/2022
|
3/7/2022
|
E. Dome
|
Notes:
|
1.
|
Drill collar
coordinate system is WGS1984 UTM Zone 19S.
|
2.
|
Coordinate of drill
collar is picked with Real Time Kinematics (RTK) GPS except hole
DCAr0036 which is by handheld GPS.
|
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). Gold is assayed firstly by ICP method 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 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 in Bolivia. The Company's flagship Project, the
Silver Sand Silver Project, is waiting for a new Mineral Resource
Estimate Update and a PEA by the end of 2022. 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 initial test drilling program
in June 2022.
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
For additional information and 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",
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"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.