VANCOUVER, BC, Aug. 8, 2022
/PRNewswire/ - New Pacific Metals Corp. ("New Pacific" or the
"Company") (TSX: NUAG) (NYSE American: NEWP), together with its
local Bolivian partner, report assay results for another seven
drill holes of the 2022 drill program at the Carangas Silver-Gold
Project, Oruro Department, Bolivia
(the "Carangas Project" or the "Project"). Assay results of
drill intercepts are summarized in Table 1 with drill hole
specifications provided in Table 2 that has been plotted in Figure
1.
The assay results reported here continue to expand silver and
gold mineralization for the Carangas project, where near surface
silver horizons are stacked over a broad bulk gold
mineralization.
To date in 2022, 21,980 meters ("m") in 43 drill holes have been
completed at Carangas. Assay results for the twelve drill
holes from the 2022 drilling program have now been received and
released with the first five holes released on July 13, 2022. The results for the remaining 31
holes are pending. The 2022 drill program is currently
advancing well with five drill rigs.
Deep Hole DCAr0044 was the 6th hole drilled into the emerging
Gold Zone (See Press Release of February
23, May 17, and July 13, 2022) and successfully intersected
514 m grading 1.1 grams per tonne
("g/t") gold ("Au") The remaining other six holes are relatively
shallow holes that targeted near-surface silver mineralization in
the northern portion of the Central Valley.
Drill highlights
include
- Gold Hole DCAr0044: 514.85
m interval (from 266.35 m to
781.2 m) grading 1.10 g/t Au and
6 g/t silver ("Ag"), including higher grade intervals of
14.15 m (from 436.2 m to 450.35
m) grading 3.8 g/t Au, 11g/t Ag and 0.12% copper ("Cu");
87.51 m interval (from 472.4 m to 559.91
m) grading 2.57 g/t Au, 9 g/t Ag and 0.12% Cu.
- Silver Hole DCAr0041: 78.68
m interval (from 37.8 m to
116.48 m) grading 75 g/t Ag, 0.71% Pb
and 0.69% Zn.
- Silver Hole DCAr0042: 79.2
m interval (from 53 m to
132.2 m) grading 77 g/t Ag, 0.73% Pb
and 1.43% Zn.
- Silver Hole DCAr0045: 170.64 m interval (from 8.36 m to 179 m)
grading 88 g/t Ag, 0.38% Pb and 0.61% Zn, including 72.17 m interval grading 150 g/t Ag.
- Silver Hole DCAr0046: 74.67
m interval (from 7.68 m to
82.35 m) grading 102 g/t Ag, 0.9% Pb
and 0.36% Zn.
- Silver Hole DCAr0047: 19.95 m interval (from 77.5 m to 97.45 m)
grading 163 g/t Ag, 0.41% Pb and 1.31% Zn.
- Silver Hole DCAr0048: 33.96 m interval (from
142.5 m to 176.46 m) grading 104 g/t Ag, 0.42% Pb and 0.68%
Zn.
Detailed Descriptions
Hole DCAr0044 intersected a silver interval of
25.12 m (from 33.88 m to 59.0 m)
grading 64 g/t Ag, 0.22% Pb, 0.11% Zn and a silver interval
of 61.66 m (from 84.83 m to 146.49
m) grading 24 g/t Ag, 0.32% Pb and 0.89% Zn. From
266.35 m to 781.2 m, a broad gold interval of 514.85 m interval grading 1.10 g/t Au and 6 g/t
Ag was intersected, including higher grade subintervals of
14.15 m grading 3.8 g/t Au, 11g/t Ag
and 0.12% copper ("Cu") from 436.2 m
to 450.35 m, 87.51 m grading 2.57 g/t Au, 9 g/t Ag and 0.12%
Cu from 472.4 m to 559.91 m. These two higher grade intervals are
hosted in strongly argillic-sericite altered ignimbrite with
dissemination and crosscutting veins of pyrite and chalcopyrite. A
third higher grade interval of 29.89
m grading 2.46 g/t Au. 5 g/t Ag and 0.14% Cu intersected
from 717.07 m to 746.96 m, is hosted in mineralized flow-banded
rhyodacite intrusive with dissemination and crosscutting veins of
pyrite and chalcopyrite.
This hole was drilled across the Central Valley about
50 m to the south of and parallel to
the hole DCAr0039 which intersected a 535
m interval grading 1 g/t gold (please refer to the Company's
news release on July 13, 2022).
Hole DCAr0041 intersected a 266.99 m (from 30.06
m to 297.05 m) silver zone
grading 31 g/t Ag, 0.52% Pb and 0.95% Zn, including a 78.68 m interval grading 75 g/t Ag, 0.71% Pb and
0.69% Zn. This hole was drilled on grid at an angle of -45 to test
the continuity of silver mineralization at a shallow level.
Hole DCAr0042 intersected 332.7
m interval (from 53.0 m to
385.7 m) grading 25 g/t Ag, 0.45% Pb
and 0.95% Zn, including 79.2 m
interval grading 77 g/t Ag, 0.73% Pb and 1.43% Zn. This hole
was drilled on grid at an angle of -45 to test the continuity of
silver mineralization at a shallow level.
Hole DCAr0045 intercepted 170.64
m grading 88 g/t Ag, 0.38% Pb and 0.61% Zn (from depth
8.36 m to 179
m), including a 72.17 m
interval grading 150 g/t Ag. This hole was drilled on grid at an
angle of -45 to test the continuity of silver mineralization at a
shallow level.
Hole DCAr0046 intersected 195.65
m (from 7.68 m to 203.33 m) grading 48 g/t Ag, 0.57% Pb and 0.82%
Zn, including 74.67 m interval (from
7.68 m to 82.35 m) grading 102 g/t Ag, 0.9% Pb and 0.36%
Zn. This hole was drilled on grid at a dip angle of -45 to test the
continuity of silver mineralization at a shallow level.
Hole DCAr0047 intersected 109.02 m (from 72.05
m to 181.07 m) grading 57 g/t
Ag, 0.24% Pb and 0.68% Zn. This hole was drilled on grid at an
angle of -45 to test the continuity of silver mineralization at a
shallow level.
Hole DCAr0048 intersected a silver interval of
62.31 m (from 65.0 m to 127.31 m)
grading 55 g/t Ag, 0.36% Pb and 0.73% Zn, and a silver interval of
33.96 m (from 142.5 m to 176.46
m) grading 104 g/t Ag, 0.42% Pb and 0.68% Zn. This hole was
drilled on grid at a dip angle of -45 to test the continuity of
silver mineralization at a shallow level.
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
|
DCAr0041
|
|
30.06
|
297.05
|
266.99
|
31
|
0.06
|
0.52
|
0.95
|
0.03
|
85
|
|
incl.
|
37.80
|
116.48
|
78.68
|
75
|
0.00
|
0.71
|
0.69
|
0.02
|
120
|
|
|
333.38
|
371.45
|
38.07
|
6
|
0.37
|
0.41
|
0.71
|
0.02
|
71
|
DCAr0042
|
|
53.00
|
385.70
|
332.70
|
25
|
0.03
|
0.45
|
0.95
|
0.02
|
71
|
|
incl.
|
53.00
|
132.20
|
79.20
|
77
|
0.00
|
0.73
|
1.43
|
0.01
|
148
|
DCAr0044
|
|
33.88
|
59.00
|
25.12
|
64
|
0.00
|
0.22
|
0.11
|
0.00
|
75
|
|
|
84.83
|
146.49
|
61.66
|
24
|
0.01
|
0.32
|
0.89
|
0.00
|
64
|
|
|
156.80
|
174.10
|
17.30
|
3
|
0.02
|
0.35
|
1.08
|
0.01
|
52
|
|
|
266.35
|
781.20
|
514.85
|
6
|
1.10
|
0.02
|
0.04
|
0.07
|
94
|
|
incl.
|
436.20
|
450.35
|
14.15
|
11
|
3.80
|
0.05
|
0.02
|
0.12
|
296
|
|
incl.
|
472.40
|
559.91
|
87.51
|
9
|
2.57
|
0.04
|
0.03
|
0.12
|
207
|
|
incl.
|
717.07
|
746.96
|
29.89
|
5
|
2.46
|
0.01
|
0.01
|
0.14
|
195
|
DCAr0045
|
|
8.36
|
179.00
|
170.64
|
88
|
0.0
|
0.38
|
0.61
|
0.02
|
121
|
|
incl.
|
8.36
|
80.53
|
72.17
|
150
|
0.0
|
0.39
|
0.21
|
0.02
|
170
|
DCAr0046
|
|
7.68
|
203.33
|
195.65
|
48
|
n/a
|
0.57
|
0.82
|
0.01
|
93
|
|
incl.
|
7.68
|
82.35
|
74.67
|
102
|
n/a
|
0.90
|
0.36
|
0.01
|
141
|
|
|
327.78
|
365.17
|
37.39
|
4
|
n/a
|
0.49
|
0.75
|
0.00
|
44
|
DCAr0047
|
|
72.05
|
181.07
|
109.02
|
57
|
n/a
|
0.24
|
0.68
|
0.01
|
88
|
|
Incl.
|
77.50
|
97.45
|
19.95
|
163
|
n/a
|
0.41
|
1.31
|
0.02
|
220
|
DCAr0048
|
|
65.00
|
127.31
|
62.31
|
55
|
n/a
|
0.36
|
0.73
|
0.01
|
92
|
|
|
142.50
|
176.46
|
33.96
|
104
|
n/a
|
0.42
|
0.68
|
0.03
|
142
|
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 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.
|
Figure 1. Simplified geology map and drill hole traces, yellow
shows gold intercepts and red for silver at the Carangas
Project
Table 2 Summary of Drill Holes of
Discovery Drill Program of the Carangas
Project
|
Hole_id
|
Easting
|
Northing
|
Altitude
|
Depth_m
|
Azimuth
(°)
|
Dip
(°)
|
Date_start
|
Date_complete
|
Target
|
DCAr0041
|
539155.52
|
7905285.54
|
3906.91
|
437.00
|
20
|
-45
|
3/8/2022
|
3/13/2022
|
C. Valley
|
DCAr0042
|
539121.24
|
7905335.45
|
3907.65
|
400.00
|
20
|
-45
|
3/15/2022
|
3/21/2022
|
C. Valley
|
DCAr0044
|
539297.60
|
7905378.46
|
3909.11
|
1083.30
|
254
|
-66
|
3/23/2022
|
4/19/2022
|
C. Valley
|
DCAr0045
|
539273.97
|
7905323.23
|
3908.27
|
450.00
|
20
|
-45
|
3/24/2022
|
4/2/2022
|
C. Valley
|
DCAr0046
|
539171.12
|
7905329.49
|
3907.10
|
400.00
|
20
|
-45
|
4/2/2022
|
4/9/2022
|
C. Valley
|
DCAr0047
|
539267.05
|
7905445.11
|
3908.45
|
300.00
|
20
|
-45
|
4/9/2022
|
4/15/2022
|
C. Valley
|
DCAr0048
|
539231.41
|
7905496.81
|
3908.35
|
300.00
|
20
|
-45
|
4/16/2022
|
4/22/2022
|
C. Valley
|
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 for hole DCAr0036 which is by handheld
GPS.
|
|
|
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 waiting for 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 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: info@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",
"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.