New Pacific Commences Drilling at Jisas Prospect, A Satellite Concession North of the Silver Sand Project
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NEWS RELEASE
New Pacific Commences Drilling at Jisas Prospect,
A Satellite Concession North of the Silver Sand Project
VANCOUVER, BRITISH COLUMBIA – JUNE 7, 2022 – New Pacific Metals Corp. (“New Pacific”
or the “Company”) (TSX: NUAG; NYSE American: NEWP) is pleased to announce the
commencement of drilling at Jisas prospect, a satellite concession located in the north block ,
approximately 3 kilometres north of the Silver Sand Project. The Company owns 100% interest in
the Jisas prospect.
As the infill and step- out drilling at the Silver Sand Project for mineral resource update to be
incorporated into the Preliminary Economic Assessment (the “PEA”) due by the end of 2022 has
been concluded in mid-May, 2022, the Company has now deployed one rig to carry out an initial
2,000 metre (“m”) exploration drilling program at the Jisas prospect.
The Jisas prospect has undergone small scale underground mining prior to acquisition by the
Company. Silver mineralization in bleached sandstones is similar to that at Silver Sand. Chip
samples from surface outcrops and underground workings as well as grab samples from mining
dumps taken by the Company returned silver grades ranging from tens of grams up to nine
hundreds of grams per tonne.
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 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 update and PEA by the end of this year. Recently discovered Carangas silver-
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gold project is undergoing a 40,000 m drill program. Regarding the third project, the Silverstrike
silver-gold project, the Company will commence an initial test drilling 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: [email protected]
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 exh austive 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 sign ificant 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,
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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 perm itted 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 Secur ities 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 In dustry 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 C ompany 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.