New Pacific Continues to Intersect Broad Zones of Silver-rich Mineralization at the Carangas Silver Project 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
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NEWS RELEASE
New Pacific Continues to Intersect Broad Zones of Silver-rich
Mineralization at the Carangas Silver Project
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, BRITISH COLUMBIA – NOVEMBER 1, 2021 – 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, similar ly 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 sil ver, US$0.95/lb for lead, US$1.10/lb for zinc, and US$3.40/lb for copper. The
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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 Dome s, 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 pendi ng; 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 historical ly 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 with in a broad interval of 228.30 m which returned 73 g/t
AgEq (39 g/t Ag, 0.56% Pb and 0.5 0% Zn) from surface. Th e drill hole intercepted multiple
historical mining voids and broken z ones with an aggregate length of 15.86 m without core
recovery.
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Drill hole DCAr0006 was collared on the eastern slope of W est 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.
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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 limi ts 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 unce rtainties that could be expected to affect the reliability or
confidence in the information discussed herein.
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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: [email protected]
www.newpacificmetals.com
To receive company news by e -mail, please register using New P acific’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” wit hin 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,
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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 n ecessary 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 re lease 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 ca utionary 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 forwar d-
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.