New Pacific Continues to Intersect The Near-Surface, High Grade Silver Horizon, Including 163 metres Grading 109 Grams Per Tonne Silver, at the Carangas Project, Bolivia
NEWS RELEASE
New Pacific Continues to Intersect The Near-Surface, High Grade
Silver Horizon, Including 163 metres Grading 109 Grams Per Tonne
Silver, at the Carangas Project, Bolivia
VANCOUVER, BRITISH COLUMBIA – OCTOBER 19, 2022 – New Pacific Metals Corp. (“New
Pacific” or the “Company”) (TSX: NUAG; NYSE American: NEWP), together with its local Bolivian
partner, reports assay results for 21 drill holes at its Carangas Silver -Gold Project, Oruro
Department, Bolivia (the “Carangas Project” or the “Project”). Together with the first five holes
released on July 13, 2022, and seven holes released on August 8, 2022, the assay results of the
33 holes from the 2022 drill program continue to intersect a broad, near-surface silver horizon
measuring approximately 1,000 metres (“m”) long, 800 m wide and up to 200 m thick , stacked
over a broad bulk gold zone.
To date, 76 drill holes have been completed and assay results for the remaining 43 drill holes,
including several deep holes targeting Carangas’ gold mineralization (samples analyzed by fire
assay), are pending. Detailed results and drill hole specifications are provided in Tables 1 and 2.
Of the 21 holes detailed in this press release, 19 were drilled in the Central Valley and West Dome,
all of which intersected a broad, near -surface silver horizon. In addition, t wo wildcat holes,
DCAr0055 and DCAr0058, were drilled approximately 1,200 m north of the Central Valley and
only intersected narrow silver mineralization.
HIGHLIGHTS FROM THE NEAR SURFACE SILVER HORIZON
Hole DCAr0077: 163.04 m interval (f rom 67.71 m to 230.75 m) grading 109 grams per tonne
(“g/t”) silver (“Ag”), 0.34 percent (“%”) lead (“Pb”), and 0.8% zinc (“Zn”), including 47.09 m (from
67.71 m to 114.8 m) grading 288 g/t Ag, 0.85% Pb and 1.76% Zn;
Hole DCAr0056: 180.14 m interval (from 25.09 m to 205.23 m) grading 71 g/t Ag, 0.23% Pb and
0.75% Zn, including 50.6 m (from 25.09 m to 75.69 m) grading 166 g/t Ag, 0.43% Pb and 1.5%
Zn;
Hole DCAr0057: 127.41 m interval (from 9.7 m to 137.11 m) grading 60 g/t Ag, 0.35 % Pb and
0.68% Zn, including 33.24 m (from 47.8 m to 81.04 m) grading 165 g/t Ag, 0.54% Pb and 1.0%
Zn;
Hole DCAr0063: 100.4 m interval (from 29.0 m to 129.4 m) grading 104 g/t Ag, 0.26% Pb and
0.45% Zn, including 18.94 m (from 107.6 m to 126.54 m) grading 247 g/t Ag, 0.48% Pb, 0.21%
Zn;
Hole DCAr0064: 220.85 m interval (from 16.7 m to 237.55 m) grading 50 g/t Ag, 0.34% Pb and
0.88% Zn, including 50.9 m (from 16.7 m to 67.6 m) grading 97 g/t Ag, 0.52% Pb and 0.83% Zn;
Hole DCAr0070: 128.53 m interval (from 11.32 m to 139.85 m) grading 83 g/t Ag, 0.4% Pb and
0.83% Zn, including 64.0 m (44.0 m to 108.0 m) grading 149 g/t Ag, 0.56% Pb and 1.33% Zn .
The hole also intersected a deeper 8.13 m interval (from 207.8 m to 215.93 m) grading 629 g/t
Ag, 0.58% Pb and 0.18% Zn; and
Hole DCAr0076: 127.82 m interval (from 29.0 m to 156.82 m) grading 63 g/t Ag, 0.68% Pb and
0.53% Zn, including 21.03 m (from 48.32 m to 69.35 m) grading 150 g/t Ag, 0.87% Pb and 0.72%
Zn, and 7.13 m (from 98.57 m to 105.7 m) grading 315 g/t Ag, 2.5% Pb and 1.11% Zn.
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
DCAr0050 26.00 193.30 167.30 41 n/a 0.27 0.72 0.01 74
incl. 78.49 103.19 24.70 132 n/a 0.38 0.92 0.01 175
222.60 223.72 1.12 148 n/a 0.01 0.08 0.01 152
DCAr0051 67.78 236.00 168.22 47 n/a 0.24 0.55 0.02 73
DCAr0053 6.77 286.84 280.07 37 n/a 0.42 0.73 0.02 76
16.92 87.22 70.30 96 n/a 0.98 1.09 0.02 163
312.80 323.78 10.98 5 n/a 0.30 0.64 0.00 35
335.20 347.45 12.25 7 n/a 0.64 1.14 0.01 64
DCAr0054 43.45 217.27 173.82 57 n/a 0.34 1.04 0.01 103
78.67 89.57 10.90 136 n/a 0.59 1.59 0.02 209
172.55 189.40 16.85 193 n/a 0.51 0.69 0.01 231
DCAr0055 No Significant Intercept
DCAr0056 25.09 205.23 180.14 71 n/a 0.23 0.74 0.01 103
incl. 25.09 75.69 50.60 166 n/a 0.43 1.50 0.02 227
DCAr0057 9.70 137.11 127.41 60 n/a 0.35 0.68 0.01 94
incl. 47.80 81.04 33.24 165 n/a 0.54 1.00 0.01 215
DCAr0058 214.60 215.90 1.30 52 n/a 0.11 0.11 0.01 77
DCAr0061 1.39 138.68 137.29 57 n/a 0.41 0.51 0.01 87
incl. 49.80 65.00 15.20 272 n/a 1.20 0.87 0.03 339
DCAr0063 29.00 129.40 100.40 104 n/a 0.26 0.45 0.01 127
incl. 107.60 126.54 18.94 247 n/a 0.48 0.21 0.02 270
DCAr0064 16.70 237.55 220.85 50 n/a 0.34 0.88 0.01 90
incl. 16.70 67.60 50.90 97 n/a 0.52 0.83 0.01 140
incl. 194.85 221.10 26.25 106 n/a 0.28 0.57 0.01 134
245.50 274.70 29.20 5 n/a 0.31 0.51 0.00 31
293.70 301.25 7.55 21 n/a 0.34 0.63 0.00 52
324.35 328.30 3.95 13 n/a 0.71 1.30 0.01 78
DCAr0065 27.05 35.70 8.65 31 n/a 0.08 0.06 0.00 36
64.85 103.40 38.55 33 n/a 0.23 0.58 0.01 60
DCAr0066 53.87 281.00 227.13 22 n/a 0.32 0.86 0.01 62
incl. 220.90 241.36 20.46 68 n/a 0.33 0.66 100
DCAr0068 25.65 221.52 195.87 39 n/a 0.41 1.19 0.01 92
DCAr0069 64.33 287.42 223.09 17 0.01 0.50 1.29 0.02 77
incl. 64.33 108.56 44.23 50 0.59 0.91 0.01 98
300.60 345.08 44.48 6 0.05 0.42 0.72 0.01 47
370.19 380.54 10.35 4 0.36 0.70 0.00 37
DCAr0070 11.32 139.85 128.53 83 n/a 0.40 0.83 0.01 123
incl. 44.00 108.00 64.00 149 n/a 0.56 1.33 0.01 211
158.00 169.33 11.33 22 n/a 0.09 0.16 0.00 30
207.80 215.93 8.13 629 n/a 0.58 0.18 0.02 653
DCAr0072 7.70 162.65 154.95 42 n/a 0.33 0.69 0.01 76
incl. 55.19 74.70 19.51 134 n/a 0.50 1.05 0.01 185
incl. 105.90 110.30 4.40 374 n/a 0.83 0.69 0.02 422
233.47 238.60 5.13 52 n/a 0.06 0.13 0.00 58
DCAr0073 67.20 147.00 79.80 31 n/a 0.44 1.67 0.02 101
164.81 223.24 58.43 30 n/a 0.14 0.36 0.01 47
234.90 251.68 16.78 23 n/a 0.34 0.55 0.00 51
DCAr0076 29.00 156.82 127.82 63 n/a 0.68 0.53 0.02 102
incl. 48.32 69.35 21.03 150 n/a 0.87 0.72 0.02 202
incl. 98.57 105.70 7.13 315 n/a 2.50 1.11 0.04 429
212.25 222.56 10.31 66 n/a 0.02 0.01 0.02 69
DCAr0077 67.71 230.75 163.04 109 n/a 0.34 0.80 0.02 147
incl. 67.71 114.80 47.09 288 n/a 0.85 1.76 0.04 376
DCAr0079 80.66 95.30 14.64 55 n/a 0.37 0.30 0.01 76
151.67 161.42 9.75 22 n/a 0.04 0.28 0.01 34
Notes:
1. Drill hole location, altitude, azimuth, and dip 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.
PROGRESS ON THE 2022 DRILLING PROGRAM
Five rigs are drilling at the Carangas Project for the planned 40,000 m drill program in 2022
(36,012 m in 76 drill holes completed to date) . The current program, which is expected to wrap
up by mid-December, will constitute a drill grid of 50 m by 50 m to 100 m by 100 m and should be
able to support an inaugural mineral resource estimate in 2023.
Table 2 Summary of Drill Holes of 2022 Drill Program of Carangas Project
Hole_id Easting Northing Altitude Depth_m Azimuth (°) Dip (°) Target
DCAr0050 539182.72 7905514.58 3907.40 300.00 20 -45 CV
DCAr0051 539217.76 7905453.94 3907.94 500.00 20 -45 CV
DCAr0053 539013.91 7905342.94 3906.16 401.00 20 -45 CV
DCAr0054 539052.96 7905452.20 3908.93 302.00 20 -45 CV
DCAr0055 541548.94 7906645.91 3928.74 425.00 20 -68 Regional
DCAr0056 539082.78 7905520.35 3910.80 245.00 20 -45 CV
DCAr0057 539094.02 7905553.36 3911.77 250.00 20 -45 CV
DCAr0058 540389.97 7906058.28 3920.38 311.00 20 -45 Regional
DCAr0061 539106.25 7905586.53 3916.75 250.00 20 -45 CV
DCAr0063 539120.73 7905628.36 3923.75 300.00 20 -45 WD
DCAr0064 539032.73 7905374.23 3906.24 335.00 20 -45 CV
DCAr0065 539132.59 7905668.06 3933.42 250.00 20 -45 WD
DCAr0066 539085.47 7905379.05 3905.93 324.00 20 -45 CV
DCAr0068 539106.17 7905436.16 3906.79 302.00 20 -45 CV
DCAr0069 539063.64 7905317.93 3906.26 400.00 20 -45 CV
DCAr0070 539127.28 7905496.87 3907.29 260.00 20 -45 CV
DCAr0072 539148.79 7905553.29 3907.11 251.00 20 -45 CV
DCAr0073 539153.06 7905424.34 3907.89 300.00 20 -45 CV
DCAr0076 539270.05 7905596.70 3908.23 270.00 20 -45 CV
DCAr0077 539203.27 7905408.07 3907.69 272.00 20 -45 CV
DCAr0079 539290.00 7905650.10 3908.29 250.00 20 -45 CV
Note: 1. Drill collar coordinate system is WGS1984 UTM Zone 19S
2. Coordinate of drill collar is picked with Real Time Kinematics (RTK) GPS
3. CV - Central Valley; WD - West Dome
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 c ode 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 expected to deliver 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 discovery drill program in June 2022 and
discovered a near surface broad gold zone in its first hole drilled.
For further information, please contact:
Dr. Rui Feng,
CEO & Director
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free: 1-877-631-0593
E-mail: [email protected]
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
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“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 regulator y 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 conver t 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 expr essly 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.