NEW PACIFIC IDENTIFIES HIGH-GRADE GOLD AND SILVER MINERALIZATION AT ITS SILVERSTRIKE PROJECT, BOLIVIA Continuous Chip Samples Return 4.7 Metres Grading 14.76 Grams per Tonne Gold and 42 Metres Grading 1.02 Grams per Tonne Gold
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NEWS RELEASE
Trading Symbol TSX: NUAG / OTCQX: NUPMF
NEW PACIFIC IDENTIFIES HIGH-GRADE GOLD AND SILVER MINERALIZATION
AT ITS SILVERSTRIKE PROJECT, BOLIVIA
Continuous Chip Samples Return 4.7 Metres Grading 14.76 Grams per Tonne Gold and
42 Metres Grading 1.02 Grams per Tonne Gold
VANCOUVER, British Columbia – November 19, 2020 – New Pacific Metals Corp. (“New Pacific” or the
“Company”) is pleased to provide an update on exploration activities at the Silverstrike Project, Bolivia.
Recent field work has focused on the Silverstrike Central and South areas where t he Company has
identified three significant new zones of gold and silver rich polymetallic mineralization – Table 1 and
Figure 1. These areas, together with the previously released Silverstrike North zones, form high priority
drill targets for testing once the required permits are obtained (see news release dated September 29,
2020 for details on Silverstrike North discovery).
Table 1 – Highlights of Silverstrike Central and South Geochemical Assay Results
Area/Zone Sample Type Assay Results Comment
Manco Kapac
Mine dump
grab
2.64g/t Au, 1,385g/t Ag, 2.41% Pb, 2.5% Zn &
7.58% Cu Surface mine
dump 0.4g/t Au, 1,480g/t Ag, 1.41% Pb & 2.09% Cu
Continuous chip
2.3g/t Au, 164g/t Ag, 2.49% Pb, 0.68% Zn & 0.9%
Cu over an average width 1.09m over a strike
length of 70m
Underground
drift Continuous chip 6.38g/t Au, 239g/t Ag, 3.13% Pb & 0.95% Cu over
1.3m
Continuous chip 6.99g/t Au, 180g/t Ag, 1.78% Pb & 0.65% Cu over
1.4m
Tatitu Kkollu North
(TKN)
Mine dump
grab 1,380g/t Ag, 2.44% Pb, 0.83% Zn & 2.51% Cu Surface mine
dump
Continuous chip 233g/t Ag & 0.56% Pb over a 1mx2m panel Surface outcrop
Continuous chip 309g/t Ag, 0.24% Pb & 1.72% Zn over 0.8m
Tatitu Kkollu South
(TKS)
Continuous chip
42m @ 1.02g/t Au, incl. 2.0m @ 10.05g/t Au,
2.0m @ 3.62g/t Au, 56g/t Ag,
2.0m @ 3.73g/t Au, 79g/t Ag
Surface outcrop
Channel Chip
Site 1
Continuous chip 4.7m @ 14.76g/t Au, incl. 2.0m @ 32.7g/t Au
Surface outcrop
Channel Chip
Site 2
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Continuous chip 10.0m @ 1.45g/t Au, incl. 1.0m @ 9.18g/t Au
Surface outcrop
at Channel Chip
Site 3
Silverstrike South
Continuous chip 1.6m @ 255g/t Ag,
Surface outcrop Continuous chip 1.2m @ 197g/t Ag & 1.24% Pb
Continuous chip 1.0m @ 119g/t Ag, 1.17% Pb, 1.62% Zn & 0.27%
Cu
Notes:
1. The highlights are sourced from assay results of 452 samples taken to date.
2. Grab samples are selective in nature and are not necessarily representative of in situ mineralization.
3. Channel chip sample interval is close to true width as chip samples were taken across and normal to mineralized structures.
Average grade is length weighted.
BACKGROUND
The large Silverstrike property is comprised of three geologically distinct areas termed Silverstrike North,
Central and South within which individual target zones occur (see news release dated December 4, 2019
for details). The current exploration program consists of 1:5 ,000 scale reconnaissance and 1:500 scale
detailed geological, structural and alteration mapping and sampling of the Central and South areas.
Highlights of assay results from the Central and South areas are provided in Table 1 and discussed below.
A total of 452 samples were collected including 441 channel chip samples and 11 mine dump grab
samples.
DISCUSSION
Silverstrike Central
Silverstrike Central is dominated by a ~900 metres (m) diameter volcanic dome – Cerro Tatitu Kkollu
which consists of volcanoc lastic sediments, hydrothermal breccias, rhyolite dyke swarms , and andesite
flows (Figure 1).
Three significant areas of structurally controlled mineralization are geologically associated with the
volcanic complex: Manco Kapac, Tatit u Kkollu North and Tatitu Kkollu South. Approximately 700m to
the north of the dome silver -rich polymetallic mineralization was historically exploited at the former
Manco Kapac mine. Centred on and i mmediately to the north of the dome, field work and previous
drilling by Rio Tinto ( in 1995 ) has identified broad zones of gold and silver- rich polymetallic
mineralization hosted in hydrothermal breccias at Tatitu Kkollu North . Finally , gold mineralization has
been defined at Tatitu Kkollu South at the contact zones between rhyolite dykes and their associated
volcanoclastic sedimentary pile. See Table 1 for details.
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Note: Drill intercepts are historical. The Company has not verified them as the historical drill cores are not available.
The former Manco Kapac mine is characterized by mine dumps scattered along a NE trending corridor
approximately 700m long and up to 200 m wide (Figure 1 ). Exposure is comprised of intermittent
outcrops of andesite and pyroclastics covered by recent alluvial sediments.
The distribution of the mine dumps suggest that multiple mineralized v ein-breccia zones were mined in
the past however, the majority of the former underground workings are not accessible . Mineralization
is comprised of silicified vein breccia cemented by disseminated gold and silver rich polymetallic
mineralization. Seven dump grab samples were collected returning average grades of 0.58g/t Au, 788g/t
Ag, 6. 07% Pb, 5.48% Zn, and 2.79% Cu (Table 2) . A total of 49 channel chip samples were taken
including 21 continuous chip samples from an accessible adit which returned an average grade of 2.3g/t
Au, 164g/t Ag, 2.49% Pb, 0.68% Zn , and 0.9% Cu over an average width 1.09m and strike length of 70m
(Table 3).
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Table - 2 Assay Results from Manco Kapac Mine Dumps*
Samp_id Au_g/t Ag_g/t Pb_% Zn_% Cu_%
SHC000062 0.36 438 0.86 1.2 4.35
SHC000063 2.64 1,385 2.41 2.5 7.58
SHC000064 0.15 177 0.48 0.28 0.5
SHC000065 0.4 1,480 1.41 0.25 2.09
SHC000066 0.4 810 2.12 0.35 1.015
SHC000067 0.05 946 34.92 33.41 0.87
SHC000071 0.03 280 0.28 0.37 3.13
Average 0.58 788 6.07 5.48 2.79
* Dump samples are selective in nature and not representative of in situ mineralization.
Table - 3 Assay Results of Underground Chip Samples from the Manco Kapac Mine*
Samp_id width_m Au_g/t Ag_g/t Pb_% Zn_% Cu_%
SCH003466 0.60 3.08 144 2.34 0.45 0.46
SCH003467 0.70 1.26 200 2.75 1.06 1.10
SCH003468 0.80 0.52 137 1.36 0.90 0.77
SCH003469 0.80 1.37 98 0.44 0.73 0.76
SCH003470 1.30 6.38 239 3.13 0.47 0.95
SCH003471 2.20 0.10 130 0.83 1.24 0.65
SCH003472 1.20 0.59 67 0.28 1.33 0.63
SCH003473 0.90 6.85 78 0.62 0.33 0.38
SCH003474 1.00 2.80 412 12.30 0.45 3.36
SCH003475 0.80 1.80 171 3.27 1.14 1.12
SCH003476 0.60 5.18 187 6.58 0.76 0.26
SCH003477 0.50 5.04 236 8.53 0.44 0.22
SCH003478 0.60 0.67 50 4.39 0.15 0.08
SCH003479 0.50 1.54 154 3.81 0.21 0.25
SCH003480 1.60 2.59 327 4.45 0.66 0.55
SCH003481 1.40 6.99 180 1.78 0.45 0.65
SCH003482 1.40 1.08 170 1.77 0.46 1.35
SCH003483 0.90 2.05 217 2.62 0.93 1.54
SCH003484 1.10 1.19 150 1.04 0.72 2.00
SCH003485 2.40 1.14 91 0.46 0.45 0.66
SCH003486 1.50 0.24 65 0.59 0.39 0.69
Average 1.09 2.30 164 2.49 0.68 0.90
* Continuous chip samples w ere taken across and normal to mineralized structures and the interval is close to true width .
Average grade is length weighted.
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Tatitu Kkollu North is a silver rich zone associated with a NNE trending hydrothermal breccia estimated
to be a minimum of 50 m wide and 200m long based on the surface expression of the limited outcrop in
the area (Figure 1).
A total of 61 samples (2 mine dumps and 59 channel chips) were collected. The two mine dump samples
returned values of 1380g/t Ag, 2.44%Pb, 0.83% Zn and 2.51% Cu and 105g/t Ag, 0.69% Pb and 13.25% Zn
respectively. Fifty-nine channel chip samples returned an average grade of 38g/t Ag, 0.11% Pb and 0.23%
Zn with the highest sample reporting 309g/t Ag, 0.24% Pb and 1.72% Zn over 0.8m.
In general, the results are in line with historic al drilling by Rio Tinto which returned 220m @ 45g/t Ag,
0.51% Pb and 0.44% Zn from 13.0m to 233.0m in hole BER -3, including a higher grade sub -interval of
116m @ 66g/t Ag, 0.81% Pb and 0.67% Zn from 13m to 129m downhole.
Gold-rich polymetallic mineralization at Tatitu Kkollu South occurs adjacent to the contact zones
between volcanoclastic sediments and a NE trending rhyolite dyke swarm (Figure 1).
A single dump grab sample collected from a historic exploration adit returned 1.66g/t Au, 154g/t Ag,
0.69% Pb, 0.3% Zn , and 7.97% Cu. A total of 277 channel chip samples were collected over three key
outcropping areas – Channel Chip Sites 1 to 3. Channel Chip Site 2 returned the best results and remains
open for expansion (Figure 1 and Table 4):
Table-4 Chip Sampling at Site 2 of Gold Zone*
Samp_id Width_m Au_g/t Ag_g/t Pb_% Zn_% Cu_%
SCH002332 2.00 32.70 20 0.79 0.10 0.14
SCH002333 2.00 1.00 22 0.40 0.04 0.06
SCH002334 0.70 2.81 62 0.75 0.21 2.53
average 4.70 14.76 27 0.62 0.09 0.46
* Continuous chip samples were taken across and normal to mineralized structures and the interval is close to true width.
Average grade is length weighted.
Continuous mineralization of 42m @ 1.02g/t Au, 18g/t Ag, 0.15% Pb , and 0.11% Zn including 2.0m @
10.05g/t Au, 30g/t Ag, 0.22% Pb , and 0.11% Zn was returned from Channel Chip Site-1, and 10m @
1.45g/t, 14g/t Ag, 0.36% Pb including 1.0m @ 9.18g/t Au, 42g/t Ag and 0.74% Pb from Channel Chip Site-
3. In addition to the composited intervals, isolated mineralized samples occur between lower grade or
barren intervals beyond the continuous mineralized intervals at Channel Chip Sites 1 and 3.
Drilling by Rio Tinto in 1995 tested a small, near surface portion of the target zone returning broad
intervals of Au mineralization:
• BER-02 – 302m @ 0.27 g/t Au within which 42m returned 0.52g/t Au.
• BRC-04 – 110m @ 0.46 g/t Au within which 22m returned 1.42 g/t Au.
• BRC-12 – 258m @ 0.19 g/t Au.
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Based on the limited previous drilling by Rio Tinto and the latest sample results anomalous gold
mineralization is intermittently traceable over an area of 700m long and up to 300m wide.
Consequently, the Company interprets the Tatitu Kkollu South zone to represent an attractive near-
surface bulk tonnage gold-rich target within which higher grade intervals may occur along strike and/or
at depth.
Silverstrike South
At Silverstrike South, significant colonial-era mining dumps of the former Dos Amigos mine define an
east-west trending mineralized zone approximately 350m long which is open on either end where it is
covered by surface talus . In addition , currently active hydrothermal sinter and associated sediments
indicate that the structure has remained active over a geologically prolonged period . The Company
interprets this to be indicative of a metalliferous deep seated structural zone.
In detail, mineralization appears to be structurally controlled at the contact between a rhyolitic dome
and Tertiary sediments. The width of mineralized system is unknown and the underground workings are
not accessible . Twenty-one channel chip samples were collected predominantly from the partially
exposed hanging and footwall to the mined structure, returning average grades of 49g/t Ag with the
highest up to 255g/t Ag over 1.6m.
Given the extensive surface dumps and associated mining infrastructure including a small smelting
house used to produce silver dor é, it is possible that the historic Dos Amigo run of mine head -grades
were higher than the grades of the recent chip samples.
FUTURE WORK
The Company is continuing to synthesize and fully interpret the data following which it will generate
ranked drill targets for initial testing.
Quality Assurance and Quality Control
The grab and chip samples with results released in this news release were shipped in securely sealed
bags by New Pacific staff in the Company’s vehicles directly from field to ALS Global in Oruro, Bolivia for
preparation, and ALS Global in Lima, Peru for geochemical analysis. All samples are first analyzed by a
multi-element ICP package (ALS code ME -MS41) with ore grade over limi ts for silver, lead and zinc
further analyzed using ALS code OG46. Further silver over limits are analyzed by gravimetric analysis
(ALS code of GRA21). Gold is analyzed by fire assay with AAS finish (ALS code Au-AA25).
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The assay results of the grab and chip samples are used for reconnaissance purpose, hence no certified
reference materials and blank materials were inserted to the normal sample sequence in the field .
However, internal QAQC results of ALS lab did not show any significant bias of analysis or contamination
during sample preparation.
Technical information contained in this news release has been reviewed and a pproved by Alex Zhang, P.
Geo., Vice President of Exploration, who is a Qualified Person for the purposes of NI 43-101.
COMPLETION OF SPIN-OUT
The Company announces the successful completion of its previously announced spin-out of all common
shares of Whitehorse Gold Corp. (“Whitehorse Gold”) held by the Company to Company shareholders
effective November 18, 2020 by way of a share exchange under a court approved plan of arrangement
(the “Arrangement”). More information about Whitehorse Gold and the Arrangement can be found in
the Company’s management information circular dated August 27, 2020 and news releases dated July
22, August 26 and November 17, 2020, all of which are available for viewing on the Company’s SEDAR
profile at www.sedar.com . Whitehorse Gold has received conditional approval from the TSX Venture
Exchange (“TSXV”) for the listing of its common shares thereon.
ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and development company which owns the Silver Sand Project, in
the Potosi Department of Bolivia and the Silverstrike Project in Bolivia.
For further information, please contact:
New Pacific Metals Corp.
Gordon Neal
President
Phone: (604) 633-1368
Fax: (604) 669-9387
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
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permits and regulatory approvals, including final TSXV approval of the spin- out and the listing of the Whitehorse Gold common
shares on the TSXV; and estimates of the Company’s revenues and capital expenditures.
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 perso nnel; 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, and other factors described under the heading “Risk Factors” in
the Company’s Annual Information Form for the year ended June 30, 2020 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 a nd
forecasts; the stabilization of the political climate in Bolivia; 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; the ability to meet current an d
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 c ontained 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 was prepared in accordance with Canadian National Instrument 43-101 ("NI 43-101") and the
Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Definition Standards”) incorporated by reference
therein, which differs significantly from the current requirements of the U.S. Securities and Exchange Commission (the "SEC") set
out in Industry Guide 7. Accordingly, such disclosure may not be comparable to similar information made public by companies
that report in accordance with Industry Guide 7. In particular, this news release may refer to "mineral resources", "measured
mineral resources", "indicated mineral resources" or "inferred mineral resources". While these categories of mineralization are
recognized and required by Canadian securities laws, they are not recognized by Industry Guide 7 and are not normally
permitted to be disclosed in SEC filings by U.S. companies that are subject to Industry Guide 7. U.S. investors are cautioned not
to assume that any part of a "mineral resource", "measured mineral resource", "indicated mineral resource", or "inferred
mineral resource" will ever be converted into a "reserve." In addition, "reserves" reported by the Company under Canadian
standards may not qualify as reserves under Industry Guide 7. Under Industry Guide 7, mineralization may not be classified as a
"reserve" unless the mineralization can be economically and legally extracted or produced at the time the "reserve"
determination is made. Accordingly, inf ormation contained or referenced in this news release containing descriptions of mineral
deposits may not be comparable to similar information made public by U.S. companies subject to the United States federal
securities laws and the rules and regulations thereunder . “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