New Pacific intersects 148 m interval of silver mineralization grading 78 g/t silver, 2.07% lead + zinc stacked on top of 95 m interval of gold mineralization grading 1.14 g/t gold and 31 g/t silver at the Carangas Silver Project
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NEWS RELEASE
New Pacific intersects 148 m interval of silver mineralization
grading 78 g/t silver, 2.07% lead + zinc stacked on top of
95 m interval of gold mineralization grading
1.14 g/t gold and 31 g/t silver at the Carangas Silver Project
VANCOUVER, BRITISH COLUMBIA – FEBRUARY 10, 2022 – 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 six additional drill holes from the Discovery
Drill Program completed in 2021 at the Carangas Silver Project, Oruro Department, Bolivia (the
“Carangas Project” or the “Project”). To date, assay results of 17 drill holes have been received,
with the remaining 18 drill holes awaiting additional analysis, specifically fire assay for gold. All
seventeen drill holes intercepted near surface silver rich polymetallic mineralization.
HIGHLIGHTS
• An expansive, near -surface silver-rich zone of mineralization is stacked above a broad
zone of gold mineralization.
• Drill hole DCAr0016 intersected a 148.48 metre (“m”) interval (starting at just 8.7 m depth)
grading 78 g/t Ag and 2.07% Pb+Zn and overlying a 453 m interval grading 0.49 g/t Au,
including 95 m of 1.14 g/t Au and 31 g/t Ag, within which a 10.3 m interval assayed 5.66
g/t Au and 152 g/t Ag.
The six holes, DCAr0012, DCAr0013, DCAr0014, DCAr0015, DCAr0016, and DCAr0017, listed
in Table 1 below, together with previously released holes DCAr0010 and DCAr0011 are drilled in
the Central Valley in the middle of the Carangas Project (Figure 1) along a near north-south cross
section (Figure 2, Section 24). The drill section is believed to be perpendicular to the east -west
mineralization trend. The assay results of these eight drill holes along Section 24 have clearly
defined a broad, near surface hori zon of silver -lead-zinc mineralization ranging from tens of
metres to over 100 m in thickness and a width of nearly 700 m (Figure 1).
In addition to the near surface broad silver-rich mineralization, four deeper drill holes, namely
DCAr0013, DCAr0014, DCAr0015 and DCAr0016 all intercepted a broad zone of gold
mineralization below the silver horizon.
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Drill hole DCAr0016 is entirely mineralized from surface to the end of hole at 630.35 m.
From 8.7 m to 157.18 m, the hole intersected a 148.8 m silver rich interval grading 78 g/t Ag, 0.81%
Pb, and 1.26% Zn (147 g/t AgEq), followed by a 19.89 m interval from 157.18 m to 177 m grading
29 g/t Ag, 0.3% Pb, 0.7% Zn, 0.06% Cu, and 0.17 g/t Au (79 g/t AgEq). Further down hole, from
177.07 m to 630.35 m, a 453.28 m interval of gold-dominated mineralization grading 0.49 g/t Au,
12 g/t Ag, 0.1% Pb, 0.14% Zn, and 0.04% Cu was encountered, including a 95 m higher grade
gold interval grading 1.14 g/t Au, 31 g/t Ag (121 g/t AgEq) from 535.35 m to 630.35 m, and a sub-
interval of 10.32 m grading 5.66 g/t Au and 152 g/t Ag (559 g/t AgEq) from 557.08 m to 567.40 m.
Drill hole DCAr0015 is located about 100 m north of hole DCAr0016 and was completed to depth
600 m. From 79.87 m to 138.5 m, it returned a 58.63 m interval grading 53 g/t Ag, 0.95% Pb,
and 1.58% Zn (138 g/t AgEq), then followed by 342.92 m interval of gold mineralization grading
0.55 g/t Au, 12 g/t Ag, 0.15% Pb, 0.21% Zn, and 0.05% Cu from 190.44 m to 533.36 m down hole,
which includes an interval of 86.41 m grading 1.03 g/t Au, 26 g/t Ag, and 0.07% Cu (112 g/t AgEq)
from 446.95 m to 533.36 m including a sub-interval of 8.66 m grading 6.38 g/t Au, 182 g/t Ag, and
0.39% Cu from 497.54 m to 506.20 m.
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
DCAr0012 40.00 273.85 233.85 36 0.04 0.56 1.29 0.02 101
incl. 57.35 88.60 31.25 169 1.17 1.35 0.01 249
DCAr0013 21.49 60.80 39.31 15 0.21 0.38 0.00 34
84.85 177.30 92.45 34 0.01 0.40 1.04 0.01 81
incl. 124.71 177.30 52.59 49 0.01 0.48 1.25 0.01 107
177.3 251.82 74.52 6 0.03 0.36 0.96 0.01 51
251.82 524.50 272.68 8 0.30 0.27 0.44 0.04 56
529.78 554.80 25.02 4 0.02 0.27 0.70 0.01 38
DCAr0014 73.17 154.00 80.83 40 0.01 0.69 1.54 0.02 115
154 292.85 138.85 7 0.03 0.26 0.59 0.03 39
292.85 384.05 91.20 12 0.33 0.18 0.57 0.07 67
DCAr0015 79.87 138.50 58.63 53 0.03 0.95 1.58 0.03 138
138.5 190.44 51.94 9 0.03 0.30 0.81 0.03 51
190.44 533.36 342.92 12 0.55 0.12 0.21 0.05 66
incl. 446.95 533.36 86.41 26 1.03 0.03 0.12 0.07 112
incl. 497.54 506.20 8.66 182 6.38 0.15 0.10 0.39 684
DCAr0016 8.7 157.18 148.48 78 0.02 0.81 1.26 0.02 147
157.18 177.07 19.89 29 0.17 0.30 0.70 0.06 79
177.07 630.35 453.28 12 0.49 0.10 0.14 0.04 59
incl. 535.35 630.35 95.00 31 1.14 0.03 0.06 0.06 121
incl. 557.08 567.40 10.32 152 5.66 0.09 0.02 0.01 559
DCAr0017 35.3 180.06 144.76 36 0.01 0.44 0.56 0.02 70
incl. 71 105.37 34.37 54 0.01 0.82 0.93 0.02 112
incl. 152.23 168.42 16.19 117 0.62 0.34 0.07 153
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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 silver (“Ag”), US$0.95/lb for lead (“Pb”), US$1.10/lb for zinc (“Zn”), US$3.40/lb for
copper (“Cu”), and US$1,600/oz for gold (Au). The formula used for the AgEq calculation is as follows: AgEq= Ag grams per
tonne (“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 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.
5. For holes DCAr0014 and DCAr0017, gold values are results of semi quantitative ICP analysis, with fire assay results pending.
SILVER AND GOLD MINERALIZATION ZONING FROM THE DISCOVERY DRILLING IN THE
CENTRAL VALLEY
The near -surface silver -rich mineralization is c ontrolled by dense mineralized fractures which
generally strike in northwest to west direction, and mostly dip south at high angles, continuing to
a depth of 100 m to 200 m, and stretching a width of at least 700 m from north to south as shown
in Section 2 4. Mineralization continues to depth, with the amount of silver -lead-zinc sulfides
decreasing, but the amount of chalcopyrite increasing to a depth up to 700 m with the lower limit
not yet defined by drilling, indicating a potentially a large silver and go ld mineralized system of
zonation with depth.
The chalcopyrite mineralization occurs in the form of veins and veinlets generally associated with
drusy quartz, and usually carries gold mineralization evidenced by the assay results of the long
holes DCAr0013 to DCAr0016. In addition to the vein type mineralization, weakly to moderately
disseminated pyrite and sphalerite are common in all drill holes. Common alteration associated
both in the silver and gold zones include sericitic and argillic alteration with chloritic alteration in
peripheral area, and silicification occurs as selvage near minerali zed veins and veinlets.
Chalcopyrite mineralization is generally associated with gold, though some high grade gold
intervals carry little or no chalcopyrite (see Photos 1 & 2).
DRILLING PLAN FOR YEAR 2022
Encouraged by the successful Discovery Drilling in 2021, the Company plans to initiate a resource
definition drilling program at Carangas Project in 2022. An initial 30,000 m drill program has been
budgeted for this year and the Company will review the drill program from time to time which could
be extended to 40,000 m or more if on -going drill results continue to be encouraging. Currently,
the resource definition drilling has commenced with two rigs operating on site, and a third one
may be added in due course after the rainy season.
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Figure 1 Simplified geology map and drill holes of 2021 drill program of Carangas Project
Figure 2. Drill Section 24 of the 2021 Discovery Drill Program at Carangas Project
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Table 2 Summary of Drill Holes Locations for the Carangas Project
Hole_ID Easting Northing Altitude Depth_m Azimuth (°) Dip (°) Date_start Date_complete Target
DCAr0001 538772.76 7905618.95 4041.21 300.40 120 -55 6/21/2021 6/30/2021 W. Dome
DCAr0002 538770.64 7905615.47 4041.15 200.00 225 -40 7/2/2021 7/8/2021 W. Dome
DCAr0003 538760.06 7905564.79 4026.90 150.00 240 -40 7/8/2021 7/12/2021 W. Dome
DCAr0004 538825.50 7905612.16 4036.96 250.00 46 -50 7/12/2021 7/16/2021 W. Dome
DCAr0005 538783.47 7905661.22 4053.84 250.00 151 -40 7/16/2021 7/26/2021 W. Dome
DCAr0006 538963.00 7905485.07 3942.23 300.00 30 -45 7/27/2021 8/3/2021 W. Dome
DCAr0007 539384.66 7905187.61 3936.85 300.00 20 -45 8/4/2021 8/9/2021 E. Dome
DCAr0008 539333.52 7905281.06 3921.15 350.00 20 -45 8/10/2021 8/15/2021 E. Dome
DCAr0009 539586.93 7905157.90 4006.31 250.00 20 -45 8/16/2021 8/19/2021 E. Dome
DCAr0010 539181.76 7905464.48 3907.98 206.00 20 -45 8/19/2021 8/24/2021 C. Valley
DCAr0011 539151.56 7905372.66 3907.46 250.00 20 -45 8/26/2021 8/30/2021 C. Valley
DCAr0012 539118.40 7905290.73 3907.18 400.00 20 -45 8/31/2021 9/12/2021 C. Valley
DCAr0013 538877.56 7905023.91 3911.64 584.00 50 -45 9/13/2021 9/25/2021 S. Dome
DCAr0014 539076.98 7905212.97 3906.16 500.00 20 -45 10/6/2021 10/13/2021 C. Valley
DCAr0015 539034.51 7905133.70 3905.39 600.00 20 -45 10/6/2021 10/15/2021 C. Valley
DCAr0016 539001.02 7905050.01 3904.10 761.00 20 -45 10/17/2021 10/31/2021 C. Valley
DCAr0017 539217.59 7905550.63 3907.29 311.00 20 -45 10/15/2021 10/20/2021 C. Valley
DCAr0018 538788.93 7905507.35 4012.26 400.00 20 -70 10/18/2021 10/27/2021 W. Dome
DCAr0019 539211.99 7905304.71 3907.55 353.00 20 -45 10/21/2021 10/27/2021 C. Valley
DCAr0020 538841.11 7905102.85 3918.24 650.00 50 -45 11/2/2021 11/13/2021 S. Dome
DCAr0021 538794.55 7905508.55 4012.67 350.00 77 -45 10/28/2021 11/9/2021 W. Dome
DCAr0022 539250.95 7905397.84 3908.65 350.00 20 -45 10/28/2021 11/3/2021 C. Valley
DCAr0023 539282.77 7905481.73 3908.50 300.00 20 -45 11/4/2021 11/9/2021 C. Valley
DCAr0024 539191.18 7905204.23 3907.07 476.10 20 -45 11/10/2021 11/16/2021 C. Valley
DCAr0025 538829.52 7905615.97 4036.95 200.00 250 -40 11/10/2021 11/14/2021 W. Dome
DCAr0026 538990.16 7905279.65 3905.53 450.00 20 -45 11/14/2021 11/22/2021 C. Valley
DCAr0027 538773.94 7905612.53 4041.03 401.00 200 -60 11/15/2021 11/22/2021 W. Dome
DCAr0028 539040.73 7905409.95 3907.11 300.00 20 -45 11/18/2021 11/22/2021 C. Valley
DCAr0029 538829.40 7905369.78 3966.60 300.00 55 -45 11/24/2021 11/28/2021 W. Come
DCAr0030 539073.78 7905483.71 3908.83 257.00 20 -45 11/23/2021 11/28/2021 C. Valley
DCAr0031 539049.54 7905156.60 3905.49 758.00 20 -68 11/22/2021 12/18/2021 C. Valley
DCAr0032 539336.17 7905281.10 3921.04 400.00 75 -45 11/29/2021 12/5/2021 C. Valley
DCAr0033 538879.37 7905252.35 3908.11 401.00 20 -45 11/29/2021 12/4/2021 W. Dome
DCAr0034 538748.85 7905028.31 3905.85 600.00 50 -50 12/5/2021 12/15/2021 S. Dome
DCAr0035 539308.99 7905554.21 3908.65 302.00 20 -43 12/6/2021 12/12/2021 C. Valley
Total 13,210.50
Notes:
1. Drill collar coordinate system is WGS1984 UTM Zone 19S.
2. Coordinate of drill collar is picked with Real Time Kinematics (RTK) GPS.
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Photo 1: Gold-silver mineralized drill core in hole DCAr0015 including Ag/Au g/t grades (in red) across the
marked intervals
Photo 2: Gold-silver mineralized drill core in hole DCAr0016 including Ag/Au g/t grades (in red) across the
marked intervals
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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 fr om 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 packag e (ALS code ME -MS41) with ore grade over 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 firstly by ICP method
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 to normal drill core sample sequences
prior to delivery to laboratory for preparation and anal ysis. 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.
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:
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.
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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
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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; ant icipated 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 c onditions, 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, expectat ions
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 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 q ualified 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.