New Pacific Intersects 230 Metres Grading 146 Grams Per Tonne Silver at the Carangas Project, Bolivia
NEWS RELEASE
New Pacific Intersects 230 Metres Grading 146 Grams Per Tonne
Silver at the Carangas Project, Bolivia
VANCOUVER, BRITISH COLUMBIA – FEBRUARY 1, 2023 – New Pacific Metals Corp. (“New
Pacific” or the “Company”) (TSX: NUAG; NYSE American: NEWP), together with its local Bolivian
partner, reports assay results for an additional 42 drill holes from the 2022 drill program at its
Carangas Silver-Gold Project, Oruro Department, Bolivia (the “Carangas Project” or the “Project”).
To date, assay results of 85 drill holes from the 115 holes drilled in 2022 have been received and
released while results of the remaining 30 drill holes are pending. Detailed results and drill hole
specifications are listed in Tables 1 and 2, as well as in Figure 1.
These 42 holes were drilled to define the continuity of the shallow silver mineralization on a grid
with fifty-meter spacing. With the exception of one hole, all 41 drill holes intercepted broad silver
mineralization, which further confirmed the continuity of the widespread shallow silver-lead-zinc
polymetallic mineralization starting near surface in an area of up to 1 ,000 meters (“m”) long by
800 m wide by 200m deep across the West Dome, the Central Valley and the East Dome. These
drill hole results will be incorporated in the Project's inaugural mineral resource estimate expected
to be released later in the year.
HIGHLIGHTS OF DRILL RESULTS
230.26 m interval (53.74 m to 284 m ) grading 146 g/t silver (“Ag”), 0.3% lead (“Pb”) and 0.69%
zinc (“Zn”), including 12.06 m interval (from 115.49 m to 127.55 m) grading 2,160 g/t Ag, 0.74%
Pb, 1.74% Zn and 0.13% copper (“Cu”) in Hole DCAr0075.
127.51 m interval (1.8 m to 129.31 m) grading 92 g/t Ag, 0.4% Pb and 0.41% Zn, including 15.2
m interval (90.05 m to 105.25 m) grading 200 g/t Ag, 0.35% Pb and 0.38% Zn in Hole DCAr0099.
188.20 m interval (20.0 m to 208.2 m) grading 63 g/t Ag, 0.3% Pb and 0.79% Zn, including 49.62
m interval (from 22.68 m to 72.3 m) grading 157 g/t Ag, 0.74% Pb and 2.02% Zn in Hole
DCAr0080.
122.52 m interval (54.28 m to 176.8 m) grading 61 g/t Ag, 0.47% Pb and 0.83% Zn, including 54.9
m interval (from 55.46 m to 110.36 m) grading 120 g/t Ag, 0.71% Pb and 1. 24% Zn in Hole
DCAr0074.
237.0 m interval (26.3 m to 263.3 m) grading 59 g/t Ag, 0.41% Pb and 0.78% Zn, including 54.59
m interval (78.1 m to 132.69 m) grading 205 g/t Ag, 0.5% Pb and 1.41% Zn in Hole DCAr0085.
207.86 m interval (205.9 m to 413.76 m) grading 60 g/t Ag, 0. 29% Pb and 0. 5% Zn, including
21.76 m interval (265.0 m to 286.76 m) grading 128 g/t Ag, 0. 27% Pb and 0. 56% Zn in Hole
DCAr0110.
149.68 m interval (4.42 m to 154.1 m) grading 57 g/t Ag, 0.44% Pb and 0.13% Zn, including 14.53
m interval (23.61 m to 38.14 m) grading 194 g/t Ag and 0.59% Pb in Hole DCAr0125.
148.84 m interval (46.2 m to 195.04 m) grading 50 g/t Ag, 0.28% Pb and 0.76% Zn, including 44.1
m interval (150.94 m to 195.04 m) grading 104 g/t Ag, 0.25% Pb and 0.55% Zn in Hole DCAr0083.
Table 1 Summary of Drill Hole Results
Hole_ID Depth_from Depth_to Interval_m Ag_g/t Au_g/t Pb_% Zn_% Cu_% AgEq_g/t
DCAr0074 54.28 176.80 122.52 61 0.47 0.83 0.02 105
incl. 55.46 110.36 54.90 120 0.71 1.24 0.02 184
210.70 214.14 3.44 126 0.24 0.04 0.03 138
DCAr0075 53.74 284.00 230.26 146 0.30 0.69 0.01 180
incl. 115.49 127.55 12.06 2,160 0.74 1.74 0.13 2,254
incl. 196.22 225.00 28.78 132 0.20 0.28 0.01 148
DCAr0080 20.00 208.20 188.20 63 0.30 0.79 0.01 99
incl. 22.68 72.30 49.62 157 0.74 2.02 0.02 248
DCAr0082 35.00 77.46 42.46 12 0.30 0.60 0.02 43
85.47 99.82 14.35 46 0.57 1.24 0.01 105
107.38 164.90 57.52 20 0.32 1.04 0.01 66
185.97 195.37 9.40 5 0.32 0.59 0.02 38
230.00 281.05 51.05 9 0.39 0.53 0.01 45
293.26 301.51 8.25 3 0.34 0.50 33
326.65 387.70 61.05 4 0.33 0.58 0.01 40
DCAr0083 46.20 195.04 148.84 50 0.28 0.76 0.01 85
incl. 150.94 195.04 44.10 104 0.25 0.55 0.01 131
DCAr0084 8.00 20.81 12.81 10 0.43 0.23 30
46.43 52.30 5.87 64 0.38 0.26 84
73.31 127.72 54.41 36 0.22 0.61 0.01 64
139.28 192.10 52.82 34 0.32 0.50 0.02 62
213.32 225.43 12.11 103 0.11 0.14 0.01 112
DCAr0085 26.30 263.30 237.00 59 0.41 0.78 0.01 99
incl. 78.10 132.69 54.59 205 0.50 1.41 0.02 269
DCAr0086 24.87 92.80 67.93 28 0.39 1.10 77
105.14 147.27 42.13 15 0.18 0.50 0.01 38
192.64 204.56 11.92 119 0.19 0.19 0.01 132
211.84 214.45 2.61 58 0.13 0.11 0.08 74
252.80 255.34 2.54 89 0.07 0.18 0.04 102
DCAr0087 68.30 127.23 58.93 33 0.31 0.56 62
141.18 181.96 40.78 54 0.28 0.68 0.02 86
DCAr0088 6.80 138.70 131.90 49 0.42 1.04 0.01 97
incl. 6.80 74.11 67.31 87 0.70 1.53 0.02 161
145.17 165.25 20.08 28 0.09 0.22 0.01 39
184.62 200.00 15.38 54 0.31 0.67 0.02 87
217.20 221.40 4.20 47 0.22 0.30 64
261.42 324.50 63.08 12 0.53 0.79 0.01 55
DCAr0089 4.77 137.23 132.46 25 0.26 0.15 0.01 39
162.41 163.56 1.15 79 0.39 0.80 0.05 122
173.69 176.12 2.43 41 0.11 0.28 0.01 54
191.90 202.02 10.12 30 0.08 0.15 0.01 39
207.00 208.08 1.08 33 1.10 3.11 0.05 173
DCAr0090 74.68 112.48 37.80 24 0.36 0.55 0.01 54
146.85 203.00 56.15 119 0.30 0.18 0.02 135
226.27 227.67 1.40 239 0.68 0.13 0.01 264
DCAr0091 1.45 14.93 13.48 34 0.28 0.02 43
44.40 180.02 135.62 23 0.35 0.49 0.01 51
DCAr0092 10.80 127.13 116.33 37 0.45 0.77 0.01 77
incl. 10.80 33.57 22.77 107 1.38 1.64 0.02 204
136.90 227.10 90.20 12 0.19 0.49 0.01 35
DCAr0093 65.15 75.10 9.95 75 0.04 0.06 79
116.27 125.97 9.70 23 0.13 0.14 32
159.92 165.51 5.59 73 0.14 0.07 0.01 80
173.95 188.30 14.35 92 0.18 0.23 0.02 107
198.14 203.84 5.70 106 0.22 0.16 0.04 123
232.27 236.26 3.99 33 0.05 0.05 0.01 36
241.61 244.28 2.67 83 0.37 0.04 0.04 99
DCAr0095 7.50 43.50 36.00 23 0.36 0.01 34
94.53 107.60 13.07 28 0.30 0.14 37
140.65 142.85 2.20 173 1.07 0.66 0.01 206
179.00 205.50 26.50 45 0.26 0.57 0.04 57
299.50 310.00 10.50 57 0.03 0.06 0.04 62
DCAr0097 0.65 23.15 22.50 10 0.37 0.15 0.01 27
47.18 72.23 25.05 13 0.14 1.00 0.01 51
86.30 107.90 21.60 45 0.37 0.48 0.01 72
DCAr0098 20.10 83.50 63.40 38 0.73 0.70 0.01 84
103.80 144.30 40.50 27 0.26 0.58 0.02 56
162.54 191.80 29.26 15 0.35 1.07 0.02 63
230.30 235.27 4.97 62 0.04 0.08 65
DCAr0099 1.80 129.31 127.51 92 0.40 0.41 0.02 119
incl. 90.05 105.25 15.20 200 0.35 0.38 0.01 224
DCAr0100 7.36 11.20 3.84 51 0.38 0.02 63
59.90 138.00 78.10 34 0.41 0.46 0.02 63
157.90 198.20 40.30 13 0.23 0.66 0.01 43
296.34 304.50 8.16 63 0.34 0.14 0.09 87
310.60 328.36 17.76 56 0.41 0.07 0.08 79
DCAr0101 6.15 61.05 54.90 40 0.55 0.18 0.01 63
70.60 130.35 59.75 18 0.21 0.64 0.01 46
151.90 190.30 38.40 32 0.50 0.69 0.03 73
208.60 214.55 5.95 35 0.36 0.38 0.01 59
245.75 249.10 3.35 71 0.50 0.26 95
259.00 260.10 1.10 257 0.51 0.27 281
286.09 291.90 5.81 4 0.58 0.55 40
DCAr0102 26.17 138.65 112.48 22 0.25 0.69 0.01 54
145.80 153.23 7.43 77 0.11 0.15 85
161.39 193.03 31.64 87 0.18 0.30 0.01 102
216.58 225.55 8.97 27 0.37 0.32 49
DCAr0103 2.00 94.40 92.40 19 0.48 0.24 0.02 43
DCAr0106 0.00 61.15 61.15 30 0.25 0.20 0.01 44
95.00 191.54 96.54 52 0.47 1.01 0.02 102
incl. 113.82 127.80 13.98 171 0.64 1.41 238
DCAr0107 31.60 89.95 58.35 23 0.38 1.06 70
121.05 160.90 39.85 25 0.17 0.46 0.01 47
DCAr0108 17.51 77.09 59.58 7 0.21 0.86 0.03 45
84.90 161.00 76.10 18 0.29 1.34 0.01 73
186.07 195.40 9.33 12 0.80 1.04 0.05 76
241.57 267.70 26.13 7 0.51 0.64 43
DCAr0109 52.54 137.63 85.09 49 0.26 0.57 0.01 76
DCAr0110 6.19 166.63 160.44 23 0.30 0.37 0.01 44
189.45 192.09 2.64 155 0.32 0.66 0.01 188
205.90 413.76 207.86 60 0.02 0.29 0.50 0.01 88
incl. 265.00 286.76 21.76 128 0.27 0.56 0.01 156
incl. 394.42 412.36 17.94 136 0.20 0.44 0.65 0.05 190
435.42 448.85 13.43 27 0.04 0.20 0.27 0.14 59
DCAr0111 17.80 96.20 78.40 25 0.41 0.83 65
117.57 163.80 46.23 28 0.59 1.60 0.01 99
185.00 230.40 45.40 24 0.23 0.48 0.03 50
DCAr0113 0.70 26.20 25.50 45 0.18 0.13 55
89.60 149.23 59.63 26 0.14 0.56 0.01 50
161.90 202.59 40.69 16 0.11 0.53 0.04 41
DCAr0115 0.85 18.20 17.35 64 0.61 0.01 83
179.00 181.63 2.63 13 0.24 2.41 0.03 103
DCAr0116 82.10 111.75 29.65 26 0.25 0.86 62
DCAr0118 0.90 29.90 29.00 35 0.53 0.01 51
145.85 151.40 5.55 27 0.21 0.86 0.01 63
161.54 164.34 2.80 39 0.21 0.43 60
172.67 233.70 61.03 32 0.14 0.36 0.02 50
245.07 376.40 131.33 33 0.17 0.35 0.01 50
395.60 398.38 2.78 132 0.29 1.14 0.03 182
DCAr0119 2.00 10.00 8.00 17 0.30 0.26 35
45.99 144.30 98.31 49 0.23 0.39 69
incl. 54.15 76.60 22.45 133 0.25 0.48 157
173.13 188.56 15.43 19 0.22 0.24 0.01 35
215.90 221.30 5.40 104 0.10 0.08 0.01 111
243.20 247.30 4.10 36 0.08 0.07 41
DCAr0120 2.00 71.00 69.00 20 0.71 0.25 0.01 49
97.20 116.58 19.38 19 0.48 1.43 0.01 82
122.06 250.45 128.39 47 0.20 0.43 0.01 68
incl. 221.32 236.10 14.78 235 0.15 0.20 0.01 246
259.40 262.00 2.60 182 0.17 0.11 190
DCAr0121 17.85 73.90 56.05 20 0.30 0.50 46
91.75 226.30 134.55 28 0.33 0.93 0.02 71
incl. 123.20 137.42 14.22 170 0.89 2.54 0.02 282
241.00 269.00 28.00 5 0.28 0.51 30
DCAr0122 0.28 9.68 9.40 31 0.07 34
136.00 145.00 9.00 8 0.14 0.76 38
DCAr0124 38.00 87.04 49.04 5 0.14 1.03 44
96.70 112.40 15.70 16 0.50 1.12 0.02 70
127.00 219.50 92.50 65 0.22 0.51 0.03 92
incl. 154.13 167.87 13.74 342 0.26 0.59 0.08 378
239.90 272.30 32.40 9 0.44 0.66 44
DCAr0125 4.42 154.10 149.68 57 0.44 0.13 0.01 75
incl. 23.61 38.14 14.53 194 0.59 0.02 0.01 213
DCAr0127 1.75 9.00 7.25 32 0.20 0.02 39
18.66 66.50 47.84 23 0.27 0.02 31
74.00 85.70 11.70 52 2.06 0.34 0.04 127
101.30 118.30 17.00 25 0.40 0.90 0.01 68
124.00 137.30 13.30 7 0.12 0.47 27
197.75 206.00 8.25 23 0.24 0.60 0.03 53
DCAr0129 NSR
DCAr0130 6.72 69.92 63.20 60 0.38 0.02 0.01 72
136.71 145.66 8.95 5 0.18 0.63 31
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 Comm odity
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.
Figure 1 Simplified Geology and Drill Plan Map of the Carangas Project
Table 2 Summary of Drill Holes of the Carangas Project
Hole_ID Easting Northing Altitude Depth_m Azimuth (°) Dip (°) Target
DCAr0074 539253.63 7905549.62 3908.13 270.00 20 -45 CV
DCAr0075 539184.30 7905367.61 3907.54 330.80 20 -45 CV
DCAr0080 539017.83 7905486.37 3925.90 273.20 20 -45 WD
DCAr0082 539243.67 7905232.72 3907.18 410.00 20 -45 CV
DCAr0083 539000.13 7905439.20 3918.51 281.00 20 -45 WD
DCAr0084 539310.72 7905420.37 3908.90 300.00 20 -45 CV
DCAr0085 539232.70 7905352.15 3908.55 302.00 20 -45 CV
DCAr0086 539038.10 7905534.61 3933.13 269.00 20 -45 WD
DCAr0087 539329.07 7905463.06 3909.26 278.00 20 -45 CV
DCAr0088 539329.07 7905463.06 3909.26 278.00 20 -45 WD
DCAr0089 538962.34 7905341.65 3906.50 350.00 20 -45 WD
DCAr0090 538824.50 7905374.46 3966.88 251.00 21 -45 CV
DCAr0091 539345.44 7905512.71 3909.47 300.00 20 -45 WD
DCAr0092 538826.12 7905542.19 4017.78 282.00 20 -50 WD
DCAr0093 538983.52 7905391.65 3909.81 302.00 20 -45 CV
DCAr0095 538790.94 7905511.15 4012.65 413.00 53 -45 WD
DCAr0097 539065.98 7905624.93 3944.91 293.00 20 -45 WD
DCAr0098 539310.38 7905344.11 3911.29 299.00 20 -45 ED
DCAr0099 539048.56 7905578.85 3939.95 254.00 20 -45 WD
DCAr0100 538852.80 7905494.87 3992.70 350.00 30 -40 WD
DCAr0101 539291.62 7905373.41 3908.72 350.00 20 -46 CV
DCAr0102 538948.20 7905456.67 3938.72 251.00 20 -48 WD
DCAr0103 538780.68 7905660.30 4053.77 200.00 215 -45 WD
DCAr0106 539287.52 7905279.08 3910.90 251.00 20 -45 ED
DCAr0107 538975.48 7905515.04 3947.22 200.00 20 -46 WD
DCAr0108 539290.54 7905218.10 3913.30 350.00 20 -45 ED
DCAr0109 538997.82 7905583.49 3963.61 250.00 20 -45 WD
DCAr0110 538835.81 7905370.47 3967.01 485.00 200 -45 WD
DCAr0111 539349.33 7905238.46 3929.41 371.00 20 -45 ED
DCAr0113 539355.65 7905396.45 3919.70 299.00 20 -45 ED
DCAr0115 538757.58 7905361.29 3960.67 230.00 20 -45 WD
DCAr0116 539384.56 7905476.65 3916.83 122.00 200 -45 ED
DCAr0118 538758.33 7905360.69 3960.60 420.00 200 -45 WD
DCAr0119 539387.33 7905481.30 3917.67 250.00 20 -45 ED
DCAr0120 539324.44 7905302.73 3917.67 269.00 20 -45 ED
DCAr0121 539302.27 7905251.26 3914.94 320.00 20 -45 ED
DCAr0122 538710.77 7905380.72 3953.95 152.00 20 -45 WD
DCAr0124 539334.51 7905194.06 3922.10 287.00 20 -45 ED
DCAr0125 538758.66 7905503.50 4010.75 251.00 245 -45 WD
DCAr0127 538760.73 7905508.02 4010.91 224.00 20 -45 WD
DCAr0129 539763.69 7904965.09 3990.83 302.00 58 -45 ED
DCAr0130 538759.97 7905503.40 4010.82 251.00 200 -45 WD
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; ED - East 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 f rom New Pacific. All samples are first analyzed by a multi -
element ICP package (ALS code 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 using standard
verification processes, including the sampling, preparation, security and analytical procedures
underlying such information, and is not aware of any significant risks and uncertainties or any
limitations on the verification process 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, has released its inaugural
preliminary economic assessment (the “PEA”) results in January 2023. The PEA study shows a
post-tax NPV (5% discount) of US$726 million with an IRR of 39%, underpinned by a total silver
production of 171 million ounces over 14 years of mine life. At the recently discovered Carangas
Silver-Gold Project, a resource drilling program of more than 50,000 mete rs was completed in
2022. The third project, the Silverstrike Silver -Gold Project, had a 6,000 m etre discovery drill
program in June 2022.
For further information, please contact:
Andrew Williams, President
New Pacific Metals Corp.
Phone: (604) 633-1368 Ext. 236
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 RESULTS OF PRELIMINARY ECONOMIC ASSESSMENT
The PEA study results of Silver Sand Project are preliminary in nature and are intended to provide an initial assessment of the
project’s economic potential and development options. The PEA mine schedule and economic assessment includes numerous
assumptions and is based on both Indicated and Inferred mineral resources. Inferre d resources are considered too speculative
geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves,
and there is no certainty that the project economic assessments described herein will be achieved or that the PEA results will be
realized. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio -
political, marketing or other relevant issues. Mineral Resources are not Mineral Reserves and do not have demonstrated economic
viability. Additional exploration will be required to potentially upgrade the classification of the Inferred Mineral Resourc es to be
considered in future advanced studies. AMC Mining Consultants (Canada) Lt d. (mineral resource, mining, infrastructure and
financial analysis) was contracted to conduct the PEA in cooperation with Halyard Inc. (metallurgy and processing), and NewFields
Canada Mining & Environment ULC (tailings, water and waste management). The Q ualified Persons for the PEA are Mr. Wayne
Rogers P.Eng and Mr. Mo Molavi P.Eng both Principal Mining Engineers with AMC Mining Consultants (Canada) Ltd, Mr. Andy
Holloway P.Eng, Process Director with Halyard Inc., and Mr. Leon Botham P.Eng., Principal En gineer with NewFields Canada
Mining & Environment ULC. This is in addition to Ms. Dinara Nussipakynova, P.Geo., Principal Geologist with AMC Consultants