New Pacific Intersects 595.7 m Interval Grading 1.25 g/t Gold and 10.25 m Interval Grading 1,213 g/t Silver at the Carangas Project
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NEWS RELEASE
New Pacific Intersects 595.7 m Interval Grading 1.25 g/t Gold and
10.25 m Interval Grading 1,213 g/t Silver at the Carangas Project
VANCOUVER, BRITISH COLUMBIA – MAY 17, 2022 – New Pacific Metals Corp. (“New Pacific”
or the “Company”) (TSX: NUAG; NYSE American: NEWP), together with its local Bolivian partner,
announce the assay results of the last ten drill holes from the Discovery Drill Program completed
in 2021 at the Carangas Silver -Gold Project, Oruro Department, Bolivia (the “Carangas Project”
or the “Project”). Assay results of all 35 holes drilled in 2021 (Figure 1) have now been received
and released. Drill intercepts of mineralization and hole specifications of the last ten holes are
presented in Tables 1 and 2, respectively. Drilling is underway on the 2022 drilling program of up
to an additional 40,000 metres (“m”).
Highlights
• Hole DCAr0031 was drilled on section 24 at the Central Valley and intersected 595.7 m
(from 161.55 m to 757.25 m) grading 1.25 grams per tonne (“ g/t”) gold (“Au”) and 7 g/t
silver (“Ag”), including 98.9 m (from 457.3 m to 556.2 m) grading 2.58 g/t Au, 6 g/t Ag
and 42.11 m grading 3.51 g/t Au, 2 g/t Ag and 0.1% copper (“Cu”) (from 711.0 m to 753.11
m). This broad gold zone occurs beneath a silver horizon of 41.63 m grading 41 g/t Ag,
1% lead (“Pb”) and 1.72% zinc (“Zn”) from 62.37 m to 104 m. This hole was terminated
in mineralization at a depth of 757.25 m due to difficult drilling conditions and capacity of
the drill rig.
Gold mineralization intersected in hole DCAr0031, is hosted in strongly argillic-sericitized
lithic tuff of dacitic composition with disseminated sulfides and cut by veinlets of pyrite and
chalcopyrite, similar to the holes DCAr0020, DCAr0016 and DC Ar0015 reported
previously (Figure 2).
• Hole DCAr0032 was drilled at East Dome and intersected an interval of 194.70 m (from
18.3 m to 213.0 m) grading 33 g/t Ag, 0.37% Pb and 0.71% Zn, including a high -grade
interval of 14.43 m (from 129.3 m to 143.73 m) grading 158 g/t Ag, 0.29% Pb and 0.25%
Zn. This hole also intersected a high-grade interval of 10.25 m grading 1,213 g/t Ag, 1.2%
Pb and 0.19% Zn from 319.89 m to 330.14 m.
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• Hole DCAr0027 was drilled at the top of West Dome and intersected an interval of 72.7
m grading 116 g/t Ag and 1.34% Pb (from 1.78 m to 74.48 m) in the near-surface
hydrothermal breccia horizon, including 35.73 m grading 213 g/t Ag and 1.46% Pb (from
12.95 m to 48.68 m).
• Hole DCAr0028 was drilled to the bottom of West D ome and intersected an interval of
190.97 m (from 10.47 m to 201.44 m) grading 6 5 g/t Ag, 0. 48% Pb and 1.09% Zn,
including high-grade intervals of 31.82 m (from 57.18 m to 89.0 m) grading 1 01 g/t Ag,
0.95% Pb and 2.59% Zn, and 17.03 m (from 178.9 m to 195.93 m) grading 347 g/t Ag,
1.01% Pb and 1.79% Zn.
• Hole DCAr0030 was drilled to the bottom of West Dome about 100 m to the north of hole
DCAr0028 and intersected an interval of 160.10 m (from 35.57 m to 195.67 m) grading
65 g/t Ag, 0.32% Pb and 0.93% Zn, including a high-grade interval of 32.65 m (from 56.2
m to 88.85 m) grading 216 g/t Ag, 0.63% Pb and 1.65% Zn.
Nine holes in Table 1 were drilled at a shallow dip angle of -45 degrees targeting the near surface
silver-rich polymetallic mineralization at various locations in Central Valley, West Dome and East
Dome and intersected broad silver -rich mineralization near surface. The only deep hole,
DCAr0031 was drilled at a higher dip angle of -68 degrees to a depth of 757.23 m , which
intersected 595.7 m interval of gold. The gold mineralization may represent a feeder zone that
is related to multi-stage rhyolitic/dacitic porphyry intrusive bodies.
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
DCAr0026 8.00 355.64 347.64 19 0.02 0.32 0.85 0.01 60
incl. 8.00 74.00 66.00 60 0.01 0.50 0.74 0.02 102
DCAr0027 1.78 74.48 72.70 116 1.34 0.02 0.02 157
incl. 12.95 48.68 35.73 213 1.46 0.03 0.02 258
266.26 268.74 2.48 22 1.17 2.13 0.02 130
337.70 352.90 15.20 38 0.10 0.26 0.01 51
393.57 394.72 1.15 229 0.10 1.39 1.03 0.08 312
DCAr0028 10.47 201.44 190.97 65 0.48 1.09 0.02 118
incl. 57.18 89.00 31.82 101 0.95 2.59 0.02 219
incl. 178.90 195.93 17.03 347 1.01 1.79 0.06 443
DCAr0029 4.84 33.92 29.08 31 0.36 0.01 0.01 42
57.43 119.59 62.16 28 0.43 0.49 0.01 58
145.00 165.00 20.00 31 0.15 0.48 0.01 52
185.62 191.14 5.52 30 0.22 0.50 0.01 53
215.94 239.20 23.26 31 0.20 0.54 0.02 56
282.87 293.35 10.48 29 0.19 0.44 0.01 50
DCAr0030 35.57 195.67 160.10 65 0.32 0.93 0.01 107
incl. 56.20 88.85 32.65 216 0.63 1.65 0.03 292
DCAr0031 62.37 161.55 99.18 21 0.02 0.55 1.38 0.04 90
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incl. 62.37 104.00 41.63 41 0.02 1.00 1.72 0.06 135
161.55 757.25 595.70 7 1.25 0.08 0.08 0.07 108
incl. 457.30 556.20 98.90 6 2.58 0.04 0.02 0.09 200
incl. 711.00 753.11 42.11 2 3.51 0.00 0.01 0.10 262
DCAr0032 18.30 213.00 194.70 33 0.37 0.71 0.01 85
incl. 129.30 143.73 14.43 158 0.29 0.25 0.03 390
319.89 330.14 10.25 1213 1.20 0.19 0.03 1257
DCAr0033 21.04 151.74 130.70 36 0.39 1.12 0.01 86
210.37 259.35 48.98 27 0.23 0.84 0.01 63
280.65 288.53 7.88 20 0.64 1.25 0.01 82
DCAr0034 57.13 544.40 487.27 17 0.04 0.19 0.40 0.01 39
incl. 57.13 69.00 11.87 60 0.03 0.10 0.05 69
incl. 114.30 136.20 21.90 57 0.13 0.28 70
incl. 154.43 194.40 39.97 76 0.04 0.39 0.82 0.02 119
incl. 521.48 540.80 19.32 20 0.18 0.82 1.96 0.11 133
565.62 587.18 21.56 5 0.06 0.36 0.63 0.01 42
DCAr0035 69.25 151.74 82.49 44 0.42 0.44 71
incl. 69.25 93.74 24.49 106 0.59 0.38 137
163.14 172.20 9.06 36 0.37 0.55 0.01 66
211.05 229.70 18.65 34 0.11 0.04 0.01 40
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 Str eet 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 * 0.00 335 + 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.
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Figure 1. Simplified geology map and drill holes of the 2021 Discovery Drill Program at
Carangas Project
Figure 2. DCAr0031 on section 24 was terminated in gold mineralization due to drill difficulty
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Update on the 2022 Drilling Campaign
The Company currently has four drill rigs turning at the Carangas Project and plans to complete
up to 40,000 m drilling this year. Of the four drill rigs, two rigs are testing the shallow silver horizon
and the other two rigs are testing the gold mineralization at depth. So far, approximately 10,000
m have been completed in 15 holes. Assay results of 15 drill holes completed in 2022 are pending.
The Company has attempted to drill beyond 1,000 m depth to follow gold mineralization and has
encountered thermal water at around 9 00 m depth. The Company is seeking to have a fifth rig
capable of 1,500 m depth to test potential mineralization of rhyolitic bodies.
Table 2 Summary of Drill Hole 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
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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.
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 Globa l 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 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 analysis. The overall ratio o f 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 Cana dian 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, exploring the Carangas broad silver-gold Project, recently discovered in 2021
and initiating the exploration of the historic silver mining district of the Silverstrike Project.
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
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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 statemen ts 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, u ncertainties 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 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 contin gencies. 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; fo reign 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 convert 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, economi c 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 expressly disclaims any such obligation to update or alter the forward -
looking statements whether as a result of new information, future events or ot herwise except as may be required by
law. These forward-looking statements are made as of the date of this news release.
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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.