New Pacific Intersects 60.48 Metre Interval Grading 236 Grams Per Tonne Silver at the Silver Sand Project
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NEWS RELEASE
New Pacific Intersects 60.48 Metre Interval
Grading 236 Grams Per Tonne Silver
at the Silver Sand Project
VANCOUVER, BRITISH COLUMBIA – MAY 31, 2022 – New Pacific Metals Corp. (“New Pacific”
or the “Company”) (TSX: NUAG; NYSE American: NEWP) is pleased to announce the assay
results of additional 20 holes from the 2022 drill programs at the Silver Sand Project as part of its
15,000 metres (“m”) resource infill and step- out drilling for a mineral resource estimate update.
An expanded program of total 21,309 m in 94 holes have been completed so far in 2022. The
assay results for the remaining 59 drill holes are pending. Assay results for the 20 drill holes are
summarized in Table 1 and hole specifications are presented in Table 2.
HIGHLIGHTS
• Drill hole DSS646001 intersected an interval of 60.48 m grading 236 grams per tonne
(“g/t”) silver (“Ag”) from 82.10 m to 142.58 m, including 6.45 m grading 1,423 g/t Ag from
103.25 m to 109.7 m. This is an infill hole drilled in the southern portion of the deposit
which confirmed the continuity of high-grade mineralization in the core area of Silver Sand.
An aggregate of 9.6 m of historical mining voids were intersected in this hole.
• Drill hole DSS644001 intersected an interval of 133.63 m grading 91 g/t Ag from 23.0 m
to 156.63 m, including 8.83 m grading 296 g/t Ag from 56.92 m to 65.75 m, and 22.56 m
grading 246 g/t Ag from 90.0 m to 112.56 m . This is an infill hole drilled in the southern
portion which confirmed the continuity of high- grade mineralization in the core area of
Silver Sand. An aggregate of 13.38 m of historical mining voids were intersected in this
hole.
• Drill hole DSS5428 intersected an interval of 20.9 m grading 84 g/t Ag from 39.0 m to
59.9 m and an interval of 32.31 m grading 171 g/t from 82.24 m to 114.55 m, including
5.2 m grading 554 g/t Ag from 93.5 m to 98.7 m , and 4.42 m grading 461 g/t Ag from
104.42 m to 108.84 m. This is an infill hole drilled in the northern portion of the core area
of Silver Sand which confirmed the continuity of high-grade mineralization.
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• Drill hole DSS527506 intersected an interval of 77.59 m grading 102 g/t Ag from 41.39
m to 118.98 m, including 13.56 m grading 285 g/t Ag from 105.42 m to 118.98 m, and an
interval of 2.77 m grading 739 g/t Ag from 171.33 m to 174.10 m . This is an infill hole
drilled in the northern portion of the core area of Silver Sand.
• Drill hole DSS527510 intersected an interval of 59.61 m grading 100 g/t Ag from 18.42
m to 78.03 m. This is a step-out hole drilled to confirm the continuity of mineralization
between sections in the northern portion of the core area of Silver Sand.
• Drill hole DSS542503 intersected an interval of 21.08 m grading 74 g/t Ag from 38.92 m
to 60.0 m and an interval of 20.41 m grading 292 g/t Ag from 98.15 m to 118.56 m,
including 4.36 m grading 685 g/t Ag from 114.2m to 118.56 m . This is a step- out hole
drilled to confirm the continuity of mineralization between sections in the northern portion
of the core area of Silver Sand.
UPDATE ON 2022 DRILL PROGRAMS
Drill programs in 2022 started in late January and have progressed well and on schedule. To date,
21,309 m have been completed in 94 holes, expanding the budgeted 15,000 m announced early
this year. Most of the drilling completed to date in 2022 is in the core area of Silver Sand, totaling
19,424m in 87 holes, including resource infill drilling to improve the confidence in the continuity of
mineralization and step-out drilling to test the extension of the major mineralized zones up and
down dip as well as on strike. The results of the infill and step -out drilling will be included in the
mineral resource update of Silver Sand expected to be completed in the second half of the year
and will be incorporated into the Preliminary Economic Assessment (the “PEA”) due by the end
of 2022.
The remaining 1,885 m in 7 holes were drilled in the Aullagas prospect which is a satellite prospect
located approximately 700 m west of the Silver Sand core area. The Aullagas prospect is within
the area covered by the Mining Production Contract between the Company and COMIBOL.
Currently, two rigs are deployed at Silver Sand – first rig is drilling some of the satellite prospects
surrounding the Silver Sand Project and the second rig is drilling 10 geotechnical holes required
for open pit slope angles for the PEA and further in -fill drill holes targeting upgrading inferred
resource blocks for further studies subsequent to the -PEA.
Table 1 Summary of Drill Intercepts
Hole_ID Depth_from Depth_to Interval_m Ag_g/t Pb_% Zn_%
DSS285001 78.73 82.94 4.21 52 0.01
94.40 96.50 2.10 42 0.30 0.71
DSS3202 148.44 150.93 2.49 50 0.01
DSS3404 81.80 91.00 9.20 44 0.01
107.40 112.21 4.81 28 0.01
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DSS5425 20.20 66.85 46.65 52 0.04 0.12
85.55 86.65 1.10 124 0.05 0.01
DSS5426 10.38 39.10 28.72 27 0.18 0.60
DSS5428 39.00 59.90 20.90 84 0.08 0.20
82.24 114.55 32.31 171 0.18 0.12
incl. 93.50 98.70 5.20 554 0.45 0.46
incl. 104.42 108.84 4.42 461 0.37 0.15
DSS345001 116.44 130.80 14.36 94 0.03
DSS527506 41.39 118.98 77.59 102 0.05 0.09
incl. 105.42 118.98 13.56 285 0.14 0.01
139.85 142.16 2.31 83 0.21 0.68
171.33 174.10 2.77 739 0.07 0.06
DSS527508 22.50 33.56 11.06 118 0.01 0.01
104.50 118.50 14.00 216 0.02 0.01
DSS527510 18.42 78.03 59.61 100 0.03 0.27
DSS527511 15.59 32.10 16.51 67 0.12 0.35
DSS527512 No Significant Intercept
DSS542503 38.92 60.00 21.08 74 0.09 0.07
98.15 118.56 20.41 292 0.28 0.03
incl. 114.20 118.56 4.36 685 0.54 0.11
DSS542504 79.80 140.40 60.60 78 0.06 0.03
DSS622501 15.02 28.46 13.44 31 0.03 0.20
48.28 58.38 10.10 83 0.04 0.00
71.12 73.77 2.65 132 0.07
79.05 82.00 2.95 92 0.02
86.90 88.00 1.10 133 0.23
100.70 118.57 17.87 48 0.06
142.13 157.38 15.25 44 0.03 0.10
165.91 170.06 4.15 95 0.05 0.64
184.00 185.12 1.12 133 0.24 1.17
194.30 195.33 1.03 93 0.05 2.25
204.90 206.20 1.30 58 0.09 3.17
DSS629001 10.80 18.30 7.50 54 0.01
29.95 71.30 41.35 44 0.06 0.01
104.90 127.90 23.00 42 0.05 0.02
149.26 154.00 4.74 47 0.06 0.09
166.81 168.00 1.19 168 0.08 1.22
199.00 200.15 1.15 325 1.00 2.30
205.30 206.50 1.20 107 0.57 1.50
DSS641001 59.75 100.82 41.07 94 0.06
117.87 146.00 28.13 71 0.05 0.25
164.68 184.29 19.61 32 0.08 0.55
DSS644001 23.00 156.63 133.63 91 0.05 0.04
incl. 56.92 65.75 8.83 296 0.11
incl. 90.00 112.56 22.56 246 0.06 0.02
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247.55 252.09 4.54 110 0.39 1.24
277.10 279.30 2.20 130 0.06 0.01
DSS646001 82.10 142.58 60.48 236 0.13 0.02
incl. 103.25 109.70 6.45 1423 0.29 0.03
223.00 226.45 3.45 50 0.11 3.83
244.68 256.98 12.30 46 0.14 0.79
DSS649001 48.67 65.51 16.84 125 0.04 0.03
76.84 87.16 10.32 188 0.07
101.10 112.42 11.32 47 0.07
129.42 135.26 5.84 103 0.11 0.02
179.16 185.39 6.23 199 0.38 1.59
216.38 223.92 7.54 163 0.23 1.04
245.75 247.05 1.30 175 0.70 2.75
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. Leng th of drill intercept is close to true width of mineralization as
drilling is normal to both strike and dip of mineralized zones.
3. A cut-off of 20 g/t Ag is applied for calculation of length- weighted intercept. At times, samples lower than 20 g/t Ag may be
included in the calculation of consolidation of mineralized intercepts.
Table 2 Summary of Drill Hole Specifications
Hole_id Easting Northing Altitude Depth_m Azimuth (°) Dip (°) Year Note
DSS285001 234511.06 7857704.59 4196.81 262.50 60 -45 2022 Step-out
DSS3202 234681.84 7857609.62 4141.03 262.50 60 -45 2022 Step-out
DSS3404 234616.79 7857474.28 4165.95 304.50 60 -45 2022 Step-out
DSS5425 235038.51 7856569.22 4103.98 134.10 60 -45 2022 Resource Infill
DSS5426 235087.51 7856597.70 4109.37 122.00 60 -45 2022 Resource Infill
DSS5428 234952.28 7856517.64 4095.52 212.00 60 -46 2022 Resource Infill
DSS345001 234626.07 7857427.60 4156.66 262.50 60 -45 2022 Step-out
DSS527506 234917.60 7856526.39 4089.37 251.10 60 -45 2022 Resource Infill
DSS527508 234991.29 7856569.67 4096.81 181.50 60 -45 2022 Step-out
DSS527510 235043.18 7856598.49 4103.14 152.10 60 -45 2022 Step-out
DSS527511 235074.96 7856616.91 4106.15 122.10 60 -45 2022 Step-out
DSS527512 235102.38 7856633.93 4107.91 101.10 60 -45 2022 Step-out
DSS542503 234957.65 7856489.97 4096.75 185.15 60 -45 2022 Step-out
DSS542504 234981.06 7856503.40 4099.37 185.20 60 -45 2022 Step-out
DSS622501 234783.46 7855927.64 3996.42 302.00 60 -45 2022 Resource Infill
DSS629001 234803.52 7855866.68 4013.65 262.90 60 -45 2022 Resource Infill
DSS641001 234801.09 7855838.41 4017.06 263.00 60 -45 2022 Resource Infill
DSS644001 234808.00 7855817.77 4021.50 287.00 60 -45 2022 Resource Infill
DSS646001 234833.92 7855793.88 4027.21 313.90 60 -45 2022 Resource Infill
DSS649001 234845.75 7855774.13 4028.64 305.00 60 -45 2022 Resource Infill
Notes:
1. Drill collar coordinate system is WGS1984 UTM Zone 20S.
2. Coordinate of drill collar is picked with Real Time Kinematics (RTK) GPS.
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QUALITY ASSURANCE AND QUALITY CONTROL
All samples in respect of the exploration program at the Silver Sand 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 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 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). 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 of quality control
samples in sample sequences is around twenty percent.
QUALIFIED PERSON
The scientific and technical information contained in this news release have 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 waiting for a new
Mineral Resource Estimate Update and a PEA by the end of this year. Recently discovered
Carangas silver -gold project is undergoing a 40,000 m drill program. The third project, the
Silverstrike silver-gold project, will commence an initial test drilling in June 2022.
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
discussions with respect to pr edictions, expectations, beliefs, plans, projections, objectives, assumptions or future
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“believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”,
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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 the anticipated timing, amount and completion of exploration, drilling,
development, construction, and other activities or achievements of the Company; anticipated 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 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 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, expectation s
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 ti mely 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 qual ified 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 and referred to herein was prepared in accordance with NI 43-101 which differs
significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). The terms “proven
mineral reserve”, “probable mineral reserve” and “mineral reserves” used in this news release are in reference to the
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mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Definition
Standards”), which definitions have been adopted by NI 43 -101. Accordingly, information contained in this news
release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar
information made public by other U.S. companies subject to the United States federal securities laws and the rules and
regulations thereunder.
Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves.
Pursuant to CIM Definition Standards, “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 evidence
is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower
level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve.
However, it is reasonably expected that the majority of inferred mineral resources could be upgrade d to indicated
mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not
form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that
all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of “contained ounces” in
a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to
report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without
reference to unit measures.
Canadian standards, including the CIM Definition Standards and NI 43- 101, differ significantly from standards in the
SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300
of Regulation S -K of the United States Securities Act of 1933, as amended (the “SEC Modernization Rules”), with
compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules
replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption
of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated
Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven
Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to corresponding definitions under the
CIM Definition Standards. During the period leading up to the compliance date of the SEC Modernization Rules,
information regarding mineral resources or reserves contained or referenced in this news release may not be
comparable to similar information made public by companies that report according to U.S. standards. While the SEC
Modernization Rules are purported to be “substantially similar” to the CIM Definition Standards, readers are cautioned
that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly,
there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral
reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred
mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates
under the standards adopted under the SEC Modernization Rules.