New Pacific intersects broad gold mineralization of 323 m interval grading 1.03 g/t gold and 12 g/t silver at the Carangas Project
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NEWS RELEASE
New Pacific intersects broad gold mineralization of 323 m interval
grading 1.03 g/t gold and 12 g/t silver at the Carangas Project
VANCOUVER, BRITISH COLUMBIA – FEBRUARY 23, 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 an additional eight 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”). To date, assay results of 25 drill holes have been received,
with the remaining 10 drill holes pending. All drill holes with assay results intersected silver -rich
polymetallic mineralization near surface with some deep holes intersecting a wide zone of gold
mineralization below.
The drill holes with assay results disclosed in this news release are relatively shallow in depth
and intersected broad silver -rich mineralization near surface; for example, drill hole DCAr0019
which intersected an interval of 173.17 metres (“m”) from 9.67 m grading 102 grams per tonne
(“g/t”) silver (“Ag”), 0.77% lead (“Pb”) and 1.13% zinc (“Zn”). Drill hole DCAr0020 is the only deep
drill hole from this news release and intersected an interval of 322.91 m from 327.09 m to 650.00
m grading 1.03 g/t gold (“Au”) and 12 g/t Ag mineralization at depth.
Highlights
• Drill hole DCAr0020 intersected an interval of 139.96 m (from 12.04 m to 152.00 m)
grading 34 g/t Ag, 0.33% Pb and 0.94% Zn, and a second interval of 322.91 m (from
327.09 m to 650.00 m) grading 1.03 g/t Au and 12 g/t Ag, including a high grade interval
of 141.11 m (from 478.00 m to 619.11 m) grading 1.78 g/t Au and 12 g/t Ag (Table 1 and
Photo 1).
DCAr0020 was collared on Section 20, which is 200 m west of Section 24 (Figure 1 and
Table 2) where holes DCAr0015 and DCAr0016 also intersected near-surface silver-rich
zone of mineralization on top of a broad zone of gold mineralization (news release
February 10, 2022). Please see Section 24 with projection of DCAr0020 (Figure 2).
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• Drill hole DCAr0019 intersected an interval of 292.22 m (from 9.67 m to 301.89 m)
grading 62 g/t Ag, 0.02 g/t Au, 0.56% Pb, and 0.85% Zn, which includes a high- grade
interval of 173.17 m (from 9.67 m to 182.84 m) grading 102 g/t Ag, 0.77% Pb and 1.13%
Zn for a silver equivalent of 166 g/t (Photo 2).
DCAr0019, together with holes DCAr0022, DCAr0023, DCAr0024, and DCAr0035, were
drilled approximately 100 m to the east of Section 24 and all intersected near surface
silver mineralization, but only DCAr0024 intersected favourable mineralization at depth
for which fire assay results for gold are pending. All other holes on the se ction may not
be deep enough to intersect gold mineralization at depth.
• Drill hole DCAr0025 intersected an interval of 82.76 m (from 4.70 m to 87.46 m) grading
68 g/t Ag, 0.81% Pb and 0.10% Zn, including a high-grade interval of 34.59 m (from 32.35
m to 66.94 m) grading 138 g/t Ag and 1.05% Pb.
DCAr0025, together with holes DCAr0018 and DCAr0021 were drilled from the West
Dome (Figure 1, Table 2) at elevations of 4,012 m to 4,036 m, also intersected multiple
historical underground mining voids with an aggregate length of 10.7 m without core
recovery.
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
DCAr0018 2.00 34.57 32.57 12 0.25 0.01 0.00 20
48.74 112.46 63.72 16 0.26 0.20 0.01 32
146.30 150.42 4.12 29 0.42 1.02 0.03 79
181.52 188.90 7.38 15 0.19 0.84 0.04 52
DCAr0019 9.67 301.89 292.22 62 0.02 0.56 0.85 0.02 110
incl. 9.67 182.84 173.17 102 0.01 0.77 1.13 0.03 166
incl. 111.13 135.90 24.77 197 0.03 0.87 1.12 0.06 267
339.51 353.00 13.49 3 0.07 0.35 0.66 0.00 40
DCAr0020 12.04 152.00 139.96 34 0.00 0.33 0.94 0.01 76
incl. 71.00 86.36 15.36 140 0.00 1.08 2.20 0.02 248
152.00 327.09 175.09 13 0.12 0.40 0.60 0.03 57
327.09 650.00 322.91 12 1.03 0.09 0.06 0.06 96
incl. 478.00 619.11 141.11 12 1.78 0.04 0.03 0.07 149
incl. 590.75 619.11 28.36 16 3.33 0.07 0.03 0.11 267
incl. 590.75 606.50 15.75 17 4.83 0.07 0.03 0.14 378
DCAr0021 0.00 40.84 40.84 17 0.28 0.01 0.00 26
71.27 73.36 2.09 77 0.18 0.02 0.00 83
93.70 271.40 177.70 24 0.27 0.55 0.01 50
incl. 126.16 168.23 42.07 52 0.66 1.29 0.01 115
287.54 324.00 36.46 32 0.03 0.11 0.00 37
incl. 313.60 318.20 4.60 170 0.04 0.26 0.00 180
DCAr0022 51.44 222.45 171.01 24 0.24 0.52 0.02 50
DCAr0023 69.45 228.20 158.75 52 0.01 0.25 0.58 0.02 79
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incl. 77.55 102.60 25.05 110 0.01 0.59 1.31 0.02 172
incl. 180.60 191.25 10.65 227 0.25 0.46 0.03 249
DCAr0024 43.90 170.36 126.46 47 0.01 0.39 1.12 0.01 98
incl 56.67 122.27 65.60 80 0.59 1.41 0.02 147
244.10 272.64 28.54 7 0.02 0.35 0.97 0.03 54
283.26 304.69 21.43 3 0.03 0.29 0.39 0.01 27
334.00 353.82 19.82 8 0.13 0.72 1.01 0.01 73
369.64 388.21 18.57 3 0.05 0.33 0.84 0.00 44
397.76 405.73 7.97 5 0.08 0.59 1.08 0.00 64
DCAr0025 4.70 87.46 82.76 68 0.81 0.10 0.02 96
incl. 32.35 66.94 34.59 138 1.05 0.01 0.01 170
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 Ag, US$0.95/lb for Pb, US$1.10/lb for Zn, US$3.40/lb for copper (“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 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 hole DCAr0024, gold values are results of semi quantitative ICP analysis, with fire assay results pending.
Figure 1. Simplified geology map and drill holes of 2021 Discovery Drill Program at Carangas
Project
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Figure 2. DCAr0020 was collared at Section 20, which is 200 m west of Drill Section 24 , and
ploted on to Section 24 for comparison with holes DCAr0016 and DCAr0015, both intercepted
Gold at depth
Drilling Plan for year 2022
The Company has commenced a resource definition drilling program at Carangas Project with
two drill rigs currently and a third rig to be added after the end of the rainy season in March. An
initial 30,000 m drill program has been planned for this year which could be extended to 40,000
m or more if on-going drill results continue to be encouraging.
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
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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. High-grade gold mineralized drill core of hole DCAr0020 including Au/Ag/Pb/Zn/Cu grades (in
red) across the marked intervals
Photo 2. High-grade silver mineralized drill core of hole DCAr0019 including Ag/Pb/Zn 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 from the field to A LS 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). 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 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, w ho 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 expl oration 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, 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 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 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-loo king 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 express ly 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.