New Pacific Intersects Broad Zones of Silver-rich Mineralization in the Central Valley Zone at the Carangas Silver Project Highlights include 176.77 m at 94 g/t AgEq including 60.45 m at 169 g/t AgEq
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NEWS RELEASE
New Pacific Intersects Broad Zones of Silver-rich Mineralization
in the Central Valley Zone at the Carangas Silver Project
Highlights include 176.77 m at 94 g/t AgEq including 60.45 m at 169 g/t AgEq
VANCOUVER, BRITISH COLUMBIA – NOVEMBER 22, 2021 – 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 five additional drill holes from the Phase I
discovery drill program at the Carangas Silver Project, Oruro Department, Bolivia (the “Carangas
Project” or the “Project”).
Similar to the first six drill holes reported previously, all five drill holes intersected broad zones of
silver-rich, polymetallic mineralization in the Central Valley Zone starting near -surface or
immediately beneath younger fluvial sediment cover and continuing to depth (Table 1 and Figure
1).
Dr. Mark Cruise, CEO of New Pacific, notes: “Ongoing drilling continues to increase the size of
the silver -rich polymetallic mineralization at the emerging Carangas discovery. W e are
encouraged by the most recent intercepts in the Central Valley Zone which confirm the presence
of a large mineralized system. The Phase II drill program, which is expected to be completed by
year-end, will continue to test this area.”
Table 1. Summary of Drill Intercepts
Hole ID
Depth
(from)
Depth
(to)
Intercept 2
(m)
AgEq 3
(g/t)
Ag
(g/t)
Pb
(%)
Zn
(%)
Cu
(%)
DCAr0007 23.69 244.20 220.51 49 19 0.30 0.62 0.01
incl. 45.54 85.67 40.13 125 29 0.74 2.21 –
DCAr0008 13.57 250.38 236.81 64 31 0.28 0.72 0.01
incl. 38.00 55.72 17.72 194 96 0.84 2.15 0.01
incl. 233.68 250.38 16.70 184 171 0.22 0.19 –
DCAr0009 20.61 73.52 52.91 49 30 0.52 0.08 0.01
DCAr0010 61.69 159.70 98.01 98 43 0.41 1.20 0.02
DCAr0011 73.23 250.00 176.77 94 44 0.39 1.07 0.03
incl. 73.23 133.68 60.45 169 84 0.61 1.86 0.04
Notes:
1. Drill location, altitude, azimuth and dip of drill holes are provided in Table 2.
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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”), and US$3.40/lb
for copper (“Cu”). 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. 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. Future ongoing test work is contingent on the success of
the exploration program. The results outlined in this table do not guarantee a specific outcome.
The Phase I discovery drill program consisted of 3,790 metres (“m”) drilled in 13 drill holes (Table
2), testing the West Dome, East Dome, Central Valley, and South Dome targets. All 13 drill holes
intersected thick intervals of predominantly structurally controlled (with or without disseminations)
polymetallic mineralization, defining a mineralized area approximately 1,000 m long by 700 m
wide and up to 400 m in depth (Figure 1).
The West and East Dome zones are comprised of outcropping mineralized volcanic breccia
and/or altered lithic tuff cut by mineralized fracture zones associated with widespread historical
mining workings.
The Central Valley Zone sits between the West and East Domes and is covered by recent fluvial
sediments, which range from a few metres up to 40 metres of thickness (Figure 1). The most
recent drill assays provide initial results from the East Dome and Central Valley targets.
Encouraged by results to date, two additional drill rigs were mobilized to site, for a total of three,
to compete the Phase II drill campaign (for details please refer to the Company’s news release
dated October 26, 2021). Additional assay results will be provided upon receipt.
Drilling Continues to Intersect Thick Zones of Silver Mineralization
EAST DOME
Three drill holes, DCAr0007, DCAr0008 and DCAr0009, were drilled to the north- east at -45
degrees, testing the East Dome target . All drill holes returned broad zones of silver -rich
polymetallic mineralization. Numerous mined-out voids, which historically exploited outcropping
higher-grade veins / structures at depth, were intersected, suggesting that the drill holes may be
under-reporting the true average grades of the mineralized intervals. Future drilling will test the
East Dome target at depth.
Drill hole DCAr0007 was collared midway on the western slope of East Dome and intercepted a
220.51 m interval at a grade of 49 g/t AgEq ( 19 g/t Ag, 0.30 % Pb, 0.62% Zn, and 0.01% Cu),
including a higher-grade sub-interval of 40.13 m at a grade of 125 g/t AgEq (29 g/t Ag, 0.74% Pb,
and 2.21% Zn). An aggregate length of 13.34 m of historical mined-out zones (zero core recovery)
was intersected. Mineralization continues at the end of the drill hole (300 m) but systematical
sampling only occurred to 220.51 m depth. The Carangas technical team is currently sampling
the lower portions of the drill hole.
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Drill hole DCAr0008 was collared in the lower western slope of East Dome and intercepted a
236.81 m interval at a grade of 64 g/t AgEq ( 31 g/t Ag, 0.28% Pb, 0.72% Zn, and 0.01% Cu),
including two higher-grade sub-intervals of 17.72 m at a grade of 194 g/t AgEq (96 g/t Ag, 0.84%
Pb, 2.15% Zn, and 0.01% Cu) and 16.70 m at a grade of 184 g/t AgEq (171 g/t Ag, 0.22% Pb,
and 0.19% Zn). Drill hole DCAr0008 encountered 5.23 m of historical mining voids. Similar to drill
hole DCAr0007, mineralization continues at the end of the drill hole with systematical sampling
stopping at 250.38 m. The Carangas technical team is currently sampling the lower portions of
the hole.
Drill hole DCAr0009 was collared near the top of East Dome and intercepted a 52.91 m interval
at a grade of 49 g/t AgEq (30 g/t Ag, 0.52% Pb, 0.08% Zn, and 0.01% Cu). The majority of the
drill hole is geochemically anomalous and, based on the current geological model, is interpreted
to represent the distal / upper portions of the large mineralized system.
Based on results to date, mineralization (thickness and grade) increases towards the Central
Valley Zone.
Please refer to Figure 1 below.
CENTRAL VALLEY
The first two drill holes completed in the Central Valley Zone, DCAr0010 and DCAr0011, were
drilled to the north- east at -45 degrees and returned long mineralized intercepts , which start
immediately below semi -consolidated younger fluvial sediments . In gen eral, both drill holes
returned thicker and broadly higher average grade intervals compared to the East Dome drill holes,
which suggests that they may be closer to the hydrothermal source.
The results demonstrate that the mineralized structures mapped and intersected in the West and
East Dome zones continue below younger cover in the Central Valley Zone. Based on current
data, these structures are expected to form a large geological contiguous silver-rich polymetallic
system. It is anticipated that future assay results will continue to support this working geological
model.
Drill hole DCAr0010, the first hole to test the Central Valley target, intercepted a 98.01 m interval
at a grade of 98 g/t AgEq (43 g/t Ag, 0.41% Pb, 1.2% Zn, and 0.02% Cu) from bedrock at 61.69
m downhole (with depth 0.00 m to 61.69 m comprised of fluvial sediments ). Th e drill hole
terminated in a weakly altered basaltic dyke cut by sparse mineralized veinlets.
Drill hole DCAr0011 collared approximately 100 m to the south of drill hole DCAr0010,
intercepted a 176.77 m interval at a grade of 94 g/t AgEq (44 g/t Ag, 0.39% Pb, 1.07% Zn, and
0.03% Cu), including a higher -grade sub interval of 60.45 m at a grade of 169 g/t AgEq (84 g/t
Ag, 0.61% Pb, 1.86% Zn, and 0.04% Cu). The drill hole terminated in mineralization. Fluvial
sediments are present from 0.00 m to 73.23 m.
Please refer to Figure 1 below.
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Figure 1. Simplified geology plan map and drill holes of the Phase I discovery drill program at the
Carangas Project
Table 2. Summary of Phase I Discovery Drill Program at the Carangas Project
Hole ID Easting Northing
Altitude
(m)
Depth
(m)
Azimuth
(°)
Dip
(°)
Assay
Results Area
DCAr0001 538781 7905614 4,000 300 120 -55 Received West Dome
DCAr0002 538781 7905614 4,000 200 225 -40 Received West Dome
DCAr0003 538763 7905561 3,990 150 240 -40 Received West Dome
DCAr0004 538834 7905613 4,000 250 46 -50 Received West Dome
DCAr0005 538785 7905658 4,015 250 151 -40 Received West Dome
DCAr0006 538968 7905487 3,910 300 30 -45 Received West Dome
DCAr0007 539385 7905182 3,904 300 20 -45 Received East Dome
DCAr0008 539332 7905280 3,890 350 20 -45 Received East Dome
DCAr0009 539582 7905155 3,970 250 20 -45 Received East Dome
DCAr0010 539184 7905463 3,875 206 20 -45 Received Central Valley
DCAr0011 539152 7905374 3,875 250 20 -45 Received Central Valley
DCAr0012 539121 7905290 3,875 400 20 -45 Pending Central Valley
DCAr0013 538878 7905022 3,880 584 50 -45 Pending South Dome
Total 3,790
Notes:
1. Drill collar coordinate system is UTM Zone 19S.
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2. Coordinate of drill collar is picked with handheld GPS, subject to minor modification when resurveyed with Real-Time
Kinematic GPS upon completion of the drilling program.
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 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 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:
Stacey Pavlova, CFA
VP, Investor Relations and Corporate Communications
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 predictions, expectations, beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”,
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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; the Phase II Drill Program and
anticipated outcomes therefrom; future economics of the Company’s projects; timing of receipt of permits and regulatory
approvals; estimates of the Com pany’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 relati ng 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, 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.
CAUTIONARY NOTE TO US INVESTORS
This news release has been prepared in accordance with the requirements of NI 43‐101 and the Canadian Institute of
Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. S ecurities laws.
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NI 43‐101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public
disclosure an issuer makes of scientific and technical information concerning mineral projects.