New Pacific Metals Corp. Commences 30,000 Metre Program at Silver Sand Project
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NEWS RELEASE
Trading Symbol: TSX Venture: NUAG
New Pacific Metals Corp. Commences 30,000 Metre Program at Silver Sand Project
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES
VANCOUVER, BRITISH COLUMBIA – October 11, 2017: New Pacific Metal Corp.
(“New Pacific” or the “Company”) (TSXV: “NUAG”) is pleased to announce that it has received
necessary permits from the relevant Bolivian government authoriti es and will immediately
commence a 30,000 metres exploration drilling program on its 100% owned Silver Sand Project
in the Department of Potosi, Bolivia.
At an elevation of approximately 4,050 metres, the Silver Sand Property, having an area of
approximately 3.17 square kilo metres, is located in the Potosí Department of Bolivia,
approximately twenty five kilometres northeast of the world famous Cerro Rico Silver and Base
Metal mineral system. The Silv er Sand property is adjacent to historic and current tin mining
activity in the area. Access is relatively easy with a road distance of fifty four kilo metres to
Potosi, of which twenty seven kilometres are paved.
The Property is one of the earliest silver discoveries in the distr ict, having been made prior to
the discovery of Cerro Rico in the mid -1500’s. Small-scale, historic mining is evident from
scattered shafts, pits, adit s, declines and dumps. The Property was explored previously by
intermittent s urface mapping and sampling, underground sampling and surface core drilling
between 2012 and 2015. The Company acquired the Property in July 2017 after due diligence
and four confirmation core drill holes.
At Silver Sand, the host rocks of the silver mineralization are Cretaceous -aged quartz -rich
sandstone, which were strongly silicified and now occur in gentle, open folds, dipping shallowly
to the north. The Cretaceous rocks unconformably overlie Ordovicia n- and Silurian-aged rocks,
all of which were intruded by Tertiary -aged porphyritic igneous dikes, plugs and sills. Tin
mineralization also occurs on the Property and is generally associated with the sills.
A total of five mineralized Zones (I, II, III, IV and V) were defined by surface geological work .
Zone I is the most prominent with a mapped strike length of at least 1, 600 metres, a horizontal
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width of up to 100 metres, and a depth extension of 350 metres and open at depth , based on
surface and underground channel samples and diamond drilling of seven core hole intercepts
(four confirmation drill holes by New Pacific, see news releases dated April 10 th and July 20th,
2017 for historical exploration results).
Zone II has similar min eralization and is parallel, and situated 300 metres northeast of Zone
I. Zone II has been traced over 1,400 metres in strike and up to twenty five metres in width ,
using sporadic outcrops of silicified, veined and oxidized sandstone . No drilling has occurred in
Zone II, however channel samples have been collected from a small adit and decline (adit PD19 )
which yielded a total channel length of 21.4 metres with an average silver grade of 263 g/t.
The 30,000 metre drill program will initially focus on drilling Zone I along its 1,600 m strike
distance gridding up to100 metres by 100 metres on sixteen parallel exploration sections which
are normal to Zone I. Four to five drill holes (~400 metres/hole) are planned for each of the
sixteen exploration sections. Some drill holes are also planned to test the depth of Zone I to 800
metres and to test the nearby Zone II to depth and along its strike extension.
One international and one Bolivian drilling cont ractor have signed drilling contracts with the
Company to carry out the drilling program. O ne drill rig has already been mobilized to Silver
Sand and is ready to drill this week. It is expected that three drill rigs will be on site by the end
of the October and a total of five drill rigs will be drilling on site by mid-November. The climate
at the Silver Sand project allows year-round drilling and it is expected that the drill program will
be completed in six to eight months.
A team of Canadian and Boli vian geologists and supporting staff have been assembled with
camp site at an elevation of approximately 3400 metres. A core storage, logging, and cutting
facility has also been established.
Quality Assurance and Quality Control
Drill core will be HQ and NQ in size. Core samples from the all drill holes will be split by
diamond saw cutting. Half of the core will be stored in a core storage facility and the remainder
of the core will be shipped in security sealed bags to ALS Global in Oruro, Bolivia for
preparation, and ALS Global in Lima, Peru for assay.
A standard quality assurance and quality control protocol w ill be employed to monitor the
quality of sample preparation and analysis. Standards of certified reference materials, blanks and
duplicates will be inserted in normal core sample sequences prior to shipment to the lab at a ratio
of thirty to one, i.e., every th irty samples contain at least one standard sample, one blank sample
and one duplicate sample.
Alex Zhang, P. Geo., VP Exploration of the Company and Qualified Person as defined under
National Instrument 43-101, has reviewed and approved the scientific and technical information
in this news release.
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About New Pacific
New Pacific Metals Corp. is a Canadian exploration and development company which owns the
Silver Sand Project, in the Potosi Department of Bolivia, the Tagish Lake gold project in Yukon,
Canada and the RZY Project in Qinghai Province, China . Silvercorp Metals Inc. (TSX: SVM),
the largest primary silver producer in China, is a major shareholder.
For further information, contact:
New Pacific Metals Corp.
Gordon Neal, President
Phone: (604) 633-1368
Fax: (604) 669-9387
www.newpacificmetals.ca
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in this press release constitute “forward -looking information” within the meaning of applicable
Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predic tions, expectations,
beliefs, plans, projections, objectives, assumptions or future events or performance (of ten, but not always, using words or phrases such as
“expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “t argets”, “goals”,
“forecasts”, “objectives”, “budgets”, “schedules”, “potential ” or variations thereof or stating that certain actions, events or results “may”,
“could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar express ions) are not
statements of historical fact and m ay be forward -looking statements or information. Forward -looking statements or information re late to,
among other things: completing a 30,000 metre drill program, and or completion of any specific holes to depths indicated.
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: the ability of the Company to integrate the Target Company into the Company’s existing operations; curre nt global financial
conditions; operating in Bolivia including possible expropriation or nationalization without adequate compensation, changing political and fiscal
regimes, and economic and regulatory instability, unanticipated changes to royalty and tax regulations, unreliable or undevel oped
infrastructure, labour unrest and labour scarcity, difficulty obtaining key equipment and components for equipment, regulations and restrictions
with respect to imports and exports; high rates of inflation, extreme fluctuations in currency exchange rates and the imposit ion of currency
controls, the possible unilateral cancellation or forced re‐negotiation of contracts, and uncertainty regarding enforceability of contractual rights,
inability to obtain fair dispute resolution or judicial determinations because of bias, corruption or abuse of power, difficu lties enforcing
judgments generally, and in parti cular those obtained in Canadian courts against assets located outside of those jurisdictions, difficulty
understanding and complying with the regulatory and legal framework respecting the ownership and maintenance of mineral prope rties, mines
and mining operations, and with respect to permitting, local opposition to mine development projects, which include the potential for vio lence,
property damage and frivolous or vexatious claims, violence and more prevalent or stronger organized crime groups; terrorism and hostage
taking, military repression and increased likelihood of international conflicts or aggression, and increased public health co ncerns; fluctuating
commodity prices; calculation of resources, reserves and mineralization and precious and base met al recovery; interpretations and assumptions
of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; title to
properties; property interests; joint venture partners; acquisition of comme rcially mineable mineral rights; economic factors affecting the
Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; competition; operations
and political conditions; environmental risks; insuranc e; risks and hazards of mining operations; key personnel; conflicts of interest; and
dependence on management..
This list is not exhaustive of the factors that may affect any of the Company’s forward -looking statements or information. Forward -looking
statements or information are statements about the future and are inherently uncertain, and actual achievements of th e Company or other
future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks,
uncertainties and other factors, including, without limitation, those referred to in the C ompany’s Annual Information Form for the year ended
June 30, 2017 under the heading “Risk Factors”. Although the Company has attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly,
readers should not place undue reliance on forward -looking statements or information. The Company’s forward -looking statements and
information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other
than as required by applicable securities laws, the Company does not assume any obligation to update forward -looking statements and
information if circumstance s or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events
affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forwa rd-looking
statements and information.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.