New Pacific Metals Corp. (TSX: NUAG) (NYSE-A: NEWP), together with its local Bolivian partner, is pleased to announce assay results for the first drill hole from the Discovery Drill Program at the Silverstrike Project, in the Department of La Paz, Bolivia. The drill hole intersected broad gold mineralization starting near-surface. Seven holes have been drilled to date since the start of the program in June 2022. Assay results of the remaining six holes are pending.

Drill hole DSSk0001 intersected a broader interval of 195.05 metres (from 10.22 m to 205.27 m) grading 0.96 grams per tonne gold and 6 g/t silver, including an interval of 111.39 m (from 12.61 m to 124.00 m) grading 1.54 g/t Au and 8 g/t Ag, and a higher grade near-surface sub-interval of 36.06 m (from 12.61 m to 48.67 m) grading 3.97 g/t Au and 20 g/t Ag (Table 1).

Hole DSSk0001 was drilled to test the continuous surface chip sampling results of 42m interval grading 1.02 g/t Au and 18 g/t Ag (please refer to the Company’s news release on June 14, 2022). Figures 1 & 2 show the drill hole location and geological cross section. Gold mineralization discovered is hosted in volcanic clastic sediments (breccia or ignimbrites) that extend to North and North-East with fractures dipping at high angles to the east. The ignimbrite or breccia host rock for gold is similar to the Company’s gold discovery at the Carangas Project, in the Department of Oruro, Bolivia.

This discovery marks another milestone following the Company’s discoveries made at Silver Sand and Carangas, displaying the Company’s capability of growing its shareholders’ value through careful project identification, acquisition, thorough geological study and well-planned drilling.

2022 DISCOVERY DRILL PROGRAM

The Silverstrike Discovery Drill Program commenced in June 2022. To date, 2,030 m have been drilled in seven diamond drill holes (Table 2) at the Silverstrike Central Prospect.

In recent news releases, the Company has identified 1) multiple near-surface broad-zones of silver mineralization hosted in altered sandstones at Silverstrike North, similar to the mineralization style at Silver Sand, and 2) a near-surface broad silver zone near the top of a ~900 m diameter volcanic dome of ignimbrite units with the intrusion of rhyolite dyke swarm and andesite flows, and a broad gold zone half way from the top of the dome, at Silverstrike Central.  The initial focus of this drilling program is to test the near surface broad gold zone and silver zone at Silverstrike Central (Figure 1).

Figure 1. A simplified geology plan map and drill holes of the Discovery Drill Program at the Silverstrike Central (CNW Group/New Pacific Metals Corp.)

Figure 2. Drill cross section of hole DSSk0001 (CNW Group/New Pacific Metals Corp.)

QUALITY ASSURANCE AND QUALITY CONTROL

All samples in respect of the exploration program at the Silverstrike 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 independent ISO 17025 accredited laboratory. 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 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 the 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 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 2022.  Recently discovered Caragas Silver-Gold Project is undergoing a 40,000 m drill program. The third project, the Silverstrike Silver-Gold Project, commenced a 6,000 m discovery drill program in June 2022.