New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP), together with its local Bolivian partner, reports assay results of the final 18 drill holes from its 2023 Q1 drill program at its Carangas Silver-Gold Project, Oruro Department, Bolivia. Assay results of all 39 holes totaling 17,623 meters have now been received and released. Detailed results and drill hole specifications are listed in Tables 1 and 2, and Figure 1.

HIGHLIGHTS OF DRILL RESULTS (ALL INTERVALS ARE CORE LENGTHS)

Hole DCAr0184 intersected 92 g/t Ag, 0.25% Pb and 0.46% Zn over a 183.2 m interval (106.8 m to 290 m), including 272 g/t Ag, 0.50% Pb and 0.89% Zn over a 14.5 m interval (123.5 m to 138 m) and 173 g/t Ag, 0.33% Pb and 0.43% Zn over a 18.65 m interval (149.45 m to 168.1 m). Hole DCAr0184 was a fifty meter step-out from hole DCAr0171 which intercepted 123 g/t Ag over a 205.6 m interval (see News Release of May 30, 2023). These two holes were drilled into areas without any surface showings or old diggings, yielding a new target area for expansion drilling.

Hole DCAr0175 intersected 55 g/t Ag, 0.26% Pb and 0.47% Zn over a 298.04 m interval (5.5 m to 303.54 m), including 235 g/t Ag, 0.65% Pb and 1.30% Zn over a 41.66 m interval (94.6 m to 136.26 m).

Hole DCAr0182 intersected 72 g/t Ag, 0.30% Pb and 0.59% Zn over a 182 m interval (66.5 m to 248.5 m), including 132 g/t Ag, 0.49% Pb and 0.93% Zn over a 64.5 m interval (116.5 m to 181 m).

Hole DCAr0173 intersected 51 g/t Ag, 0.57% Pb and 1.37% Zn over a 72.7 m interval (29 m to 101.7 m).

Hole DCAr0189 intersected 90 g/t Ag, 1.14% Pb and 1.22% Zn over a 45.81 m interval (42.26 m to 88.07 m), 71 g/t Ag, 0.32% Pb and 0.75% Zn over a 25.66 m interval (105.24 m to 130.9 m) and 0.95 g/t Au and 9 g/t Ag over a 184.5 m interval (532 m to 716.5 m), including 11.21 g/t Au, 94 g/t Ag and 0.17% Cu over a 7.5 m interval (651.5 m to 659 m).  This hole shows broad silver mineralization stacked above broad gold mineralization near the north end of the Central Valley. Drill results from this hole indicate that deep gold mineralization remains open to the northeast in the Central Valley.

The assay results of these final holes continue to demonstrate a significant shallow horizon of silver mineralization that has been extended to the southwest of the previously drilled area. Drill results from the step-out hole to the northeast in the Central Valley demonstrate a broad shallow silver zone stacked over broad gold mineralization, and gold remains open to the northeast.

PROGRESS OF INAUGURAL MINERAL RESOURCE ESTIMATE

The Company is working closely with RPMGlobal to complete a technical report on the mineral resource estimate of the Carangas Project in accordance with the National Instrument 43-101 – Standards of Disclosure for Mineral Projects.  The technical work is progressing well and on schedule with the outcome of the mineral resource estimate expected by August 2023.

Figure 1 Simplified geology and drill plan map of the Carangas Project

QUALITY ASSURANCE AND QUALITY CONTROL

The Company maintains tight sample security and quality assurance and quality control for all aspects of its exploration program at the Carangas Project. Drill core is logged, photographed and split on-site by the company and stored under secure conditions until being shipped in security-sealed bags by New Pacific staff in Company vehicles, directly from the project 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 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 first by ICP and 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 into 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 (the “Qualified Person”), who is a qualified person for the purposes of NI 43-101. The Qualified Person has verified the information disclosed herein using standard verification processes, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties or any limitations on the verification process 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, has released its inaugural preliminary economic assessment  results in January 2023.  The PEA study shows a post-tax NPV (5% discount) of US$726 million with an IRR of 39%, underpinned by a total silver production of 171 million ounces over 14 years of mine life. At the recently discovered Carangas Silver-Gold Project, a resource drilling program of more than 80,000 meters in 189 holes was completed between 2021 to 2023. The third project, the Silverstrike Silver-Gold Project, had a 6,000 meter discovery drill program in June 2022.