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New Pacific Intersects 205 Meters Grading 123 Grams Per Tonne Silver in Step-out Drilling at the Carangas Project, Bolivia

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New Pacific Intersects 205 Meters Grading 123 Grams Per Tonne Silver in Step-out Drilling at the Carangas Project, Bolivia

 

 

 

 

 

New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP) together with its local Bolivian partner, reports assay results of the first 21 drill holes from its 2023 Q1 drill program at its Carangas Silver-Gold Project, Oruro Department, Bolivia. Detailed results and drill hole specifications are listed in Tables 1 and 2, and Figure 1.

 

The 2023 Q1 drilling was a continuation of the 2022 drilling campaign at the Carangas Project. It was originally budgeted as 15,000 meters of diamond core drilling, infilling areas drilled in 2021-2022 and stepping out beyond these previously drilled areas. This drilling program started on schedule in January 2023 and was expanded based on encouraging results and is now complete. A total of 17,623 meters in 39 holes was drilled up to the end of April 2023. Each of the 39 holes intersected mineralization. To date, assay results of the first 21 holes have been received with the remaining holes pending.

 

HIGHLIGHTS OF DRILL RESULTS

 

DCAr0171 intersected a wide interval of silver mineralization measuring 205.6 m (76.8 m to 282.4 m) grading 123 g/t Ag, 0.44% Pb and 0.84% Zn, including 77.6 m (126.1 m to 203.7 m) grading 242 g/t Ag, 0.71% Pb and 1.30% Zn. This step-out hole was drilled through fluvial sediment cover to the southwest of the South Dome and implies that shallow silver mineralization remains open to the southwest, beyond the previously drilled West Dome-Central Valley-East Dome corridor.

 

DCAr0170 was drilled at the western limit of the Central Valley near the West Dome and intersected a wide interval of silver mineralization measuring 292.8 m starting near surface (9.2 m to 302 m) grading 58 g/t Ag, 0.39% Pb and 0.84% Zn, including 80.39 m (9.2 m to 89.59 m) grading 173 g/t Ag, 0.77% Pb and 1.08% Zn.

 

DCAr0154 intersected an interval of silver mineralization measuring 93.7 m (69.5 m to 163.2 m) grading 50 g/t Ag, 0.20% Pb and 0.53% Zn, including 13.05 m (72.4 m to 84.45 m) grading 280 g/t Ag, 0.36% Pb and 0.83% Zn. To depth, multiple intervals of gold mineralization were intersected, represented by 233.66 m (500.24 m to 733.9 m) grading 0.65 g/t Au and 107.1 m (774.24 m to 881.34 m) grading 0.84 g/t Au. This hole was drilled to test the eastern extension of gold mineralization at depth and the gold intervals in this hole indicate that gold mineralization remains open to the east.

 

DCAr0151 intersected an interval of silver mineralization measuring 66.76 m starting near surface (6.14 m to 72.9 m) grading 55 g/t Ag and 0.31% Pb, and a second silver interval of 3.63 m (266.13 m to 269.76 m) grading 215 g/t Ag, 0.45% Pb and 0.54% Zn. This hole was drilled in the upper portion of the East Dome.

 

INAUGURAL MINERAL RESOURCE ESTIMATE

 

The Company engaged consulting firm RPMGlobal Canada Limited for technical services regarding a National Instrument 43-101 – Standards of Disclosure for Mineral Projects mineral resource estimate report for the Carangas Project. The qualified person (as defined in NI 43-101) from RPMGlobal Canada Limited completed his site visit at the end of March 2023. The resource estimation will commence once assay results of all drill holes are available and the completed resource estimate is expected in the third quarter of 2023.

 

INTERIM GEOLOGICAL MAPPING PROGRAM

 

The project technical team is currently conducting detailed surface geological mapping and sampling to refine drill targets over the induced polarization chargeability anomalies beyond the previously drilled areas (Figure 2). This mapping program is planned for the interim period before the expected resumption of drilling activities in the second half of 2023. These IP chargeability anomalies demonstrate a geophysical signature similar to the one observed in the drilled-off area of the Central Valley which hosts the bulk silver-gold mineralization discovered at the Carangas Project.

 

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

 

 

Figure 2 Geological mapping areas over IP chargeability anomalies

 

 

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
DCAr0151 6.14 72.90 66.76 55 0.31 0.04 0.01 67
233.25 234.49 1.24 130 0.03 0.03 0.02 134
266.13 269.76 3.63 217 0.45 0.54 0.06 254
DCAr0152 6.00 47.78 41.78 42 0.40 0.25 0.01 63
69.25 125.28 56.03 21 0.38 0.94 63
140.14 148.35 8.21 11 0.37 0.92 53
177.30 213.11 35.81 9 0.03 0.44 0.82 0.03 54
242.70 302.00 59.30 16 0.18 0.21 0.58 0.03 57
311.78 315.92 4.14 1 0.97 0.01 0.07 73
325.27 365.29 40.02 6 0.51 0.08 0.27 0.03 56
378.20 422.32 44.12 5 0.59 0.01 0.04 0.04 53
436.71 483.92 47.21 2 0.61 0.01 0.04 0.02 49
510.00 517.50 7.50 0 0.78 0.03 58
523.50 531.90 8.40 6 1.15 0.01 0.04 0.09 99
576.10 597.17 21.07 1 0.01 0.03 0.82 31
650.00 682.82 32.82 25 0.22 0.05 0.02 0.08 51
697.84 748.00 50.16 3 0.89 0.01 0.03 0.13 81
787.50 802.42 14.92 10 0.87 0.01 0.41 115
DCAr0153 2.14 138.37 136.23 26 0.22 0.56 0.01 53
150.80 165.36 14.56 7 0.62 1.19 0.02 67
191.45 356.50 165.05 6 0.27 0.34 0.80 0.01 63
380.74 386.00 5.26 6 0.61 0.01 0.07 0.06 59
409.00 422.00 13.00 19 0.14 0.15 0.28 0.15 58
440.70 464.00 23.30 8 0.40 0.02 0.04 0.16 55
482.22 610.15 127.93 5 0.59 0.02 0.03 0.04 53
659.52 720.90 61.38 6 0.30 0.04 0.21 0.17 53
755.70 833.67 77.97 4 0.08 0.07 0.51 0.02 31
DCAr0154 16.30 43.16 26.86 14 0.37 0.09 28
69.50 163.20 93.70 50 0.20 0.53 0.02 75
incl. 72.40 85.45 13.05 280 0.36 0.83 0.01 319
209.50 219.25 9.75 6 0.09 0.97 0.60 61
289.95 368.36 78.41 4 0.17 0.22 0.40 36
378.10 408.00 29.90 5 0.16 0.17 0.33 32
452.00 460.12 8.12 5 0.10 0.13 0.36 28
500.24 733.90 233.66 8 0.65 0.01 0.13 59
747.00 756.50 9.50 2 0.41 0.00 0.01 32
774.24 881.34 107.10 5 0.84 0.01 0.01 65
DCAr0155 1.84 137.25 135.41 11 0.37 0.37 0.01 35
DCAr0156 24.00 28.28 4.28 22 0.82 0.07 0.07 56
44.58 48.60 4.02 38 1.87 0.07 0.01 97
65.00 74.00 9.00 45 0.47 0.02 59
81.37 88.10 6.73 25 0.61 0.02 0.01 44
102.50 105.00 2.50 26 0.19 0.05 0.01 34
150.85 173.50 22.65 4 0.48 0.12 0.01 23
270.45 278.80 8.35 56 0.39 0.04 0.01 70
DCAr0157 3.23 15.42 12.19 18 0.29 0.02 0.01 29
41.97 139.12 97.15 16 0.56 0.03 34
159.50 172.32 12.82 1.01 1.34 0.01 76
DCAr0158 125.00 129.50 4.50 31 0.14 0.50 0.01 52
172.45 187.38 14.93 27 0.21 0.30 0.01 44
240.38 241.84 1.46 62 0.07 0.12 68
273.50 275.00 1.50 57 0.15 0.15 0.06 72
299.00 303.00 4.00 67 0.10 0.11 0.06 79
DCAr0159 5.00 39.10 34.10 35 0.57 0.03 53
DCAr0160 6.70 28.20 21.50 31 0.26 0.02 0.01 39
75.50 109.89 34.39 23 0.27 0.04 0.01 33
125.00 152.00 27.00 19 0.36 1.32 0.02 77
DCAr0161 6.90 57.90 51.00 59 0.16 0.05 0.01 67
153.50 155.00 1.50 116 0.09 0.06 0.04 125
225.50 252.50 27.00 18 0.05 0.11 0.01 24
DCAr0162 75.47 79.39 3.92 31 0.76 1.27 97
97.20 125.35 28.15 31 0.21 0.65 0.02 61
136.27 154.20 17.93 9 0.31 0.78 0.05 50
207.50 225.00 17.50 5 0.04 0.47 0.54 39
287.10 304.31 17.21 7 0.18 0.53 0.72 0.02 62
321.22 329.88 8.66 3 0.08 0.40 0.96 53
392.87 399.50 6.63 18 0.56 0.13 0.19 0.08 77
427.45 600.35 172.90 14 0.97 0.06 0.02 0.09 94
631.12 645.17 14.05 6 0.81 0.01 0.02 0.06 70
658.20 663.95 5.75 0 1.29 0.01 93
673.67 717.87 44.20 2 1.08 0.00 0.01 0.05 85
734.00 754.50 20.50 2 0.71 0.01 0.01 0.03 57
796.40 819.70 23.30 1 0.84 0.03 0.02 63
DCAr0163 5.60 59.50 53.90 22 0.46 0.05 0.01 38
70.00 197.25 127.25 37 0.63 0.12 0.01 60
incl. 137.40 149.30 11.90 123 0.82 0.24 0.01 156
incl. 179.90 195.90 16.00 198 0.55 0.23 0.01 222
DCAr0164 7.50 19.50 12.00 14 0.13 0.22 25
77.65 164.60 86.95 12 0.14 0.48 0.02 34
187.00 252.97 65.97 4 0.03 0.31 0.48 31
271.90 308.60 36.70 5 0.15 0.44 0.74 0.01 54
373.80 406.63 32.83 6 0.07 0.12 0.48 0.02 33
423.40 628.10 204.70 8 0.64 0.03 0.08 0.04 61
683.50 713.75 30.25 2 0.61 0.01 0.02 0.05 52
767.00 821.24 54.24 6 1.61 0.00 0.01 0.14 135
DCAr0165 72.27 144.80 72.53 21 0.21 0.76 53
170.20 180.70 10.50 7 0.05 0.45 0.01 24
235.56 263.40 27.84 6 0.30 0.81 42
DCAr0166 1.00 53.10 52.10 13 0.25 0.27 30
65.00 69.00 4.00 56 0.18 0.55 80
88.00 146.90 58.90 19 0.26 0.75 53
162.01 236.80 74.79 10 0.03 0.29 0.50 0.01 38
251.50 314.87 63.37 6 0.16 0.53 0.96 0.01 67
330.78 347.08 16.30 4 0.02 0.22 0.48 0.05 33
390.77 414.50 23.73 3 0.22 0.08 0.18 0.04 31
419.00 428.00 9.00 1 0.61 0.00 0.03 0.01 47
451.90 466.57 14.67 2 1.05 0.09 0.27 0.03 92
476.70 485.65 8.95 10 2.54 0.05 0.07 0.04 199
511.70 515.56 3.86 14 1.49 0.03 0.03 0.14 136
611.50 620.90 9.40 7 0.15 0.03 0.76 0.06 50
700.70 709.15 8.45 1 0.10 0.01 1.01 0.01 43
774.75 785.80 11.05 4 0.72 0.00 0.03 0.18 75
791.20 798.10 6.90 2 0.32 0.00 0.02 0.24 51
DCAr0167 5.00 73.30 68.30 25 0.56 0.06 44
98.30 119.00 20.70 10 0.66 0.11 33
140.00 143.91 3.91 9 1.16 0.09 0.01 46
DCAr0168 62.75 104.80 42.05 18 0.30 0.58 47
120.80 138.60 17.80 33 0.16 0.61 59
175.87 186.00 10.13 19 0.12 0.35 34
197.30 219.44 22.14 8 0.36 0.71 0.01 44
237.70 269.80 32.10 28 0.97 1.37 0.08 109
DCAr0169 14.80 74.67 59.87 31 0.82 0.06 57
DCAr0170 9.20 302.00 292.80 58 0.39 0.84 0.02 99
incl. 9.20 89.59 80.39 173 0.77 1.08 0.05 236
DCAr0171 76.80 282.40 205.60 123 0.02 0.44 0.84 0.02 167
incl. 126.10 203.70 77.60 242 0.01 0.71 1.30 0.03 310
311.35 406.35 95.00 9 0.36 0.92 0.02 57
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 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.
4. A cut-off of 20 g/t AgEq is applied to calculate the length-weighted intercept. At times, samples lower than 20 g/t AgEq may be included in the calculation of consolidation of mineralized intercepts.

 

 

Table 2 Summary of Drill Holes of Discovery Drill Program of Carangas Project
Hole_id Easting Northing Altitude Depth_m Azimuth (°) Dip (°) Target
DCAr0151 539617.75 7905215.10 4013.81 300.00 20 -45 ED
DCAr0152 539311.30 7905343.30 3911.21 821.00 252 -75 CV
DCAr0153 539324.98 7905302.65 3917.54 836.00 252 -67 CV
DCAr0154 539487.76 7905479.04 3921.69 900.00 249 -66 CV
DCAr0155 538797.69 7905700.86 4063.33 140.00 120 -40 WD
DCAr0156 539684.64 7905129.41 4036.00 302.00 20 -45 ED
DCAr0157 538799.21 7905701.13 4063.35 206.00 60 -40 WD
DCAr0158 539517.04 7905105.86 3969.15 323.00 20 -45 ED
DCAr0159 538841.19 7905736.01 4068.83 152.00 7 -40 WD
DCAr0160 538841.30 7905734.87 4068.79 152.00 156 -40 WD
DCAr0161 539663.65 7905221.91 4023.46 293.00 20 -45 ED
DCAr0162 539403.94 7905455.30 3924.08 848.00 252 -67 CV
DCAr0163 538842.50 7905735.25 4068.85 200.00 110 -40 WD
DCAr0164 539412.79 7905417.33 3930.76 821.00 252 -70 CV
DCAr0165 539247.76 7905094.61 3908.82 302.00 20 -45 ED
DCAr0166 539400.87 7905371.39 3935.30 848.00 247 -75 CV
DCAr0167 538843.04 7905735.85 4068.79 152.00 81 -40 WD
DCAr0168 539276.07 7905026.84 3910.53 302.00 20 -45 ED
DCAr0169 538841.68 7905740.16 4068.79 152.00 50 -40 WD
DCAr0170 538946.49 7905288.56 3905.72 302.00 20 -45 WD
DCAr0171 538631.00 7905028.49 3905.09 420.00 48 -59 SD
Note: 1. Drill collar coordinate system is WGS1984 UTM Zone 19S
2. Coordinate of drill collar is picked with Real Time Kinematics (RTK) GPS except hole DCAr0036 which is by handheld GPS
3. CV – Central Valley; WD – West Dome; ED – East Dome; SD – South Dome

 

 

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 (the “PEA”) 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 50,000 meters was completed in 2021-2022. The third project, the Silverstrike Silver-Gold Project, had a 6,000 meter discovery drill program in June 2022.

 

Posted May 30, 2023
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