New Pacific Metals Corp. (TSX: NUAG) (NYSE: NEWP), together with its local Bolivian partner, report assay results for four deep drill holes at its Carangas Silver-Gold Project, Oruro Department, Bolivia. These deep step-out holes were drilled south of the previous gold intercepts. At Carangas, thick gold mineralization occurs beneath a shallow silver horizon measuring approximately 1,000 metres long, 800 m wide and up to 200 m thick. Detailed results and drill hole specifications are provided in Tables 1 and 2, as well as Figure 1.

A total of 50,368 m was drilled in 115 holes at the Carangas Project in 2022. Assay results from 43 of these holes have been received and released to date, while the results of the remaining 72 drill holes are pending. Since June 2021, a total of 63,578 m in 150 holes has been drilled at the Carangas Project.

HIGHLIGHTS

Hole DCAr0094 intersected, from 228.5 m to 733.12 m, a 504.62 m gold interval grading 1.22 grams per tonne (“g/t”) gold (“Au”) and 13 g/t silver (“Ag”), including a 124.69 m higher grade interval (from 479.46 m to 604.15 m) grading 2.77 g/t Au, 14 g/t Ag and 0.11% copper (“Cu”), including a 44.73 m sub-interval (from 559.42 m to 604.15 m) grading 5.03 g/t Au, 19 g/t Ag and 0.16% Cu. The hole also intersected, from 47.65 m to 149.23 m, a 101.58 m silver interval grading 64 g/t silver equivalent (“AgEq”), comprising 18 g/t Ag, 0.2%Pb, and 0.85% Zn.

Hole DCAr0067 intersected, from 24.27 m to 166.0 m, a 141.73 m silver interval grading 119 g/t AgEq, comprising 67 g/t Ag, 0.43% Pb and 1.03% Zn, including a 24.38 m interval (from 62.15 m to 86.53 m) grading 331 g/t AgEq, comprising 251 g/t Ag, 0.69% Pb and 1.66 Zn%. From 171.34 m to 685.0 m, the hole intersected a 513.66 m gold interval grading 0.72 g/t Au and 7 g/t Ag, including a 112.11 m interval (from 450.42 m to 562.53) grading 1.82 g/t Au and 9 g/t Ag. This hole was terminated in gold mineralization at 688 m depth due to down hole drill difficulties.

Hole DCAr0078 intersected, from 24.2 m to 174.4 m, a 150.20 m silver interval grading 45 g/t AgEq, comprising 12 g/t Ag, 0.22% Pb and 0.69% Zn, and, from 179.3 m to 848 m, a 668.7 m gold interval grading 0.48 g/t Au, 5 g/t Ag and 0.22% Zn. This hole is collared in the southern portion of the Central Valley, about 110 m to the southeast of hole DCAr0067.

Hole DCAr0081 intersected, from 4.93 m to 136.72 m, a 131.79 m silver interval grading 93 g/t AgEq, comprising 42 g/t Ag, 0.51% Pb and 0.95% Zn, and, from 141.5 m to 545.75 m, a 404.25 m gold interval grading 0.42 g/t Au, 7 g/t Ag, 0.18% Pb and 0.45% Zn, and, from 579.2 m to 664.74 m, a second gold interval of 85.54 m grading 0.65 g/t Au, 6 g/t Ag and 0.1% Cu.

2023 DRILL PROGRAM AND RESOURCE ESTIMATES FOR THE CARANGAS PROJECT

The Company plans to drill 15,000 m during the first quarter of 2023 at Carangas to test the eastern extension of gold mineralization beneath the East Dome and expand parts of the shallow silver horizon. Following this drill program, an inaugural resource estimate is planned in the second quarter of 2023.

Figure 1 Simplified Geology and Drill Plan Map of Carangas

QUALITY ASSURANCE AND QUALITY CONTROL

The Company maintains tight sample security and QA/QC 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, 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 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 PEA study in January 2023. The PEA study shows a post-tax NPV (5% discount) of US$726 millions and IRR 39%, underpinned by a total silver production of 171 million ounces in 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 2022. The third project, the Silverstrike Silver-Gold Project, had a 6,000 m discovery drill program ongoing since June 2022.

Figure 1 – Simplified Geology and Drill Plan Map of Carangas (CNW Group/New Pacific Metals Corp.)