New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP), together with its local Bolivian partner, report additional assay results from the 2022 drill program at its Carangas Silver-Gold Project, Oruro Department, Bolivia.  Six new deep drill holes were completed to define the extent of the gold mineralization beneath a shallow silver mineralization zone, which, to date, measures 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.

The Company also completed a 3D Bipole-Dipole IP-MT geophysical survey, which showed a clear correlation between high gold tenors and high chargeability anomalies.  This IP signature will help refine gold targets and guide future exploration drilling at Carangas.

HIGHLIGHTS

Hole DCAr0049: 591.85 m interval (from 176.25 m to 768.1 m) grading 1.03 grams per tonne gold, 6 g/t silver, 0.11 percent  lead, and 0.18% zinc, including higher grade intervals of 14.64 m (from 412.1 m to 426.74 m) grading 2.16 g/t Au, 9 g/t Ag, 29.07 m (from 446.63 m to 475.7 m) grading 2.76 g/t Au, 18 g/t Ag, and 29.31 m (from 501.9 m to 531.21 m) grading 4.15 g/t Au, 9 g/t Ag.

Hole DCAr0052: 513.35 m interval (from 157.65 m to 671.0 m) grading 0.23 g/t Au, 8 g/t Ag, 0.26% Pb and 0.61% Zn, including 18.82 m (from 625.8 m to 644.62 m) grading 2.07 g/t Au, 9 g/t Ag, 0.1% Zn and 0.15% copper.

Hole DCAr0060: 84.17 m interval (from 714.43 m to 798.6 m) grading 0.7 g/t Au, 5 g/t Ag and 0.2 % Cu, including 8.65 m (from 729.52 m to 738.17 m) grading 3.98 g/t Au, 20 g/t Ag and 0.78% Cu.

DETAILED DESCRIPTION

Hole DCAr0049 was drilled in the Central Valley area.  As expected, shallow broad silver-lead-zinc mineralization hosted in strongly altered volcanoclastic sediments was intersected from surface down to a depth of around 170 m, as represented by an upper interval of 61.18 m (from 5.44 m to 66.62 m) grading 21 g/t Ag, 0.44% Pb and 1.02% Zn, and a lower interval of 82.4 m (from 79.4 m to 161.8 m) grading 35 g/t Ag, 0.1 g/t Au, 0.27% Pb and 0.93% Zn.  Beneath the silver zone, the hole intersected a gold interval of 591.85 m (from 176.25 m to 768.1 m) grading 1.03 g/t Au, 6 g/t Ag, 0.11% Pb, 0.18% Zn and 0.07% Cu, including several higher grade sub-intervals such as 14.64 m (from 412.1 m to 426.74 m) grading 2.16 g/t Au, 9 g/t Ag, 29.07m (from 446.63 m to 475.7 m) grading 2.76 g/t Au, 18 g/t Ag, and 29.31 m (from 501.9 m to 531.21 m) grading 4.15 g/t Au, 9 g/t Ag.  Deeper in the hole, weaker argillic alteration and chalcopyrite mineralization continues to persist, as represented by 6.25 m (from 924.55 m to 930.8 m) grading 0.18 g/t Au, 6 g/t Ag and 0.46% Cu, and 38.98 m (from 1055.24 m to 1094.22 m) grading 0.04 g/t Au, 4 g/t Ag and 0.25% Cu, indicating a trend of increasing copper mineralization with depth.

Hole DCAr0043 was drilled on the southern limit of the Central Valley, about 120 m south of hole DCAr0049, and intersected multiple intervals of silver-lead-zinc mineralization from 24.92 m to 369.43 m.  Gold mineralization intensifies with depth and multiple gold-dominant intervals were intersected, as represented by 120.55 m (from 410.75 m to 531.3 m) grading 0.15 g/t Au, 5 g/t Ag, 0.45% Pb and 0.99% Zn, 66.0 m (from 668.0 m to 734.0 m) grading 1.22 g/t Au, 5 g/t Ag, 0.03% Pb, 0.12% Zn and 0.17% Cu, including a higher grade sub-interval of 10.02 m (from 678.28 m to 688.3 m) grading 3.76 g/t Au, 3 g/t Ag, 0.06% Pb, 0.16% Zn and 0.1% Cu, 13.41 m (from 801.72 m to 815.13 m) grading 0.43 g/t Au, 10 g/t Ag and 0.86% Cu, and 8.36 m (from 955.91m to 964.27 m) grading 0.14 g/t Au, 5 g/t Ag and 0.16% Cu.  The mineralization style is generally similar to hole DCAr0049, but DCAr0043 has weaker argillic alteration.  Furthermore, it appears that mineralization hits in hole DCAr0043 are splays and down plunges of hole DCAr0049.

Hole DCAr0052 was drilled at South Dome near the southern limit of the Central Valley.  It intersected silver-lead-zinc mineralization close to the surface, represented by an interval of 151.31 m (from 4.95 m to 156.26 m) grading 18 g/t Ag, 0.57% Pb and 1.19% Zn, followed by a broad gold mineralization interval of 513.35 m (from 157.65 m to 671.0 m) grading 0.23 g/t Au, 8 g/t Ag, 0.26% Pb and 0.61% Zn, including a higher grade sub-interval of 18.82 m (from 625.8 m to 644.62 m) grading 2.07 g/t Au, 9 g/t Ag, 0.1% Zn and 0.15% Cu, and a short interval of 3.75 m (from 715.1 m to 718.85 m) grading 0.32 g/t Au, 28 g/t Ag, 01% Pb and 0.42% Cu.

Hole DCAr0059 was drilled at South Dome near the western limit of the Central Valley. It intersected silver-lead-zinc mineralization close to the surface, represented by 167.2 m (from 12.5 m to 179.7 m) grading 20 g/t Ag, 0.2% Pb and 0.46% Zn, and 150.6 m (from 198.5 m to 349.1 m) grading 10 g/t Ag, 0.37% Pb and 0.65% Zn.  Beneath the silver-lead-zinc horizon, multiple weak-moderate gold mineralization intervals were intersected, including 18.74 m (from 419 m to 437.74 m) grading 0.16 g/t Au, 6 g/t Ag, 0.62% Pb and 0.97% Zn, 20.46 m (from 625.43 m to 645.89 m) grading 0.8 g/t Au, 12 g/t Ag, 0.18% Pb, 0.4% Zn and 0.06% Cu.  These gold intervals appear to be the west splays from the broad mineralization zones intersected in the Central Valley.

Hole DCAr0060 was drilled about 190 m to the south of hole DCAr0049 near the southern limit of the Central Valley.  It intersected multiple narrow silver-lead-zinc mineralization intervals in the upper (~700 m) portion of the hole, followed by a gold mineralization interval of 84.17 m (from 714.43 m to 798.6 m) grading 0.7 g/t Au, 5 g/t Ag and 0.2% Cu, including a higher grade sub-interval of 8.65 m (from 729.52 m to 738.17 m) grading 3.98 g/t Au, 20 g/t Ag and 0.78% Cu, which appears to be the southern extension of the gold zone intersected in hole DCAr0043.

Hole DCAr0062 was drilled near the western limit of West Dome, about 470 m to the west of hole DCAr0049.  This hole intersected multiple moderate silver-lead-zinc mineralization intervals, but did not return any gold interval.  Rocks are dominated by volcanoclastic sediments, which are pervasively sericitic altered but missing strong argillic alteration, cut by dykes of rhyolite and andesitic basalt.  It appears to be the peripheral alteration halo of the strongly argillic altered and mineralized zone in the Central Valley area.

UPDATE ON THE PROGRESS OF THE DRILLING PROGRAM

With five rigs running at Carangas, a total of 39,862 meters in 86 drill holes has been completed to date in 2022. Assay results of 39 holes have been received and released.  With the success of resource definition drilling, the Company plans to engage independent consultants to carry out an inaugural mineral resource estimate once the drilling is completed by the end of 2022.

IP SURVEY PROGRAM

In September 2022, a 3D Bipole-Dipole IP-MT survey was completed in the current (West Dome-Central Valley-East Dome) drilling area by Southern Rock Geophysics S.A., based in Santiago, Chile. This program tests how the geophysical signatures of known mineralization responds to the survey, which successfully identified multiple chargeability anomalies (Figure 1). Results from the IP survey revealed that holes drilled to date overlap with one of many IP chargeability anomalies.  Furthermore, there are several anomalies north of the current drilling area, warranting follow up drill testing.

The IP survey also showed that higher chargeability at 3600 m elevation, approximately 350 m below the surface, appears to perfectly coincide with the higher grade gold intercepts at that depth (Figure 2).  Previous gold intercepts seem to have hit the east half of the chargeability anomaly at 3600 m elevation. More drill holes are planned to test the west half of this target.

Recent geophysical results also indicate that gold mineralization is potentially related to some kind of “plume” system, which differs from our previous view that the gold may be related to regional north-west structures.

Figure 1 – 1 Multiple anomalies of IP chargeability of 3800 m elevation. Currently drilled area overlays the chargeability anomaly in the Central Valley area (CNW Group/New Pacific Metals Corp.)

Figure 2 The most prominent high chargeability anomaly at 3600 m elevation perfectly overlays the gold intercepts from drilled holes in the Central Valley area.           New drill holes (e.g. DCAr0114) are planned to target the west half of the chargeability anomaly. Based on the chargeability results, gold mineralization may be related to a “plume” type of system. (CNW Group/New Pacific Metals Corp.)

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, 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 Deposit, is expecting a new Mineral Resource Estimate Update and a PEA by the end of 2022. The recently discovered Carangas 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 and discovered a near surface broad gold zone in its first hole drilled.