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New Pacific Intersects 595.7 m Interval Grading 1.25 g/t Gold and 10.25 m Interval Grading 1,213 g/t Silver at the Carangas Project

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New Pacific Intersects 595.7 m Interval Grading 1.25 g/t Gold and 10.25 m Interval Grading 1,213 g/t Silver at the Carangas Project

 

 

 

 

 

New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP), together with its local Bolivian partner, announce the assay results of the last ten drill holes from the Discovery Drill Program completed in 2021 at the Carangas Silver-Gold Project, Oruro Department, Bolivia. Assay results of all 35 holes drilled in 2021 (Figure 1) have now been received and released. Drill intercepts of mineralization and hole specifications of the last ten holes are presented in Tables 1 and 2, respectively. Drilling is underway on the 2022 drilling program of up to an additional 40,000 metres.

 

Highlights

  • Hole DCAr0031was drilled on section 24 at the Central Valley and intersected 595.7 m (from 161.55 m to 757.25 m) grading 1.25 grams per tonne gold  and 7 g/t silver, including 98.9 m (from 457.3 m to 556.2 m) grading 2.58 g/t Au, 6 g/t Ag and 42.11 m grading 3.51 g/t Au, 2 g/t Ag and 0.1% copper (from 711.0 m to 753.11 m). This broad gold zone occurs beneath a silver horizon of 41.63 m grading 41 g/t Ag, 1% lead and 1.72% zinc from 62.37 m to 104 m. This hole was terminated in mineralization at a depth of 757.25 m due to difficult drilling conditions and capacity of the drill rig.

    Gold mineralization intersected in hole DCAr0031, is hosted in strongly argillic-sericitized lithic tuff of dacitic composition with disseminated sulfides and cut by veinlets of pyrite and chalcopyrite, similar to the holes DCAr0020, DCAr0016 and DCAr0015 reported previously (Figure 2).

  • Hole DCAr0032 was drilled at East Dome and intersected an interval of 194.70 m (from 18.3 m to 213.0 m) grading 33 g/t Ag, 0.37% Pb and 0.71% Zn, including a high-grade interval of 14.43 m (from 129.3 m to 143.73 m) grading 158 g/t Ag, 0.29% Pb and 0.25% Zn. This hole also intersected a high-grade interval of 10.25 m grading 1,213 g/t Ag, 1.2% Pb and 0.19% Zn from 319.89 m to 330.14 m.
  • Hole DCAr0027 was drilled at the top of West Dome and intersected an interval of 72.7 m grading 116 g/t Ag and 1.34% Pb (from 1.78 m to 74.48 m) in the near-surface hydrothermal breccia horizon, including 35.73 m grading 213 g/t Ag and 1.46% Pb (from 12.95 m to 48.68 m).
  • Hole DCAr0028 was drilled to the bottom of West Dome and intersected an interval of 190.97 m (from 10.47 m to 201.44 m) grading 65 g/t Ag, 0.48% Pb and 1.09% Zn, including high-grade intervals of 31.82 m (from 57.18 m to 89.0 m) grading 101 g/t Ag, 0.95% Pb and 2.59% Zn, and 17.03 m (from 178.9 m to 195.93 m) grading 347 g/t Ag, 1.01% Pb and 1.79% Zn.
  • Hole DCAr0030 was drilled to the bottom of West Dome about 100 m to the north of hole DCAr0028 and intersected an interval of 160.10 m (from 35.57 m to 195.67 m) grading 65 g/t Ag, 0.32% Pb and 0.93% Zn, including a high-grade interval of 32.65 m (from 56.2 m to 88.85 m) grading 216 g/t Ag, 0.63% Pb and 1.65% Zn.

 

Nine holes in Table 1 were drilled at a shallow dip angle of -45 degrees targeting the near surface silver-rich polymetallic mineralization at various locations in Central Valley, West Dome and East Dome and intersected broad silver-rich mineralization near surface. The only deep hole, DCAr0031 was drilled at a higher dip angle of -68 degrees to a depth of 757.23 m, which intersected 595.7 m interval of gold. The gold mineralization may represent a feeder zone that  is related to multi-stage rhyolitic/dacitic porphyry intrusive bodies.

 

 

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
DCAr0026 8.00 355.64 347.64 19 0.02 0.32 0.85 0.01 60
incl. 8.00 74.00 66.00 60 0.01 0.50 0.74 0.02 102
DCAr0027 1.78 74.48 72.70 116 1.34 0.02 0.02 157
incl. 12.95 48.68 35.73 213 1.46 0.03 0.02 258
266.26 268.74 2.48 22 1.17 2.13 0.02 130
337.70 352.90 15.20 38 0.10 0.26 0.01 51
393.57 394.72 1.15 229 0.10 1.39 1.03 0.08 312
DCAr0028 10.47 201.44 190.97 65 0.48 1.09 0.02 118
incl. 57.18 89.00 31.82 101 0.95 2.59 0.02 219
incl. 178.90 195.93 17.03 347 1.01 1.79 0.06 443
DCAr0029 4.84 33.92 29.08 31 0.36 0.01 0.01 42
57.43 119.59 62.16 28 0.43 0.49 0.01 58
145.00 165.00 20.00 31 0.15 0.48 0.01 52
185.62 191.14 5.52 30 0.22 0.50 0.01 53
215.94 239.20 23.26 31 0.20 0.54 0.02 56
282.87 293.35 10.48 29 0.19 0.44 0.01 50
DCAr0030 35.57 195.67 160.10 65 0.32 0.93 0.01 107
incl. 56.20 88.85 32.65 216 0.63 1.65 0.03 292
DCAr0031 62.37 161.55 99.18 21 0.02 0.55 1.38 0.04 90
incl. 62.37 104.00 41.63 41 0.02 1.00 1.72 0.06 135
161.55 757.25 595.70 7 1.25 0.08 0.08 0.07 108
incl. 457.30 556.20 98.90 6 2.58 0.04 0.02 0.09 200
incl. 711.00 753.11 42.11 2 3.51 0.00 0.01 0.10 262
DCAr0032 18.30 213.00 194.70 33 0.37 0.71 0.01 85
incl. 129.30 143.73 14.43 158 0.29 0.25 0.03 390
319.89 330.14 10.25 1213 1.20 0.19 0.03 1257
DCAr0033 21.04 151.74 130.70 36 0.39 1.12 0.01 86
210.37 259.35 48.98 27 0.23 0.84 0.01 63
280.65 288.53 7.88 20 0.64 1.25 0.01 82
DCAr0034 57.13 544.40 487.27 17 0.04 0.19 0.40 0.01 39
incl. 57.13 69.00 11.87 60 0.03 0.10 0.05 69
incl. 114.30 136.20 21.90 57 0.13 0.28 70
incl. 154.43 194.40 39.97 76 0.04 0.39 0.82 0.02 119
incl. 521.48 540.80 19.32 20 0.18 0.82 1.96 0.11 133
565.62 587.18 21.56 5 0.06 0.36 0.63 0.01 42
DCAr0035 69.25 151.74 82.49 44 0.42 0.44 71
incl. 69.25 93.74 24.49 106 0.59 0.38 137
163.14 172.20 9.06 36 0.37 0.55 0.01 66
211.05 229.70 18.65 34 0.11 0.04 0.01 40
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. Due to the early stage of the Project, the Company has not yet completed metallurgical test work on the mineralization encountered to date.
4. A cut-off of 20 g/t AgEq is applied for calculation of length-weighted intercept. At times, samples lower than 20 g/t AgEq may be included in the calculation of consolidation of mineralized intercepts.

 

Figure 1. Simplified geology map and drill holes of the 2021 Discovery Drill Program at Carangas Project

 

Figure 2. DCAr0031 on section 24 was terminated in gold mineralization due to drill difficulty

 

Update on the 2022 Drilling Campaign

 

 

The Company currently has four drill rigs turning at the Carangas Project and plans to complete up to 40,000 m drilling this year. Of the four drill rigs, two rigs are testing the shallow silver horizon and the other two rigs are testing the gold mineralization at depth. So far, approximately 10,000 m have been completed in 15 holes. Assay results of 15 drill holes completed in 2022 are pending.

The Company has attempted to drill beyond 1,000 m depth to follow gold mineralization and has encountered thermal water at around 900 m depth. The Company is seeking to have a fifth rig capable of 1,500 m depth to test potential mineralization of rhyolitic bodies.

 

 

Table 2   Summary of Drill Hole Locations for the Carangas Project
Hole_id Easting Northing Altitude Depth_m Azimuth (°) Dip (°) Date_start Date_complete Target
DCAr0001 538772.76 7905618.95 4041.21 300.40 120 -55 6/21/2021 6/30/2021 W. Dome
DCAr0002 538770.64 7905615.47 4041.15 200.00 225 -40 7/2/2021 7/8/2021 W. Dome
DCAr0003 538760.06 7905564.79 4026.90 150.00 240 -40 7/8/2021 7/12/2021 W. Dome
DCAr0004 538825.50 7905612.16 4036.96 250.00 46 -50 7/12/2021 7/16/2021 W. Dome
DCAr0005 538783.47 7905661.22 4053.84 250.00 151 -40 7/16/2021 7/26/2021 W. Dome
DCAr0006 538963.00 7905485.07 3942.23 300.00 30 -45 7/27/2021 8/3/2021 W. Dome
DCAr0007 539384.66 7905187.61 3936.85 300.00 20 -45 8/4/2021 8/9/2021 E. Dome
DCAr0008 539333.52 7905281.06 3921.15 350.00 20 -45 8/10/2021 8/15/2021 E. Dome
DCAr0009 539586.93 7905157.90 4006.31 250.00 20 -45 8/16/2021 8/19/2021 E. Dome
DCAr0010 539181.76 7905464.48 3907.98 206.00 20 -45 8/19/2021 8/24/2021 C. Valley
DCAr0011 539151.56 7905372.66 3907.46 250.00 20 -45 8/26/2021 8/30/2021 C. Valley
DCAr0012 539118.40 7905290.73 3907.18 400.00 20 -45 8/31/2021 9/12/2021 C. Valley
DCAr0013 538877.56 7905023.91 3911.64 584.00 50 -45 9/13/2021 9/25/2021 S. Dome
DCAr0014 539076.98 7905212.97 3906.16 500.00 20 -45 10/6/2021 10/13/2021 C. Valley
DCAr0015 539034.51 7905133.70 3905.39 600.00 20 -45 10/6/2021 10/15/2021 C. Valley
DCAr0016 539001.02 7905050.01 3904.10 761.00 20 -45 10/17/2021 10/31/2021 C. Valley
DCAr0017 539217.59 7905550.63 3907.29 311.00 20 -45 10/15/2021 10/20/2021 C. Valley
DCAr0018 538788.93 7905507.35 4012.26 400.00 20 -70 10/18/2021 10/27/2021 W. Dome
DCAr0019 539211.99 7905304.71 3907.55 353.00 20 -45 10/21/2021 10/27/2021 C. Valley
DCAr0020 538841.11 7905102.85 3918.24 650.00 50 -45 11/2/2021 11/13/2021 S. Dome
DCAr0021 538794.55 7905508.55 4012.67 350.00 77 -45 10/28/2021 11/9/2021 W. Dome
DCAr0022 539250.95 7905397.84 3908.65 350.00 20 -45 10/28/2021 11/3/2021 C. Valley
DCAr0023 539282.77 7905481.73 3908.50 300.00 20 -45 11/4/2021 11/9/2021 C. Valley
DCAr0024 539191.18 7905204.23 3907.07 476.10 20 -45 11/10/2021 11/16/2021 C. Valley
DCAr0025 538829.52 7905615.97 4036.95 200.00 250 -40 11/10/2021 11/14/2021 W. Dome
DCAr0026 538990.16 7905279.65 3905.53 450.00 20 -45 11/14/2021 11/22/2021 C. Valley
DCAr0027 538773.94 7905612.53 4041.03 401.00 200 -60 11/15/2021 11/22/2021 W. Dome
DCAr0028 539040.73 7905409.95 3907.11 300.00 20 -45 11/18/2021 11/22/2021 C. Valley
DCAr0029 538829.40 7905369.78 3966.60 300.00 55 -45 11/24/2021 11/28/2021 W. Come
DCAr0030 539073.78 7905483.71 3908.83 257.00 20 -45 11/23/2021 11/28/2021 C. Valley
DCAr0031 539049.54 7905156.60 3905.49 758.00 20 -68 11/22/2021 12/18/2021 C. Valley
DCAr0032 539336.17 7905281.10 3921.04 400.00 75 -45 11/29/2021 12/5/2021 C. Valley
DCAr0033 538879.37 7905252.35 3908.11 401.00 20 -45 11/29/2021 12/4/2021 W. Dome
DCAr0034 538748.85 7905028.31 3905.85 600.00 50 -50 12/5/2021 12/15/2021 S. Dome
DCAr0035 539308.99 7905554.21 3908.65 302.00 20 -43 12/6/2021 12/12/2021 C. Valley
Total 13,210.50
Notes:
1. Drill collar coordinate system is WGS1984 UTM Zone 19S.
2. Coordinate of drill collar is picked with Real Time Kinematics (RTK) GPS.

 

QUALITY ASSURANCE AND QUALITY CONTROL

 

 

All samples in respect of the exploration program at the Carangas 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 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 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 firstly by ICP method 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 to normal drill core sample sequences prior to delivery to 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, including the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, exploring the Carangas broad silver-gold Project, recently discovered in 2021 and initiating the exploration of the historic silver mining district of the Silverstrike Project.

Posted May 17, 2022

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