New Pacific Metals Corp. (TSX: NUAG) (NYSE: NEWP) is pleased to announce the assay results of additional 20 holes from the 2022 drill programs at the Silver Sand Project as part of its 15,000 metres resource infill and step-out drilling for a mineral resource estimate update. An expanded program of total 21,309 m in 94 holes have been completed so far in 2022. The assay results for the remaining 59 drill holes are pending. Assay results for the 20 drill holes are summarized in Table 1 and hole specifications are presented in Table 2.
Update on 2022 Drill Programs
Drill programs in 2022 started in late January and have progressed well and on schedule. To date, 21,309 m have been completed in 94 holes, expanding the budgeted 15,000 m announced early this year. Most of the drilling completed to date in 2022 is in the core area of Silver Sand, totaling 19,424m in 87 holes, including resource infill drilling to improve the confidence in the continuity of mineralization and step-out drilling to test the extension of the major mineralized zones up and down dip as well as on strike. The results of the infill and step-out drilling will be included in the mineral resource update of Silver Sand expected to be completed in the second half of the year and will be incorporated into the Preliminary Economic Assessment (the “PEA”) due by the end of 2022.
The remaining 1,885 m in 7 holes were drilled in the Aullagas prospect which is a satellite prospect located approximately 700 m west of the Silver Sand core area. The Aullagas prospect is within the area covered by the Mining Production Contract between the Company and COMIBOL.
Currently, two rigs are deployed at Silver Sand – first rig is drilling some of the satellite prospects surrounding the Silver Sand Project and the second rig is drilling 10 geotechnical holes required for open pit slope angles for the PEA and further in-fill drill holes targeting upgrading inferred resource blocks for further studies subsequent to the -PEA.
|Table 1 Summary of Drill Intercepts|
|DSS527512||No Significant Intercept|
|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. Length of drill intercept is close to true width of mineralization as drilling is normal to both strike and dip of mineralized zones.
3. A cut-off of 20 g/t Ag is applied for calculation of length-weighted intercept. At times, samples lower than 20 g/t Ag may be included in the calculation of consolidation of mineralized intercepts.
|Table 2 Summary of Drill Hole Specifications|
|Hole_id||Easting||Northing||Altitude||Depth_m||Azimuth (°)||Dip (°)||Year||Note|
|1. Drill collar coordinate system is WGS1984 UTM Zone 20S.
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 Silver Sand 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). 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.
The scientific and technical information contained in this news release have 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. 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 Project, is waiting for a new Mineral Resource Estimate Update and a PEA by the end of this year. Recently discovered Carangas silver-gold project is undergoing a 40,000 m drill program. The third project, the Silverstrike silver-gold project, will commence an initial test drilling in June 2022.
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We acknowledge the [financial] support of the Government of Canada.