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.

Highlights

• Drill hole DSS646001 intersected an interval of 60.48 m grading 236 grams per tonne (“g/t”) silver (“Ag”) from 82.10 m to 142.58 m, including 6.45 m grading 1,423 g/t Ag from 103.25 m to 109.7 m. This is an infill hole drilled in the southern portion of the deposit which confirmed the continuity of high-grade mineralization in the core area of Silver Sand. An aggregate of 9.6 m of historical mining voids were intersected in this hole.
• Drill hole DSS644001 intersected an interval of 133.63 m grading 91 g/t Ag from 23.0 m to 156.63 m, including 8.83 m grading 296 g/t Ag from 56.92 m to 65.75 m, and 22.56 m grading 246 g/t Ag from 90.0 m to 112.56 m. This is an infill hole drilled in the southern portion which confirmed the continuity of high-grade mineralization in the core area of Silver Sand. An aggregate of 13.38 m of historical mining voids were intersected in this hole.
• Drill hole DSS5428 intersected an interval of 20.9 m grading 84 g/t Ag from 39.0 m to 59.9 m and an interval of 32.31 m grading 171 g/t from 82.24 m to 114.55 m, including 5.2 m grading 554 g/t Ag from 93.5 m to 98.7 m, and 4.42 m grading 461 g/t Ag from 104.42 m to 108.84 m. This is an infill hole drilled in the northern portion of the core area of Silver Sand which confirmed the continuity of high-grade mineralization.
• Drill hole DSS527506 intersected an interval of 77.59 m grading 102 g/t Ag from 41.39 m to 118.98 m, including 13.56 m grading 285 g/t Ag from 105.42 m to 118.98 m, and an interval of 2.77 m grading 739 g/t Ag from 171.33 m to 174.10 m. This is an infill hole drilled in the northern portion of the core area of Silver Sand.
• Drill hole DSS527510 intersected an interval of 59.61 m grading 100 g/t Ag from 18.42 m to 78.03 m. This is a step-out hole drilled to confirm the continuity of mineralization between sections in the northern portion of the core area of Silver Sand.
• Drill hole DSS542503 intersected an interval of 21.08 m grading 74 g/t Ag from 38.92 m to 60.0 m and an interval of 20.41 m grading 292 g/t Ag from 98.15 m to 118.56 m, including 4.36 m grading 685 g/t Ag from 114.2m to 118.56 m. This is a step-out hole drilled to confirm the continuity of mineralization between sections in the northern portion of the core area of Silver Sand.

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.

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.

QUALIFIED PERSON

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.