New Pacific Metals Corp. (TSX: NUAG) (NYSE-A: NEWP), together with its local Bolivian partner, is pleased to announce assay results for the second drill hole from the 2022 Discovery Drill Program at the Silverstrike Project, in the Department of La Paz, Bolivia.  Similar to the first hole, DSSk0001 (please refer to the Company’s news release on September 12, 2022), the second hole also intersected broad oxidized gold mineralization near-surface.  Ten holes for a total of 3,200 metres have been drilled since the program started in June 2022, and assay results for the remaining eight holes are pending.

The second hole, DSSk0002, intersected a broad interval of 223.52 m (from 8.62 m to 232.14 m) grading 0.97 grams per tonne gold and 4 g/t silver, including an interval of 86.13 m (from 8.62 m to 94.75 m) grading 2.18 g/t Au and 7 g/t Ag, which also included a higher grade sub-interval of 3.98 m (from 68.6 m to 72.58 m) grading 29.75 g/t Au and 23 g/t Ag (Table 1).

DSSk0002 (drilled eastward at a -45 degree dip) and DSSk0001 (drilled westward at a -45 degree dip) are scissor holes collared approximately 80 m apart (Figure 1 and Figure 2). These two holes have extended a wide surface gold zone, discovered by chip samples to approximately 200 m from the surface and a width of at least 100 m (Figure 2).

Gold mineralization is hosted in volcanic clastic sediments (breccia or ignimbrites) and controlled by fractures that extend approximately to the North-East fractures and dip at high angles.  High-grade gold intervals are shown to occur near the contacts of ignimbrites and rhyolitic dykes (Figure 3). The host rocks appear oxidized with brownish-reddish iron oxides and hydroxides filling in fractures.

Figure 1. A simplified geology plan map and drill holes of the Discovery Drill Program at Silverstrike Central (CNW Group/New Pacific Metals Corp.)

Figure 2. Drill cross-section of hole DSSk0001 and DSSk0002 (CNW Group/New Pacific Metals Corp.)

Figure 3. High-grade gold mineralization occurs at the contacts with rhyolite dykes in hole DSSk0002 (CNW Group/New Pacific Metals Corp.)

QUALITY ASSURANCE AND QUALITY CONTROL

All samples in respect of the exploration program at Silverstrike, 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 independent ISO 17025 accredited laboratory.  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 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 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 Deposit, is waiting for a PEA study by the end of 2022. 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 mineralization through drilling.