New Pacific Reports Drill Hole Assay Results and Remains On Schedule to Complete the PEA For the Silver Sand Project

2022-09-19 / @newswire

 

New Pacific Metals logo (CNW Group/New Pacific Metals Corp.)

VANCOUVER, BC, Sept. 19, 2022 /CNW/ - New Pacific Metals Corp. ("New Pacific" or the "Company") (TSX: NUAG) (NYSE American: NEWP) is pleased to announce the assay results of the final 53 drill holes from the 2022 resource infill and step-out drilling program completed at the Silver Sand Project.  All assays from the 2022 drill program have now been received, and a mineral resource estimate update with all drill hole data is expected to be completed by October 2022.  In addition, Silver Sand's maiden Preliminary Economic Assessment ("PEA") report is on track for completion by the end of 2022 as planned (please refer to the Company's new release on February 8, 2022).

The 2022 drill program of 19,323 metres in 86 drill holes, together with those holes drilled in 2021, intended to expand and improve the confidence in the geological model and Mineral Resource Estimate released in April 2020 and to be used for the PEA.  Assay results for the first 33 holes were released on April 6, 2022, and May 31, 2002. Assay results for the final 53 drill holes are summarized in Table 1 with drill hole specifications given in Table 2. 

HIGHLIGHTS
  • Step-out Drill hole DSS582501 intersected an interval of 44.77 m grading 214 grams per tonne ("g/t") silver ("Ag") from 30.57 m to 75.34 m, and an interval of 25.04 m grading 143 g/t Ag from 151.46 to 176.50 m.
  • Step-out Drill hole DSS542505 intersected an interval of 34.25 m grading 121 g/t Ag from 33.90 m to 68.15 m, including 5.57 m grading 428 g/t Ag from 37.85 m to 43.42 m.
  • Step-out Drill hole DSS325001 intersected an interval of 7.64 m grading 448 g/t Ag from 147.66 m to 155.30 m, and an interval of 19.76 m grading 150 g/t Ag from 163.00 m to 182.76 m.
  • Step-out Drill hole DSS305002 intersected an interval of 16.00 m grading 315 g/t Ag from 7.83 m to 23.83 m.
  • Step-out Drill hole DSS687502 intersected an interval of 16.66 m grading 147 g/t Ag from 26.87 m to 43.53 m, and multiple narrow mineralized intervals at depth.
  • Step-out Drill hole DSS7002 intersected an interval of 15.26 m grading 285 g/t Ag from 25.28 m to 40.54 m, and multiple narrow mineralized intervals at depth.
  • Infill Drill hole DSS542507 intersected an interval of 20.86 m grading 108 g/t Ag from 9.06 m to 29.92 m.
  • Infill Drill hole DSS545015 intersected an interval of 30.60 m grading 119 g/t Ag from 94.82 m to 125.42 m.
  • Infill Drill hole DSS5427 intersected an interval of 36.08 m grading 210 g/t Ag from 131.68 m to 167.76 m This infill hole was drilled in the core area of Silver Sand deposit and confirmed the continuity of high-grade mineralization.
  • Infill Drill hole DSS702501 intersected an interval of 54.19 m grading 132 g/t Ag from 84.90 m to 139.09 m.
  • Infill Drill hole DSS547504 intersected an interval of 95.22 m grading 106 g/t Ag from 49.68 m to 144.90 m.
  • Infill Drill hole DSS685002 intersected an interval of 31.30 m grading 171 g/t Ag from 11.66 m to 42.96 m, including 14.71 m grading 298 g/t Ag from 26.75 m to 41.46 m, and multiple narrow mineralized intervals at depth.
  • Infill Drill hole DSS487505 intersected an interval of 19.48 m grading 337 g/t Ag from 32.45 m to 51.93 m, including 8.63 m grading 715 g/t Ag from 38.53 m to 47.16 m, and multiple narrow mineralized intervals at depth.
  • Infill Drill Hole DSS502506 intersected an interval of 17.11 m grading 144 g/t Ag from 22.5 m to 39.61 m, an interval of 19.2 m grading 409 g/t Ag from 60.3 m to 79.5 m, and an interval of 3.5 m grading 224 g/t Ag from 104.5m to 108.0 m.
GEOTECHNICAL DRILLING

A geotechnical drill program commenced in August 2022 and is expected to be completed by the end of September. This 11-hole (2,460 m) program was designed and supervised by an independent specialist consulting firm for optimizing pit slope design in the PEA.  Geotechnical logging is carried out on oriented drill cores at drill sites. 

Table 1    Summary of Drill Hole Intercepts

Hole_ID


Depth_from

Depth_to

Interval_m

Ag_g/t

Pb_%

Zn_%

DSS542505


23.66

27.75

4.09

65

0.01




33.90

68.15

34.25

121

0.04

0.08


incl.

37.85

43.42

5.57

428

0.02

0.01



86.05

88.59

2.54

138

0.01

0.01

DSS6611


35.64

50.30

14.66

169

0.18

0.11

DSS6610


50.60

65.21

14.61

56

0.01




92.00

96.80

4.80

86

0.15

0.21



118.19

125.75

7.56

23

0.21

0.89



151.46

163.25

11.79

86

0.35

0.14



193.41

201.79

8.38

40

0.23

0.15



262.06

263.21

1.15

251

0.13

0.04

DSS542508


5.55

20.42

14.87

48

0.16

0.87

DSS542506


16.68

30.84

14.16

75

0.03

0.02

DSS305001


95.70

99.23

3.53

40

0.02


DSS687501


86.70

100.70

14.00

147

0.13

0.41



130.01

132.50

2.49

64

1.27

3.25



139.80

140.92

1.12

163

0.63

0.93



196.28

199.87

3.59

42

0.07

0.04

DSS2801


69.00

70.00

1.00

54

0.01


DSS3001


64.90

66.31

1.41

58


0.02



166.50

167.98

1.48

65

0.03


DSS542507


9.06

29.92

20.86

108

0.08

0.22

DSS7401


No Significant Intercept

DSS542509


79.72

82.30

2.58

85

0.02

0.02



107.95

109.00

1.05

1020

0.88

0.02



115.22

118.90

3.68

334

0.18

0.01



134.33

137.70

3.37

88

0.16

0.02



170.40

179.00

8.60

145

0.07

0.01

DSS705001


43.60

44.70

1.10

77

0.07




81.40

82.85

1.45

117

2.06




99.23

106.58

7.35

111

0.09




171.88

177.45

5.57

58

0.03


DSS545015


65.60

75.65

10.05

51

0.04




94.82

125.42

30.60

119

0.06

0.01

DSS325002


96.17

97.67

1.50

86

1.30

0.43



154.91

156.36

1.45

132

0.03


DSS7601


105.32

106.76

1.44

60

0.01




111.08

121.13

10.05

76

0.01


DSS545017


20.05

29.60

9.55

48

0.07

0.47

DSS5427


20.14

22.46

2.32

74

0.11




96.54

100.06

3.52

53

0.05




119.81

123.32

3.51

93

0.07




131.68

167.76

36.08

210

0.04

0.02


incl.

146.70

164.00

17.30

339

0.03

0.03

DSS325004


No Significant Intercept

DSS345002


96.37

97.50

1.13

84





126.89

128.28

1.39

144

0.04

0.01



143.17

147.40

4.23

102

0.01

0.03

DSS545016


18.00

43.41

25.41

82

0.05

0.16

DSS325003


32.38

33.55

1.17

35

0.01


DSS325001


147.66

155.30

7.64

448

0.09




163.00

182.76

19.76

150

0.06

0.10

DSS702501


84.90

139.09

54.19

132

0.38

0.54



178.80

184.00

5.20

46

0.04


DSS547506


23.00

61.62

38.62

68

0.06

0.02

DSS547505


14.85

26.97

12.12

168




incl.

23.45

25.70

2.25

738





67.20

115.22

48.02

57

0.04

0.01


incl.

80.76

84.58

3.82

426

0.12


DSS547510


11.00

24.00

13.00

111

0.02

0.01

DSS547509


17.74

31.44

13.70

88

0.02

0.01

DSS445006


97.90

117.50

19.60

68

0.02

0.01



125.30

126.50

1.20

212

0.07

0.57

DSS305002


7.83

23.83

16.00

315

0.02




132.07

133.50

1.43

102

0.03

0.01

DSS547504


49.68

144.90

95.22

106

0.06

0.04

DSS562506


46.00

70.28

24.28

56

0.08

0.15

DSS685002


11.66

42.96

31.30

171

0.02



incl.

26.75

41.46

14.71

298

0.03




92.38

98.15

5.77

65

0.03




104.87

111.61

6.74

34

0.11

0.18



120.20

148.53

28.33

48

0.09

0.02



181.50

189.21

7.71

27

0.14

0.57



198.80

208.40

9.60

96

0.03

0.06

DSS5427


20.14

22.46

2.32

74

0.11




96.54

100.06

3.52

53

0.05




119.81

123.32

3.51

93

0.07




131.68

167.76

36.08

210

0.04

0.02


incl.

146.70

164.00

17.30

339

0.03

0.03

DSS325005


157.19

160.10

2.91

108

0.01


DSS562507


29.52

35.93

6.41

110





54.65

116.00

61.35

83

0.07

0.01

DSS565010


13.89

18.15

4.26

115

0.01

0.01



44.17

46.22

2.05

80

0.07

0.05



58.40

61.00

2.60

56

0.04


DSS565011


42.57

46.80

4.23

75

0.04




85.90

88.75

2.85

104

0.10

0.01



98.76

100.23

1.47

81

0.04


DSS547507


52.23

60.09

7.86

57

0.05




67.30

84.12

16.82

88

0.03

0.01



104.00

115.07

11.07

56

0.04


DSS6804


16.80

20.30

3.50

98

0.01




161.78

164.25

2.47

57





198.68

199.90

1.22

85

0.06

0.20



301.75

336.50

34.75

31

0.03

0.01

DSS467504


95.90

113.32

17.42

360

0.03

0.01



191.97

198.75

6.78

76

1.80

0.02

DSS547508


46.00

47.00

1.00

199

0.15

0.04



61.65

99.15

37.50

77

0.03

0.04



122.80

126.10

3.30

59

0.07

0.19

DSS705002


21.66

32.06

10.40

279

0.12




90.68

100.20

9.52

324

0.22


DSS482502


79.10

100.37

21.27

60

0.47

0.01



124.38

126.85

2.47

83

0.48

0.01



133.10

134.12

1.02

440

2.19

0.02



149.00

158.87

9.87

32

0.43

0.03



191.96

193.03

1.07

124

3.34

0.02

DSS687502


26.87

43.53

16.66

147

0.03




97.55

107.37

9.82

67

0.05

0.06



120.80

122.05

1.25

104

0.13

0.14



132.96

147.77

14.81

56

0.14

0.05

DSS7002


25.28

40.54

15.26

285

0.02




101.10

110.60

9.50

80

0.09

0.01



131.59

144.70

13.11

62

0.11

0.14



160.70

166.01

5.31

40

0.26

0.50



180.47

183.15

2.68

215

0.19

0.14



191.25

193.83

2.58

55

0.30

0.13

DSS425007


127.50

137.00

9.50

130

0.01

0.02



152.37

153.52

1.15

132

0.06

0.10

DSS482501


62.20

63.55

1.35

423





70.37

75.53

5.16

44

0.03




81.95

97.24

15.29

84

0.01




167.72

179.13

11.41

43

0.10




192.16

206.13

13.97

100

1.14

0.01



230.66

233.12

2.46

75

0.51


DSS487505


32.45

51.93

19.48

337




incl.

38.53

47.16

8.63

715





91.83

103.88

12.05

160

0.03




138.57

150.57

12.00

42

0.04




162.96

180.87

17.91

78

0.48

0.01



238.10

239.44

1.34

404

0.09

0.43



251.75

255.63

3.88

180

0.13

0.06

DSS565013


143.00

201.50

58.50

52

0.04


DSS582501


30.57

75.34

44.77

214

0.10




151.46

176.50

25.04

143

0.07

0.11


incl.

151.46

154.00

2.54

823

0.07



incl.

169.00

171.12

2.12

536

0.31

0.17

DSS565012


139.80

149.00

9.20

147

0.15

0.01



198.90

212.62

13.72

104

0.53

0.01

DSS502506


22.50

39.61

17.11

144

0.04

0.01



60.30

79.50

19.20

409

0.12

0.02



104.50

108.00

3.50

224

0.03



Notes:



1.

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 grade 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

DSS542505

235013.95

7856522.93

4101.23

155.15

60

-45

2022

Step-out

DSS6611

234876.13

7855780.03

4029.97

54.80

60

-45

2022

Resource Infill

DSS6610

234834.02

7855759.60

4029.10

311.00

60

-55

2022

Resource Infill

DSS542508

235115.65

7856584.35

4115.41

101.00

60

-45

2022

Step-out

DSS542506

235050.43

7856544.89

4106.53

143.10

60

-45

2022

Step-out

DSS305001

234533.65

7857614.73

4193.84

313.50

60

-45

2022

Step-out

DSS687501

234932.96

7855613.73

4059.32

239.00

60

-45

2022

Resource Infill

DSS2801

234497.09

7857755.74

4195.51

277.00

60

-45

2022

Step-out

DSS3001

234520.83

7857653.93

4196.73

271.50

60

-45

2022

Step-out

DSS542507

235083.23

7856563.86

4110.97

120.00

60

-45

2022

Resource Infill

DSS7401

235069.74

7855434.22

4105.28

302.00

60

-45

2022

Step-out

DSS542509

234871.60

7856443.59

4071.77

311.00

60

-45

2022

Step-out

DSS705001

234971.30

7855546.97

4073.83

290.00

60

-45

2022

Resource Infill

DSS545015

234933.62

7856448.62

4089.75

176.15

60

-46

2022

Resource Infill

DSS325002

234728.92

7857595.66

4121.93

166.50

60

-45

2022

Step-out

DSS7601

235096.94

7855333.22

4120.60

305.10

60

-45

2022

Step-out

DSS545017

235087.94

7856539.28

4113.05

104.15

60

-45

2022

Step-out

DSS5427

234843.00

7856453.00

4065.00

236.00

60

-45

2022

Resource Infill

DSS325004

234728.51

7857595.98

4121.91

163.50

353

-45

2022

Step-out

DSS345002

234625.68

7857426.77

4156.70

241.50

86

-45

2022

Step-out

DSS545016

235053.28

7856517.60

4106.76

122.15

60

-45

2022

Resource Infill

DSS325003

234728.77

7857595.69

4121.96

127.70

26

-40

2022

Step-out

DSS325001

234606.08

7857524.97

4169.90

265.50

60

-45

2022

Step-out

DSS702501

234960.11

7855571.78

4069.02

287.00

60

-45

2022

Resource Infill

DSS547506

235045.38

7856482.58

4106.77

128.10

60

-45

2022

Step-out

DSS547505

234947.02

7856428.11

4091.60

200.00

60

-47

2022

Step-out

DSS547510

235083.07

7856504.52

4113.08

113.00

60

-45

2022

Step-out

DSS547509

235062.62

7856495.23

4109.23

113.00

60

-45

2022

Step-out

DSS445006

234380.80

7856704.49

4087.14

283.50

60

-45

2022

Resource Infill

DSS305002

234599.64

7857655.86

4169.55

268.50

60

-45

2022

Step-out

DSS547504

234976.40

7856444.99

4097.29

164.00

60

-47

2022

Resource Infill

DSS562506

235043.05

7856427.53

4104.86

137.15

60

-45

2022

Step-out

DSS685002

234889.98

7855614.42

4053.31

302.20

60

-50

2022

Resource Infill

DSS5427

234845.65

7856458.52

4065.96

236.00

60

-45

2022

Resource Infill

DSS325005

234729.44

7857595.50

4121.97

202.50

76

-45

2022

Step-out

DSS562507

234991.97

7856403.39

4094.17

176.00

60

-45

2022

Resource Infill

DSS565010

235083.07

7856418.72

4109.58

122.15

60

-45

2022

Resource Infill

DSS565011

234936.06

7856331.99

4048.68

155.10

60

-45

2022

Step-out

DSS547507

234931.80

7856420.45

4086.76

176.00

60

-47

2022

Step-out

DSS6804

234824.09

7855635.07

4046.53

350.30

60

-64

2022

Step-out

DSS467504

234474.14

7856614.29

4102.10

313.50

60

-45

2022

Step-out

DSS547508

234910.32

7856405.62

4076.84

185.20

60

-47

2022

Step-out

DSS705002

234939.39

7855529.69

4069.23

326.00

60

-45

2022

Step-out

DSS482502

234545.80

7856602.74

4102.01

304.50

60

-45

2022

Step-out

DSS687502

234897.79

7855589.97

4057.06

302.10

60

-48

2022

Step-out

DSS7002

234906.43

7855567.15

4060.03

302.10

60

-48

2022

Step-out

DSS425007

234319.92

7856788.69

4091.58

304.50

60

-45

2022

Step-out

DSS482501

234486.53

7856566.64

4105.60

283.50

60

-45

2022

Step-out

DSS487505

234508.20

7856525.21

4099.59

307.50

60

-45

2022

infill

DSS565013

234877.94

7856302.62

4024.03

401.00

245

-50

2022

infill

DSS582501

235144.90

7856373.38

4112.02

242.10

240

-45

2022

Step-out

DSS565012

234878.63

7856301.87

4024.01

404.00

218

-50

2022

infill

DSS502506

234541.91

7856481.35

4089.37

313.50

60

-46

2022

infill


Notes:



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.

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 ("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 Project, is waiting for a new Mineral Resource Estimate Update and a PEA 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 by drill hole.  

For further information, please contact:

New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free: 1-877-631-0593
E-mail: invest@newpacificmetals.com

To receive company news by e-mail, please register using New Pacific's website at www.newpacificmetals.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws.  Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to: statements regarding anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; timing of receipt of permits and regulatory approvals; timing and content of the PEA, and estimates of the Company's revenues and capital expenditures.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada, risks associated with community relations and corporate social responsibility, and other factors described under the heading "Risk Factors" in the Company's Annual Information Form for the year ended June 30, 2021 and its other public filings. 

This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. 

The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company's ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company's ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with COMIBOL by the Plurinational Legislative Assembly of Bolivia; the ability of the Company's Bolivian partner to convert the exploration licenses at the Carangas Project to AMC; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements.  All forward-looking statements in this news release are qualified by these cautionary statements.  Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law.  These forward-looking statements are made as of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS

The technical and scientific information contained herein has been prepared in accordance with NI 43-101, which differs from the standards adopted by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, the technical and scientific information contained herein, including any estimates of mineral reserves and mineral resources, may not be comparable to similar information disclosed by U.S. companies subject to the disclosure requirements of the SEC.

Additional information relating to the Company, including the Company's Annual Information form, can be obtained under the Company's profile on SEDAR at www.sedar.com, on EDGAR at www.sec.gov, and on the Company's website at www.newpacificmetals.com.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/new-pacific-reports-drill-hole-assay-results-and-remains-on-schedule-to-complete-the-pea-for-the-silver-sand-project-301626718.html

SOURCE New Pacific Metals Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2022/19/c8403.html

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