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New Pacific Intersects Broad Zones of Silver-rich Mineralization from Discovery Drilling at the Carangas Silver Project

  • Highlights include 187.7 m at 101 g/t AgEq including 7.4 m at 625 g/t AgEq and 143.6 m at 144 g/t AgEq including 26.2 m at 589 g/t AgEq

New Pacific Metals Corp. ("New Pacific" or the "Company") (TSX:NUAG; NYSE-A: NEWP) is pleased to announce that the Company has received assay results from the first two drill holes of the initial ~3,000 metres ("m") Phase I discovery drill program in a total of 13 drill holes at the Carangas Silver Project, Oruro Department, Bolivia (the "Carangas Project" or the "Project"). The drill holes intersected silver-rich polymetallic mineralization starting at or near-surface and continuing to depth (Table 1, Figure 1).  The assay results of the remaining drill holes are pending.

The discovery drill program commenced on June 21, 2021 (for details please refer to the Company's news release dated June 29, 2021). Phase I of the program comprises ~3,000 m of diamond core drilling designed to test the depth extensions of the historically-mined mineralized zones at West and East Dome (for details please refer to the Company's news releases dated April 12, 2021 and June 14, 2021).

To date, 3,012 m have been completed in 12 drill holes (Figure 1). All drill holes encountered thick intervals of predominantly fracture-controlled, volcanic breccia and/or dacitic tuff-hosted, polymetallic mineralization. While assays are pending, based on geological features and field based, real-time, X-Ray Fluorescence analysis (utilizing a Niton XRF), drilling to date appears to have defined mineralization covering an area approximately 1,000 m long by 300 m wide and up to 200 m in depth (Figure 1). Mineralization remains open in every direction including depth beyond the current drill footprint (Figure 1).

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Broad Zones of Silver Mineralization Starting at Surface
Drill hole DCAr0001 was collared in the centre of the West Dome, the locus of historic mining activities. The drill hole was drilled to the south-east at -55 degrees to test the depth extension of historically mined hydrothermal breccias. The drill hole intercepted a 187.70 m interval with a grade of 101 g/t AgEq (67 g/t Ag, 0.63% Pb and 0.45% Zn) from surface. The interval includes a high-grade sub-interval of 7.38 m at 625 g/t AgEq (578 g/t Ag, 1.58% Pb) from 23.90 m to 31.28 m (Table 1).

Two historical mining voids were recorded from 21.22 m to 23.90 m and from 72.80 m to 74.00 m. Near the end of the drill hole, from 288.23 m to 292.36 m, an interval of 4.13 m dacitic, lithic, tuff-hosted mineralization yielded 80 g/t AgEq (48 g/t Ag, 0.37% Pb and 0.63% Zn) suggesting a second mineralized horizon may occur at depth.

Drill hole DCAr0002 was collared on the same drill pad as DCAr0001 and drilled to the south-west at -40 degrees to test for potential extensions of mineralization at depth. The drill hole intercepted 143.62 m at a grade of 144 g/t AgEq (130 g/t Ag, 0.41% Pb and 0.04% Zn) from 1.70 m to 145.32 m, including a high-grade sub-interval of 26.24 m at a grade of 589 g/t AgEq (577 g/t Ag, 0.4% Pb) from 39.45 m to 65.69 m. This drill hole intercepted multiple mining voids with an aggregate total length of 18.93 m without core recovery.  

These two drill holes have defined initial morphology of the mineralized host units as sub-horizontal. Breccia-hosted mineralization is characterized by the presence of very fine silver-lead sulfides disseminated in a dark grey, chalcedony matrix between altered rhyolite clasts. Mineralization in the underlying dacitic lithic tuff is characterized by veins and veinlets of silver-lead-zinc sulfides which form sheet veins and veinlets, stockworks, tectonic breccias and associated weakly disseminated sulfides.   

West Dome
The first six drill holes of the program were completed at West Dome, with individual hole lengths varying from 150.0 m to 300.4 m. The first five drill holes, from DCAr0001 to DCAr0005, were collared on the top of the West Dome in volcanic breccia and were drilled in various azimuth directions and dip angles to define and test the mineralization hosted in the surface volcanic breccia horizon and in the underlying dacitic lithic tuff (Figure 1).

The sixth drill hole, DCAr0006, is located on the eastern slope of the dome to test the down dip extension of the wide mineralized fracture zones exposed in historical underground mining workings (Figure 1).

East Dome
Three drill holes, from DCAr0007 to DCAr0009, were completed at East Dome, with individual hole length varying from 250 m to 350 m. All three holes were drilled to the north-northeast at dips of -45 degrees. The drill holes were designed to test the depth extents of the historically mined mineralized fracture zones.

Central Valley
Three drill holes, from DCAr0010 to DCAr0012, were completed to test the fluvial filled Central Valley between West Dome and East Dome. All three drill holes are lined in azimuth direction 20 degrees at dip angle -45 degrees.

South Dome

The final planned hole of Phase I drilling, DCAr0013, will test for mineralization beneath the mineralized outcrop of lithic tuff and breccia at South Dome and the underlying surrounding fluvial sediments.

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). 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.

Source: New Pacific Metals Corp.
Date: Sep 8, 2021


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