QUARTERLY HIGHLIGHTS
- Metallurgical test results for the
Silver Sand Project from 2020 and 2021 identified heap leach process as the preferred processing method, which achieves 80% silver recovery and significantly de-risks the project; - Completed the initial discovery drill program at the
Carangas Project with two phases for a total of 13,209 metres ("m") drilled in 35 holes, defining a mineralized area approximately 1,000 m by 700 m and up to 400 m in depth; - Strengthened the board of directors (the "Board") with the election of two additional directors, Mr.
Terry Salman and Ms.Maria Tang .Mr. Salman has subsequently been appointed as the Chair of the Board; and - Maintained working capital of
$38.1 million , sufficient to advance theSilver Sand Project , theCarangas Project and other regional exploration initiatives.
Subsequent to end of the reporting period, on
FINANCIAL RESULTS
Net loss attributable to equity holders of the Company for the three months ended
For the six months ended
Operating expenses for the three and six months ended December 31, 2021 were
Income from investments for the three months ended
For the six months ended
Foreign exchange loss for the three months ended
For the six months ended
Working Capital: As of
PROJECT OVERVIEW
SILVER SAND PROJECT
On
- Identified heap leach process as the preferred processing method;
- 80% silver recovery achieved through heap leach column testing;
- Approximately 80% of the resource is amenable to heap leaching and is located near the top of the deposit;
- Lower capital and operating costs compared to alternative process methods;
- Silver doré production on site further improves project economics;
- Significantly de-risks the project due to low technical complexity; and
- Increased project efficiency as the heap leach process may allow for lower cut-off grade, leading to an increased minable resource.
For the three and six months ended
CARANGAS PROJECT
On
For the three and six months ended
SILVERSTRIKE PROJECT
During 2020, the Company's exploration team completed reconnaissance and detailed mapping and sampling programs on the northern portion of the project. The results to date indicate good to excellent exploration potential for hosting narrow, high-grade, near-surface broad-zones of silver mineralization. The Company is planning a discovery drill program in 2022 to test the northern and central areas of the project.
For the three and six months ended
MANAGEMENT DISCUSSION AND ANALYSIS
This news release should be read in conjunction with the Company's Management Discussion and Analysis ("MD&A") and the unaudited condensed consolidated interim financial statements and notes thereto for the corresponding period, which have been filed with the Canadian Securities Administrators and are available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.newpacificmetals.com.
MANAGEMENT UPDATES
The Company announces the following update to its senior management team.
QUALIFIED PERSON
The scientific and technical information contained in this news release has been reviewed and approved by
ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and development company with precious metal projects, including the flagship
For further information, please contact:
Phone: (604) 633-1368
E-mail: info@newpacificmetals.com
www.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
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
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
This news release, including the documents incorporated by reference herein, has been prepared in accordance with the requirements of the securities laws in effect in
Accordingly, information contained in this news release and the documents incorporated by reference herein containing descriptions of the Company's mineral deposits may not be comparable to similar information made public by
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