Additional drill rigs mobilized to complete ~7,500 metres of drilling by year-end
Target generation, which was carried out prior to the Phase I discovery drill program (the "Phase I Drill Program"), defined a near-surface, structurally controlled, bulk tonnage, exploration target, centered on and adjacent to extensive historic workings. These historic workings exploited narrow, high grade silver polymetallic veins (please refer to the Company's news releases dated
Phase I Drill Program Highlights:
- 3,790 m completed in 13 drill holes: All drill holes intersected thick intervals of predominantly fracture-controlled, volcanic breccia and/or dacitic tuff-hosted, polymetallic mineralization, defined by detailed geological logging and real-time, X-Ray Fluorescence analysis (utilizing a Niton XRF) (Figure 1);
- Assay results for the first two drill holes are consistent with the exploration thesis for bulk tonnage, high grade silver mineralization: Results returned broad zones of silver-rich polymetallic mineralization with higher grade intervals present (for details please see the Company's news release dated
September 8, 2021 ); - Drilling to date appears to define large, mineralized area: While assays are pending, the drill holes completed during the Phase I Drill Program appear to define a mineralized area approximately 1,000 m long by 700 m wide and up to 400 m in depth (Figure 1); and
- Mineralization is open at depth: Mineralization remains open in every direction, including at depth, beyond the current drill footprint. Many drill holes were terminated in mineralization due to drill rig constraints.
PHASE II DRILL PROGRAM
As a result of the Phase I Drill Program highlights, two additional drill rigs have been mobilized and a Phase II Drill Program has been initiated to further define the extent of the large, emerging, mineralized system.
The Phase II Drill Program will comprise approximately 7,500 m in 26 drill holes (Figure 1), and contingent on positive results, may be expanded. The core processing facilities at the
Figure 1. Simplified geology plan map and drill holes of the completed Phase I Discovery Drill Program and the planned Phase II Drill Program at the
QUALITY ASSURANCE AND QUALITY CONTROL
All samples in respect of the exploration program at the
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:
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Phone: (604) 633-1368
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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; 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
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
The disclosure in this news release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the
Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, "Inferred mineral resources" are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the
Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective
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