New Pacific Metals Corp. announced the receipt of assay results from four additional drill holes of the Phase I discovery drill program at the Carangas Silver Project, Oruro Department, Bolivia (the "Carangas Project" or the "Project"). All four drill holes, similarly to the initial two drill holes, intersected broad zones of silver-rich, polymetallic mineralization starting at or near-surface and continuing to depth. Significant zones of higher-grade mineralization occur within several of the drill holes, in particular drill hole DCAr0005. The Phase I discovery drill program commenced in early June 2021. A total of 3,790 metres ("m") were completed in 13 drill holes designed to test the depth extensions of the historically mined West and East Domes, as well the Central Valley target, below recent fluvial sediments. All drill holes intersected thick intervals of predominantly structurally controlled (with or without disseminations) polymetallic mineralization, hosted within sub-horizontal volcanic breccia and/or dacitic tuff-host units. Assay results of the first six drill holes, which tested the West Dome target have been received. Assays for the remaining seven drill holes, which tested the East Dome and Central Valley Targets are pending; however, in aggregate the drill holes appear to define a mineralized area approximately 1,000 m long by 700 m wide and up to 400 m in 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. As a result, two additional drill rigs have been mobilized to site and an expanded discovery drill program (the "Phase II Drill Program") has been initiated to further define the extent of the emerging mineralized system. The Phase II Drill Program is expected to comprise approximately 7,500 m in 26 drill holes, and contingent on positive results, may be expanded. Drill holes DCAr0003, DCAr0004 and DCAr0005 were collared near the center of West Dome and drilled in various directions to test the morphology and extensions of historically mined workings. Drill hole DCAr0003 was drilled to the south-west and intercepted a 90.86 m interval at a grade of?50 g/t AgEq (35 g/t Ag and 0.49% Pb) from surface. Multiple intervals, totaling 10.43 m, did not recover core as a result of historical mining voids encountered down hole. Drill hole DCAr0004 was drilled to the north-east and intercepted 163.53 m at a grade of 52 g/t AgEq (22 g/t Ag, 0.33% Pb and 0.60% Zn) from surface. The drill hole intercepted four historical mining voids with an aggregate total length of 6.40 m without core recovery. Drill hole DCAr0005 was drilled to the south-east and intercepted multiple zones of high-grade, silver-rich, polymetallic mineralization within a broad interval of 228.30 m which returned 73 g/t AgEq (39 g/t Ag, 0.56% Pb and 0.50% Zn) from surface. The drill hole intercepted multiple historical mining voids and broken zones with an aggregate length of 15.86 m without core recovery. Drill hole DCAr0006 was collared on the eastern slope of West Dome above the historic Orko Tunko Adit. It was drilled to the north-east to test the down dip extensions of structural-controlled mineralized zones exposed in the adit. It intercepted 182.50 m at 89 g/t AgEq (42 g/t Ag, 0.41% Pb and 1.01% Zn) from surface within which 37.20 m returned 249 g/t AgEq (107 g/t Ag, 0.98% and 328% Zn). The drill hole intercepted multiple historical mining voids without core recovery for a total length of 5.65 m. 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 20%.