New Pacific Metals Corp. reported assay results for four deep drill holes at its Carangas Silver-Gold Project, Oruro Department, Bolivia (the ‘Carangas Project' or the ‘Project'). These deep step-out holes were drilled south of the previous gold intercepts.

At Carangas, thick gold mineralization occurs beneath a shallow silver horizon measuring approximately 1,000 metres (‘m') long, 800 m wide and up to 200 m thick. A total of 50,368 m was drilled in 115 holes at the Carangas Project in 2022. Assay results from 43 of these holes have been received and released to date, while the results of the remaining 72 drill holes are pending.

Since June 2021, a total of 63,578 m in 150 holes has been drilled at the Carangas Project. HIGHLIGHTS: Hole DCAr0094 intersected, from 228.5 m to 733.12 m, a 504.62 m gold interval grading 1.22 grams per tonne (‘g/t') gold (‘Au') and 13 g/t silver (‘Ag'), including a 124.69 m higher grade interval (from 479.46 m to 604.15 m) grading 2.77 g/t Au, 14 g/t Ag and 0.11% copper (‘Cu'), including a 44.73 m sub-interval (from 559.42 m to 604.15 m) grading 5.03 g/t Au, 19 g/t Ag and 0.16% Cu. The hole also intersected, from 47.65 m to 149.23 m, a 101.58 m silver interval grading 64 g/t silver equivalent (‘AgEq'), comprising 18 g/t Ag, 0.2%Pb, and 0.85% Zn.

Hole DCAr0067 intersected, from 24.27 m to 166.0 m, a 141.73 m silver interval grading 119 g/t AgEq, comprising 67 g/t Ag, 0.43% Pb and 1.03% Zn, including a 24.38 m interval (from 62.15 m to 86.53 m) grading 331 g/t AgEq, comprising 251 g/t Ag, 0.69% Pb and 1.66 Zn%. From 171.34 m to 685.0 m, the hole intersected a 513.66 m gold interval grading 0.72 g/t Au and 7 g/t Ag, including a 112.11 m interval (from 450.42 m to 562.53) grading 1.82 g/t Au and 9 g/t Ag. This hole was terminated in gold mineralization at 688 m depth due to down hole drill difficulties.

Hole DCAr0078 intersected, from 24.2 m to 174.4 m, a 150.20 m silver interval grading 45 g/t AgEq, comprising 12 g/t Ag, 0.22% Pb and 0.69% Zn, and, from 179.3 m to 848 m, a 668.7 m gold interval grading 0.48 g/t Au, 5 g/t Ag and 0.22% Zn. This hole is collared in the southern portion of the Central Valley, about 110 m to the southeast of hole DCAr0067. Hole DCAr0081 intersected, from 4.93 m to 136.72 m, a 131.79 m silver interval grading 93 g/t AgEq, comprising 42 g/t Ag, 0.51% Pb and 0.95% Zn, and, from 141.5 m to 545.75 m, a 404.25 m gold interval grading 0.42 g/t Au, 7 g/t Ag, 0.18% Pb and 0.45% Zn, and, from 579.2 m to 664.74 m, a second gold interval of 85.54 m grading 0.65 g/t Au, 6 g/t Ag and 0.1% Cu.

2023. DRILL PROGRAM AND RESOURCE ESTIMATES FOR THE CARANGAS PROJECT: The Company plans to drill 15,000 m during the first quarter of 2023 at Carangas to test the eastern extension of gold mineralization beneath the East Dome and expand parts of the shallow silver horizon. Following this drill program, an inaugural resource estimate is planned in the second quarter of 2023.