New Pacific Metals Corp. together with its local Bolivian partner, announced the assay results of the first five drill holes of the 2022 drill program at the Carangas Silver-Gold Project, Oruro Department, Bolivia. So far, 16,754 meters ("m") in 31 drill holes have been completed at Carangas in 2022, of which the assay results of the first five holes are released herein.

Assay results for the remaining 26 holes are pending with estimated turnaround time of up to 10 weeks after sample delivery. The assay results continue to show near surface silver horizons stacking over a broad bulk gold mineralization. Currently there are five drill rigs deployed at the Project, of which the three larger drill rigs with capability of 1,000 m capacity depth are focusing on both near surface silver and at deeper gold zones, while the other two smaller drill rigs are focusing on near surface silver zone only.

Detailed Description: Hole DCAr0039 intersected a silver horizon of 152.73 m (from 9.35 m to 162.08 m) grading 55 g/t Ag, 0.53% Pb and 1.07% Zn, including 36.75 m grading 195 g/t Ag, 1.19% Pb and 2.57% Zn. Immediately below the silver horizon, the hole intercepted 535.63 m interval (from 162.08 m to 697.71 m) grading 1.00 g/t Au and 11 g/t Ag, including a high-grade interval of 72.16 m grading 3.54 g/t Au and 12 g/t Ag from 450.34 m. Gold mineralization is hosted in strongly argillic-sericitized ignimbrites and volcanic tuff of dacitic composition with disseminated sulfides and cut by veinlets of pyrite and chalcopyrite, similar to the holes reported previously. The hole was drilled off the drill grid and across the Central Valley from East Dome to West Dome, in an azimuth direction of 254 degrees and at a high dip angle of -66 degrees.

Hole DCAr0036 intersected two silver horizons, the first with 57.83 m (from 13.17 m to 71 m depth) interval grading 166 g/t Ag, 0.47% Pb and 0.25% Zn, the second interval is 95.55 m (from 114 m to 209.65 m depth) grading 35 g/t Ag, 0.32% Pb and 1.06% Zn. Below the silver horizons, the hole intercepted a gold interval of 215.81 m (from 280.74 m to 496.55 m) grading 0.73 g/t Au and18 g/t Ag. This hole was drilled off grid in the Central Valley in azimuth direction of 230 degrees and at a shallow dip angle of -45 degrees.

Hole DCAr0038 intersected a silver interval of 58.10 m (from 10.0 m to 59.1 m) grading 507 g/t Ag, 0.60% Pb and 0.94% Zn, including a bonanza interval of 5.17 m (from 43.57 m to 48.74 m) grading 6,236 g/t Ag, 2.62% Pb, 6.23% Zn and 0.42% copper ("Cu"). A second silver horizon with an interval of 90.90 m grading 28 g/t Ag, 0.47% Pb and 1.25% Zn was intersected from depth 99.25 m. At further depth, a gold interval of 68.03 m grading 0.41 g/t Au, 3 g/t Ag, 0.31% Pb and 0.52% Zn was intersected from depth 334.27 m. This hole was drilled on a grid close to East Dome in an azimuth direction of 20 degrees and at a shallow dip angle of -45 degrees. Hole DCAr0037 intercepted an interval of 98.65 m grading 88 g/t Ag, 0.70% Pb and 0.80% Zn from depth 10.85 m to 109.5 m. This hole was drilled off grid across the Central Valley in an azimuth direction of 350 degrees and at a shallow dip of -45 degrees.

Hole DCAr0040 was drilled off grid at East Dome in an azimuth direction of 50 degrees and at a shallow dip angle of -45 degrees and intersected a silver mineralization interval of 38.03 m grading 18 g/t Ag, 0.22% Pb and 0.42% Zn from depth 26.42 m and another silver zone of 157.72 m grading 24 g/t Ag, 0.26% Pb and 0.80% Zn from depth 87.55 m, including a high-grade interval of 34.32 m grading 61 g/t Ag, 0.59% Pb and 1.73% Zn from depth 92.25 m.