New Pacific Metals Corp. reported assay results for 21 drill holes at its Carangas Silver-Gold Project, Oruro Department, Bolivia. Together with the first five holes released on July 13, 2022, and seven holes released on August 8, 2022, the assay results of the 33 holes from the 2022 drill program continue to intersect a broad, near-surface silver horizon measuring approximately 1,000 metres long, 800 m wide and up to 200 m thick, stacked over a broad bulk gold zone.

To date, 76 drill holes have been completed and assay results for the remaining 43 drill holes, including several deep holes targeting Carangas' gold mineralization (samples analyzed by fire assay), are pending. Of the 21 holes detailed in this press release, 19 were drilled in the Central Valley and West Dome, all of which intersected a broad, near-surface silver horizon. In addition, two wildcat holes, DCAr0055 and DCAr0058, were drilled approximately 1,200 m north of the Central Valley and only intersected narrow silver mineralization.

HIGHLIGHTS FROM THE NEAR SURFACE SILVER HORIZON: Hole DCAr0077: 163.04 m interval (from 67.71 m to 230.75 m) grading 109 grams per tonne ("g/t") silver ("Ag"), 0.34 percent ("%") lead ("Pb"), and 0.8% zinc ("Zn"), including 47.09 m (from 67.71 m to 114.8 m) grading 288 g/t Ag, 0.85% Pb and 1.76% Zn; Hole DCAr0056: 180.14 m interval (from 25.09 m to 205.23 m) grading 71 g/t Ag, 0.23% Pb and 0.75% Zn, including 50.6 m (from 25.09 m to 75.69 m) grading 166 g/t Ag, 0.43% Pb and 1.5% Zn; Hole DCAr0057: 127.41 m interval (from 9.7 m to 137.11 m) grading 60 g/t Ag, 0.35 % Pb and 0.68% Zn, including 33.24 m (from 47.8 m to 81.04 m) grading 165 g/t Ag, 0.54% Pb and 1.0% Zn; Hole DCAr0063: 100.4 m interval (from 29.0 m to 129.4 m) grading 104 g/t Ag, 0.26% Pb and 0.45% Zn, including 18.94 m (from 107.6 m to 126.54 m) grading 247 g/t Ag, 0.48% Pb, 0.21% Zn; Hole DCAr0064: 220.85 m interval (from 16.7 m to 237.55 m) grading 50 g/t Ag, 0.34% Pb and 0.88% Zn, including 50.9 m (from 16.7 m to 67.6 m) grading 97 g/t Ag, 0.52% Pb and 0.83% Zn; Hole DCAr0070: 128.53 m interval (from 11.32 m to 139.85 m) grading 83 g/t Ag, 0.4% Pb and 0.83% Zn, including 64.0 m (44.0 m to 108.0 m) grading 149 g/t Ag, 0.56% Pb and 1.33% Zn. The hole also intersected a deeper 8.13 m interval (from 207.8 m to 215.93 m) grading 629 g/t Ag, 0.58% Pb and 0.18% Zn; and Hole DCAr0076: 127.82 m interval (from 29.0 m to 156.82 m) grading 63 g/t Ag, 0.68% Pb and 0.53% Zn, including 21.03 m (from 48.32 m to 69.35 m) grading 150 g/t Ag, 0.87% Pb and 0.72% Zn, and 7.13 m (from 98.57 m to 105.7 m) grading 315 g/t Ag, 2.5% Pb and 1.11% Zn. PROGRESS ON THE 2022 DRILLING PROGRAM: Five rigs are drilling at the Carangas Project for the planned 40,000 m drill program in 2022 (36,012 m in 76 drill holes completed to date).

The current program, which is expected to wrap up by mid-December, will constitute a drill grid of 50 m by 50 m to 100 m by 100 m and should be able to support an inaugural mineral resource estimate in 2023.