New Pacific Metals : Intersects Broad Gold Mineralization of 323m Interval Grading 1.03g/t Gold and 12g/t Silver at the Carangas Project

Download PDF Version

VANCOUVER, British Columbia - February 23, 2022 - New Pacific Metals Corp. ("New Pacific" or the "Company") (TSX: NUAG; NYSE American: NEWP), together with its local Bolivian partner, announce the assay results of an additional eight drill holes from the Discovery Drill Program completed in 2021 at the Carangas Silver-Gold Project, Oruro Department, Bolivia (the "Carangas Project" or the "Project"). To date, assay results of 25 drill holes have been received, with the remaining 10 drill holes pending. All drill holes with assay results intersected silver-rich polymetallic mineralization near surface with some deep holes intersecting a wide zone of gold mineralization below.

The drill holes with assay results disclosed in this news release are relatively shallow in depth and intersected broad silver-rich mineralization near surface; for example, drill hole DCAr0019 which intersected an interval of 173.17 metres ("m") from 9.67 m grading 102 grams per tonne ("g/t") silver ("Ag"), 0.77% lead ("Pb") and 1.13% zinc ("Zn"). Drill hole DCAr0020 is the only deep drill hole from this news release and intersected an interval of 322.91 m from 327.09 m to 650.00 m grading 1.03 g/t gold ("Au") and 12 g/t Ag mineralization at depth.

Highlights

· Drill hole DCAr0020 intersected an interval of 139.96 m (from 12.04 m to 152.00 m) grading 34 g/t Ag, 0.33% Pb and 0.94% Zn, and a second interval of 322.91 m (from 327.09 m to 650.00 m) grading 1.03 g/t Au and 12 g/t Ag, including a high grade interval of 141.11 m (from 478.00 m to 619.11 m) grading 1.78 g/t Au and 12 g/t Ag (Table 1 and Photo 1).

DCAr0020 was collared on Section 20, which is 200 m west of Section 24 (Figure 1 and Table 2) where holes DCAr0015 and DCAr0016 also intersected near-surface silver-rich zone of mineralization on top of a broad zone of gold mineralization (news release February 10, 2022). Please see Section 24 with projection of DCAr0020 (Figure 2).

· Drill hole DCAr0019 intersected an interval of 292.22 m (from 9.67 m to 301.89 m) grading 62 g/t Ag, 0.02 g/t Au, 0.56% Pb, and 0.85% Zn, which includes a high-grade interval of 173.17 m (from 9.67 m to 182.84 m) grading 102 g/t Ag, 0.77% Pb and 1.13% Zn for a silver equivalent of 166 g/t (Photo 2).

DCAr0019, together with holes DCAr0022, DCAr0023, DCAr0024, and DCAr0035, were drilled approximately 100 m to the east of Section 24 and all intersected near surface silver mineralization, but only DCAr0024 intersected favourable mineralization at depth for which fire assay results for gold are pending. All other holes on the section may not be deep enough to intersect gold mineralization at depth.

· Drill hole DCAr0025 intersected an interval of 82.76 m (from 4.70 m to 87.46 m) grading 68 g/t Ag, 0.81% Pb and 0.10% Zn, including a high-grade interval of 34.59 m (from 32.35 m to 66.94 m) grading 138 g/t Ag and 1.05% Pb.

DCAr0025, together with holes DCAr0018 and DCAr0021 were drilled from the West Dome (Figure 1, Table 2) at elevations of 4,012 m to 4,036 m, also intersected multiple historical underground mining voids with an aggregate length of 10.7 m without core recovery.