New Pacific Metals : intersects 148m interval of silver mineralization grading 78g/t silver, 2.07% lead+zinc stacked on top of 95m interval of gold mineralization at the Carangas Silver Project

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VANCOUVER, British Columbia - February 10, 2022 - New Pacific Metals Corp. ("New Pacific" or the "Company") (TSX: NUAG; NYSE American: NEWP), together with its local Bolivian partner, announces the receipt of assay results from six additional drill holes from the Discovery Drill Program completed in 2021 at the Carangas Silver Project, Oruro Department, Bolivia (the "Carangas Project" or the "Project"). To date, assay results of 17 drill holes have been received, with the remaining 18 drill holes awaiting additional analysis, specifically fire assay for gold. All seventeen drill holes intercepted near surface silver rich polymetallic mineralization.

Highlights

· An expansive, near-surface silver-rich zone of mineralization is stacked above a broad zone of gold mineralization.

· Drill hole DCAr0016 intersected a 148.48 metre ("m") interval (starting at just 8.7 m depth) grading 78 g/t Ag and 2.07% Pb+Zn and overlying a 453 m interval grading 0.49 g/t Au, including 95 m of 1.14 g/t Au and 31 g/t Ag, within which a 10.3 m interval assayed 5.66 g/t Au and 152 g/t Ag.

The six holes, DCAr0012, DCAr0013, DCAr0014, DCAr0015, DCAr0016, and DCAr0017, listed in Table 1 below, together with previously released holes DCAr0010 and DCAr0011 are drilled in the Central Valley in the middle of the Carangas Project (Figure 1) along a near north-south cross section (Figure 2, Section 24). The drill section is believed to be perpendicular to the east-west mineralization trend. The assay results of these eight drill holes along Section 24 have clearly defined a broad, near surface horizon of silver-lead-zinc mineralization ranging from tens of metres to over 100 m in thickness and a width of nearly 700 m (Figure 1).

In addition to the near surface broad silver-rich mineralization, four deeper drill holes, namely DCAr0013, DCAr0014, DCAr0015 and DCAr0016 all intercepted a broad zone of gold mineralization below the silver horizon.

Drill hole DCAr0016 is entirely mineralized from surface to the end of hole at 630.35 m. From 8.7 m to 157.18 m, the hole intersected a 148.8 m silver rich interval grading 78 g/t Ag, 0.81% Pb, and 1.26% Zn (147 g/t AgEq), followed by a 19.89 m interval from 157.18 m to 177 m grading 29 g/t Ag, 0.3% Pb, 0.7% Zn, 0.06% Cu, and 0.17 g/t Au (79 g/t AgEq). Further down hole, from 177.07 m to 630.35 m, a 453.28 m interval of gold-dominated mineralization grading 0.49 g/t Au, 12 g/t Ag, 0.1% Pb, 0.14% Zn, and 0.04% Cu was encountered, including a 95 m higher grade gold interval grading 1.14 g/t Au, 31 g/t Ag (121 g/t AgEq) from 535.35 m to 630.35 m, and a sub-interval of 10.32 m grading 5.66 g/t Au and 152 g/t Ag (559 g/t AgEq) from 557.08 m to 567.40 m.

Drill hole DCAr0015 is located about100 m north of hole DCAr0016 and was completed to depth 600 m. From 79.87 m to 138.5 m, it returned a 58.63 m interval grading 53 g/t Ag, 0.95% Pb, and 1.58% Zn (138 g/t AgEq), then followed by 342.92 m interval of gold mineralization grading 0.55 g/t Au, 12 g/t Ag, 0.15% Pb, 0.21% Zn, and 0.05% Cu from 190.44 m to 533.36 m down hole, which includes an interval of 86.41 m grading 1.03 g/t Au, 26 g/t Ag, and 0.07% Cu (112 g/t AgEq) from 446.95 m to 533.36 m including a sub-interval of 8.66 m grading 6.38 g/t Au, 182 g/t Ag, and 0.39% Cu from 497.54 m to 506.20 m.