New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New
Pacific” or the “Company”) is pleased to announce the assay results
from the first eight drill holes from its wholly-owned Silver Sand
Project located in the Department of Potosí, Bolivia.
Drilling is on-going and the Company currently has three drill rigs
on site.
The 2019 drilling program at Silver Sand
commenced in late April and is expected continue throughout rest of
the year. These first eight holes were part of the infill
drilling program to bring drill hole density to approximately 25
metre by 25 metre spacing and to produce a mineral resource
estimate in accordance with NI 43-101 at the end of 2019.
These holes were approximately oriented at azimuths of 60 degrees
and dips of -45 degrees.
These first eight infill holes have intercepted
significant silver mineralization similar to those reported from
the 2018 drilling program, and adequately confirms the continuity
of mineralization within the drilled extents.
Highlights of significant drill intersections
are summarized as follows (for a detailed list, please refer to
Table-1 – Composited Drill Intersections of Mineralization
below):
- Drill hole DSS522501, 144.2m @ 169g/t Ag from
65.22m to 209.44m,
incl. 73.21m @
243g/t Ag from 65.22m to 138.43m;
- Drill hole DSS522502, 110.28m @ 98g/t Ag from
48.07m to 158.35m,
incl. 9.05m @
609g/t Ag from 149.3m to 158.35m;
- Drill hole DSS525014, 76.32m @ 150g/t Ag from
48.7m to 125.02m, and
12.66m @ 99g/t Ag from 171.19m to
183.85m;
- Drill hole DSS6404, 119.18m @ 103g/t Ag from
10.22m to 129.4m,
incl. 3.17m @
1653g/t Ag from 61.56m to 64.93m;
- Drill hole DSS642501, 114.23m @ 117g/t Ag from
23.15m to 137.38m,
incl. 8.28m @
265g/t Ag from 23.15m to 31.43m, and
incl. 6.89m @ 313g/t Ag from 46.20m to
53.09m, and
incl. 3.17m @ 1105g/t
Ag from 103.83m to 107.0m, and
7.0m @ 106g/t Ag from 235.5m
to 242.5m.
(True width of the mineralization is unknown,
but based on the current understanding of the relationship between
drill hole direction and the mineralized structures, it is
estimated that true width will approximate 80% of the down hole
interval length. Please refer to Table-1 – Composited Drill
Intersections of Mineralization below for details.)
Based on the multi-element analysis results of
grab samples taken from surface mining dumps and chip samples from
surface outcrops as well as underground mining faces, it came to
the Company’s attention that silver mineralization at Silver Sand
locally contains significant amounts of indium (In) and gallium
(Ga). This mineral association is also common in other
prospects with similar characteristics of mineralization in the
same district and other deposits in the same metallogenic belt.
The assay results of indium and gallium, along with silver,
lead and zinc are reported in Table-1 of Composited Drill
Intersections of Mineralization at the end of this release.
In additional to the infill drilling targets,
the 2019 drilling program will also include the following targets:
1) prospects with good silver grades from historical artisanal
mining dumps to expand the mineralization zones at the Silver Sand;
2) prospects surrounding Silver Sand showing similar silver
mineralization as revealed by historical artisanal mining, and 3)
drilling for samples for further metallurgical test work.
Quality Assurance and Quality
Control
HQ-size drill core samples from altered and
mineralized intervals were split into halves by diamond saw, with
an average sample length of between one to one and half metres at
the Company’s core processing facility located in Betanzos, a small
town 20 kilometres from the project site. Half core samples
are stored in a secure core storage facility in Betanzos for future
reference, and the other half core samples were shipped in securely
sealed bags to ALS Global in Oruro, Bolivia for preparation, and
ALS Global in Lima, Peru for geochemical analysis. All
samples are first analyzed by a multi-element ICP package (ALS code
ME-MS41) with ore grade overlimits for silver, lead and zinc
further analyzed using ALS code OG46. Further silver
overlimits are analyzed by gravimetric analysis (ALS code of
GRA21).
A standard quality assurance and quality control
(“QAQC”) protocol was employed to monitor the quality of sample
preparation and analysis. Standards of certified reference
materials and blanks were inserted in normal core sample sequences
prior to shipment to lab at a ratio of 20:1, i.e., every twenty
samples contain at least one standard sample and one blank sample.
Duplicate samples of coarse rejects at a ratio of 20:1 will
be sent to a second internationally accredited lab for check
analysis. The assay results of QAQC samples of standards and
blanks did not show any significant bias of analysis or
contamination during sample preparation.
Technical information contained in this news
release with respect to New Pacific has been reviewed and approved
by Alex Zhang, P. Geo., Vice President of Exploration, who is a
Qualified Person for the purposes of National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”).
ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and
development company which owns the Silver Sand Project in Potosí
Department of Bolivia, the Tagish Lake gold project in Yukon,
Canada, and the RZY Project in Qinghai Province, China. Its
largest shareholders are Silvercorp Metals Inc. (TSX/NYSE American:
SVM) and Pan American Silver Corp. (TSX/NASDAQ: PAAS), one of the
world's largest primary silver producers, which operates ten mines,
including the San Vicente mine located in the Potosí Department of
Bolivia.
For further information,
contact:
New Pacific Metals Corp. Gordon Neal President Phone:
(604) 633-1368 Fax: (604) 669-9387
info@newpacificmetals.com www.newpacificmetals.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
INFORMATION
Certain of the statements and information in
this press release constitute “forward-looking information” within
the meaning of applicable Canadian provincial securities laws. Any
statements or information that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as “expects”, “is
expected”, “anticipates”, “believes”, “plans”, “projects”,
“estimates”, “assumes”, “intends”, “strategies”, “targets”,
“goals”, “forecasts”, “objectives”, “budgets”, “schedules”,
“potential” or variations thereof or stating that certain actions,
events or results “may”, “could”, “would”, “might” or “will” be
taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and
may be forward-looking statements or information.
Forward-looking statements or information are
subject to a variety of known and unknown risks, uncertainties and
other factors that could cause actual events or results to differ
from those reflected in the forward-looking statements or
information, including, without limitation, risks relating to:
fluctuating equity prices, bond prices, commodity prices;
calculation of resources, reserves and mineralization, foreign
exchange risks, interest rate risk, foreign investment risk; loss
of key personnel; conflicts of interest; dependence on management
and others.
This list is not exhaustive of the factors that
may affect any of the Company’s forward-looking statements or
information. Forward-looking statements or information are
statements about the future and are inherently uncertain, and
actual achievements of the Company or other future events or
conditions may differ materially from those reflected in the
forward-looking statements or information due to a variety of
risks, uncertainties and other factors, including, without
limitation, those referred to in the Company’s Annual Information
Form for the year ended June 30, 2018 under the heading “Risk
Factors”. Although the Company has attempted to identify important
factors that could cause actual results to differ materially, there
may be other factors that cause results not to be as anticipated,
estimated, described or intended. Accordingly, readers should not
place undue reliance on forward-looking statements or
information.
The Company’s forward-looking statements or
information are based on the assumptions, beliefs, expectations and
opinions of management as of the date of this press release, and
other than as required by applicable securities laws, the Company
does not assume any obligation to update forward-looking statements
or information if circumstances or management’s assumptions,
beliefs, expectations or opinions should change, or changes in any
other events affecting such statements or information. For the
reasons set forth above, investors should not place undue reliance
on forward-looking statements or information.
CAUTIONARY NOTE TO US INVESTORS
This news release has been prepared in
accordance with the requirements of NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Definition Standards,
which differ from the requirements of U.S. Securities laws.
NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning
mineral projects.
Table-1 – Composited Drill Intersections
of Mineralization
Hole_id |
Section |
|
Mineralized Intervals |
|
From (m) |
To (m) |
Length (m) |
Ag_g/t |
Pb_% |
Zn_% |
Ga_g/t |
In_g/t |
DSS522501 |
5225 |
|
65.22 |
209.44 |
144.20 |
169 |
0.06 |
0.01 |
4 |
3 |
|
|
incl. |
65.22 |
138.43 |
73.21 |
243 |
0.08 |
0.01 |
4 |
4 |
DSS522502 |
5225 |
|
48.07 |
158.35 |
110.28 |
98 |
0.04 |
0.02 |
3 |
4 |
|
|
incl. |
149.30 |
158.35 |
9.05 |
609 |
0.18 |
0 |
4 |
4 |
DSS525014 |
5250 |
|
48.70 |
125.02 |
76.32 |
150 |
0.06 |
0 |
2 |
2 |
|
|
|
134.60 |
135.85 |
1.25 |
154 |
0.06 |
0.13 |
2 |
5 |
|
|
|
171.19 |
183.85 |
12.66 |
99 |
0.09 |
0.08 |
3 |
25 |
DSS525015 |
5250 |
|
60.90 |
119.55 |
58.65 |
39 |
0.04 |
0.02 |
2 |
2 |
|
|
|
137.45 |
190.10 |
52.65 |
57 |
0.06 |
0.06 |
2 |
4 |
|
|
incl. |
138.62 |
143.20 |
4.58 |
309 |
0.04 |
0.04 |
2 |
13 |
DSS525016 |
5250 |
|
74.30 |
88.23 |
13.93 |
94 |
0.09 |
0.01 |
2 |
8 |
|
|
|
113.67 |
119.73 |
6.06 |
56 |
0.04 |
0.01 |
3 |
1 |
|
|
|
140.30 |
145.11 |
4.81 |
58 |
0.03 |
0 |
5 |
0 |
DSS6404 |
64 |
|
10.22 |
129.40 |
119.18 |
103 |
0.08 |
0.06 |
4 |
7 |
|
|
incl. |
61.56 |
64.93 |
3.17 |
1,653 |
1.07 |
0.01 |
5 |
15 |
|
|
|
143.12 |
145.36 |
2.24 |
53 |
0.13 |
0.21 |
6 |
56 |
|
|
|
161.16 |
163.54 |
2.38 |
91 |
0.05 |
0.85 |
3 |
7 |
|
|
|
174.92 |
177.42 |
2.50 |
76 |
0.08 |
0.57 |
5 |
18 |
DSS642501 |
6425 |
|
23.15 |
137.38 |
114.23 |
117 |
0.06 |
0.02 |
5 |
9 |
|
|
incl. |
23.15 |
31.43 |
8.28 |
265 |
0.01 |
0 |
7 |
1 |
|
|
incl. |
46.20 |
53.09 |
6.89 |
313 |
0.13 |
0.01 |
7 |
29 |
|
|
incl. |
103.83 |
107.00 |
3.17 |
1,105 |
0.21 |
0.06 |
5 |
58 |
|
|
|
235.50 |
242.50 |
7.00 |
106 |
0.23 |
1.1 |
2 |
11 |
DSS647501 |
6475 |
|
36.86 |
53.40 |
16.54 |
76 |
0.03 |
0.06 |
6 |
3 |
|
|
|
69.49 |
71.87 |
2.38 |
349 |
0.14 |
0 |
5 |
7 |
|
|
|
124.40 |
129.35 |
4.95 |
41 |
0.07 |
0.13 |
5 |
35 |
|
|
|
135.61 |
140.67 |
5.06 |
60 |
0.15 |
0.18 |
8 |
26 |
|
|
|
159.24 |
163.77 |
4.53 |
55 |
0.61 |
2.21 |
4 |
29 |
|
|
|
233.37 |
237.07 |
3.70 |
698 |
0.46 |
1.23 |
2 |
43 |
|
|
|
|
|
|
|
|
|
Notes: |
g/t = grams per
metric tonne. |
|
The table above is
intended to show highlights of the drilling program only. The
intercepts shown are a weighted average of the sample lengths and
grades of all of the samples within that intercept and may include
some samples with grades less than 30 g/t. |
|
Intersections may
contain samples less than 30 g/t silver between higher grade
subintervals. |
|
Intervals are drill
core length in meters. True width of mineralization zones is
estimated at about 80% of drill intervals based on current
understanding of the relationship between drill direction and the
mineralized structures. |
|
|
|
|
|
|
|
|
|
|
|
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