Additional drill rigs mobilized to complete
~7,500 metres of drilling by year-end
VANCOUVER, BC, Oct. 26, 2021 /PRNewswire/ - New Pacific
Metals Corp. ("New Pacific" or the "Company") (TSX: NUAG) (NYSE
American: NEWP), together with its local Bolivian partner,
announces that two additional drill rigs have been mobilized and
the discovery drill program has been expanded for the Carangas
Silver Project, Oruro Department, Bolivia (the "Carangas Project"). The expanded
drill program (the "Phase II Drill Program") includes a total of
three drill rigs and is expected to complete an additional minimum
of 7,500 metres ("m") of diamond drilling by the end of 2021.
Target generation, which was carried out prior to the Phase I
discovery drill program (the "Phase I Drill Program"), defined a
near-surface, structurally controlled, bulk tonnage, exploration
target, centered on and adjacent to extensive historic workings.
These historic workings exploited narrow, high grade silver
polymetallic veins (please refer to the Company's news releases
dated April 12, 2021 and June 14, 2021). The Phase I Drill Program
commenced in late June 2021 and was
recently completed (for details on the drill program, please refer
to the Company's news release dated June 29,
2021).
Phase I Drill Program Highlights:
- 3,790 m completed in 13 drill
holes: All drill holes intersected thick intervals of
predominantly fracture-controlled, volcanic breccia and/or dacitic
tuff-hosted, polymetallic mineralization, defined by detailed
geological logging and real-time, X-Ray Fluorescence analysis
(utilizing a Niton XRF) (Figure 1);
- Assay results for the first two drill holes are consistent
with the exploration thesis for bulk tonnage, high grade silver
mineralization: Results returned broad zones of
silver-rich polymetallic mineralization with higher grade intervals
present (for details please see the Company's news release dated
September 8, 2021);
- Drilling to date appears to define large, mineralized
area: While assays are pending, the drill holes completed
during the Phase I Drill Program appear to define a mineralized
area approximately 1,000 m long by
700 m wide and up to 400 m in depth (Figure 1); and
- Mineralization is open at depth: Mineralization
remains open in every direction, including at depth, beyond the
current drill footprint. Many drill holes were terminated in
mineralization due to drill rig constraints.
PHASE II DRILL PROGRAM
As a result of the Phase I Drill Program highlights, two
additional drill rigs have been mobilized and a Phase II Drill
Program has been initiated to further define the extent of the
large, emerging, mineralized system.
The Phase II Drill Program will comprise approximately
7,500 m in 26 drill holes (Figure 1),
and contingent on positive results, may be expanded. The core
processing facilities at the Carangas Project and the technical
team have been expanded accordingly.
Figure 1. Simplified geology plan map and drill holes of the
completed Phase I Discovery Drill Program and the planned Phase II
Drill Program at the Carangas Project.
QUALITY ASSURANCE AND QUALITY CONTROL
All samples in respect of the exploration program at the
Carangas Project, conducted by the Company and discussed in this
news release, are shipped in securely-sealed bags by New Pacific
staff in the Company's vehicles, directly from the field to ALS
Global in Oruro, Bolivia for
preparation, and ALS Global in Lima,
Peru for geochemical analysis. ALS Global is an ISO 17025
accredited laboratory independent from New Pacific. All samples are
first analyzed by a multi-element ICP package (ALS code ME-MS41)
with ore grade over specified limits for silver, lead and zinc
further analyzed using ALS code OG46. Further silver samples over
specified limits are analyzed by gravimetric analysis (ALS code of
GRA21). Certified reference materials, various types of blank
samples and duplicate samples are inserted to normal drill core
sample sequences prior to delivery to laboratory for preparation
and analysis. The overall ratio of quality control samples in
sample sequences is around twenty percent.
QUALIFIED PERSON
The scientific and technical information contained in this news
release 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"). The Qualified Person has verified the
information disclosed herein, including the sampling, preparation,
security and analytical procedures underlying such information, and
is not aware of any significant risks and uncertainties that could
be expected to affect the reliability or confidence in the
information discussed herein.
ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and development company
with precious metal projects, including the flagship Silver Sand
Project, the Silverstrike Project and the Carangas Project,
all of which are located in Bolivia. The Company is focused on progressing
the development of the Silver Sand Project, while growing its
Mineral Resources through the exploration and acquisition of
properties in the Americas.
For further information, please
contact:
Stacey Pavlova, CFA
VP, Investor Relations and Corporate Communications
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free:
1-877-631-0593
E-mail: info@newpacificmetals.com
www.newpacificmetals.com
To receive company news by e-mail, please register using New
Pacific's website at www.newpacificmetals.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in this news
release constitute "forward-looking statements" within the meaning
of the United States Private Securities Litigation Reform Act of
1995 and "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. Such statements
include, but are not limited to: statements regarding anticipated
exploration, drilling, development, construction, and other
activities or achievements of the Company; timing of receipt of
permits and regulatory approvals; and estimates of the Company's
revenues and capital expenditures.
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: global economic
and social impact of COVID-19; fluctuating equity prices, bond
prices, commodity prices; calculation of resources, reserves and
mineralization, general economic conditions, foreign exchange
risks, interest rate risk, foreign investment risk; loss of key
personnel; conflicts of interest; dependence on management,
uncertainties relating to the availability and costs of financing
needed in the future, environmental risks, operations and political
conditions, the regulatory environment in Bolivia and Canada, risks associated with community
relations and corporate social responsibility, and other factors
described under the heading "Risk Factors" in the Company's Annual
Information Form and its other public filings. This list is
not exhaustive of the factors that may affect any of the Company's
forward-looking statements or information.
The forward-looking statements are necessarily based on a
number of estimates, assumptions, beliefs, expectations and
opinions of management as of the date of this news release that,
while considered reasonable by management, are inherently subject
to significant business, economic and competitive uncertainties and
contingencies. These estimates, assumptions, beliefs,
expectations and options include, but are not limited to, those
related to the Company's ability to carry on current and future
operations, including: the duration and effects of COVID-19 on our
operations and workforce; development and exploration activities;
the timing, extent, duration and economic viability of such
operations; the accuracy and reliability of estimates, projections,
forecasts, studies and assessments; the Company's ability to meet
or achieve estimates, projections and forecasts; the stabilization
of the political climate in Bolivia; the Company's ability to obtain and
maintain social license at its mineral properties; the availability
and cost of inputs; the price and market for outputs; foreign
exchange rates; taxation levels; the timely receipt of necessary
approvals or permits, including the ratification and approval of
the Mining Production Contract with COMIBOL by the Plurinational
Legislative Assembly of Bolivia;
the approval of the mining association agreement for the
Silverstrike Project by AJAM; the ability of the Company to convert
the exploration licenses at the Carangas Project to AMC; the
ability to meet current and future obligations; the ability to
obtain timely financing on reasonable terms when required; the
current and future social, economic and political conditions; and
other assumptions and factors generally associated with the mining
industry.
Although the forward-looking statements contained in this
news release are based upon what management believes are reasonable
assumptions, there can be no assurance that actual results will be
consistent with these forward-looking statements. All
forward-looking statements in this news release are qualified by
these cautionary statements. Accordingly, readers should not
place undue reliance on such statements. Other than specifically
required by applicable laws, the Company is under no obligation and
expressly disclaims any such obligation to update or alter the
forward-looking statements whether as a result of new information,
future events or otherwise except as may be required by law.
These forward-looking statements are made as of the date of this
news release.
CAUTIONARY NOTE TO US INVESTORS
The disclosure in this news release and referred to herein
was prepared in accordance with NI 43-101 which differs
significantly from the requirements of the U.S. Securities and
Exchange Commission (the "SEC"). The terms "proven mineral
reserve", "probable mineral reserve" and "mineral reserves" used in
this news release are in reference to the mining terms defined in
the Canadian Institute of Mining, Metallurgy and Petroleum
Standards (the "CIM Definition Standards"), which definitions have
been adopted by NI 43-101. Accordingly, information contained
in this news release providing descriptions of our mineral deposits
in accordance with NI 43-101 may not be comparable to similar
information made public by other U.S. companies subject to
the United States federal
securities laws and the rules and regulations thereunder.
Investors are cautioned not to assume that any part or all of
mineral resources will ever be converted into reserves. Pursuant to
CIM Definition Standards, "Inferred mineral resources" are that
part of a mineral resource for which quantity and grade or quality
are estimated on the basis of limited geological evidence and
sampling. Such geological evidence is sufficient to imply but
not verify geological and grade or quality continuity. An
inferred mineral resource has a lower level of confidence than that
applying to an indicated mineral resource and must not be converted
to a mineral reserve. However, it is reasonably expected that the
majority of inferred mineral resources could be upgraded to
indicated mineral resources with continued exploration. Under
Canadian rules, estimates of inferred mineral resources may not
form the basis of feasibility or pre-feasibility studies, except in
rare cases. Investors are cautioned not to assume that all or
any part of an inferred mineral resource is economically or legally
mineable. Disclosure of "contained ounces" in a resource is
permitted disclosure under Canadian regulations; however, the SEC
normally only permits issuers to report mineralization that does
not constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Canadian standards, including the CIM Definition Standards
and NI 43-101, differ significantly from standards in the SEC
Industry Guide 7. Effective February
25, 2019, the SEC adopted new mining disclosure rules under
subpart 1300 of Regulation S-K of the United States Securities Act
of 1933, as amended (the "SEC Modernization Rules"), with
compliance required for the first fiscal year beginning on or after
January 1, 2021. The SEC
Modernization Rules replace the historical property disclosure
requirements included in SEC Industry Guide 7. As a result of
the adoption of the SEC Modernization Rules, the SEC now recognizes
estimates of "Measured Mineral Resources", "Indicated Mineral
Resources" and "Inferred Mineral Resources". In addition, the
SEC has amended its definitions of "Proven Mineral Reserves" and
"Probable Mineral Reserves" to be substantially similar to
corresponding definitions under the CIM Definition Standards.
During the period leading up to the compliance date of the SEC
Modernization Rules, information regarding mineral resources or
reserves contained or referenced in this news release may not be
comparable to similar information made public by companies that
report according to U.S. standards. While the SEC
Modernization Rules are purported to be "substantially similar" to
the CIM Definition Standards, readers are cautioned that there are
differences between the SEC Modernization Rules and the CIM
Definitions Standards. Accordingly, there is no assurance any
mineral reserves or mineral resources that the Company may report
as "proven mineral reserves", "probable mineral reserves",
"measured mineral resources", "indicated mineral resources" and
"inferred mineral resources" under NI 43-101 would be the same had
the Company prepared the reserve or resource estimates under the
standards adopted under the SEC Modernization Rules.
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SOURCE New Pacific Metals Corp.