VANCOUVER, BC, Feb. 8, 2022 /PRNewswire/ - New Pacific
Metals Corp. ("New Pacific" or the "Company") (TSX: NUAG) (NYSE
American: NEWP) reports on the status and plan for the ongoing work
on the preliminary economic assessment ("PEA") study for its wholly
owned Silver Sand Project in south-central Bolivia:
- A Mineral Resource Estimate ("MRE") update is underway as
detailed below;
- The Company plans to select an additional PEA study specialist
by the end of February to supplement and complete certain remaining
aspects of the PEA report; and
- Once the MRE update is finalized, the PEA study is expected to
be completed by the end of 2022.
The MRE update, that has been initiated will reflect new drill
results since the 2020 MRE and the results of an ongoing mineral
resource infill and expansion drill program.
There are currently 135 drill hole results (see Table 1)
received since the last MRE prepared for the 2020 Technical Report,
as referenced below. The MRE update will include Silver Sand, the
Snake Hole area (32 holes, many of which have intercepted
significant silver intervals) and selected properties covered by
the Mining Production Contract ("MPC") surrounding the Silver Sand
Project.
Table 1: Summary of Silver Sand drill
programs completed to date
|
#
Holes
|
Metres
|
Year
|
Type
|
2020 MRE
inclusion
|
2020 MRE
(Silver Sand)
|
330
|
85,391.25
|
2017-2019
|
Mineral
Resource
|
Yes
|
2019-Core
Area
|
32
|
6,271.25
|
2019
|
Mineral
Resource
|
No
|
2019-Snake
Hole
|
24
|
5,956.55
|
2019
|
Exploration
/
Snake Hole not
included
|
No
|
2020-Snake
Hole
|
8
|
1,589.75
|
2020
|
Exploration
|
No
|
2020-Metallurgical
|
4
|
798.90
|
2020
|
Metallurgical
sampling
|
No
|
2021-Oriented
|
31
|
4,525.60
|
2021
|
5 m spacing
Oriented
Drill
|
No
|
2021-Resource
Expansion
|
17
|
6,215.60
|
2021
|
Mineral Resource
Expansion
|
No
|
2021-Depth
Drill
|
3
|
1,752.30
|
2021
|
Deep
Drilling
|
No
|
2021-Infill
|
1
|
242.15
|
2021
|
Infill
Drilling
|
No
|
2019-Esperanza
|
5
|
1,367.40
|
2019
|
Exploration
|
No
|
2019-Mascota
|
8
|
1,451.10
|
2019
|
Exploration
|
No
|
2019-West
Shaft
|
2
|
448.00
|
2019
|
Exploration
|
No
|
Total
|
465
|
116,009.85
|
|
|
|
Recently, a revised MPC was signed with the Bolivian State-owned
Corporación Minera de Bolivia ("COMIBOL") for the properties
immediately surrounding the Silver Sand Project. While the Company
works with COMIBOL to receive the required approvals for the MPC
from Bolivia's Ministry of Mining
and Metallurgy and the Plurinational Legislative Assembly, COMIBOL
desires that the Company drill and yield an initial mineral
resource in limited and selected MPC properties by granting a
special temporary permit for the Company.
Accordingly, the Company plans to complete a further 15,000
metres ("m") of exploration and in-fill drilling, including
2,500 m within the MPC properties and
12,500 m at the Silver Sand
Project. With this drilling, the Company may push part of the
potential open-pit boundary onto the MPC ground to include Silver
Sand MRE and MPC MRE in a total combined MRE.
Drilling on the Silver Sand Project has started with one rig and
an additional two rigs are expected to arrive on site by
mid-February. The 15,000 m
drill program is expected to be completed by the end of April, with
all assays expected to be received by the end of June, and a
mineral resource estimate updated by September 2022 to be included in the planned
PEA.
Once the MRE update is completed, the planned PEA is expected to
be completed by the end of 2022.
2020 Silver Sand Mineral Resource Estimate
The Silver Sand deposit is one of the more significant new
global primary silver discoveries in the last decade. Measured and
indicated mineral resources of 35.39 million tonnes at a grade of
137 g/t silver (155.86 million contained ounces silver) have been
delineated, with an additional inferred mineral resource of 9.84
million tonnes at a grade of 112 g/t silver (35.55 million
contained ounces silver).
Mineralization, which remains open to the north and south and at
depth, starts at or near-surface and is amenable to potential
open-pit mining extraction. Approximately 70% of the
resources are within 200 m of the
conceptual open pit surface.
Table 2: Silver Sand Deposit - Conceptual Pit1
constrained Mineral Resource as of December
31, 2019
Mineral Resource
category
|
Tonnes
(Mt)
|
Ag
(g/t)
|
Ag
(Moz)
|
Measured
|
8.4
|
159
|
43.05
|
Indicated
|
26.99
|
130
|
112.81
|
Measured &
Indicated
|
35.39
|
137
|
155.86
|
Inferred
|
9.84
|
112
|
35.55
|
1 Notes:
- CIM Definition Standards (2014) were used for reporting the
Mineral Resources.
- The Qualified Person is Dinara Nussipakynova, P.Geo. of AMC
Mining Consultants (Canada)
Ltd.
- Mineral Resources are constrained by an optimized pit shell at
a metal price of US$18.70/oz Ag,
recovery of 90% Ag and Cut-off grade of 45 g/t Ag.
- Mineral Resources are reported inside the Claim boundary.
- Pit optimization allows waste mining to extend outside the
claim to the NE and SW.
- Drilling results up to 31 December
2019.
- The numbers may not compute exactly due to rounding.
- Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
Source: Technical Report entitled "Silver Sand Deposit Mineral
Resource Report" dated May 25, 2020
(effective date of January 16, 2020)
prepared by AMC Mining Consultants (Canada) Ltd., which is available on the
Company's website and under the Company's profile on SEDAR at
www.sedar.com.(the "2020 Technical Report")
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 Resources
("NI 43-101"). The Qualified Person has verified the information
disclosed herein and are 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:
New Pacific Metals Corp.
Investor Relations
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 the
anticipated timing, amount and completion of exploration, drilling,
development, construction, and other activities or achievements of
the Company; future economics of the Company's projects; timing of
receipt of permits and regulatory approvals; estimates of the
Company's revenues and capital expenditures; and other future
plans, objectives or expectations of the Company.
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 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
This news release, including the documents incorporated by
reference herein, has been prepared in accordance with the
requirements of the securities laws in effect in Canada which differ from the requirements of
United States securities laws. All
mining terms used herein but not otherwise defined have the
meanings set forth in NI 43-101.
Accordingly, information contained in this news release and
the documents incorporated by reference herein containing
descriptions of the Company's mineral deposits may not be
comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements of
United States federal securities
laws and the rules and regulations thereunder.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-pacific-provides-an-update-on-the-silver-sand-project-preliminary-economic-assessment-301478102.html
SOURCE New Pacific Metals Corp.