New Pacific Metal Corp. (“New Pacific” or the
“Company”) (TSXV: NUAG) (OTCQX: NUPMF) is pleased to announce the
commencement of the 2019 drill programs at the Silver Sand Project
in the Department of Potosi, Bolivia. The total budgeted
metreage for 2019 drilling campaign is about 55,000 metres of
diamond coring drilling.
The Silver Sand Project consists of three 100%
owned concessions of approximately 7 square kilometres plus an area
of approximately 57 square kilometres (includes 29 Special
Temporary Authorizations and 201 mining grids) covered by the
Mining Production Contract (“MPC”). As previously announced
in the Company’s January 11, 2019 news release, New Pacific signed
the MPC with COMIBOL which is subject to ratification by the
Plurinational Legislative Assembly of Bolivia.
Grab samples of hundreds of surface dump sites
and chip-samples from many artisanal mining tunnels reveal that the
silver mineralized fracture zones could extend up to 6 kilometres
long in the North-North-West direction and up to 2 kilometres wide
in the North-East-East direction. The targets for the 2019
drilling program include: 1) infill drilling to a point where an
initial NI 43-101 compliant Mineral Resource estimate can be made
for the Silver Sand area by the end of 2019; 2) drill prospects
with good silver grades from historical artisanal mining dumps to
expand the mineralization zones at the Silver Sand; 3) drill
prospects surrounding Silver Sand showing similar silver
mineralization as revealed by historical artisanal mining, and 4)
drilling for samples for further metallurgical test work. The
Company currently has three drill rigs on site. The Company
has also received the environmental permits from the relevant
Bolivian government authorities to conduct mineral exploration
activities in the MPC areas surrounding the Silver Sand
area.
The Company has acquired land located
approximately 16 kilometres south of the Silver Sand Project
sufficient to build an exploration camp which will include offices,
accommodation, and drill core processing and storage
facilities. This location is approximately 10 kilometres East
of the Potosi airport at an elevation of 3,620 metres above sea
level.
Quality Assurance and Quality Control
Core from the 2019 drilling program will be HQ
in size. Core samples from drill holes will be split by
diamond saw at the camp site. To minimize costs and to
expedite the sample preparation process, the Company will set up
its own sample preparation facilities at the camp site including
crushing and pulverizing in 2019. Pulp samples will be
shipped to internationally accredited commercial labs for
geochemical analysis.
As was the case in 2018 drilling campaign, a
thorough quality assurance and quality control protocol will be
employed in 2019 to monitor the quality of sample preparation and
analysis. Standards of certified reference materials, blanks
and duplicates will be inserted in normal core sample sequences
prior to shipment to the lab at a ratio of twenty to one, i.e.,
every twenty samples contain at least one standard sample, one
blank sample and one duplicate sample.
Alex Zhang, P. Geo., VP Exploration of the
Company and Qualified Person as defined under National Instrument
43-101, has reviewed and approved the scientific and technical
information in this news release.
About New Pacific
New Pacific is a Canadian exploration and
development company which owns the Silver Sand Project in the
Potosi 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., and Pan
American Silver Corp., one of the world's largest primary silver
producers, which operates six 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.ca
www.newpacificmetals.ca
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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. Forward-looking statements in this news release
relate to, among other things, the timing and receipt of stock
exchange approvals; and the closing of the Transaction.
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:
satisfaction or waiver of all applicable conditions to closing of
the Transaction including, without limitation, receipt of all stock
exchange approvals.
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 news 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.
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