VANCOUVER, BRITISH COLUMBIA – April 25, 2019: 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 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.ca
www.newpacificmetals.ca
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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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