New Pacific drills 109 g/t silver over163 metres at Carangas, Bolivia

New Pacific Metals Corp. [NUAG-TSX; NEWP-NYSE American], together with its local Bolivian partner, has released assay results for 21 drill holes at its 98%-optioned Carangas silver-gold project, Oruro department, Bolivia.

Together with the first five holes released on July 13, 2022, and seven holes released on August 8, 2022, the assay results of the 33 holes from the 2022 drill program continue to intersect a broad, near-surface silver horizon measuring approximately 1,000 metres long, 800 metres wide and up to 200 metres thick, stacked over a broad bulk gold zone.

To date, 76 drill holes have been completed and assay results for the remaining 43 drill holes, including several deep holes targeting Carangas’s gold mineralization (samples analyzed by fire assay), are pending.

Of the 21 holes detailed in this press release, 19 were drilled in the Central Valley and West Dome, all of which intersected a broad, near-surface silver horizon. In addition, two wildcat holes, DCAr0055 and DCAr0058, were drilled approximately 1,200 metres north of the Central Valley and only intersected narrow silver mineralization.

Highlights from the near-surface silver horizon: Hole DCAr0077 returned a 163.04-metres interval (from 67.71 m to 230.75 m) grading 109 g/t silver, 0.34% lead and 0.8% zinc, including 47.09 metres (from 67.71 m to 114.8 m) grading 288 g/t silver, 0.85% Pb and 1.76% Zn. Hole DCAr0056 returned 180.14 metres (from 25.09 m to 205.23 m) grading 71 g/t Ag, 0.23% Pb and 0.75% Zn, including 50.6 metres (from 25.09 m to 75.69 m) grading 166 g/t silver, 0.43% Pb and 1.5% Zn.

Hole DCAr0057 returned 127.41 metres (from 9.7 m to 137.11 m) grading 60 g/t Ag, 0.35% Pb and 0.68% Zn, including 33.24 metres (from 47.8 m to 81.04 m) grading 165 g/t Ag, 0.54% Pb and 1.0% Zn. Hole DCAr0063 returned 100.4 metres (from 29.0 m to 129.4 m) grading 104 g/t Ag, 0.26% Pb and 0.45% Zn, including 18.94 metres (from 107.6 m to 126.54 m) grading 247 g/t Ag, 0.48% Pb, 0.21% Zn.

Hole DCAr0064 returned 220.85 metres (from 16.7 m to 237.55 m) grading 50 g/t Ag, 0.34% Pb and 0.88% Zn, including 50.9 metres (from 16.7 m to 67.6 m) grading 97 g/t Ag, 0.52% Pb and 0.83% Zn. Hole DCAr0070 returned 128.53 metres (from 11.32 m to 139.85 m) grading 83 g/t Ag, 0.4% Pb and 0.83% Zn, including 64.0 m (44.0 m to 108.0 m) grading 149 g/t Ag, 0.56% Pb and 1.33% Zn. The hole also intersected a deeper 8.13-metre interval (from 207.8 m to 215.93 m) grading 629 g/t Ag, 0.58% Pb and 0.18% Zn.

Hole DCAr0076 returned 127.82 metres (from 29.0 m to 156.82 m) grading 63 g/t Ag, 0.68% Pb and 0.53% Zn, including 21.03 metres (from 48.32 m to 69.35 m) grading 150 g/t Ag, 0.87% Pb and 0.72% Zn, and 7.13 metres (from 98.57 m to 105.7 m) grading 315 g/t Ag, 2.5% Pb and 1.11% Zn.

Five rigs are drilling at the Carangas Project for the planned 40,000-metre drill program in 2022 (36,012 m in 76 drill holes completed to date). The current program, which is expected to wrap up by mid-December, will constitute a drill grid of 50-metre by 50-metre to 100-metre by 100-metre and should be able to support an inaugural mineral resource estimate in 2023.

New Pacific’s flagship Project, the Silver Sand Silver Project, is expected to deliver a new Mineral Resource Estimate Update and a PEA by the end of 2022. The recently discovered Carangas Silver-Gold Project is undergoing the 40,000-metre drill program. The third project, the Silverstrike Silver-Gold Project, commenced a 6,000-metre discovery drill program in June 2022 and discovered a near surface broad gold zone in its first hole drilled.

In morning trading, New Pacific shares gained $0.06 to $2.85.