New Pacific drills 1.03 g/t gold over 591.85 metres at Carangas, Bolivia

New Pacific Metals Corp. [NUAG-TSX; NEWP-NYSE American] reported additional assay results from the 2022 drill program at its Carangas silver-gold project, Oruro department, Bolivia. Six new deep drill holes were completed to define the extent of the gold mineralization beneath a shallow silver mineralization zone, which, to date, measures approximately 1,000 metres long, 800 metres wide and up to 200 metres thick.

The company also completed a three-dimensional bipole-dipole induced polarization geophysical survey, which showed a clear correlation between high gold tenors and high chargeability anomalies. This IP signature will help refine gold targets and guide future exploration drilling at Carangas.

Highlights: Hole DCAr0049 returned 591.85 metres (from 176.25 m to 768.1 m) grading 1.03 g/t gold, six g/t silver, 0.11% lead and 0.18% zinc, including higher grade intervals of 14.64 metres (from 412.1 m to 426.74 m) grading 2.16 g/t gold, 9 g/t silver, 29.07 metres (from 446.63 m to 475.7 m) grading 2.76 g/t gold, 18 g/t silver, and 29.31 metres (from 501.9 m to 531.21 m) grading 4.15 g/t gold and 9 g/t silver.

Hole DCAr0052 returned 513.35 metres (from 157.65 m to 671.0 m) grading 0.23 g/t gold, 8 g/t silver, 0.26% lead and 0.61% zinc, including 18.82 metres (from 625.8 m to 644.62 m) grading 2.07 g/t gold, 9 g/t silver, 0.1% zinc and 0.15% copper.

Hole DCAr0060 returned 84.17 metres interval (from 714.43 m to 798.6 m) grading 0.7 g/t gold, 5 g/t silver and 0.2% copper, including 8.65 metres (from 729.52 m to 738.17 m) grading 3.98 g/t gold, 20 g/t silver and 0.78% copper.

With five rigs running at Carangas, a total of 39,862 metres in 86 drill holes has been completed to date in 2022. Assay results of 39 holes have been received and released. With the success of resource definition drilling, the company plans to engage independent consultants to carry out an inaugural mineral resource estimate once the drilling is completed by the end of 2022.

In September, 2022, a 3-D bipole-dipole induced polarization survey was completed in the current (West Dome-Central Valley-East Dome) drilling area by Southern Rock Geophysics SA, based in Santiago, Chile. Results from the IP survey revealed that holes drilled to date overlap with one of many IP chargeability anomalies. Furthermore, there are several anomalies north of the current drilling area, warranting follow up drill testing.

The IP survey also showed that higher chargeability at 3,600 m elevation, approximately 350 m below the surface, appears to perfectly coincide with the higher grade gold intercepts at that depth. Previous gold intercepts seem to have hit the east half of the chargeability anomaly at 3600 m elevation. More drill holes are planned to test the west half of this target.

Recent geophysical results also indicate that gold mineralization is potentially related to some kind of plume system, which differs from the company’s previous view that the gold may be related to regional north-west structures.

New Pacific’s flagship Project, the Silver Sand Silver Deposit, is expecting a new Mineral Resource Estimate Update and a PEA by the end of 2022. The recently discovered Carangas Silver-Gold Project is undergoing a 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.