New Pacific Intersects 86 Metres of Near-Surface Oxide Mineralization Grading 2.2 Grams Per Tonne Gold at the Silverstrike Project
New Pacific Metals Corp. (NEWP) reported positive assay results from the second drill hole, DSSk0002, at the Silverstrike Project in Bolivia. This hole intersected 223.52 m grading 0.97 g/t gold and 4 g/t silver, including a notable interval of 3.98 m at 29.75 g/t gold and 23 g/t silver. In total, 10 holes have been drilled since June 2022, with assays for the remaining holes yet to be released. These findings extend a significant gold zone near the surface, indicating promising mineralization trends at Silverstrike.
- DSSk0002 intersected 223.52 m grading 0.97 g/t gold and 4 g/t silver.
- High-grade interval of 3.98 m grading 29.75 g/t gold confirmed.
- 10 holes drilled since June 2022, indicating ongoing exploration efforts.
- None.
VANCOUVER, BC, Nov. 1, 2022 /PRNewswire/ - New Pacific Metals Corp. ("New Pacific" or the "Company") (TSX: NUAG) (NYSE-A: NEWP), together with its local Bolivian partner, is pleased to announce assay results for the second drill hole from the 2022 Discovery Drill Program at the Silverstrike Project, in the Department of La Paz, Bolivia ("Silverstrike"). Similar to the first hole, DSSk0001 (please refer to the Company's news release on September 12, 2022), the second hole also intersected broad oxidized gold mineralization near-surface. Ten holes for a total of 3,200 metres ("m") have been drilled since the program started in June 2022, and assay results for the remaining eight holes are pending.
The second hole, DSSk0002, intersected a broad interval of 223.52 m (from 8.62 m to 232.14 m) grading 0.97 grams per tonne ("g/t") gold ("Au") and 4 g/t silver ("Ag"), including an interval of 86.13 m (from 8.62 m to 94.75 m) grading 2.18 g/t Au and 7 g/t Ag, which also included a higher grade sub-interval of 3.98 m (from 68.6 m to 72.58 m) grading 29.75 g/t Au and 23 g/t Ag (Table 1).
DSSk0002 (drilled eastward at a -45 degree dip) and DSSk0001 (drilled westward at a -45 degree dip) are scissor holes collared approximately 80 m apart (Figure 1 and Figure 2). These two holes have extended a wide surface gold zone, discovered by chip samples to approximately 200 m from the surface and a width of at least 100 m (Figure 2).
Gold mineralization is hosted in volcanic clastic sediments (breccia or ignimbrites) and controlled by fractures that extend approximately to the North-East fractures and dip at high angles. High-grade gold intervals are shown to occur near the contacts of ignimbrites and rhyolitic dykes (Figure 3). The host rocks appear oxidized with brownish-reddish iron oxides and hydroxides filling in fractures.
Table 1 Summary of Drill Intercepts of the Silverstrike 2022 Discovery Drill Program | ||||||||||
Hole_ID | From_m | To_m | Length_m | Au_g/t | Ag_g/t | Pb_% | Zn_% | Cu_% | AgEQ_g/t | |
DSSk0002 | 8.62 | 232.14 | 223.52 | 0.97 | 4 | 0.13 | 0.08 | 0.02 | 81 | |
incl. | 8.62 | 94.75 | 86.13 | 2.18 | 7 | 0.12 | 0.05 | 0.02 | 169 | |
incl. | 68.60 | 72.58 | 3.98 | 29.75 | 23 | 0.18 | 0.04 | 0.04 | 2149 | |
incl. | 85.50 | 93.40 | 7.90 | 5.83 | 17 | 0.30 | 0.08 | 0.06 | 450 | |
Notes: | |
1. | Drill intercepts are core lengths, and grades are distance weighted. True width of mineralization is unknown due to early stage of exploration without adequate drill data. |
2. | Calculation of silver equivalent ("AgEq") is based on the long-term median of the August 2022 Street Consensus Commodity Price Forecasts, which are US |
3. | A cut-off of 20g/t AgEq is applied to calculate length-weighted intercepts. |
Figure 2. Drill cross-section of hole DSSk0001 and DSSk0002
Figure 3. High-grade gold mineralization occurs at the contacts with rhyolite dykes in hole DSSk0002
Table 2 Summary of Drill Holes of the Silverstrike 2022 Discovery Drill Program | ||||||||
Hole_ID | Easting | Northing | Altitude (m) | Depth (m) | Azimuth (°) | Dip (°) | Date_Completion | Target |
DSSk0001 | 477020 | 8085836 | 4448 | 340 | 302 | -45 | 7/11/2022 | Gold Zone |
DSSk0002 | 476948 | 8085860 | 4448 | 340 | 110 | -45 | 7/22/2022 | Gold Zone |
DSSk0003 | 477074 | 8085915 | 4494 | 150 | 295 | -45 | 7/25/2022 | Gold Zone |
DSSk0004 | 477131 | 8086343 | 4570 | 200 | 280 | -45 | 7/31/2022 | Silver Zone |
DSSk0005 | 477205 | 8086332 | 4570 | 400 | 280 | -45 | 8/16/2022 | Silver Zone |
DSSk0006 | 477125 | 8086404 | 4569 | 350 | 280 | -45 | 8/28/2022 | Silver Zone |
DSSk0007 | 477083 | 8086460 | 4551 | 250 | 270 | -45 | 9/2/2022 | Silver Zone |
DSSk0008 | 477178 | 8086276 | 4569 | 251 | 280 | -45 | 9/12/2022 | Silver Zone |
DSSk0009 | 477341 | 8085926 | 4437 | 419 | 276 | -45 | 9/25/2022 | Gold Zone |
DSSk0010 | 477086 | 8085834 | 4444 | 509 | 302 | -45 | 10/20/2022 | Gold Zone |
Notes: | |
1. | Drill collar coordinate system is UTM Zone 19S. |
2. | Coordinate of drill collar is picked with handheld GPS, subject to minor modification when resurveyed with RTK GPS upon completion of the drilling program. |
All samples in respect of the exploration program at Silverstrike, conducted by the Company and discussed in this news release, are shipped in securely-sealed bags by New Pacific staff in the Company's vehicles, directly from the field to ALS Global in Oruro, Bolivia for preparation, and ALS Global in Lima, Peru for geochemical analysis. ALS Global is an independent ISO 17025 accredited laboratory. All samples are first analyzed by a multi-element ICP package (ALS code ME-MS41) with ore grade over specified limits for silver, lead, and zinc, further analyzed using ALS code OG46. Further silver samples over specified limits are analyzed by gravimetric analysis (ALS code of GRA21). Gold is assayed by fire assay with AAS finish (ALS code of Au-AA25). Certified reference materials, various types of blank samples and duplicate samples are inserted into normal drill core sample sequences prior to delivery to the laboratory for preparation and analysis. The overall ratio of quality control samples in sample sequences is around twenty percent.
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 National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43- 101"). The Qualified Person has verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.
New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia. The Company's flagship Project, the Silver Sand Silver Deposit, is waiting for a PEA study by the end of 2022. Recently discovered Carangas Silver-Gold Project is undergoing a 40,000 m drill program. The third project, the Silverstrike Silver-Gold Project, commenced a 6,000 m discovery drill program in June 2022 and discovered a near surface broad gold mineralization through drilling.
On behalf of New Pacific Metals Corp.
Dr. Rui Feng
Director and CEO
For further information, please contact:
New Pacific Metals Corp.
Phone: (604) 633-1368 Ext. 222
U.S. & Canada toll-free: 1-877-631-0593
E-mail: invest@newpacificmetals.com
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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 for the year ended June 30, 2021 and its other public filings.
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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.
The technical and scientific information contained herein has been prepared in accordance with NI 43-101, which differs from the standards adopted by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, the technical and scientific information contained herein, including any estimates of mineral reserves and mineral resources, may not be comparable to similar information disclosed by U.S. companies subject to the disclosure requirements of the SEC. Additional information relating to the Company, including the Company's Annual Information Form, can be obtained under the Company's profile on SEDAR at www.sedar.com, on EDGAR at www.sec.gov, and on the Company's website at www.newpacificmetals.com.
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SOURCE New Pacific Metals Corp.
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