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New Pacific Announces First Assay Results From The 2013 Diamond Drilling Program At The RZY Silver-Lead-Zinc Exploration Project In Qinghai Province, China

VANCOUVER, BRITISH COLUMBIA – November 18, 2013: New Pacific Metals Corp. (“New Pacific” or the “Company”) is pleased to announce the first tranche of assay results of the 2013 diamond drilling program at the RZY silver-lead-zinc exploration project (the “Project”) in Qinghai province, China.  

Highlights of the most prominent drill results include (note - widths are core length not true widths):

  • 4.40m @ 418 g/t Ag, 8.5% Pb, 5.5% Zn, and 1.25% Sb from 83.3 meters to 87.7 meters, including 1.4m @ 990 g/t Ag, 21.6% Pb, 8.6% Zn, and 3.48% Sb from 86.3 meters to 87.7 meters in hole Zk3504.

The assay results from the first four of 20 holes (see Table 1 below) indicate the mineralization at the Project site is silver-dominated with considerable amounts of lead, zinc, antimony, tin, and copper. Mineralization at the Project is hosted by altered shear structures developed in Permian turbidite sediments and is generally characterized by massive and disseminated sulfides of galena-sphalerite-pyrite in altered sandstone and dacitic dykes.  Hole ZK3503 may have drilled in the footwall of, and parallel to, the mineralized shear structure, hence missing the mineralized zones. The Company’s geological team is finalizing core cutting and sampling for the remaining 16 holes and further assay results will be released once available.

Table 1: Assay results

hole_id
depth_from (m)
depth_to (m)
interval    (m)
Ag_g/t
Pb_%
Zn_%
Sb_%
Sn_%
Cu_%
ZK001
321.50
328.78
7.28
123
1.97
1.11
 
 
 
 
332.00
337.85
5.85
40
0.62
0.76
 
 
 
 
341.00
344.40
3.40
37
0.71
1.16
0.18
0.01
 
 
375.70
377.00
1.30
21
0.47
0.90
 
 
 
ZK002
65.20
72.70
7.50
70
1.00
0.77
0.30
 
 
ZK3503 No Significant Results
ZK3504
12.00
13.50
1.50
75.00
0.09
0.10
 
 
 
 
55.40
56.90
1.50
42
0.35
0.39
0.16
 
 
 
83.30
87.70
4.40
418
8.46
5.47
1.26
0.13
0.12
including
86.30
87.70
1.40
990
21.57
8.63
3.48
0.26
0.22

Cut-off of 40 g/t silver or 0.5% of sum of lead and zinc is used in calculation of intercepts. Interval is reported as core length. True width is not available due to speculative geometry of mineralized zones caused by scarcity of drill data at this early exploration stage.

Drill cores are halved by diamond saw with half core samples being shipped to the preparation lab of SGS at Xi’an for preparation.  Pulp samples were then shipped to SGS laboratory located in Tianjin for assay.  Analysis methods are four-acid digestion plus ICP-AES finish (lab code ICP40Q) for silver, lead, zinc, and copper with overlimits going to ore grade assay by AAS finish, and sodium peroxide fusion plus ICP-AES finish (lab code ICP90A) for tin and antimony.  Standard reference materials, blank, and field duplicate samples were inserted prior to shipment for assaying to monitor the quality assurance and quality control of the assay data.

Alex Zhang, P.Geo., is the Qualified Person on the project as defined under National Instrument 43-101. He has reviewed and approved the technical contents of this news release.

About New Pacific

New Pacific is a Canadian gold and silver exploration and development company which owns the Tagish Lake gold project in Yukon, Canada, and also owns the majority interests of the RZY silver-lead-zinc exploration project in Qinghai Province, China.

For further information, contact:

New Pacific Metals Corp.
Investor Relations
Phone: (604) 633-1368
Fax: (604) 669-9387
info@newpacificmetals.com
www.newpacificmetals.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this press release constitute “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 or information relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company’s material properties; the sufficiency of the Company’s capital to finance the Company’s operations; estimates of the Company’s revenues and capital expenditures; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company’s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company’s properties.

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: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licenses; title to properties; First Nations title claims and rights; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company’s existing operations; competition; operations and political conditions; regulatory environment in Canada and or China; environmental risks; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company’s Annual Information Form for the year ended June 30, 2013 under the heading “Risk Factors”. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company’s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and 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 and information.