Author: whitegoldbc

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Vancouver, British Columbia – July 13, 2020 – New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New Pacific” or the “Company”) is pleased to announce the assay results from the four in-fill drilling holes at the Silver Sand Project.  Holes were drilled to obtain representative samples for detailed metallurgical work required by a Preliminary Economic Assessment (PEA) study.

Assay results from these metallurgical holes, as summarized in Table 1 below, compare favourably to those previously released near-by holes in intervals and silver grades and further demonstrate continuity of silver mineralization.  Highlight of the results includes 282.01 m intersection grading 104 g/t silver in hole DSS525021T.

In addition, the Company has also developed a composting and sampling program to collect approximately 1,500 kg of drill core and coarse reject samples from previous drilling campaigns for metallurgical testing.

Quality Assurance and Quality Control

HQ-size drill core samples are split into equal halves by diamond saw, with an average sample length of between one to one and a half metres at the Company’s core processing facility in Betanzos, a small town located 20 kilometres from the project site.  Half core samples are stored in a secure storage facility in Betanzos for future reference, with the other half shipped in securely sealed bags to ALS Global in Oruro, Bolivia for preparation, and ALS Global in Lima, Peru for geochemical analysis.  All samples are first analyzed by a multi-element ICP package (ALS code ME-MS41) with ore grade over limits for silver, lead and zinc further analyzed using ALS code OG46.  Further silver over limits are analyzed by gravimetric analysis (ALS code of GRA21).

A standard quality assurance and quality control (“QAQC”) protocol is employed to monitor the quality of sample preparation and analysis.  Standards of certified reference materials and blanks are inserted into the normal core sample sequences prior to shipping to the lab at a ratio of 20:1 (i.e., every 20 samples contain at least one standard sample and one blank sample).  In general, duplicate samples of coarse rejects at a ratio of 20:1 are sent to a second internationally accredited lab for check analysis.  The assay results of QAQC samples of standards and blanks do not show any significant bias of analysis or contamination during sample preparation.

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 the purposes of NI 43-101.

About New Pacific

New Pacific is a Canadian exploration and development company which owns the Silver Sand Project in Potosí Department, Bolivia and the Tagish Lake gold project in Yukon, Canada.  

For further information, contact:

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news 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 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 equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management and others. 

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, 2019 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 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.

CAUTIONARY NOTE TO US INVESTORS

This news release has been prepared in accordance with the requirements of NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. Securities laws.  NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects

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VANCOUVER, BRITISH COLUMBIA – June 9, 2020: New Pacific Metals Corp. (TSXV: NUAG) (OTCQX:NUPMF) (“New Pacific” or the “Company“) is pleased to announce that it has closed its previously announced bought deal financing (the “Offering“). A total of 4,238,000 common shares of the Company (each, a “Common Share“) were sold under the Offering at a price of $5.90 per Common Share (the “Issue Price“) for aggregate gross proceeds of $25,004,200. The Offering was underwritten by BMO Capital Markets (the “Underwriter“).

As previously announced, Silvercorp Metals Inc. (“Silvercorp“) participated in the Offering and purchased an aggregate of 1,320,710 Common Shares, maintaining its pro rata interest of 28.8% of the outstanding Common Shares pursuant to its participation right and further increasing its interest by 100,000 Common Shares. 

The Company will use the net proceeds of the Offering to advance exploration and development at the Company’s Silver Sand project and other regions and projects in Bolivia outside of the Silver Sand project.

Silvercorp is a related party of the Company for the purposes of Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101“) and the acquisition by Silvercorp of Common Shares pursuant to the Offering was a related party transaction. The acquisition of Common Shares by Silvercorp pursuant to the Offering was exempt from the valuation and minority approval requirements of MI 61-101 pursuant to the exemptions in Sections 5.5(a) and 5.7(a) of MI 61-101.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States, absent such registration or an applicable exemption from such registration requirements.

About New Pacific Metals Corp.

New Pacific is a Canadian exploration and development company which owns the Silver Sand project in the Potosí Department of Bolivia and the Tagish Lake gold project in Yukon, Canada.

For further information, please contact:

New Pacific Metals Corp.
Gordon Neal, President
Phone: (604) 633-1368
Fax: (604) 669-9387
info@newpacificmetals.com
www.newpacificmetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news 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. Such statements include: the use of proceeds from the Offering and the exercise of the over-allotment option by the Underwriter.

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; development of the Company’s projects; fluctuating equity, bond and commodity prices; calculation of resources, reserves and mineralization; foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; and dependence on management and others. 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, 2019 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 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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VANCOUVER, BRITISH COLUMBIA – June 3, 2020 – New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New Pacific” or the “Company”) announces today the filing of an amended and restated technical report entitled “Silver Sand Deposit Mineral Resource Report (Amended)” with an effective date of January 16, 2020 (the “Amended and Restated Technical Report”) prepared by AMC Mining Consultants (Canada) Ltd. (“AMC”). The Amended and Restated Technical Report includes additional disclosure regarding the assumed mining costs, processing costs and metallurgical recoveries used to establish the cut-off grade selected, but otherwise contains no material differences to the original technical report filed on May 25, 2020 (the “Original Technical Report”). The Mineral Resource estimates, project economics, and conclusions and recommendations provided in the Original Technical Report remain unchanged. The Amended and Restated Technical Report was prepared in accordance with the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

A copy of the Amended and Restated Technical Report is available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.newpacificmetals.com.

Dinara Nussipakynova, P. Geo., Principal Geologist with AMC, is the Qualified Person for the purpose of NI 43-101 who has approved the scientific and technical information contained in this news release. 

ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and development company which owns the Silver Sand Project, in the Potosí Department of Bolivia, and the Tagish Lake Gold Project in Yukon, Canada. 

For further information, please contact:
New Pacific Metals Corp.
Gordon Neal
President
Phone: (604) 633-1368
Fax: (604) 669-9387
info@newpacificmetals.com
www.newpacificmetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in this news 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 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: social and economic impacts of COVID-19; development of the Company’s projects; fluctuating equity, bond and commodity prices; loss of key personnel; dependence on management and others. 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, 2019 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 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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VANCOUVER, BRITISH COLUMBIA – May 28, 2020 – New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New Pacific” or the “Company”) is pleased to announce the appointment of Dr. Mark Cruise to its board of directors, effective immediately.  Dr. Cruise assumed the CEO position on April 27, 2020 afer serving as the COO of the Company.

Jack Austin, Chair of the Board stated, “We are very excited to welcome Mark to our Board of Directors. The breadth and depth of his experience in the mining sector are an ideal fit for New Pacific’s current stage of development.  We look forward to working with Mark to advance the Silver Sand Project and build value for our shareholders.”

Previously, Dr. Cruise was the founder and Chief Executive Officer of Trevali Mining Corporation (TSX: TV) (“Trevali”).  Under his leadership, Trevali grew from an initial discovery to a top-ten global zinc producer with operations in Peru, Canada, Burkina Faso and Namibia.  Prior to Trevali, Dr. Cruise held multiple positions in Europe and North America with Anglo American plc as a poly-metallic commodity specialist.  He has previously served as the Vice President, Business Development and Vice President, Exploration of Cardero Resources Corp.  A Canadian citizen, Dr. Cruise holds a Doctorate and Bachelor degrees in Geology from the University of Dublin, Trinity College and is a professional member of the Institute of Geologists of Ireland and the European Federation of Geologists.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company which owns the Silver Sand Project, in the Potosí Department of Bolivia, and the Tagish Lake Gold Project in Yukon, Canada.   

For further information, please contact:

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news 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 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: social and economic impacts of COVID-19; development of the Company’s projects; fluctuating equity, bond and commodity prices; loss of key personnel; dependence on management and others. 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, 2019 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 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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VANCOUVER, BRITISH COLUMBIA – May 26, 2020 – New Pacific Metals Corp. (TSX-V: NUAG) (“New Pacific” or the “Company”) is pleased to announce that Silvercorp Metals Inc. (“Silvercorp”) has indicated its intent to participate in the Company’s bought deal financing (the “Offering”), previously announced on May 19, 2020, by purchasing common shares of the Company (“Common Shares”) to maintain its pro rata interest of 28.8% of the outstanding Common Shares pursuant to its participation right and further increase its interest by 100,000 Common Shares, for an aggregate of 1,320,710 Common Shares.

The Offering is expected to close on or about June 9, 2020 and is subject to the Company receiving all necessary regulatory and stock exchange approvals. Upon completion of the Offering, Silvercorp will own, directly or indirectly, 43,917,216 Common Shares, representing an approximate 28.87% ownership interest in the Company, assuming the over-allotment option is not exercised.

Silvercorp is a related party of the Company for the purposes of Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”) and the acquisition by Silvercorp of Common Shares pursuant to the Offering is a related party transaction. The acquisition of Common Shares by Silvercorp pursuant to the Offering is exempt from the valuation and minority approval requirements of MI 61-101 pursuant to the exemptions in Sections 5.5(a) and 5.7(a) of MI 61-101. 

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company which owns the Silver Sand Project, in the Potosí Department of Bolivia, and the Tagish Lake Gold Project in Yukon, Canada.   

For further information, please contact:

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news 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. Such statements include Silvercorp’s participation in the Offering; obtaining the required regulatory and stock exchange approvals; the closing date of the Offering; completion of the Offering; and the exercise of the over-allotment option.

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, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management and others.

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, 2019 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 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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VANCOUVER, BRITISH COLUMBIA – May 25, 2020: New Pacific Metals Corp. (“New Pacific” or the “Company”) announces the filing of an independent Technical Report in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) on its 100% owned Silver Sand Deposit.  The Technical Report, titled “Silver Sand Deposit Mineral Resource Report” dated May 25, 2020 (effective date of January 16, 2020) has been prepared by AMC  Mining Consultants (Canada) Ltd. (“AMC”), and is available under the Company’s profile on SEDAR at www.sedar.com.  The Company also announces its unaudited condensed consolidated interim financial results for the three and nine months ended March 31, 2020.

This news release should be read in conjunction with the Company’s management discussion & analysis and the financial statements and notes thereto for the corresponding period, which have been posted under the Company’s profile on SEDAR at www.sedar.com and are also available on the Company’s website at www.newpacificmetals.com.  All figures are expressed in Canadian dollars unless otherwise stated.

SILVER SAND PROJECT

The Company has carried out extensive exploration and resource definition drill programs on its Silver Sand Project since acquisition in 2017.  In total the Company has completed 97,619m of drilling in 386 drill holes.  On April 14, 2020, the Company released the inaugural NI 43-101 Mineral Resource estimate for the Project:  Using a 45 g/t silver cut-off-grade the estimate reported Measured & Indicated resource tonnes of 35.39 Mt at 137 g/t Ag for 155.86 Moz and Inferred resource tonnes of 9.84 Mt at 112 g/t Ag for 35.55 Moz (see News Release dated April 14th for details).  Highlights of the Resource Estimate are as follows:

· Mineralization starts at or near-surface and is amenable to potential open-pit mining extraction:  Approximately 70% of the resources are within 200 m of the conceptual open pit surface.

· Favourable initial metallurgical test work indicates laboratory-based recoveries of up to 97% for the various oxide – transition and sulphide mineral domains (see news release dated August 23, 2019 for details).

· Resource estimate excludes the recently discovered Snake Hole zone where drilling intercepted 72.4 m grading 279 g/t Ag (see news release dated January 13, 2020 for details).

· Mineralization remains open to the North and South and at depth. No feeder zones or source intrusions have been discovered to date. 

During the first quarter of 2020 the Company’s field operations were impacted by the COVID-19 pandemic. The Company took immediate steps to protect the health and safety of its employees and to ensure full compliance with the applicable rules and recommendations.  During this period, the Company developed and implemented protocols to protect its workforce and is continuing to provide assistance to the communities neighbouring the Project by donating medical, hygiene and food supplies as part of our ongoing social responsibility program.  The 2020 drill campaign was suspended in  late March and the Project placed on care and maintenance. A total of 2,388m of drilling had been completed at Silver Sand during the quarter prior to the suspension. Field operations are expected to resume following receipt of authorization from the government of Bolivia.

For the three and nine months ended March 31, 2020, total expenditures of $2,395,286 and $10,932,321, respectively (three and nine months ended March 31, 2019 – $1,040,108 and $7,634,047, respectively) were capitalized under the project for expenditures related to the 2019 drill campaign, site and camp service and construction, and maintaining a regional office in La Paz, a management team, and workforce for the project.  

SILVERSTRIKE PROJECT

In December 2019, the Company announced the acquisition of a 98% interest in the Silverstrike Project from an arm’s length private Bolivian corporation (the “Vendor”) by making a one-time cash payment of US$1,350,000.  Under the agreement signed between the Company’s wholly-owned subsidiary and the Vendor, the Company will cover 100% of the future expenditures of exploration, mining, development and production activities.  The agreement has a term of 30 years and renewable for another 15 years without any payment and is subject to an approval by Bolivia’s Jurisdictional Mining Administrative Authority (Autoridad Jurisdiccional Administrativa Minera or “AJAM”) .

The Silverstrike Project is located approximately 140 kilometres (“km”) southwest of La Paz, Bolivia at an elevation of 4,000 to 4,500 m.  The Silverstrike Project consists of nine ATEs with an area of approximately 13km² currently in the process of conversion to Mining Administrative Contracts before AJAM.  The Vendor has also applied for exploration rights over areas surrounding the Silverstrike Project as part of the transaction.

For the three and nine months ended March 31, 2020, total expenditures of $421,925 and $427,127, respectively (three and nine months ended March 31, 2019 – $nil and $nil, respectively) were capitalized under the project for expenditures related to camp construction/rehabilitation, maintaining a management team and workforce for the project and initial field work. 

FINANCIAL RESULTS

Net loss attributable to equity holders of the Company for the three months ended March 31, 2020 was $1,733,133 or $0.01 per share (three months ended March 31, 2019 – net loss of $359 or $0.00 per share).  The Company’s financial results were mainly impacted by the following: (i) loss from investments of $1,594,956 compared to income of $1,552,446 in the prior year quarter; (ii) operating expenses of $1,532,848 compared to $1,128,183 in the prior year quarter; and (iii) foreign exchange gain of $1,390,100 compared to loss of $431,492 in the prior year quarter.

For the nine months ended March 31, 2020, net loss attributable to equity holders of the Company was $2,047,019 or $0.01 per share compared to net loss of $279,104 or $0.00 per share for the nine months ended March 31, 2019.

Loss from investments for the three months ended March 31, 2020 was $1,594,956 (three months ended March 31, 2019 – income of $1,552,446).  Within the loss from investments, $1,424,696 was loss on the Company’s equity investments and $243,309 was loss from fair value change partially offset by interest earned on bonds.  The rapid outbreak of COVID-19 pandemic caused extreme volatilities in the global equity and financial markets during February and March 2020, which had adverse impacts on the Company’s equity and bonds investment portfolio during the quarter.  As of the date of this news release, the Company’s material investments are preferred shares issued by the largest five Canadian Banks with weighted average dividends yield of 5.71%.

For the nine months ended March 31, 2020, income from investments was $860,146 compared to income of $1,735,569 for the nine months ended March 31, 2019.

Operating expenses for the three and nine months ended March 31, 2020 were $1,532,848 and $4,166,921, respectively (three and nine months ended March 31, 2019 – $1,128,183 and $2,318,178, respectively) and were used to advance the ongoing work programs at the Company’s flagship Silver Sand Deposit.

Foreign exchange gain for the three months ended March 31, 2020 was $1,390,100 (three months ended March 31, 2019 – loss of $431,492).  The Company holds a large portion of cash and cash equivalents and bonds in US dollars while the Company’s functional currency is Canadian dollar.  The fluctuation in exchange rates between the US dollar and the Canadian dollar will impact the financial results of the Company.  During the three months ended March 31, 2020, the US dollar appreciated by 9.2% against the Canadian dollar (from 1.2988 to 1.4187) while in the prior year quarter the US dollar depreciated by 2% against the Canadian dollar (from 1.3642 to 1.3363).

For the nine months ended March 31, 2020, foreign exchange gain was $1,243,563 (nine months ended March 31, 2019 – foreign exchange gain of $288,945). 

Qualified Persons

The Mineral Resource estimate and data verification was completed by AMC. Dinara Nussipakynova, P.Geo., Principal Geologist with AMC is the Qualified Person for the purpose of NI 43-101 for all technical information pertaining to the current Mineral Resource.  New Pacific’s quality assurance and quality control program was reviewed by AMC. Simeon Robinson, P.Geo., Senior Geologist with AMC is the Qualified Person for the purpose of NI 43-101 for all technical information pertaining to the current Mineral Resource.  The Qualified Persons under NI 43-101 have reviewed the technical content of this news release for the Silver Sand deposit and have approved its dissemination.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company which owns the Silver Sand Project, in the Potosí Department of Bolivia, and the Tagish Lake Gold Project in Yukon, Canada.   

For further information, please contact:

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

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 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, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management and others. 

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, 2019 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 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.  

Cautionary Statements Regarding Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards on Mineral Resources and Mineral Reserves” incorporated by reference into NI 43-101. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

Pan American Silver Corp. Announces a Concurrent Block Trade (C$47 Million)

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Vancouver, British Columbia (May 19, 2020) – New Pacific Metals Corp. (TSX-V: NUAG) (“New Pacific” or the “Company”) and Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (“Pan American”) have announced concurrent offerings. New Pacific has announced today that it has entered into an agreement with BMO Capital Markets (“BMO”) as sole underwriter, under which BMO has agreed to buy on bought deal basis 4,238,000 common shares (the “Common Shares”), at a price of C$5.90 per Common Share for gross proceeds of approximately C$25 million (the “Offering”). The Company has granted BMO an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Offering is expected to close on or about June 9, 2020 and is subject to the Company receiving all necessary regulatory and stock exchange approvals. 

The net proceeds of the Offering will be used to advance exploration and development at the Company’s wholly-owned Silver Sand project, for working capital, and for general corporate purposes. 

The Common Shares will be offered by way of a short form prospectus in each of the provinces of Canada, excluding Quebec and may also be offered by way of private placement in the United States.   

In connection with the Offering and in a separate transaction, Pan American has sold to BMO 8,000,000 common shares of New Pacific that it held  at the same price per common share as under the Offering (the “Concurrent Block Trade”). These common shares will be resold to the public by BMO. The Concurrent Block Trade is expected to close on or about May 21, 2020. 

Upon completion of the Concurrent Block Trade, Pan American will own, directly or indirectly, 14,724,068 common shares of New Pacific, representing an approximate 9.7% ownership interest in the Company, assuming the over-allotment option is not exercised. 

Dr. Mark Cruise, Chief Executive Officer of New Pacific said, “Pan American has been supportive of the Company and the Silver Sand project since inception. Pan American will continue to have representation on our Board of Directors and be a significant shareholder, demonstrating their continued commitment to the project. The concurrent capital infusion will enable the Company to continue to explore and advance our Silver Sand deposit in addition to focus on new targets within the emerging silver district and regionally.” 

Michael Steinmann, President and Chief Executive Officer of Pan American said, “Silver Sand is an exciting discovery and New Pacific has done excellent work advancing the project to the initial resource stage. This transaction presented a timely opportunity for Pan American to further strengthen our balance sheet by realizing gains on part of our investment in New Pacific, while maintaining a significant interest and commitment to the future of the project.” 

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
 

Pan American Early Warning Report Information 

Prior to the Concurrent Block Trade, Pan American held approximately 22,724,068 common shares of New Pacific, representing approximately 15.4% of the total number of issued and outstanding common shares on a non-diluted basis, and approximately 14.7% of the issued and outstanding common shares of New Pacific on a fully-diluted basis.  Immediately following the Block Trade, Pan American directly owned 14,724,068 common shares, representing approximately 9.96% of the total number of issued and outstanding common shares of New Pacific on a non-diluted basis, and approximately 9.6% of the issued and outstanding common shares of New Pacific on a fully-diluted basis. 

Pan American’s sale of the New Pacific common shares was made for investment purposes and it may, in the future, dispose of additional common shares of New Pacific, or acquire ownership and control over additional common shares of New Pacific for investment purposes. 

The foregoing disclosure regarding Pan American’s holdings is being disseminated pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the early warning report will be filed on the System for Electronic Document Analysis and Review (SEDAR) under New Pacific’s profile at www.sedar.com and may be obtained by contacting Ms. Siren Fisekci, VP, Investor Relations for Pan American, at 604-684-1175.

About New Pacific

New Pacific is a Canadian exploration and development company which owns the Silver Sand Project in Potosí Department, Bolivia and the Tagish Lake gold project in Yukon, Canada.

About Pan American

Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. We also own the Escobal mine in Guatemala that is currently not operating. As the world’s second largest primary silver producer with the largest silver reserve base globally, we provide enhanced exposure to silver in addition to a diversified portfolio of gold producing assets. Pan American has a 25-year history of operating in Latin America, earning an industry-leading reputation for corporate social responsibility, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol “PAAS”.

For further information, contact:

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

Pan American Silver Corp.
Siren Fisekci
VP, Investor Relations & Corporate Communications
Phone: (604) 806-3191
ir@panamericansilver.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION  

Certain of the statements and information in this news 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. Such statements include obtaining required regulatory and stock exchange approvals required for the Offering; completion of the Offering; the closing date of the Offering; the use of proceeds from the Offering; the exercise of the over-allotment option granted to BMO; completion of the Concurrent Block Trade; and the closing date of the Concurrent Block Trade. 

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, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management and others. 

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, 2019 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 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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Vancouver, British Columbia – (April 27, 2020) – New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New Pacific” or the “Company”) announces that Dr. Rui Feng, New Pacific’s founder and Chief Executive Officer (”CEO”), has stepped down as CEO.  Dr. Mark Cruise, New Pacific’s Chief Operating Officer (“COO”), is appointed CEO, effective immediately.

Dr. Feng will remain as a director of the Company and will continue to be involved with the direction, strategy and governance of New Pacific.

“After incubating New Pacific from a grassroots exploration company to a successful explorer and developer following the discovery of the Silver Sand Deposit in Bolivia, it is a time for transition,” said Dr. Feng.  “As part of the Company’s succession planning, Dr. Cruise joined the Company six months ago as COO.  Over this time, he has shown great capacity in leadership and extensive expertise in advancing projects.  Under his leadership, I am confident that the Company will make more discoveries and be successful in advancing the Silver Sand Project from current state to development and in enhancing shareholder value as the Company quickly evolves into its next level of growth.”

Since the acquisition of Silver Sand in July 2017, New Pacific has drilled over 90,000 metres in one of the largest greenfield exploration campaigns in Latin America during the period.  This culminated in the inaugural Silver Sand Mineral Resource estimate on April 14, 2020 which defined the following silver resources (the Company’s first independent National Instrument 43-101 (“NI 43-101”) Mineral Resource estimate was prepared by AMC Mining Consultants (Canada) Ltd. (“AMC”); please see April 14, 2020 news release for further details):

·   Measured & Indicated tonnage of 35.4 Mt @ 137 g/t Ag for 155.9 Moz contained Ag.

·   Inferred tonnage of 9.8 Mt @ 112 g/t Ag for 35.6 Moz contained Ag.

The Silver Sand Deposit remains open for expansion.

The rapid development of the project in less than three years has led to strong returns for shareholders and established New Pacific as a premier silver development company.

Jack Austin, Chairman, commented, “On behalf of the Board, I want to recognize the immense contribution Rui has made to New Pacific by identifying and acquiring the Silver Sand Project, providing his visionary leadership and exploration expertise that led to this world-class discovery and, ultimately, the achievement of an inaugural resource, showcasing a new globally significant silver deposit.  The Board is fortunate to have Rui remain as a Director, and looks forward to Mark steering the Company along the path of success that Rui has set.  Mark’s track record of leadership and successfully developing discoveries into mines in Latin America will serve the Company well as he takes the reins.”

Dr. Cruise stated, “I am honoured to assume the role of CEO and the opportunity to lead New Pacific as we cement our position as the next major silver developer.  The Company’s priority is to advance and de-risk our flagship Silver Sand Deposit to production in addition to building upon and leveraging our exploration expertise to continue to unlock value for our stakeholders in this emerging silver district and throughout the region.”

About New Pacific

New Pacific is a Canadian exploration and development company focused on the Silver Sand Deposit in Potosí Department, Bolivia, which hosts a Measured & Indicated Mineral Resource of 35.39 Mt @ 137 g/t Ag for 155.86 Moz, plus 9.84 Mt @ 112 g/t Ag for 35.55 Moz in the Inferred category.  

For further information, contact:

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. 

Cautionary Statements Regarding Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards on Mineral Resources and Mineral Reserves” incorporated by reference into NI 43-101. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically. 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news 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 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 equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management and others. 

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, 2019 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 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.

CAUTIONARY NOTE TO US INVESTORS

This news release has been prepared in accordance with the requirements of NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. Securities laws.  NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

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Vancouver, British Columbia – April 14, 2020 – New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New Pacific” or the “Company”) is pleased to report the first independent National Instrument 43-101 (“NI 43-101”) Mineral Resource estimate for its 100% owned Silver Sand Deposit, Bolivia.  The study was completed by AMC Mining Consultants (Canada) Ltd. (“AMC”).

The Company will host a webcast to discuss the Silver Sand Project on April 15, 2020 at 10:30 am Eastern Time / 7:30 am Pacific Time – details of which are at the bottom of the news release.

The resource estimate used property boundary and conceptual open pit mining constraints and are presented in Table 1 using a 45 g/t silver cut-off grade. The model is depleted for historical mining activities:

Surrounding the conceptual constrained open pit is a zone of mineralized material of similar tenor and grade which has been drilled at variable distances ranging from 25m to plus 100m: The first area immediately surrounds and encompasses the pit and has been drilled between 25m and 50m distances. The Company considers this area to contain potential tonnage range of 7Mt to 15Mt and grades ranging from 85 g/t Ag to 150 g/t Ag. This area requires additional engineering studies to be included in any future mine plans. The second area occurs at the southern end of the Silver Sand deposit and has received less exploration to date. The Company has defined an additional tonnages from 10Mt to 20Mt and grades ranging from 85 g/t Ag to 150 g/t Ag exploration target surrounding and below the current defined resource. Initial drilling has intersected silver mineralization over similar widths and intervals as the main deposit, however, drill density insufficient to categorize the zone as Inferred at this time. The potential quantity and grade from these two areas are conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

HIGHLIGHTS

· Silver Sand is one of the more significant new global primary silver discoveries in the last decade.

· Mineralization remains open to the North and South and at depth. No feeder zones or source intrusions have been discovered to date. The Company classifies the exploration potential as good to excellent

· Detailed drilling indicates good mineral continuity to provide high confidence – lower technical risk. Measured & Indicated tonnes of 35.39 Mt @ 137 g/t Ag for 155.86 Moz or ~70% of the resource estimate.

· Mineralization starts at or near-surface and is amenable to potential open-pit mining extraction: Approximately 70% of the resources are within 200 m of the conceptual open pit surface.

· Favourable initial metallurgical test work indicates laboratory-based recoveries of up to 97% for the various oxide – transition and sulphide mineral domains (see news release dated August 23, 2019 for details).

· Resource estimate excludes the recently discovered Snake Hole zone where drilling intercepted 72.4 m grading 279 g/t Ag (see news release dated January 13, 2020 for details) and the final 37 infill drill holes released on February 19, 2020, which returned high-grade intervals from the core of the deposit.

· Technical studies to facilitate the Preliminary Economic Assessment commenced in Q1-2020 and are ongoing using independent subject matter experts.

· New Pacific remains well funded to advance the Silver Sand deposit with US$32 million in the treasury.

RESOURCE ESTIMATE DETAILS

The resource estimate is based on a geological model that included assay results received by New Pacific for the Silver Sand deposit to December 31, 2019. The estimate does not include any drill results from the recently discovered Snake Hole prospect, located 600 m to the east of the Silver Sand resource. A mineralization wireframe was constructed by New Pacific with LeapFrog© software. The domain was reviewed by the independent Qualified Person (QP) and minor modifications made prior to estimation. One of the modifications was to separate the one domain into two separate domains based on the orientation of modelled zones of continuous mineralization.

AMC completed an ordinary kriging (OK) estimate on these domains. Prior to estimation, drillhole data were composited to 1.4 m and samples were capped for all variables within each domain where required. Silver values for both domains were capped at 1,500 g/t Ag.

In addition to the OK estimate completed inside the domains, a background OK estimate was also completed outside of mineralization wireframes.

The parent block size was 5 mE x 5 mN x 5 mRL with sub-blocking employed. Sub-blocking resulted in minimum cell dimensions of 1.25 mE x 1.25 mN x 0.5 mRL.

The background mineralization (outside the mineralization domains) was estimated with a parent block dimension of 10 mE x 10 mN x 10 mRL.

As mineralization is hosted in one rock type, the QP assigned density measurements to the block model based on the mean density. Density values of 2.54 tonnes/m3 and 2.50 tonnes/m3 were assigned to blocks inside and outside of the mineralized domains respectively.

Mineral Resource classification was completed using an assessment of geological and mineralization continuity, data quality and data density. Estimation passes were used as an initial guide for classification. Wireframes were then generated manually to build coherent volumes for the different classes.

Table 2 shows the search parameters and number of samples used for each pass. The highest confidence level is Pass 1. The lowest confidence level is Pass 3.

QA/QC and DATA VERIFICATION

Qualified Person, Simeon Robinson, P.Geo., considers sample preparation, analytical, and security protocols employed by New Pacific to be acceptable. The QP has reviewed the Quality Assurance and Quality Control (QA/QC) procedures used by New Pacific including certified reference materials, blank, duplicate, and umpire data, and has made some recommendations. The QP does not consider these to have a material impact on the Mineral Resource estimate and considers the assay database to be adequate for Mineral Resource estimation.

Dinara Nussipakynova, P.Geo., is the QP for Mineral Resources and data verification. Data verification included a review of the assay database and collar locations. The QP considers the assay database to be acceptable for Mineral Resource estimation.

COVID-19 – FUTURE WORK

New Pacific’s commitment to the health and safety of our team and the communities in which we operate is one of the core values of the Company.  In response to the COVID-19 pandemic and based on guidance and directives from relevant public health authorities, the Company has elected to temporarily suspend all field-based operations in Bolivia.  The Company’s Health & Safety Team has implemented Company-wide safety protocols such as 14-day self-isolation where necessary, travel restrictions, remote working and enhanced hygiene controls.  Both of the Company’s corporate offices in Vancouver and La Paz are closed with all staff having implemented work-from-home protocols.  New Pacific continues to monitor the situation and will return to normal operations when it is deemed safe to do so by the respective public  health authorities.

In the interim, the Company is actively completing detailed geological (structural and geochemical/geometallurgical) studies on the Silver Sand Deposit to support future advanced technical studies.  Advanced discussions with multiple Subject Matter Experts continue in preparation for when field studies are permitted to restart.

In addition, members of the Exploration Team are compiling and interpreting results from recently completed detailed mapping and sampling work along with target identification/generation at the Silver Sand North Block including for the high priority El Bronce and Jisas targets.

With regards to its regional exploration programs, implementation of the Silverstrike Project has been completed in addition to first-pass detailed surface mapping and sampling programs. 

Quality Assurance and Quality Control

HQ-size drill core samples from altered and mineralized intervals are split into halves by diamond saw, with an average sample length of between one to one and a half metres at the Company’s core processing facility located in Betanzos, a small town located 20 kilometres from the project site.  Half core samples are stored in a secure storage facility in Betanzos for future reference, with the other half shipped in securely sealed bags to ALS Global in Oruro, Bolivia for preparation, and ALS Global in Lima, Peru for geochemical analysis.  All samples are first analyzed by a multi-element ICP package (ALS code ME-MS41) with ore grade over limits for silver, lead and zinc further analyzed using ALS code OG46.  Further silver over limits are analyzed by gravimetric analysis (ALS code of GRA21).

A standard quality assurance and quality control (“QAQC”) protocol is employed to monitor the quality of sample preparation and analysis.  Standards of certified reference materials and blanks are inserted into the normal core sample sequences prior to shipping to the lab at a ratio of 20:1 (i.e., every 20 samples contain at least one standard sample and one blank sample).  Duplicate samples of coarse rejects at a ratio of 20:1 are sent to a second internationally accredited lab for check analysis.  The assay results of QAQC samples of standards and blanks do not show any significant bias of analysis or contamination during sample preparation.

Qualified Persons

The Mineral Resource estimate and data verification was completed by AMC. Dinara Nussipakynova, P.Geo., Principal Geologist with AMC is the Qualified Person for the purpose of NI 43-101 for all technical information pertaining to the current Mineral Resource.  New Pacific’s quality assurance and quality control program was reviewed by AMC. Simeon Robinson, P.Geo., Senior Geologist with AMC is the Qualified Person for the purpose of NI 43-101 for all technical information pertaining to the current Mineral Resource.  The Qualified Persons under NI 43-101 have reviewed the technical content of this news release for the Silver Sand deposit and have approved its dissemination.

Further details supporting the geological model, estimation procedure and metallurgical testwork will be available in a NI 43-101 technical report.  The technical report will be posted under the Company’s profile at www.sedar.com within 45 days from the date of this news release.

WEBCAST DETAILS

The Company will host a conference call and presentation webcast at 10:30 am Eastern Time / 7:30 am Pacific Time on April 15, 2020 to provide further information.  Participants are advised to dial in five minutes prior to the scheduled start time of the call.  A presentation will be made available on the Company’s website prior to the webcast.  Webcast details:

Date: April 15, 2020 at 10:30 am Eastern Time / 7:30 am Pacific Time

Canada/USA: 1-800-319-4610 (Toll-free)

Toronto: 1-416-915-3239

International: 1-604-638-5340

 Webcast: http://www.gowebcasting.com/10584

About New Pacific

New Pacific is a Canadian exploration and development company which owns the Silver Sand Project in Potosí Department, Bolivia and the Tagish Lake gold project in Yukon, Canada.  

For further information, contact:

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statements Regarding Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards on Mineral Resources and Mineral Reserves” incorporated by reference into NI 43-101. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically. 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news 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 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 equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management and others. 

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, 2019 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 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.

CAUTIONARY NOTE TO US INVESTORS

This news release has been prepared in accordance with the requirements of NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. Securities laws.  NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

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VANCOUVER, British Columbia, Feb. 19, 2020 — New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New Pacific” or the “Company”) is pleased to announce assay results from the final 37 drill holes from its 2019 resource definition and discovery drill program at its wholly-owned Silver Sand Project, Potosí, Bolivia.  

Drilling continues to return broad intervals of near-surface, structurally controlled, silver mineralization within which higher grade zones occur.  The 2019 program successfully confirms mineral continuity and defines several high-grade zones on the property: mineralization remains open for expansion to the North and South and at depth.  To date no distinctive feeder zones have been intersected.  Given the significant drilling in 2018 to 2019, this indicates the presence of a large silver-rich mineral system.  The Company’s inaugural NI 43-101 independent resource estimate remains on track for a Q1 release.

Highlights include:

• DSS525021, 279.25m @ 91g/t Ag from 4.9m to 284.15m,
      incl. 15.4m @ 657g/t Ag from 217.55m to 232.95m;

• DSS522513, 108.98m @ 228g/t Ag from 40.32m to 149.3m,
      incl. 54.46m 414g/t Ag from 43.84m to 98.3m;

• DSS527505, 78.2m @ 245g/t Ag from 40.1m to 118.3m,
      incl. 28.44m @ 335g/t Ag from 43.3m to 71.74m,    incl. 13.2m @ 541g/t Ag from 83.1m to 96.3m;

• DSS507510, 79.87m @ 122g/t Ag from 58.98m to 138.85m;

• DSS505019, 91.49m @ 142g/t Ag from 67.31m to 158.8m;

• DSS5223, 56.34m @ 219g/t Ag from 73.36m to 129.7m;

• DSS422505, 57.26m @ @160g/t Ag from 86.9m to 144.16m;

• DSS4211, 66.25m @ 197g/t Ag from 95.02m to 161.27m;

• DSS407502, 67.88m @ 218g/t Ag from 90.12m to 158.00m,
      incl. 12.34m @ 496g/t Ag from 137.0m to 149.34m;

(Based on the current understanding of the relationship between drill hole direction and the mineralized structures it is estimated that true width of the mineralization will approximate 60-80% of the down hole interval length.  Please refer to Table-1 – Composited Drill Intersections of Mineralization below for details).

DETAILS

In 2019, 42,604 metres of diamond drilling in 167 boreholes was completed on the Silver Sand Project.  Total drilled metreage since project inception equates to 91,662 metres in 362 diamond drillholes, one of the largest green-field exploration drill campaigns in Latin America during the period.  This news release contains the results of the remaining 37 holes from the Silver Sand deposit with many of the holes drilled off-section to test the intra-section continuity of mineralization.

The off-section holes were collared at azimuth’s ranging from of 91 to 125 degrees and dips from -40 to -45 degrees.  Details of drill locations and specifications are provided in Table-2 below.  The drill results continue to return wide, high grade, intersections indicative of good to excellent mineral continuity (details in Table-1).

SNAKE HOLE PROSPECT

The Snake Hole prospect is located approximately 600 metres east of the Silver Sand deposit.  To date, the Company has drilled 5,956.55 metres in 24 holes to test the emerging, structurally controlled, target. 

The results of the first 19 holes were released on January 13, 2020.  Please review the Company’s news release dated January 13, 2020 available under the Company’s profile on SEDAR at www.sedar.com or on the Company’s website at www.newpacificmetals.com for details.  The remaining five holes of the 2019 program intersected narrow zones of structurally controlled silver mineralization ranging approximately one to seven metres width and returning grades from 30 to 448 g/t silver (Table-1). 

FUTURE WORK

New Pacific’s Exploration Group is currently completing detailed geological and structural mapping and associated geochemical sampling on the wholly owned Silver Sand North Block which is located approximately two kilometres to the north of the Silver Sand deposit, including the recently acquired El Bronce Property (see the Company’s news release dated December 19, 2019 for details).  The results will be utilized for subsequent target generation and initial drill testing. 

At the Silver Sand deposit the Company recently commenced a four-hole, 800 metres, metallurgical drill sampling campaign to support subsequent Preliminary Economic Assessment level studies including initial processing plant flow sheet design.  Detailed structural, geological and geochemical modeling is ongoing which will be used for future advanced engineering (geotechnical, geometallurgical) studies and resource expansion target generation. 

Other activities remaining include geological logging and sampling of completed holes, data analysis and various QA/QC initiatives in preparation for the inaugural NI 43-101 resource estimate around the end of Q1 2020.

QUALITY ASSURANCE AND QUALITY CONTROL

HQ-size drill core samples from altered and mineralized intervals were split into halves by diamond saw, with an average sample length of between one to one and half metres at the Company’s core processing facility located in Betanzos, a small town located 20 kilometres from the project site.  Half core samples are stored in a secure core storage facility in Betanzos for future reference, and the other half core samples are shipped in securely sealed bags to ALS Global in Oruro, Bolivia for preparation, and ALS Global in Lima, Peru for geochemical analysis.  All samples are first analyzed by a multi-element ICP package (ALS code ME-MS41) with ore grade over limits for silver, lead and zinc further analyzed using ALS code OG46.  Further silver over limits are analyzed by gravimetric analysis (ALS code of GRA21).

A standard quality assurance and quality control (“QAQC”) protocol was employed to monitor the quality of sample preparation and analysis.  Standards of certified reference materials and blanks were inserted in normal core sample sequences prior to shipment to lab at a ratio of 20:1 (i.e., every 20 samples contain at least one standard sample and one blank sample).  Duplicate samples of coarse rejects at a ratio of 20:1 will be sent to a second internationally accredited lab for check analysis.  The assay results of QAQC samples of standards and blanks did not show any significant bias of analysis or contamination during sample preparation.

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 the purposes of NI 43-101.

About New Pacific

New Pacific is a Canadian exploration and development company which owns the Silver Sand Project in Potosí Department, Bolivia and the Tagish Lake gold project in Yukon, Canada.  

For further information, contact:

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news 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 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 equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management and others. 

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, 2019 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 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.

CAUTIONARY NOTE TO US INVESTORS

This news release has been prepared in accordance with the requirements of NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. Securities laws.  NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.