Author: whitegoldbc

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VANCOUVER, British Columbia, Feb. 13, 2020 (GLOBE NEWSWIRE) — New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX-V: NUAG) (OTCQX: NUPMF) today announced its unaudited condensed consolidated interim financial results for the three and six months ended December 31, 2019.

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.

FINANCIAL HIGHLIGHTS

Net loss attributable to equity holders of the Company for the three months ended December 31, 2019 was $1,599,824 or $0.01 per share (three months ended December 31, 2018 – net income of $473,838 or $0.00 per share).  The Company’s financial results were mainly impacted by the following: (i) income from investments of $339,654 compared to income of $65,926 in the prior year quarter; (ii) operating expenses of $1,625,133 compared to $658,722 in the prior year quarter; and (iii) foreign exchange loss of $322,879 compared to gain of $1,065,279 in the prior year quarter.

For the six months ended December 31, 2019, net loss attributable to equity holders of the Company was $313,886 or $0.00 per share compared to net loss of $278,745 or $0.00 per share for the six months ended December 31, 2018.

Income from investments for the three months ended December 31, 2019 was $339,654 (three months ended December 31, 2018 – income of $65,926).  Within the income from investments, $142,178 was gain on the Company’s equity investments and $189,594 was gain from fair value change and interest earned on bonds.

For the six months ended December 31, 2019, income from investments was $2,455,102 compared to gain of $183,123 for the six months ended December 31, 2018.

Operating expenses for the three and six months ended December 31, 2019 were $1,625,133 and $2,634,073, respectively (three and six months ended December 31, 2018 – $658,722 and $1,189,995, respectively). 

Foreign exchange loss for the three months ended December 31, 2019 was $322,879 (three months ended December 31, 2018 – gain of $1,065,279).  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 December 31, 2019, the US dollar depreciated by 1.9% against the Canadian dollar (from 1.3243 to 1.2988) while in the prior year quarter the US dollar appreciated by 5.4% against the Canadian dollar (from 1.2945 to 1.3642).

For the six months ended December 31, 2109, foreign exchange loss was $146,537 (six months ended December 31, 2018 – foreign exchange gain of $720,437).

BOUGHT DEAL FINANCING 

On October 25, 2019, the Company successfully closed a bought deal financing underwritten by BMO Capital Markets to issue a total of 4,312,500 common shares at a price of $4.00 per common share for gross proceeds of $17,250,000.  The underwriter’s fee and other issuance costs for the transaction were $1,416,467.    

SILVER SAND PROJECT

Since acquired by New Pacific in 2017, the Company has carried out extensive risk exploration drilling program on its 100% owned Silver Sand Project.  During 2017-2018 discovery exploration drilling campaign, a total of 195 holes in 55,011.8 metres (“m”) of drilling were completed. During the 2019 drilling campaign, a total of 191 drill holes in 42,607.25m of drilling were completed.  From 2017 to the end of 2019, the Company has completed 97,619.05m of drilling in 386 drill holes.  For details of the drilling programs, please review the Company’s news releases dated January 22, 2019, February 20, 2019, April 25, 2019, June 6, 2019, August 7, 2019, August 20, 2019, August 23, 2019, August 27, 2019, December 2, 2019, and 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.  On November 4, 2019, the Company filed and updated a technical report for the Silver Sand Project pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects.  A copy of this technical report is available under the Company’s profile under SEDAR at www.sedar.com. 

For the three and six months ended December 31, 2019, total expenditures of $3,697,610 and $8,537,035, respectively (three and six months ended December 31, 2018 – $3,413,976 and $6,593,939, respectively) were capitalized under the project for expenditures related to the 2019 drilling program, site and camp service and construction, and maintaining a regional office in La Paz, a management team, and workforce for the project.

In December 2019, the Company further expanded its Silver Sand land package by acquiring a 100% interest in a Special Temporary Authorization (“ATE”) located immediately to the north of the project by making a one-time cash payment of US$200,000 to arm’s length private owners.  This newly acquired ATE currently consists of six hectares but will total approximately 0.50 square kilometres once it has been consolidated to concessions called “Cuadriculas” and converted to Mining Administrative Contract with Bolivia’s Autoridad Jurisdiccional Administrativa Minera (“AJAM”).

SILVERSTRIKE PROJECT

In December 2019, the Company, through its wholly-owned subsidiary, signed an agreement with an arm’s length private Bolivian corporation (the “Vendor”) to acquire a 98% interest in the Silverstrike silver project from the Vendor by making a one-time cash payment of US$1,350,000.  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 AJAM in Bolivia.

The Silverstrike Project, at an elevation of 4,000 to 4,500 metres, is located approximately 140 kilometres (“km”) southwest of La Paz, Bolivia or approximately 450 km northwest of the Company’s Silver Sand Project.  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.

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 INFORMATIONCertain 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: 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 – February 10, 2020: New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New Pacific” or the “Company”) is pleased to report a summary of exploration activities on its 100% owned Silver Sand Project, and a summary of acquisition and agreements with third parties on the properties surrounding its 100% owned Silver Sand Project.

New Pacific Metals’ wholly-owned Bolivia subsidiary, Empresa Minera Alcira S.A. (“Alcira”), owns 100% interest in the Silver Sand Project which is not subject to any third party interests.  The Silver Sand Project, located in the Potosí Department of Bolivia, has an area of approximately 3.17 square kilometres, which Alcira has owned for a long time, but was only explored by Alcira between 2012 and 2015 through intermittent mapping, surface and underground sampling, and limited diamond core drilling.

Since acquired by New Pacific in 2017, Alcira has carried out extensive risk exploration drilling program on its 100% owned Silver Sand Project.  During 2017-2018 discovery exploration drilling campaign, a total of 195 holes in 55,011.8 metres (“m”) of drilling were completed.  During the 2019 drilling campaign, a total of 191 drill holes in 42,607.25m of drilling were completed.  From 2017 to the end of 2019, Alcira has completed 97,619.05m of drilling in 386 drill holes.

As silver mineralization was discovered on its 100% owned Silver Sand Project through extensive 2017-2019 drilling, Alcira sought to expand its property through agreements and acquisition in the areas surrounding the Silver Sand Project.

Agreement with COMIBOL through Mining Production Contract (the “MPC”)

On July 25, 2018, New Pacific announced that Alcira signed a memorandum of understanding  (the “MOU”) with Corporación Minera de Bolivia (“COMIBOL”), allowing Alcira to explore and develop 38 Special Temporary Authorizations (“ATEs”) adjoining south and west to Alcira’s Silver Sand Project.  The open signing of the MOU occurred at the Silver Sand Project site attended by then Minister of Bolivia’s Ministry of Mining and Metallurgy, then Vice Minister of Bolivia’s Ministry of Development and Planning, then President of COMIBOL, official from Autoridad Jurisdiccional Administrativa Minera (“AJAM”), and representatives of the local communities.

On January 11, 2019: New Pacific announced that Alcira entered into a Mining Production Contract (the “MPC”) with COMIBOL granting Alcira the right to carry out exploration, mining, and production activities in the areas adjoining the Company’s Silver Sand Project.  The MPC covers an area of up to 56.9098 square kilometres, involving two separate areas.  The first area consists of 29 ATEs, which the COMIBOL already owns, to the south and west of the Silver Sand Project. In comparing to the MOU, nine ATEs that may affect third parties’ interest was striked out from the MPC.   The second area includes additional properties to the north, the east and the south of Silver Sand Project are open ground and COMIBOL will apply first with AJAM.  Once COMIBOL is granted right to the second area by AJAM, COMIBOL will then contribute these additional properties into the MPC.

Major Terms of the MPC:

1.       Alcira will commit to a minimum US$5,935,000 risk exploration investment during the first five years of the MPC for mineral exploration and related activities and make a monthly cash payment of US$10,000 to COMIBOL. 

2.       If an economic mineral deposit is discovered, Alcira will cover all cost of further exploration, environmental studies, engineering studies, pre-feasibility and feasibility studies as well as development and production. 

3.       If commercial production commences, COMIBOL will receive a 4% gross sales value of all minerals produced from the areas covered under the MPC.

The MPC was approved by Bolivia’s Ministry of Mining and Metallurgy on January 7, 2019, but remains subject to ratification and approval by the Plurinational Legislative Assembly of Bolivia.  As of today, the MPC has not been ratified nor approved by Plurinational Legislative Assembly of Bolivia.

At the time of signing of the MPC, there is no known economic mineral deposits, nor any previous drilling or exploration discovery in the MPC areas.  Alcira has not received any geological maps nor any assay results from COMIBOL on the properties covered by the MPC areas before or after signing of the MPC.  Alcira has entered into the MPC with COMIBOL in order to explore and evaluate the possible extension of the mineralization outside its 100% owned Silver Sand Project.  Based on the information provided by the COMIBOL, signing the MPC will not affect any third parties’ existing interest or agreement with COMIBOL.

Acquisition from Private Property Owners

In 2018 and 2019, New Pacific through Alcira has also acquired 100% interest in three mineral ATEs, Jisas, Jardan and El Bronce, located adjacent to the North of the Silver Sand Project from two groups of private owners.  Alcira is expecting to carry out exploration drilling on these properties. 

Investment in Bolivia

New Pacific will continue to work with government of Bolivia, COMIBOL, co-operatives, local communities, and private sectors to invest more funds in Bolivia’s mineral resource industry.  While waiting for the MPC being ratified, approved, or re-worked, New Pacific will focus on defining an economic resource in its 100% owned Silver Sand Project.

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 – January 13, 2020 – New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New Pacific” or the “Company”) is pleased to announce the assay results of the first 19 holes of the initial 24 hole, 6,000 metres, exploration drill program at the Snake Hole prospect, Silver Sand Project, Bolivia.  Snake Hole is one of nine high priority silver targets identified by the Company and is located approximately 600 metres east of the core area of the Silver Sand Project.  Fifteen of the nineteen drillholes returned significant results defining structurally controlled, sandstone-hosted, silver mineralization similar to the main Silver Sand area.  Drill highlights are as follows:

·         DSS5218 – 72.44m @ 279g/t Ag from 60.5m to 132.94m including 32.96m @ 517g/t Ag from 84.95m to 117.9m;

·         DSS525020 – 38.4m @ 143g/t Ag from 29.9m to 68.3m including 6.2m @ 749g/t Ag from 36.8m to 43.0m; and

·         DSS5217 – 11.12m @ 761g/t Ag from 149.48m to 160.

Details of drill intercepts are provided in Table-1, and drill location, azimuth and dip of holes provided in Table-2.

SNAKE HOLE

The prospect consists of artisanal underground workings on structures that trend NNW-SSE.  The workings and associated surface mine dumps were started in the Spanish colonial era and have continued sporadically to recent times.  The workings are developed in altered (bleached) quartz sandstones and are traceable over more than 1,000 metres strike length with widths varying from a few metres up to 100 metres extent.  Geochemical sampling of the workings and mine dumps returned encouraging results typically ranging from 100g/t Ag to 300g/t Ag.

Surface mapping suggests that the mineralized fracture zone remains open to north where it potentially trends undercover towards the Company’s Jisas prospect located approximately two kilometres to the northwest.

EXPLORATION DRILLING

Exploration drilling commenced in late August 2019 and a total of 24 drill holes were completed by December for approximately 6,000 metres.  The drill holes are predominantly oriented north 60 degrees east with dips varying from 45 degrees to 80 degrees.  This initial campaign has provided a drill test of circa 750 metres of the structural zone with the results released covering approximately 400 metres of the southern portion of the Snake Hole structural trend as currently defined.

The majority of the drill holes have intersected silver mineralization as characterized by coarse grains of sulfosalts (freibergite) in fractures of bleached sandstones with associated disseminated pyrite.  Grade and thickness of mineralization increases to the north.  Results from the five remaining holes which test the northern portion of the trend are pending and will be released upon receipt. 

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 pulp 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.

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VANCOUVER, British Columbia – December 19, 2019 – New Pacific Metals Corp. (“New Pacific” or the “Company”) is pleased to announce it has expanded its Silver Sand land package by acquiring a 100% interest in a Special Temporary Authorization (“ATE”) located immediately to the north of the project by making a one-time cash payment of US$200,000 to arm’s length private owners.  This newly acquired ATE currently consists of six hectares but will total approximately 0.50 square kilometres once it has been consolidated to concessions called “Cuadriculas” and converted to Mining Administrative Contract with Bolivia’s Autoridad Jurisdiccional Administrativa Minera (“AJAM”).

The property is located about four kilometres to the north of the Company’s Silver Sand discovery and immediately to the north of the Company’s 100% owned Jisas ATEs.  Geologically, the property is comprised of  outcropping,  strongly altered, Miocene dacitic intrusions, which are cut by numerous northwest striking silver mineralized structures similar to those that host mineralization on the Silver Sand Project.  Additionally, there are widespread mining dumps as a result of historic mining since the Spanish colonial time and more recent artisanal exploitation. The fracture controlled mineralization style is similar to that at Silver Sand.  Due diligence sampling conducted by the Company returned silver grades ranging from tens of grams to a few hundreds of grams per tonne.

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 the Potosi 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 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 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.

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VANCOUVER, British Columbia – December 5, 2019 – New Pacific Metals Corp. (“New Pacific” or the “Company”) announces today that it has granted an aggregate total of 1,064,600 restricted share units of the Company (“RSUs“) to certain eligible participants under the Company’s share based compensation plan (the “Incentive Plan“).  The RSUs have a term of two years and will vest on the basis of 25% on each of the 6, 12, 18 and 24 month anniversary of the grant date.  Each RSU entitles the recipient to receive one common share in the capital of the Company at the time of vesting.  The Incentive Plan was approved by the shareholders of the Company, including on a disinterested basis, at its most recent annual general meeting and remains subject to the final approval of the TSX Venture Exchange.

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 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 include, but are not limited to, the approval of the Incentive Plan by the TSX Venture Exchange.

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.

Publicly Disclosed through Globe Newswire

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VANCOUVER, British Columbia – December 4, 2019 – New Pacific Metals Corp. (“New Pacific” or the “Company”) is pleased to announce that the Company’s wholly-owned subsidiary has signed an agreement with an arm’s length private Bolivian corporation (the “Vendor”) to acquire a 98% interest in the Silverstrike silver project (the “Silverstrike Project” or the “Project”) from the Vendor by making a one-time cash payment of US$1.35 million.  New Pacific 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 Autoridad Jurisdiccional Administrativa Minera (“AJAM”) in Bolivia. 

The Silverstrike Project, at an elevation of 4,000 to 4,500 metres (“m”), is located approximately 140 kilometres (“km”) southwest of La Paz, Bolivia or approximately 450 km northwest of New Pacific’s Silver Sand Project.  The Silverstrike Project consists of nine (9) Special Temporary Authorizations (“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.

Geologically, the Silverstrike Project is composed of Tertiary red sandstones and mudstone sequences (Mauri and Beren Formations) that were extruded by a Tertiary rhyolitic volcanic dome and associated pyroclastic sediments.

The Project contains extensive silver mining dumps (Figure-1) the results of Spanish Colonial mining activities which exploited near surface polymetallic silver-gold-lead-zinc (Ag-Au-Pb-Zn) mineralized bodies.  Currently there are no active mining activities on site.  The Silverstrike Project is divided into three areas according to the styles of mineralization:  

1). Subvertical Ag-Pb-Zn mineralized fractures developed in sub-horizontal sandstones at Silverstrike North, where the mineralization seems to be related to bleached whitish sandstones by hydrothermal fluids.  The style of silver mineralization is similar to that in Silver Sand Project; 

2). Disseminated Ag-Au-Pb-Zn mineralization associated with rhyolitic volcanic dome or diatreme of 900m by 900m extent at the Silverstrike Central; and

3). Ag-Pb-Zn Mineralization in quartz and K-feldspar phenocryst rhyolite that intruded into red sandstone strata at Silverstrike South.

Rio Tinto extensively sampled the mining dumps in the Project area and drilled four diamond drill holes at Silverstrike North, and four diamond holes and twelve RC holes in Silverstrike Central in 1995.  Near surface Ag-Au-Pb-Zn mineralization was identified in all three areas.

Silverstrike North

By access and locations, the Silverstrike North is divided into the Valley Zone, North Top, South Top, West Top, and the CP Zone.

Silver-containing sulfosalts and sulfides fill in open fractures in bleached sandstones in forms of sheeted veins, swarm veinlets, stockworks and crackle breccias at the Silverstrike North over an area of 3km by 3km.  Dense fractures occur dominantly along the north-west-west to north-west directions at high angles that are generally confined within the red sandstone and only stringers or feeder zones cutting through the underlying red mudstones.

Rio Tinto has sampled extensively the mining dumps on surface (Photo 1) over an area 1.5km by 1.5km in 1995, yielding average grades of 150-200g/t silver and 1% lead (Figure 2).  Rio Tinto also completed 1,000.6m of diamond drilling in four holes at Silverstrike North.  The PFZ001 hole intercepted 2m @ 1,254 g/t Ag, 0.33% Pb, 0.19% Zn and 0.48% Cu from 88m to 90m, and the PFZ002 hole intercepted 2m @ 237 g/t Ag, 0.6% Pb, 0.07% Zn and 0.5% Cu from 120m to 122m. 

Two holes drilled at the CP Zone did not intercept any meaningful mineralization.

Twenty-four grab samples taken by New Pacific from the mining dumps in the Valley Zone (including valley, slope and North Top) returned average grades 185g/t Ag, 0.93% Pb, 0.07% Zn and 0.21% Cu (Table 1)[1]. Fifteen grab samples from the mining dumps from the South Top and the CP zone averaged 193g/t Ag, 0.68% Pb, 0.08% Zn and 0.27% Cu.  These results are consistent with the historical dump sampling results by Rio Tinto (Figure 2, Table 1).  Future drilling by New Pacific will focus on the bleached sandstones from the South Top, North Top and the West Top.

Silverstrike Central

Ubiquitous disseminated silver-gold-lead-zinc mineralization occurs in volcanic epiclastic sediments and breccias associated with rhyolite intrusives in a Tertiary volcanic diatreme system of 900m by 900m size.  Historical mining sites and dumps are scattered around, but there are no active mining activities currently.  In 1995, Rio Tinto completed four diamond coring holes totaling 1,267m with the best intercept 220m @ 45g/t Ag, 0.51% Pb and 0.44% Zn from 13.0m to 233.0m in hole BER-3 in the northern silver-lead-zinc mineralization area, and 12 reverse circulation holes totaling 2,986.7m with the best intercept of 62m @ 0.74g/t Au and 0.3% Pb from 112m to 174m in hole BRC-004 in the southern gold mineralization area.

Forty-nine grab samples from surface outcrops and dumps at Silverstrike Central returned average grades of 51g/t Ag, 0.16% Pb and 0.91% Zn (Figure 3, Table 1).

Silverstrike South

A 300m long East-West trending historical Colonial era adits and declines plus surface mining cuts along structures developed in the quartz-potassium feldspar phenocryst rhyolite body that intruded red sandstones with extensive mining dumps.  Mineralization is hosted in sheared rhyolite along the contact structure of rhyolite intrusive with Tertiary red sandstones with the true width of mineralization unknown due to covering of mining dumps and talus.  No modern exploration or current mining was recoded.

Three samples from the mining dumps at the Silverstrike South returned average grades of 294g/t Ag, 3.3% Pb, 1.56% Zn (Table 1).  Extensive post mineralization and active hydrothermal sinter and sinter sediments have also developed along the nearby river which may have made the geology more complex for the purpose of exploring Ag-Pb-Zn mineralization associated rhyolites.

By using the geological knowledge gained at exploring the Silver Sand Project, the Company believes that the Silverstrike Project represents an opportunity similar to the Silver Sand Project with the potential to explore for large scale silver mineralization system.

Quality Assurance and Quality Control

The grab samples with results released in the news release were shipped in securely sealed bags by New Pacific staff in the Company’s vehicles directly from field 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).

The assay results of the grab samples are used for reconnaissance purpose, hence no certified reference materials and blank materials were inserted to the normal sample sequence.  However, internal QAQC results of ALS 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 the Potosi 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 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 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.

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VANCOUVER, British Columbia – December 2, 2019 – New Pacific Metals Corp. (“New Pacific” or the “Company”) is pleased to report that all matters submitted to the shareholders for approval as set out in the Company’s Notice of Meeting and Information Circular, both dated October 29, 2019, were approved by the requisite majority of votes cast at the annual general meeting of the shareholders held on November 29, 2019 (the “AGM”).

The details of the voting results for the election of directors are set out below:

 John McCluskey did not stand for re-election as a director at the AGM and ceased to be a director of the Company effective November 29, 2019.  The Company wishes to thank Mr. McCluskey for his time, services, and contributions he made during his tenure as a director.

At the AGM, shareholders voted 94.62% in favour of approving the share based compensation plan (the “Omnibus Plan”).  The Omnibus Plan was also approved by the requisite majority of disinterested shareholders as required by the policies of the TSX Venture Exchange.  Shareholders also approved the re-appointment of Deloitte LLP as auditors of the Company for the ensuing year at the remuneration to be fixed by the directors.  Final results for all matters voted on at the AGM will be filed on SEDAR at www.sedar.com and on the Company’s website.

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 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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Highlights include an intercept of 10.1m grading at 860g/t Ag within a broad zone of 143.4m grading at 110g/t Ag and an intercept of 23.4m grading at 1,035g/t Ag within a broad zone of 93m grading at 289g/t Ag

Vancouver, British Columbia – December 2, 2019 – New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New Pacific” or the “Company”) is pleased to announce assay results from 75 drill holes from its resource definition drilling program at its wholly-owned Silver Sand Project, Department of Potosí, Bolivia.  

In summary, drilling continues to intersect broad intervals of vein and fracture controlled, near surface, silver mineralization with results from this program ranging from approximately 50 to 200 metres (“m”) thick and returning average silver values from 33 to 289g/t.  Within these broad intervals, narrower zones of higher grade silver occurs commonly from 2.5 to +10m wide with average values over those widths of up to 1,035g/t.

Highlights of significant drill intersections are summarized as follows (for a detailed list, please refer to Table-1 – Composited Drill Intersections of Mineralization below):

·         DDH DSS422503, 143.44m @ 110g/t Ag from 65.86m to 209.3m incl. 10.17m @ 860g/t Ag from 173.3m to 183.47m;

·         DDH DSS502503, 56.2m @ 121g/t Ag from 125.8m to 182.0m, incl. 13.87m @ 346g/t Ag from 125.8m to 139.67m;

·         DDH DSS502505, 93.08m @ 289g/t Ag from 223.15m to 316.23m, incl. 23.41m @ 1,035g/t Ag from 261.44m to 284.85m;

·         DDH DSS507507,  45.93m @ 149g/t Ag from 89.11m to 135.04m, incl. 10.5m @ 321g/t Ag from 111.2m to 121.7m;

·         DDH DSS522510, 48.09m @ 176g/t Ag from 5.3m to 53.39m, and 2.57m @ 748g/t Ag from 213.5m to 216.07m;

·         DDH DSS522512, 242.44m @ 87g/t Ag from 43.3m to 285.74m, incl. 8.25m @ 755g/t Ag from 86.9m to 95.15m;

·         DDH DSS525017, 145.8m @ 137g/t Ag from 39.55m to 185.35m, incl. 8.82m @ 388g/t Ag from 39.55m to 48.37m, incl. 51.53m @ 268g/t Ag from 75.66m to 127.19m, and incl. 3.48m @ 442g/t Ag from 181.87m to 185.35m;

·         DDH DSS527501, 173.99m @ 101g/t Ag from 35.11m to 209.1m, incl. 45.45m @ 277g/t Ag from 82.05m to 127.5m, and incl. 3.1m @ 334g/t Ag from 206.0m to 209.1m;

·         DDH DSS542501, 88.5m @ 120g/t Ag from 41.55m to 130.05m, incl. 20.03m @ 351g/t Ag from 69.27m to 89.3m;

·         DDH DSS545009, 77.3m @ 135g/t Ag from 41.3m to 118.6m, incl. 9.92m @ 627g/t Ag from 69.33m to 79.25m;

·         DDH DSS545010, 54.67m @ 141g/t Ag from 80.2m to 134.87m, incl. 7.48m @ 488g/t Ag from 83.14m to 90.62m;

·         DDH DSS547502, 43.66m @158g/t Ag from 62.04m to 105.7m;

·         DDH DSS5610, 85.58m @ 98g/t Ag from 61.01m to 146.59m;

·         DDH DSS562501, 57.91m @ 133g/t Ag from 53.29m to 111.2m,incl. 13.95m @ 292g/t Ag from 62.5m to 76.45m;

·         DDH DSS562502, 54.87m @ 112g/t Ag from 35.0m to 89.87m;

·         DDH DSS565005, 65.29m @ 157g/t Ag from 34.56m to 99.85m, and 2.63m @ 232g/t Ag from 145.6m to 148.23m;

·         DDH DSS565006, 64.46m @ 250g/t Ag from 19.91m to 84.37m,incl. 20.7m @ 613g/t Ag from 40.0m to 60.7m;

·         DDH DSS642503, 22.81m @ 151g/t Ag from 24.28m to 47.09m, and 115.97m @ 54g/t Ag from 87.53m to 203.5m; and

·         DDH DSS645005, 208.07m @ 73g/t Ag from 27.1m to 235.17m,incl. 3.71m @ 513g/t Ag from 86.57m to 90.28m, and incl. 24.26m @ 270g/t Ag from 180.74m to 205m.

(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 80% of the down hole interval length.  Please refer to Table-1 – Composited Drill Intersections of Mineralization below for details.)

DETAIL

Following the acquisition of Silver Sand Project in 2017, the Company has completed several discovery and definition drill campaigns on the project.  In addition to 195 holes for a total of 55,010m completed in 2018 exploration campaign, 162 drill holes for a total of 35,414m in the core area of Silver Sand have been completed to date since April 2019.  The Company released the results from the initial 60 holes on June 6, August 6 and August 27, 2019.  This news release publishes results from the next 75 drill holes (Table 1).  Results from the remaining 27 holes are pending and will be released upon receipt of the assay information.

The aim of the 2019 resource definition program is to provide detailed geological information on the currently defined core of the Silver Sand project.  The holes were designed to provide drill coverage using a 25 metre-centered drill pattern in order to confirm the continuity of the silver mineralization.  The majority of the holes are oriented at azimuths of 60 degrees with dips of -45 degrees, that is, normal to the strike and dip of the previously defined mineralized structures.

Several resource expansion holes were collared outside of the previously defined mineralized zone and intersected significant mineralization.  For example, hole DSS645005 was collared to the south of Silver Sand at Section 6450, and intersected a broad zone of mineralization returning 208.07m @ 73g/t Ag from 27.1m downhole within which higher grade intervals occur including 3.71m @ 513g/t Ag (from 86.57m to 90.28m), and 24.26m @ 270g/t Ag (from 180.74m to 205m), indicating mineralization is open to the west.

SNAKE HOLE PROSPECT

The Company has identified several high priority targets on the Silver Sand property package, of which, the Snake Hole Prospect has been drill tested and assays are pending.

FUTURE WORK

The Silver Sand Project development team is currently finishing the last remaining planned drill holes from the 2019 program with two drilling crews.  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 in 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, 2018 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 – November 20, 2019: New Pacific Metals Corp. (“New Pacific” or the “Company”) today announced its unaudited condensed consolidated interim financial results for the three months ended September 30, 2019.  

This news release should be read in conjunction with the Company’s management discussion & analysis, 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. 

Q1 FISCAL YEAR 2020 FINANCIAL HIGHLIGHTS

Net income attributable to equity holders of the Company for the three months ended September 30, 2019 was $1,285,938 or $0.01 per share (three months ended September 30, 2018 – net loss of $752,583 or $0.01 per share).  The Company’s financial results were mainly impacted by the following: (i) income from investments of $2,115,448 compared to income of $117,197 in the prior year quarter; (ii) operating expenses of $1,008,940 compared to $531,273 in the prior year quarter; and (iii) foreign exchange gain of $176,342 compared to loss of $344,842 in the prior year quarter. 

Income from investments for the three months ended September 30, 2019 was $2,115,448 (three months ended September 30, 2018 – income of $117,197).  Within the income from investments, $2,183,627 was gain on the Company’s equity investments and $78,074 was loss from fair value change offset by interest earned on bonds. 

Operating expenses for the three months ended September 30, 2019 were $1,008,940 (three months ended September 30, 2018 – $531,273).   

Foreign exchange gain for the three months ended September 30, 2019 was $176,342 (three months ended September 30, 2018 – loss of $344,842).  [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 September 30, 2019, the US dollar appreciated by 1.2% against the Canadian dollar (from 1.3087 to 1.3243) while in the prior year quarter the US dollar depreciated by 1.7% against the Canadian dollar (from 1.3168 to 1.2945). 

Bought Deal Financing.  Subsequent to quarter end, the Company successfully closed a bought deal financing underwritten by BMO Capital Markets on October 25, 2019 to issue a total of 4,312,500 common shares at a price of $4.00 per common share for gross proceeds of $17,250,000.  The underwriter’s fee and other issuance costs for the transaction were approximately $1,200,000.     

SILVER SAND PROPERTY 

On January 22 and February 20, 2019, the Company released the results of its 2018 drill program – 195 drill holes that had assay results received and analyzed, of which 190 holes intercepted silver mineralization.  In April 2019, the Company commenced the 2019 drill program.  The total budgeted metreage for 2019 drill program is approximately 55,000 metres of diamond core drilling.  On November 4, 2019, the Company filed and updated a technical report for the Silver Sand Property pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects.  A copy of this technical report is available under the Company’s profile under SEDAR at www.sedar.com.  For details of the 2018 and 2019 drill program, please review the Company’s news releases dated January 22, 2019, February 20, 2019, April 25, 2019, June 6, 2019, August 7, 2019, August 20, 2019, August 23, 2019 and August 27, 2019 available under the Company’s profile on SEDAR at www.sedar.com or on the Company’s website at www.newpacificmetals.com. 

For the three months ended September 30, 2019, total expenditures of $4,839,425 (three months ended ended September 30, 2018 – $3,179,963) were capitalized under the property for expenditures related to the 2019 drill program, site and camp service and construction, maintaining a regional office in La Paz, and maintaining a management team and workforce for the property. 

The Silver Sand Property is located in Bolivia.  In light of the recent political instability and social unrest in Bolivia following the general elections held on October 20, 2019, readers are encouraged to review, in particular, “Political and Economic Risks in Bolivia” section under the Risk Factors in the Company’s Annual Information Form for the year ended June 30,  2019, which is available on SEDAR at www.sedar.com.     

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: 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 – November 19, 2019 – 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 the position of Chief Operating Officer (“COO”).

Dr. Cruise is the founder and former 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 with a resultant market capitalization in excess of CAD $1.4B.  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.  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.

“On behalf of New Pacific, we welcome Mark to our team,” said Dr. Rui Feng, Chief Executive Officer and Director of New Pacific.  “We’re excited to secure the services of someone with his level of experience and calibre.  Mark will be an incredible addition and his involvement should be very beneficial to our shareholders.”

“While currently transitioning from the discovery phase, I am incredibly excited to work with Rui and the team on our Silver Sand Project and other initiatives in the region,” said Dr. Mark Cruise, COO.  “The coming months will be exciting for both management and shareholders as we deliver on various near to  medium term catalysts and execute on our shared vision to create the next major silver developer.”

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.