VANCOUVER, BRITISH COLUMBIA – April 29, 2013: New Pacific Metals Corp. (“New Pacific” or the “Company”) is pleased to announce that the Company plans to commence its 2013 exploration program (the “Program”) at the recently acquired RZY Project (“RZY” or the “Project”) in June 2013 as previously disclosed in the Company’s news release dated April 8, 2013.
In 2013, the Company plans to conduct 10,000 metres of surface diamond drilling to test the extent of the known mineralized zones and to develop a better understanding of the nature of the mineralization. Historical assay results of trench, pit sampling and limited drilling indicated the presence of high grade silver-lead-zinc mineralization at RZY. Multiple silver-lead-zinc mineralized zones are hosted in a broad altered structure zone with a strike extent of 6.5 kilometres and width of 25 to 100 metres. The Program also includes the completion of a surface grid soil survey and a geophysics survey to define future drill targets. The budget for the Program is $3 million. The Company is currently sourcing drilling equipment and preparing other resources necessary to execute the program.
In 2012, seven trenches were completed by RZY’s previous owner and assay results from the trenches confirmed the presence of high grade silver-lead-zinc mineralization as indicated by the historical results (see the Company’s news release dated December 21, 2012). To test the potential depth of the mineralization exposed by surface workings, over 890 metres in five drill holes was drilled in 2012. The assay results of the drill core samples indicated that the mineralization occurs in the major east-west structural zones and continues at depth, although the width and grades of the drill intercepts were inferior to the results of the surface trenches and pits. Nevertheless, New Pacific believes there is enough evidence to justify continued exploration at the Project in 2013.
RZY is an early stage silver-lead-zinc exploration project in Qinghai Province, China, situated on a high plateau with an average elevation of 5,000 metres above sea level. The Project is located approximately 237 kilometres via paved and gravel roads from the capital city of Yushu Tibetan Autonomous Prefecture, or 820 kilometres via paved highway from Qinghai Province’s capital city of Xining. For further information about the project, please see the Company’s news release dated December 21, 2012.
Alex Zhang, P.Geo., is the Qualified Person on the project as defined under National Instrument 43-101. He has reviewed and approved the contents of this news release.
About New Pacific
New Pacific is a Canadian gold and silver exploration and development company which owns the Tagish Lake gold project in Yukon, Canada and the RZY Project in Qinghai Province, China.
For further information, contact:
New Pacific Metals Corp.
Phone: (604) 633-1368
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in this press release constitute “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company’s material properties; the sufficiency of the Company’s capital to finance the Company’s operations; estimates of the Company’s revenues and capital expenditures; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company’s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company’s properties.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licenses; title to properties; First Nations title claims and rights; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company’s existing operations; competition; operations and political conditions; regulatory environment in Canada; environmental risks; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management.
This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company’s Annual Information Form for the year ended June 30, 2012 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.
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