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VANCOUVER, BC, April 6, 2023 /PRNewswire/ – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX: NUAG) (NYSE American: NEWP), in conjunction with its local Bolivian partner, reports assay results from the final 29 drill holes of the 2022 drill program on its Carangas Silver-Gold Project, Oruro Department, Bolivia (the “Carangas Project” or the “Project”). To date, assay results from the 115 wells drilled in 2022 have been received and released. Detailed results and drilling specifications are listed in Tables 1 and 2, as well as Figure 1.

Of the 29 holes, ten are deep holes that were drilled in different directions towards the central valley to define the boundary of the gold mineralization system at depth. Drill results (see Company press release dated February 20, 2023) indicate that the gold system is open to the north and northeast and these targets are currently being tested in the first quarter drill program 2023 of the Company.

The remaining 19 holes are shallow and were drilled to define near surface silver mineralization. All nineteen holes intersected silver mineralization.

In addition to drilling activities, results have been received from an extended bipole-dipole 3D IP-MT survey program completed in January 2023, showing multiple bearing capacity anomalies outside the current drill area (Figure 2) . These new bearing capacity anomalies have a geophysical signature similar to those of the known silver-gold system and will be tested during future drilling campaigns.

Drill Results Highlights for DEEP Holes

DCAr0112 intersected an interval of gold mineralization of 306.95 m at a depth of 359.55 m to 666.5 m, grading 1.2 g/t Au and 26 g/t Ag, including 31.78 m (411.65 m to 443.43 m) grading 122 g/t Ag, 4.11 g/t Au and 0.15% Cu, and intervals of near surface silver mineralization of 41.03 m (55.97 m to 97 m) with a grade of 54 g/t Ag, 0.25% Pb and 0.57% Zn, and 75.1 m (108.7 m to 183.8 m) with a grade of 27 g/t Ag, 0.24% Pb and 0.65% Zn.

DCAr0104 intersected an interval of 328.3 m (233.75 m to 562.05 m) of gold mineralization grading 1.07 g/t Au, 20 g/t Ag, 0.14% Pb, 0.25% Zn and 0.14% copper (“Cu”), and near surface silver – lead-zinc mineralization interval of 228.25 m (5.5 m to 233.75 m) grading 21 g/t d silver (“Ag”), 0.54% lead (“Pb”) and 1.23% zinc (“Zn”), immediately followed by . Two other intervals of gold mineralization intersected deeper, 15.77 m (652.17 m to 667.94 m) grading 0.44 g/t Au and 0.12% Cu, and 252 m (693 m to 945 m) with a grade of 0.45 g/t Au and 0.13% Cu.

DCAr0105 intersected an interval of 476.3 m of gold mineralization (324.7 m to 801 m) grading 0.75 g/t Au, including 43.62 m (510.38 m to 554 m) grading 30.19 g /t Au, and a near-surface silver-lead-zinc interval of 293.94 m (5.16 m to 299.1 m) grading 37 g/t Ag, 0.57% lead (“Pb”) and 1.3% zinc (“Zn”), including 38.99 m (5.16 m to 44.15 m) grading 134 g/t Ag, 1.48% Pb and 2.51% Zn.

Drill Results Highlights for Shallow Wells

DCAr0141 intersected a near-surface interval of silver-lead-zinc mineralization of 110.15 m (5.85 m to 116 m) grading 136 g/t Ag and 0.96% Pb, including 6.92 m (30. 73 m to 37.65 m) with a grade of 693 g/t Ag and 1.71% Pb and 24.63 m (59.87 m to 84.5 m) with a grade of 197 g/t Ag and 2 .14% bp. Several historic underground mining voids with a total length of 16.39 m intersected in this hole.

DCAr0128 intersected a 78.3 m interval (7.7 m to 86 m) of near-surface silver-lead-zinc mineralization grading 104 g/t Ag, 0.74% Pb and 0.59% Zn, including 33 m (30.5 m to 60.5 m) grading 226 g/t Ag, 1.47% Pb and 0.93% Zn. Additionally, further down the hole to the end of the hole, several shorter intervals of silver-lead-zinc mineralization were intersected.

DCAr0134 intercepted 111.85 m (114.4 m to 226.25 m) at a grade of 52 g/t Ag, 0.25% Pb and 0.59% Zn, including 17.94 m (198.96 m to 216 .9 m ) at a grade of 197 g/t Ag, 0.49% Pb and 0.91% Zn.

First Quarter 2023 Resource Drilling Program Update

The Company’s 15,000m drill program by 2023 at Carangas is nearing completion. Results from this drill program, along with drill results from 2021 and 2022, will be used to estimate an initial mineral resource to be completed in the second quarter of 2023.

Extended IP Survey Program

A 3D IP-MT Bipole-Dipole pilot study program was completed in September 2022 in the West Dome-Central Valley-East Dome drill area (see the Company’s press release dated November 14, 2022), which has revealed that the blind gold mineralization system in the Central Valley overlies the strongest chargeability anomaly beneath the young Central Valley sediments.

Encouraged by the success of the 3D Bipole-Dipole IP-MT survey pilot program, Southern Rock Geophysics SA of Chile conducted an extensive 3D Bipole-Dipole IP-MT survey program at Carangas from November 2022 to January 2023. This IP The program covers the entire Carangas Basin, covering an area of ​​29 square kilometers, which is mainly covered by young sediments.

Several high bearing capacity anomalies with a signature similar to that of Central Velley have been identified in the widened area outside of the drilled area (Figure 2). These new anomalies generally have little or no chargeability response near the surface, but high chargeability begins to appear from 200 m to more than 800 m from the surface. These deep, high-bearing capacity anomalies may be related to sulphide mineralization at depth, which may be related to intrusive rhyolite bodies, such as those seen in the Central Valley. These anomalies, like those in the northern Central Valley (Figure 2), will be drill targets in future exploration programs.

ON THE NEW PACIFIC

New Pacific is a Canadian exploration and development company with precious metals projects in Bolivia. The Company’s flagship project, the Silver Sand Silver Project, released the results of its inaugural preliminary economic assessment (the “PEA”) in January 2023. The PEA study shows an after-tax NPV (5% reduction) of 726 million US dollars with an IRR of 39%, supported by total silver production of 171 million ounces over the 14-year mine life. At the recently discovered Carangas Silver-Gold Project, a resource drilling program of over 50,000 meters was completed in 2022. The third project, the Silverstrike Silver-Gold Project, had a discovery drilling program of 6,000 meters in June 2022. .

For more information, put in contact with:

Andres Williams, President
New Pacific Metals Corporation.
Telephone: (604) 633-1368 ext. 236
Toll free in the United States and Canada: 1-877-631-0593
Email: invest@newpacificmetals.com
For more information and to receive company news by email, please sign up on the New Pacific website at www.newpacificmetals.com .