Near-Surface Oxide Mineralization Intersected At The Silverstrike Project

VANCOUVER - New Pacific Metals Corp. with its local Bolivian partner, reported on the second drill hole from the 2022 Discovery Drill Program at the Silverstrike Project, in the Department of La Paz, Bolivia.  Similar to the first hole, DSSk0001, the second hole also intersected broad oxidized gold mineralization near-surface.  Ten holes for a total of 3,200 meters (m) have been drilled since the program started in June 2022, and assay results for the remaining eight holes are pending.

The second hole, DSSk0002, intersected a broad interval of 223.52 m (from 8.62 m to 232.14 m) grading 0.97 grams per tonne (g/t) gold (Au) and 4 g/t silver (Ag), including an interval of 86.13 m (from 8.62 m to 94.75 m) grading 2.18 g/t Au and 7 g/t Ag, which also included a higher grade sub-interval of 3.98 m (from 68.6 m to 72.58 m) grading 29.75 g/t Au and 23 g/t Ag. DSSk0002 (drilled eastward at a -45 degree dip) and DSSk0001 (drilled westward at a -45 degree dip) are scissor holes collared approximately 80 m apart. These two holes have extended a wide surface gold zone, discovered by chip samples to approximately 200 m from the surface and a width of at least 100 m.

Gold mineralization is hosted in volcanic clastic sediments (breccia or ignimbrites) and controlled by fractures that extend approximately to the North-East fractures and dip at high angles.  High-grade gold intervals are shown to occur near the contacts of ignimbrites and rhyolitic dykes. The host rocks appear oxidized with brownish-reddish iron oxides and hydroxides filling in fractures.