The content of this release has been translated using machine translation software.

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

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

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 expanded IP-MT bipole-dipole 3D survey program completed in January 2023, showing several chargeability anomalies outside the current drill area (Figure 2). These new chargeability anomalies exhibit a geophysical signature similar to that of the known silver-gold system and will be tested in future drilling campaigns.

Drill Results Highlights for DEEP Holes

DCAr0112 intersected an interval of gold mineralization of 306.95 m at depth from 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 at 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) grade 54 g/t Ag, 0.25% Pb and 0.57% Zn and 75.1 m (108.7 m to 183.8 m) grade 27 g/t Ag, 0.24% Pb and 0.65 %Zn.

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

DCAr0105 intersected an interval of gold mineralization of 476.3 m (324.7 m to 801 m) at a grade of 0.75 g/t Au, including 43.62 m (510.38 m to 554 m) at a grade of 3.19 g/t Au and a range of silver-lead-zinc mineralization 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) grade 134 g/t Ag, 1.48 % Pb and 2.51 % Zn.

Drill Results Highlights for Shallow Holes

DCAr0141 intersected a 110.15 m (5.85 m to 116 m) interval of silver-lead-zinc mineralization near surface 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% Pb. Several historical underground mining voids with a total length of 16.39 m were intersected in this hole.

DCAr0128 intersected a 78.3 m (7.7 m to 86 m) interval of silver-lead-zinc mineralization near surface grading 104 g/t Ag, 0.74% Pb and 0.59% Zn including 33 m (30.5 m to 60.5 m) with a grade of 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 traversed 111.85 m (114.4 m to 226.25 m) grading 52 g/t Ag, 0.25% Pb and 0.59% Zn, including 17.94 m (198.96 m to 216.9 mm ) with a classification of 197 g/t Ag, 0.49% Pb and 0.91% Zn.

First Quarter 2023 Resource Drilling Program Update

The Company’s 2023 15,000m drill program 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.

Extensive IP search program

A 3D bipolar-dipole IP-MT survey pilot program was completed in the West Dome-Central Valley-East Dome drill area in September 2022 (see the company’s press release dated November 14, 2022), disclosing that the Blind gold mineralization system in the Central Valley covers the strongest chargeability anomaly beneath the young sediments of the Central Valley.

Encouraged by the success of the IP-MT 3D Bipolo-Dipole survey pilot program, an expanded 3D Bipolo-Dipole IP-MT survey program was conducted in Carangas by Southern Rock Geophysics SA of Chile from November 2022 to January 2023. The program covers the entire Carangas Basin, covering 29 square kilometers, mostly covered by young sediments.

Multiple high load 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 weak or no response near the surface, but the high carrying capacity begins to appear from 200 m depth to more than 800 m depth from the surface. These deep high chargeability anomalies may be related to deep sulphide mineralization, which may be related to intrusive rhyolite bodies such as those seen in the Central Valley. These anomalies, like those located north of the Central Valley (Figure 2), will be drill targets in future exploration programs.

ABOUT 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 its Preliminary Inaugural Economic Assessment (the “PEA”) results in January 2023. The PEA study shows an after-tax NPV (5% reduction) of $726 million with an IRR of 39%, supported by total silver production of 171 million ounces over the 14-year life of mine. 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, please contact:

Andrew Williams, President
New Pacific Metal Corp.
Phone: (604) 633-1368 ext. 236
Toll free in the United States and Canada: 1-877-631-0593
Email: invest@newpacificmetals.com
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