Intersections At The Bolivian Carangas Silver-Gold Project

VANCOUVER - New Pacific Metals Corp. reported on the last ten drill holes from the Discovery Drill Program completed in 2021 at the Carangas Silver-Gold Project, Oruro Department, Bolivia. Assay results of all 35 holes drilled in 2021 (Figure 1) have now been received and released. Drill intercepts of mineralization and hole specifications of the last ten holes. Drilling is underway on the 2022 drilling program of up to an additional 40,000 meters ("m").

Highlights: 1) Hole DCAr0031 was drilled on section 24 at the Central Valley and intersected 595.7 m (from 161.55 m to 757.25 m) grading 1.25 grams per tonne ("g/t") gold ("Au") and 7 g/t silver ("Ag"), including 98.9 m (from 457.3 m to 556.2 m) grading 2.58 g/t Au, 6 g/t Ag and 42.11 m grading 3.51 g/t Au, 2 g/t Ag and 0.1% copper ("Cu") (from 711.0 m to 753.11 m). This broad gold zone occurs beneath a silver horizon of 41.63 m grading 41 g/t Ag, 1% lead ("Pb") and 1.72% zinc ("Zn") from 62.37 m to 104 m. This hole was terminated in mineralization at a depth of 757.25 m due to difficult drilling conditions and capacity of the drill rig. 2) Gold mineralization intersected in hole DCAr0031, is hosted in strongly argillic-sericitized lithic tuff of dacitic composition with disseminated sulfides and cut by veinlets of pyrite and chalcopyrite, similar to the holes DCAr0020, DCAr0016 and DCAr0015 reported previously. 3) Hole DCAr0032 was drilled at East Dome and intersected an interval of 194.70 m (from 18.3 m to 213.0 m) grading 33 g/t Ag, 0.37% Pb and 0.71% Zn, including a high-grade interval of 14.43 m (from 129.3 m to 143.73 m) grading 158 g/t Ag, 0.29% Pb and 0.25% Zn. This hole also intersected a high-grade interval of 10.25 m grading 1,213 g/t Ag, 1.2% Pb and 0.19% Zn from 319.89 m to 330.14 m. 4) Hole DCAr0027 was drilled at the top of West Dome and intersected an interval of 72.7 m grading 116 g/t Ag and 1.34% Pb (from 1.78 m to 74.48 m) in the near-surface hydrothermal breccia horizon, including 35.73 m grading 213 g/t Ag and 1.46% Pb (from 12.95 m to 48.68 m). 5) Hole DCAr0028 was drilled to the bottom of West Dome and intersected an interval of 190.97 m (from 10.47 m to 201.44 m) grading 65 g/t Ag, 0.48% Pb and 1.09% Zn, including high-grade intervals of 31.82 m (from 57.18 m to 89.0 m) grading 101 g/t Ag, 0.95% Pb and 2.59% Zn, and 17.03 m (from 178.9 m to 195.93 m) grading 347 g/t Ag, 1.01% Pb and 1.79% Zn. 6) Hole DCAr0030 was drilled to the bottom of West Dome about 100 m to the north of hole DCAr0028 and intersected an interval of 160.10 m (from 35.57 m to 195.67 m) grading 65 g/t Ag, 0.32% Pb and 0.93% Zn, including a high-grade interval of 32.65 m (from 56.2 m to 88.85 m) grading 216 g/t Ag, 0.63% Pb and 1.65% Zn.