Announcement Date: 2022-11-28
Announcement Type: Deposit Estimation
Announcement Code: NI43-101
Company name: New Pacific Metals Corp.
Project name: Silver Sand
Location: Bolivia
Commodities: Silver
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Vancouver, British Columbia – November 28, 2022 –New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX: NUAG; NYSE American: NEWP) is pleased to announce an updated Mineral Resource Estimate for the Silver Sand Project (the “Project’), which is part of the ongoing Preliminary Economic Assessment (“PEA”) study of the Project. The PEA study is on track to be completed by the end of 2022. The Mineral Resource is reported in accordance with National Instrument 43‐101 (“NI 43‐101”) for its 100% owned Silver Sand Project, Bolivia. The estimate was completed by AMC Mining Consultants (Canada) Ltd. (“AMC Consultants”). MINERAL RESOURCE ESTIMATES The Mineral Resource Estimate used conceptual open pit mining constraints for reporting purposes and is presented in Table 1. Mineral Resources are stated at a 30 g/t silver cut‐off grade and the model is depleted for historical mining activitiesA comparison of the 2019 and 2022 Mineral Resource Estimates are shown in Table 3. The footnotesto Table 1 and Table 3 summarize the differences in the assumptions between the two estimates, most notably silver price, recovery, and cut‐off grade. An increased mining cost assumption for the 2022 estimate has resulted in an optimum pit shell that does not go as deep as the 2019 estimate.
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