New Pacific Metals (TSX:NUAG) Reports Initial Assay Results from Q1 2023 Drill Program at Carangas Project in Bolivia, Sets Stage for Further Exploration

Figure 1 Simplified geology and drill plan map of the Carangas Project. Source: New Pacific Metals Corp.

New Pacific Metals Corp (TSX:NUAG) has reported the assay results from the initial 21 boreholes of their Q1 2023 drilling project at the Carangas Silver-Gold Project in Bolivia. The first quarter of 2023 saw the successful completion of the drilling project, a follow-up to the previous year’s initiative at the Carangas site. Initially expected to involve 15,000 meters of diamond core drilling, the project was expanded to fill in and reach beyond areas drilled from 2021 to 2022. The operation kicked off as planned in January 2023, concluding with an impressive total of 17,623 meters drilled across 39 boreholes by the end of April. Each borehole intersected mineralization, with assay results from 21 holes available so far, and results from the remaining holes on the way.

For its premier mineral resource estimate, New Pacific teamed up with RPMGlobal Canada Limited, a consultancy providing technical services related to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). A qualified expert from RPMGlobal visited the site in March 2023, and with assay results from all boreholes soon to be available, the resource estimation is set to begin. The completed resource estimate is projected for release in Q3 2023.

The technical team is currently conducting in-depth surface geological mapping and sampling to sharpen drill targets beyond the previously drilled areas, focusing on the induced polarization (“IP”) chargeability anomalies. This interim mapping project is a strategic move in anticipation of the drilling project’s next phase, slated for H2 2023. The IP chargeability anomalies have shown a geophysical signature that aligns with the central valley’s drilled-off area, which is known to be rich in silver-gold mineralization—further solidifying the potential of the Carangas Project.

Highlights from the results are as follows:

DCAr0171 intersected a wide interval of silver mineralization measuring 205.6 m (76.8 m to 282.4 m) grading 123 g/t Ag, 0.44% Pb and 0.84% Zn, including 77.6 m (126.1 m to 203.7 m) grading 242 g/t Ag, 0.71% Pb and 1.30% Zn. This step-out hole was drilled through fluvial sediment cover to the southwest of the South Dome and implies that shallow silver mineralization remains open to the southwest, beyond the previously drilled West Dome-Central Valley-East Dome corridor.

DCAr0170 was drilled at the western limit of the Central Valley near the West Dome and intersected a wide interval of silver mineralization measuring 292.8 m starting near surface (9.2 m to 302 m) grading 58 g/t Ag, 0.39% Pb and 0.84% Zn, including 80.39 m (9.2 m to 89.59 m) grading 173 g/t Ag, 0.77% Pb and 1.08% Zn.

DCAr0154 intersected an interval of silver mineralization measuring 93.7 m (69.5 m to 163.2 m) grading 50 g/t Ag, 0.20% Pb and 0.53% Zn, including 13.05 m (72.4 m to 84.45 m) grading 280 g/t Ag, 0.36% Pb and 0.83% Zn. To depth, multiple intervals of gold mineralization were intersected, represented by 233.66 m (500.24 m to 733.9 m) grading 0.65 g/t Au and 107.1 m (774.24 m to 881.34 m) grading 0.84 g/t Au. This hole was drilled to test the eastern extension of gold mineralization at depth and the gold intervals in this hole indicate that gold mineralization remains open to the east.

DCAr0151 intersected an interval of silver mineralization measuring 66.76 m starting near surface (6.14 m to 72.9 m) grading 55 g/t Ag and 0.31% Pb, and a second silver interval of 3.63 m (266.13 m to 269.76 m) grading 215 g/t Ag, 0.45% Pb and 0.54% Zn. This hole was drilled in the upper portion of the East Dome.

Figure 2 Geological mapping areas over IP chargeability anomalies. Source: New Pacific Metals Corp.

Table 1    Summary of Drill Intercepts

Hole_ID

Depth_from

Depth_to

Interval_m

Ag_g/t

Au_g/t

Pb_%

Zn_%

Cu_%

AgEq_g/t

DCAr0151

6.14

72.90

66.76

55

0.31

0.04

0.01

67

233.25

234.49

1.24

130

0.03

0.03

0.02

134

266.13

269.76

3.63

217

0.45

0.54

0.06

254

DCAr0152

6.00

47.78

41.78

42

0.40

0.25

0.01

63

69.25

125.28

56.03

21

0.38

0.94

63

140.14

148.35

8.21

11

0.37

0.92

53

177.30

213.11

35.81

9

0.03

0.44

0.82

0.03

54

242.70

302.00

59.30

16

0.18

0.21

0.58

0.03

57

311.78

315.92

4.14

1

0.97

0.01

0.07

73

325.27

365.29

40.02

6

0.51

0.08

0.27

0.03

56

378.20

422.32

44.12

5

0.59

0.01

0.04

0.04

53

436.71

483.92

47.21

2

0.61

0.01

0.04

0.02

49

510.00

517.50

7.50

0

0.78

0.03

58

523.50

531.90

8.40

6

1.15

0.01

0.04

0.09

99

576.10

597.17

21.07

1

0.01

0.03

0.82

31

650.00

682.82

32.82

25

0.22

0.05

0.02

0.08

51

697.84

748.00

50.16

3

0.89

0.01

0.03

0.13

81

787.50

802.42

14.92

10

0.87

0.01

0.41

115

DCAr0153

2.14

138.37

136.23

26

0.22

0.56

0.01

53

150.80

165.36

14.56

7

0.62

1.19

0.02

67

191.45

356.50

165.05

6

0.27

0.34

0.80

0.01

63

380.74

386.00

5.26

6

0.61

0.01

0.07

0.06

59

409.00

422.00

13.00

19

0.14

0.15

0.28

0.15

58

440.70

464.00

23.30

8

0.40

0.02

0.04

0.16

55

482.22

610.15

127.93

5

0.59

0.02

0.03

0.04

53

659.52

720.90

61.38

6

0.30

0.04

0.21

0.17

53

755.70

833.67

77.97

4

0.08

0.07

0.51

0.02

31

DCAr0154

16.30

43.16

26.86

14

0.37

0.09

28

69.50

163.20

93.70

50

0.20

0.53

0.02

75

incl.

72.40

85.45

13.05

280

0.36

0.83

0.01

319

209.50

219.25

9.75

6

0.09

0.97

0.60

61

289.95

368.36

78.41

4

0.17

0.22

0.40

36

378.10

408.00

29.90

5

0.16

0.17

0.33

32

452.00

460.12

8.12

5

0.10

0.13

0.36

28

500.24

733.90

233.66

8

0.65

0.01

0.13

59

747.00

756.50

9.50

2

0.41

0.00

0.01

32

774.24

881.34

107.10

5

0.84

0.01

0.01

65

DCAr0155

1.84

137.25

135.41

11

0.37

0.37

0.01

35

DCAr0156

24.00

28.28

4.28

22

0.82

0.07

0.07

56

44.58

48.60

4.02

38

1.87

0.07

0.01

97

65.00

74.00

9.00

45

0.47

0.02

59

81.37

88.10

6.73

25

0.61

0.02

0.01

44

102.50

105.00

2.50

26

0.19

0.05

0.01

34

150.85

173.50

22.65

4

0.48

0.12

0.01

23

270.45

278.80

8.35

56

0.39

0.04

0.01

70

DCAr0157

3.23

15.42

12.19

18

0.29

0.02

0.01

29

41.97

139.12

97.15

16

0.56

0.03

34

159.50

172.32

12.82

1.01

1.34

0.01

76

DCAr0158

125.00

129.50

4.50

31

0.14

0.50

0.01

52

172.45

187.38

14.93

27

0.21

0.30

0.01

44

240.38

241.84

1.46

62

0.07

0.12

68

273.50

275.00

1.50

57

0.15

0.15

0.06

72

299.00

303.00

4.00

67

0.10

0.11

0.06

79

DCAr0159

5.00

39.10

34.10

35

0.57

0.03

53

DCAr0160

6.70

28.20

21.50

31

0.26

0.02

0.01

39

75.50

109.89

34.39

23

0.27

0.04

0.01

33

125.00

152.00

27.00

19

0.36

1.32

0.02

77

DCAr0161

6.90

57.90

51.00

59

0.16

0.05

0.01

67

153.50

155.00

1.50

116

0.09

0.06

0.04

125

225.50

252.50

27.00

18

0.05

0.11

0.01

24

DCAr0162

75.47

79.39

3.92

31

0.76

1.27

97

97.20

125.35

28.15

31

0.21

0.65

0.02

61

136.27

154.20

17.93

9

0.31

0.78

0.05

50

207.50

225.00

17.50

5

0.04

0.47

0.54

39

287.10

304.31

17.21

7

0.18

0.53

0.72

0.02

62

321.22

329.88

8.66

3

0.08

0.40

0.96

53

392.87

399.50

6.63

18

0.56

0.13

0.19

0.08

77

427.45

600.35

172.90

14

0.97

0.06

0.02

0.09

94

631.12

645.17

14.05

6

0.81

0.01

0.02

0.06

70

658.20

663.95

5.75

0

1.29

0.01

93

673.67

717.87

44.20

2

1.08

0.00

0.01

0.05

85

734.00

754.50

20.50

2

0.71

0.01

0.01

0.03

57

796.40

819.70

23.30

1

0.84

0.03

0.02

63

DCAr0163

5.60

59.50

53.90

22

0.46

0.05

0.01

38

70.00

197.25

127.25

37

0.63

0.12

0.01

60

incl.

137.40

149.30

11.90

123

0.82

0.24

0.01

156

incl.

179.90

195.90

16.00

198

0.55

0.23

0.01

222

DCAr0164

7.50

19.50

12.00

14

0.13

0.22

25

77.65

164.60

86.95

12

0.14

0.48

0.02

34

187.00

252.97

65.97

4

0.03

0.31

0.48

31

271.90

308.60

36.70

5

0.15

0.44

0.74

0.01

54

373.80

406.63

32.83

6

0.07

0.12

0.48

0.02

33

423.40

628.10

204.70

8

0.64

0.03

0.08

0.04

61

683.50

713.75

30.25

2

0.61

0.01

0.02

0.05

52

767.00

821.24

54.24

6

1.61

0.00

0.01

0.14

135

DCAr0165

72.27

144.80

72.53

21

0.21

0.76

53

170.20

180.70

10.50

7

0.05

0.45

0.01

24

235.56

263.40

27.84

6

0.30

0.81

42

DCAr0166

1.00

53.10

52.10

13

0.25

0.27

30

65.00

69.00

4.00

56

0.18

0.55

80

88.00

146.90

58.90

19

0.26

0.75

53

162.01

236.80

74.79

10

0.03

0.29

0.50

0.01

38

251.50

314.87

63.37

6

0.16

0.53

0.96

0.01

67

330.78

347.08

16.30

4

0.02

0.22

0.48

0.05

33

390.77

414.50

23.73

3

0.22

0.08

0.18

0.04

31

419.00

428.00

9.00

1

0.61

0.00

0.03

0.01

47

451.90

466.57

14.67

2

1.05

0.09

0.27

0.03

92

476.70

485.65

8.95

10

2.54

0.05

0.07

0.04

199

511.70

515.56

3.86

14

1.49

0.03

0.03

0.14

136

611.50

620.90

9.40

7

0.15

0.03

0.76

0.06

50

700.70

709.15

8.45

1

0.10

0.01

1.01

0.01

43

774.75

785.80

11.05

4

0.72

0.00

0.03

0.18

75

791.20

798.10

6.90

2

0.32

0.00

0.02

0.24

51

DCAr0167

5.00

73.30

68.30

25

0.56

0.06

44

98.30

119.00

20.70

10

0.66

0.11

33

140.00

143.91

3.91

9

1.16

0.09

0.01

46

DCAr0168

62.75

104.80

42.05

18

0.30

0.58

47

120.80

138.60

17.80

33

0.16

0.61

59

175.87

186.00

10.13

19

0.12

0.35

34

197.30

219.44

22.14

8

0.36

0.71

0.01

44

237.70

269.80

32.10

28

0.97

1.37

0.08

109

DCAr0169

14.80

74.67

59.87

31

0.82

0.06

57

DCAr0170

9.20

302.00

292.80

58

0.39

0.84

0.02

99

incl.

9.20

89.59

80.39

173

0.77

1.08

0.05

236

DCAr0171

76.80

282.40

205.60

123

0.02

0.44

0.84

0.02

167

incl.

126.10

203.70

77.60

242

0.01

0.71

1.30

0.03

310

311.35

406.35

95.00

9

0.36

0.92

0.02

57

Notes:

1.

Drill location, altitude, azimuth, and dip of drill holes are provided in Table 2

2.

Drill intercept is core length, and grade is length weighted. True width of mineralization is unknown due to early stage of exploration without adequate drill data.

3.

Calculation of silver equivalent (“AgEq”) is based on the long-term median of the August 2021 Street Consensus Commodity Price Forecasts, which are US$22.50/oz for Ag, US$0.95/lb for Pb, US$1.10/lb for Zn, US$3.40/lb for Cu, and US$1,600/oz for Au. The formula used for the AgEq calculation is as follows: AgEq = Ag g/t + Pb g/t * 0.0029 + Zn g/t * 0.00335 + Cu g/t * 0.01036 + Au g/t * 71.1111. This calculation assumes 100% recovery.

4.

A cut-off of 20 g/t AgEq is applied to calculate the length-weighted intercept. At times, samples lower than 20 g/t AgEq may be included in the calculation of consolidation of mineralized intercepts.

Table 2 Summary of Drill Holes of Discovery Drill Program of Carangas Project

Hole_id

Easting

Northing

Altitude

Depth_m

Azimuth (°)

Dip (°)

Target

DCAr0151

539617.75

7905215.10

4013.81

300.00

20

-45

ED

DCAr0152

539311.30

7905343.30

3911.21

821.00

252

-75

CV

DCAr0153

539324.98

7905302.65

3917.54

836.00

252

-67

CV

DCAr0154

539487.76

7905479.04

3921.69

900.00

249

-66

CV

DCAr0155

538797.69

7905700.86

4063.33

140.00

120

-40

WD

DCAr0156

539684.64

7905129.41

4036.00

302.00

20

-45

ED

DCAr0157

538799.21

7905701.13

4063.35

206.00

60

-40

WD

DCAr0158

539517.04

7905105.86

3969.15

323.00

20

-45

ED

DCAr0159

538841.19

7905736.01

4068.83

152.00

7

-40

WD

DCAr0160

538841.30

7905734.87

4068.79

152.00

156

-40

WD

DCAr0161

539663.65

7905221.91

4023.46

293.00

20

-45

ED

DCAr0162

539403.94

7905455.30

3924.08

848.00

252

-67

CV

DCAr0163

538842.50

7905735.25

4068.85

200.00

110

-40

WD

DCAr0164

539412.79

7905417.33

3930.76

821.00

252

-70

CV

DCAr0165

539247.76

7905094.61

3908.82

302.00

20

-45

ED

DCAr0166

539400.87

7905371.39

3935.30

848.00

247

-75

CV

DCAr0167

538843.04

7905735.85

4068.79

152.00

81

-40

WD

DCAr0168

539276.07

7905026.84

3910.53

302.00

20

-45

ED

DCAr0169

538841.68

7905740.16

4068.79

152.00

50

-40

WD

DCAr0170

538946.49

7905288.56

3905.72

302.00

20

-45

WD

DCAr0171

538631.00

7905028.49

3905.09

420.00

48

-59

SD

Note:

1. Drill collar coordinate system is WGS1984 UTM Zone 19S

2. Coordinate of drill collar is picked with Real Time Kinematics (RTK) GPS except hole DCAr0036 which is by handheld GPS

3. CV – Central Valley; WD – West Dome; ED – East Dome; SD – South Dome

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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