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New Pacific Announces Filing of Technical Report For the Silver Sand Project and Reports Financial Results For the Three and Nine Months Ended March 31, 2020
VANCOUVER, British Columbia, May 25, 2020 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX-V: NUAG) (OTCQX: NUPMF) announces t
About this update from New Pacific Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, May 25, 2020 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX-V: NUAG) (OTCQX: NUPMF) announces the filing of an independent Technical Report in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) on its 100% owned Silver Sand Deposit. The Technical Report, titled “Silver Sand Deposit Mineral Resource Report” dated May 25, 2020 (effective date of January 16, 2020) has been prepared by AMC Mining Consultants (Canada) Ltd. (“AMC”), and is available under the Company’s profile on SEDAR at www.sedar.com. The Company also announces its unaudited condensed consolidated interim financial results for the three and nine months ended March 31, 2020. This news release should be read in conjunction with the Company's management discussion & analysis and the financial statements and notes thereto for the corresponding period, which have been posted under the Company’s profile on SEDAR at www.sedar.com and are also available on the Company's website at www.newpacificmetals.com. All figures are expressed in Canadian dollars unless otherwise stated. SILVER SAND PROJECT The Company has carried out extensive exploration and resource definition drill programs on its Silver Sand Project since acquisition in 2017. In total the Company has completed 97,619m of drilling in 386 drill holes. On April 14, 2020, the Company released the inaugural NI 43-101 Mineral Resource estimate for the Project: Using a 45 g/t silver cut-off-grade the estimate reported Measured & Indicated resource tonnes of 35.39 Mt at 137 g/t Ag for 155.86 Moz and Inferred resource tonnes of 9.84 Mt at 112 g/t Ag for 35.55 Moz (see News Release dated April 14th for details). Highlights of the Resource Estimate are as follows: Mineralization starts at or near-surface and is amenable to potential open-pit mining extraction: Approximately 70% of the resources are within 200 m of the conceptual open pit surface. Favourable initial metallurgical test work indicates laboratory-based recoveries of up to 97% for the various oxide – transition and sulphide mineral domains (see news release dated August 23, 2019 for details). Resource estimate excludes the recently discovered Snake Hole zone where drilling intercepted 72....