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New Pacific Metals Reports Financial Results for the Year Ended June 30, 2020 – Treasury of $66.9 Million to Advance the Silver Sand Project and Regional Exploration Initiatives
VANCOUVER, British Columbia, Aug. 26, 2020 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (“New Pacific” or the “Company”) announces its audited consolidated fina
About this update from New Pacific Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 26, 2020 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (“New Pacific” or the “Company”) announces its audited consolidated financial results for the year ended June 30, 2020. This news release should be read in conjunction with the Company's MD&A 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. FISCAL 2020 HIGHLIGHTS Inaugural independent NI 43-101 Mineral Resource estimate for the Silver Sand Project, one of the largest new global silver discoveries in the last decade and the largest Bolivian silver discovery since the mid-1990s: Measured & Indicated of 155.86 Moz of silver and 35.55 Moz of silver in the Inferred category. The deposit remains open for expansion; Discovered a new zone of high grade silver mineralization, Snake Hole, adjacent to the Silver Sand deposit - discovery hole intersected 33m @ 517 g/t (see News Release from August 6, 2020 and January 13, 2020 for details). Commenced regional silver exploration – acquired the stand-alone Silverstrike Project, a Silver Sand analog comprised of underexplored, structurally controlled, silver-polymetallic sandstone hosted mineralization centred on the historic Berenguela mining district; Increased the Companies bench strength with key hires during the period – COO transitioned to CEO role, added a VP Sustainability, dedicated Silver Sand Project Manager and Bolivian Sustainability team members; Commenced advanced studies on the Silver Sand Project – Preliminary Economic Assessment, Environmental and Social baseline studies and regional exploration on the Silverstrike Project; Continued focus on creating stakeholder value – transferred the Tagish Lake Gold Project to Whitehorse Gold Corp. (“Whitehorse Gold”) and will, subject to shareholder approval, distribute Whitehorse Gold common shares to the Company’s shareholders on a pro rata basis by way of a plan of arrangement; and Strengthened the treasury by raising net proceeds of $38.9 million through two bought deal financings to fund exploration and development studies. Maintained strong treasury position of $66.9 million as at...