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Nova Pacific Metals Files NI 43-101 Technical Report on the Lara Property Including a Mineral Resource Estimate
Vancouver, British Columbia--(Newsfile Corp. - July 23, 2024) - Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) (FSE: YQ10) (WKN: A40GSH) (the "Company," o
About this update from Nova Pacific Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - July 23, 2024) - Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) (FSE: YQ10) (WKN: A40GSH) (the \"Company,\" or \"Nova Pacific\") is pleased to announce that it has filed an Independent NI 43-101 compliant technical report on its Lara project, a partially developed polymetallic volcanogenic massive sulfide (\"VMS\") deposit located 15 km west of the port of Chemainus, British Columbia, Canada. The Lara Property comprises 4 mineral claims (~1848.1 ha) and is road accessible year-round via a network of logging roads throughout the claims. The report concludes that the most recent resource estimates published in 2007 are \"reasonable given the limitations of the data utilized which appears generally unbiased.\" It also concludes that the Coronation Zone, as outlined by drilling by previous operators, \"contains significant massive and semi-massive sulphide grades and tonnes as well as over mineable widths (>2 m).\" Table 1. Resource Estimate 1% Zinc Block Cut-off * Category Tonnes Zinc (%) Silver (g/t) Copper (%) Lead (%) Gold (g/t) Indicated 1,146,700 3.01 32.97 1.05 0.58 1.97 Inferred 669,600 2.26 32.99 0.90 0.44 1.90 Table 2. Resource Estimate 2% Zinc Block Cut-off * Category Tonnes Zinc (%) Silver (g/t) Copper (%) Lead (%) Gold (g/t) Indicated 428,600 5.65 47.04 2.25 1.18 2.39 Inferred 207,900 3.99 37.57 1.73 0.84 2.30 * Nova Pacific Metals has not done sufficient exploration to classify historical estimate as a current resource and the Company is not treating the historical estimate as a current resource. This report includes analysis of several decades of exploration on the Lara project which includes: 323 drill holes, for a total of 58,262.69 meters of drilling, focused mainly on the Coronation Trend, one of seven identified mineralized zones located in the Lara area (four of which are shown on Figure 2). Minnova (1988) drove a decline (northwestward) into the Coronation Zone and an east and west drift with several small exploratory crosscuts and raises. In total 467 m of tunneling was completed. The decision by Minnova to go underground was based on resources and metallurgical studies conducted at the time, that unfortunately coincided with a strong downturn in the metals market in 1988-9, stalling the project. One massive sulphide lens in the Coronation Zone exposed i...