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New Pacific Metals encouraged by metallurgical drilling results at Silver Sand in Bolivia

Last updated: 10:26 14 Jul 2020 EDT, First published: 07:40 14 Jul 2020 EDT

New Pacific Metals -
A maiden resource estimate for the project released in April outlined a 35.4 million ton resource grading 137 grammes per ton silver for a total of 155.9 million ounces in the higher confidence measured and indicated category

New Pacific Metals Corp (CVE:NUAG) (OTCQX:NUPMF) has reported favourable results from infill drilling at its Silver Sand project in Bolivia, which will be used for detailed metallurgical work ahead of a preliminary economic assessment (PEA).

The assays hail from four in-fill drilling holes at the project and further demonstrate the continuity of silver mineralization, the Vancouver-headquartered group said in a statement.

READ: New Pacific Metals secures $25M bought deal financing for Bolivia Silver Sand project 

A highlight was an intersection of 282.01 metres (m) at a grade of 104 grams per ton (g/t) silver in one hole. Another hole showed 121.92m at 180 g/t silver.

A maiden resource estimate for the project released in April outlined a 35.4 million ton resource grading 137 g/t silver for a total of 155.9 million ounces in the higher confidence measured and indicated category.

The project also has 9.8 million tons at 112 g/t silver for 35.6 million ounces in the inferred category.

The estimate did not include the recently discovered Snake Hole zone, where drilling hit 72.4m grading at 279 g/t silver in January this year.

New Pacific suspended its 2020 drill program in late March amid the coronavirus pandemic, having completed nearly 2,400m of drilling at Silver Sand. Field operations are expected to restart following the receipt of authorization from the Bolivian government.

Silver Sand lies around 25 kilometres (km) northeast of the renowned Cerro Rico silver and base metal mineral system near Potosi, Bolivia. Access is relatively easy, with a road distance of 54km to Potosi, of which 27km are paved.

Also in Tuesday's statement, New Pacific told investors it has developed a composting and sampling program to collect around 1,500 kg of drill core and coarse reject samples from previous drill campaigns for metallurgical testing.

Shares in Toronto nudged up 1.9% to C$5.35 each.

Contact the author at giles@proactiveinvestors.com

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