VANCOUVER, BRITISH COLUMBIA – (November 8, 2011) – New Pacific Metals Corp. (TSX-V: NUX) (the “Company”) is pleased to announce the assay results of the first three holes drilled (MS11-01, MS11-02 and MS 11-02A) in 2011 at the Lake Vein of the Mt. Skukum gold deposit at the Tagish Lake Gold Project in the Yukon Territory, Canada. Please refer to the following map for the location of the three drill holes:
The assay results confirmed the high-grade gold mineralization of the Mt. Skukum deposit reported by 1980’s historical drilling. This zone is not currently reported in any of the Company’s resource tabulations, yet shows promise to add resources to the project. The assays are summarized below:
Table-1 Drill Intercepts at the Lake Vein of Mt Skukum in 2011
Cutoff of 1.0 g/t Au is used in calculation of intercepts. Interval is close to true width as drill is almost normal to the dip and strike of veins.
Mt Skukum is a high-level low sulfidation epithermal gold deposit characterized by high-grade auriferous quartz-calcite-adularia veins, hosted in Tertiary andesitic volcanic rocks. The deposit hosts multiple mineralized veins. The historic Mt. Skukum Gold Mine mined 233,400 tons of ore from 1986 to 1988, producing 77,790 ounces of gold from the Main Cirque Vein which is one of the related veins to this system.
In the 1980’s, drilling and underground development were completed at the Lake Vein (as well as other veins). The Company reviewed the historical exploration data and concluded that the deposit was not adequately explored. Consequently, the Company initiated a surface drill program at the Lake Vein in the summer of 2011; 16 holes were completed totaling 2,482 meters. The aim was to confirm the high-grade nature of the mineralization, to infill drill the gap areas of historical data, and to define potential step-outs of the high grade pockets demonstrated by historical drilling. Drilling occurred between September 8, 2011 and October 1, 2011. Stock-work vein zones of quartz-calcite-adularia veins of various widths were hit. In addition, wide zones of disseminated sulphides dominated by fine pyrite and pyrrhotite in altered volcanic tuff were noticed beneath the vein zones.
The Company is very pleased with the results from the stockwork vein zones of the first three drill holes. The Company is planning future drilling to fully explore the potential of the deposit and to fully define and calculate these potential additional resources. The assay results of the disseminated sulphide zones and other holes are pending.
Drill cores were halved by diamond-blade saw with half core samples being shipped to the ALS Minerals (ALS) preparation lab in Whitehorse, Yukon. The assay work was completed at the ALS assay lab in North Vancouver, British Columbia. Analysis methods are standard fire assay by AA finish and GRAV finish for gold, aqua regia digestion in addition to AA finish for silver. Standard reference materials, blank and field duplicate samples were inserted prior to shipment to monitor the quality assurance and quality control of the assay data.
About New Pacific Metals Corp.
New Pacific Metals Corp. is a Canadian near-term gold and silver production mining company engaged in the exploration and development of gold poly-metallic properties in the Yukon, Canada. The Company’s only project is the Tagish Lake Gold Property in Yukon Territory. With experienced management and sufficient technical and financial resources, the Company is well positioned to build shareholder value through discovery, exploration and resource development.
Jason Nickel, P.Eng. Vice President Engineering of the Company, is a Qualified Person pursuant to NI 43-101 and has reviewed and given consent to the technical information of this press release.
For more information about New Pacific, visit New Pacific’s website at www.newpacificmetals.com or contact New Pacific Metals Corp., Jason Nickel, Vice President Engineering, Phone: (604) 669-9397, Fax: (604) 669-9387, or New Pacific Investor Relations at 604-633-1368 or send inquires to firstname.lastname@example.org.
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