VANCOUVER, BRITISH COLUMBIA – (January 18, 2012) – New Pacific Metals Corp. (TSX-V: NUX) (the “Company”) is pleased to announce assay results for the remaining holes drilled in 2011 at the Lake Zone of the Mt. Skukum gold deposit at its Tagish Lake Gold Project in Yukon Territory, Canada (the “Project”). It should be noted that in regards of the Company´s stated resources, the bulk of the Project´s resources are at the Skukum Creek deposit (which is a separate deposit from Mt. Skukum).
The Company feels that it has sufficient drilling data to complete a new resource calculation across all three of the Project´s deposits being: Goddell, Skukum Creek, and Mt. Skukum, and to bring those resource calculations into the “Current” status pursuant to NI 43-101. Assays for Mt. Skukum are summarized in the following table:
hole_id |
depth_from |
depth_to |
interval (m) |
Au_g/t |
Ag_g/t |
MS11-03 |
55.50 |
61.50 |
6.00 |
8.66 |
32.1 |
including |
55.50 |
57.00 |
1.50 |
29.6 |
113 |
MS11-04 | no significant results | ||||
MS11-05 |
232.00 |
234.00 |
2.00 |
1.65 |
1.6 |
MS11-06 | no significant results | ||||
MS11-07 |
95.00 |
97.00 |
2.00 |
1.48 |
12.5 |
MS11-08 |
180.00 |
182.00 |
2.00 |
5.01 |
3.40 |
MS11-09 |
189.12 |
190.52 |
1.4 |
26.6 |
17 |
MS11-10 | no significant results | ||||
MS11-11 | no significant results | ||||
MS11-12 | no significant results | ||||
MS11-13 |
63 |
66.5 |
3.5 |
30.25 |
29.53 |
MS11-14 | no significant results | ||||
MS11-15 | no significant results | ||||
Note: Cut-off 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. | |||||
These assay results confirm the high-grade nature of gold mineralization reported by drilling in the 1980´s. Two major quartz-calcite-sericite-adularia stockwork veins of the Lake Zone, (Lake vein 1, Lake vein 2) are reasonably continuous on strike and down-dip with both high-grade pockets and irregular to low-grade to barren portions within stockwork zones. See overview on Schematic 1.
Schematic 1 – Overview of Mt. Skukum Lake Zone Geology
Drill results in 2011 confirmed the high grade pockets demonstrated by historical drilling, and more drilling is required to fully define the individual stock-work vein zones. 2011 drill results illustrate that no economical mineralization is associated with the disseminated sulphide zones. Schematic 2 illustrates the potential for width of the zone, with a current interpretation on section.
Schematic 2 – Section of Mt. Skukum Lake Zone Deposit, illustrating intercepts
Schematic 3 – Additional Section of Mt. Skukum Lake Zone Geologic interpretations
The Company is very pleased with the results from the stock-work vein zones of 2011 drilling activities. The Company is planning further drilling to explore the potential of the deposit and refine the high grade zones, and add resources with the new resource calculations planned for 2012.
Quality Control
Drill cores are halved by diamond saw with half core split samples being shipped to the preparation lab of the ALS Minerals Lab in Whitehorse, Yukon for preparation, and then being assayed at the assay lab of ALS in North Vancouver, British Columbia. Analysis methods are standard fire assay by AA finish and GRAV finish for gold, aqua regia digestion plus AA finish for silver. Standard reference materials, blank and field duplicate samples were inserted prior to shipment from site to monitor the quality assurance and quality control of the assay data.
Alex Zhang, P.Geo., Vice President Exploration 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.
Officers
The Company is also pleased to announce that the directors of the Company have re-appointed the Company´s officers for the following year: Rui Feng, Chief Executive Officer, Maria Tang, Chief Financial Officer, and Peter Torn, Corporate Secretary.
About New Pacific Metals Corp.
New Pacific Metals Corp. is a Canadian near-term gold and silver mining company engaged in the exploration and development of gold poly-metallic properties in the Yukon, Canada. The Company’s current 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.
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 info@newpacificmetals.com Website: www.newpacificmetals.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.