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TSX-V : NUX | 7/29/2010 10:25:22 AM ET |  |
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New Pacific Metals Corp. New Pacific Metals is a Canadian-based advanced junior gold exploration company engaged in the exploration and development of gold-polymetallic projects in China. Silvercorp Metals Inc. (TSX: SVM), the primary silver producer in China, is the major shareholder with an interest of 23%. The company's flagship property, the Huaiji Gold Project, located in southern China, has an inferred resource of 162,396 oz gold. The company has staked the Eva Lake Property of 260 km2 in BC, Canada, in June, 2010.With $10 million in working capital, no debt and experienced management, the company is well positioned to build shareholder value through discovery and resource development. | |
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News Release: 2008 Dec 08, 2008 Gold Mineralization Intersected by Drilling and Underground Tunneling at the HNK Gold-Polymetallic Project, Guangdong Province, China
VANCOUVER, BRITISH COLUMBIA - December 8, 2008 - New Pacific Metals Corp. (TSX-V: NUX) reports assay results for its exploration program at the HNK Gold-Polymetallic Project located in Guangning County, Guangdong Province, People's Republic of China. The HNK Project permit covers an area of approximately 56.5 square kilometers. To date, the Company has completed a total of 14,925 meters diamond drilling in 51 holes and has completed 700 meters of underground tunneling in two adits (PD 220 and PD 260) at 220 m and 260 m levels, and a Decline (XJ180) from the 220 m Level. Drill Results Through sampling of 189 old artisanal mine workings and diamond drilling, the Company has to date identified 18 gold mineralized veins/zones within the East Area of the HNK exploration permit. The most significant veins V9, V10 and V11 are NE-SW trending structures that cut across sedimentary host rocks. These veins coincide with elongated soil geochemical anomalies and numerous artisanal tunnels that were explored in the past by unauthorized miners. Table 1 summarizes the new drill intercepts of 25 diamond drill holes and Table 2 summarizes results of previously-announced drill holes. Please refer to Company's website www.newpacificmetals.com for additional maps and sections outlining the veins and location of the drill holes. Vein V9 V9 is the most significant vein that has been intersected by drilling and is the current focus of the underground tunneling program to define mineral resources. The vein has been intersected by 24 drill holes along a strike length of 820 m and to a depth of 400 m. Significant gold drill intersections, as previously reported, include: • 13.5 g/t over 3.1 m at an elevation of 180 meters in Drill hole ZK0001 and • 46.06 g/t over 1.94 m at an elevation of 80 meters in Drill hole ZK0003. (True widths are not known at this time) The vein is near vertical with a dip angle of 72 to 88 degrees northward, with thickness varying from 3.89 m to less than 1.0 m. Mineralized vein V9 cuts host rocks of thick-bedded sandstone and quartz sandstone of the upper part of the Cambrian Shuisi Formation. The mineralization occurs within grey silicification containing arsenopyrite, pyrite, sphalerite and pyrrhotite. Fine-grained visible gold has been observed in some of the high grade intersections. Other veins A multitude of additional veins have been identified parallel to V9. V10, like V9, is NE-NW trending and steeply dipping. The vein is developed along the F10 fault. Gold mineralization intersected to date is lower grade than that in V9 but in wider zones. Additional work is required to better define the mineralization in this vein. The location and orientation of the very high gold grade R1 vein, (8.13 meters averaging 55 grams/tonne gold), as intersected by drill hole ZK0003, could not be defined by the additional drill holes completed in the area. The exploration decline was designed to cut the mineralization at the 180 meter level that was intersected in the R1 zone. This decline is in progress but has not yet reached its target area. Vein V11 has been traced for 1,200 meters on strike and has been intersected by drill holes ZK0004 and ZK0005. Vein V109 is located in the northeast part of the exploration permit and is characterized by moderately high gold (6-11 g/t) and silver (330-340 g/t) values with some associated Pb and Zn (Refer to drill holes ZK 11801 and ZK1192). Like V11, further work is required to define the mineralization in these and other veins. Table 1: New Drill Results
Note: All widths are intercept widths and are not true widths, which have not been determined. Table 2: Drilling Results Previously Reported
Note: All widths are intercept widths and are not true widths, which have not been determined. Tunneling Program To date 300 meters of underground tunnel, with dimensions of 2.2 m width by 2.0 m height, has been completed at PD 220, and 200 meters at PD 260. These tunnels are designed to intersect vein V9 at elevations 220 meters and 260 meters respectively. An additional 200 meters at decline PD 180 (from the 220 meter level in PD 220) is oriented to access the high grade R1 vein intersected by drill hole ZK0003 (55.04 g/t gold over 8.13 meters) at the 180 meter level. The results from these tunnels are pending. Continuing Work While the underground tunneling is continuing, the Company is initiating technical studies that could become part of a pre-feasibility study (under Chinese mining regulations) in order to apply for a Mining Permit. Independent professional contractors are being engaged to perform metallurgical studies to determine the optimum processing method as well as hydrological, environmental, and logistical studies for possible mill and tailings sites. Quality Control The Company maintains a quality control program to ensure best practice in sampling and analysis of the samples. All samples are shipped directly in security bags to ALS Chemex (Guangzhou) Co. Ltd., a laboratory certified by China Bureau of Quality Control and Quality Assurance. In the laboratory, samples are dried, crushed, split, pulverized to 200 mesh, and then assayed using a standard 30 g nominal sample weight gold by fire assay with AAS finish. According to ALS Chemex, for the Fire Assay – AA process, a prepared sample is fused with a mixture of lead oxide, sodium carbonate, borax, silica and other reagents are required, inquarted with gold –free silver and then cupelled to yield a precious metal bead. The bead is digested in dilute nitric acid in the microwave oven, and then concentrated hydrochloric acid is added and the bead is further digested in the microwave at a low power setting. The digested solution is cooled, diluted with de-mineralized water and analyzed by atomic absorption spectroscopy against matrix-matched standards. The exploration work is carried out by Silvercorp Metals Inc's wholly owned subsidiary, Yunnan Jin Chang Jiang Mining Co. Ltd., and is directly supervised by Mr. Jigui Sun (B.A. & M.Sc., Geology), the General Manager of Jin Chang Jiang and by Dr. Rui Feng (Ph.D., Geology), Director of New Pacific Metals. Barry J. Price, M.Sc., P. Geo. Consulting Geologist has reviewed the contents of this News Release as the Qualified Person for the company. About New Pacific Metals Corp. New Pacific Metals Corp is engaged in the acquisition and exploration, of gold and polymetallic properties in the People's Republic of China ("China"). Currently, the Company is focusing on exploring and defining gold mineral resources in the Guangdong Province. For Further Information: NEW PACIFIC METALS CORP. Lou Duarte President, Phone: +1 (604) 633-1368, Fax: +1 (604) 669-9387, Email: info@newpacificmetals.com, Website: www.newpacificmetals.com CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration, development, and mining. Production and revenue projections are based not on mineral reserves but on mineral resources which do not have demonstrated economic viability. As a result, actual results may vary materially from those described in the forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. The Company does not undertake any obligation to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. The Company expressly disclaims any obligation to update any forward-looking statements. We seek safe harbour. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release. PLAN OF DIAMOND DRILLING HOLES AT HNK PROJECT   Download News Release (PDF: 225KB) |
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