VANCOUVER, BRITISH COLUMBIA – (June 10, 2010) – New Pacific Metals Corp. (TSX-V: NUX) is pleased to announce that the Company has staked Eva Lake Property consisting of 65 contiguous claims of 260 km2 west of Gladys Lake, approximately 35 km northeast of Atlin, British Columbia, Canada.
Geology of the Eva Lake Property consists of Carboniferous and Permian Cache Creek group sedimentary rocks intruded by Cretaceous Surprise Lake batholith. This highly perspective area of the project was first recognized by stream/lake samplings conducted by the Geological Survey of Canada in 1977 (GSC Open File 517). After the data was made public, Noranda Mines Ltd, through its subsidiary Mattagami Lake Mines Ltd, staked part of the Surprise Lake batholith and conducted an airborne EM/magnetic survey and some surface drilling in 1980 (Assessment Report 8638).
In the airborne EM/magnetic survey, 51 EM anomalies, many of them overlapping with magnetic anomalies, were identified. The most prominent EM/magnetic anomaly zone of over 7 km long occurs at the south contact between the batholith and sedimentary rocks. No follow up work has been conducted on these significant anomalies over the contact zone. Within the batholith, at least two northeast trending zones of EM anomalies were identified, one of them is over 6 km long, also overlapping with magnetic anomalies. Subsequent surface exploration work, including soil geochemical survey and diamond drilling, was focused on the batholith. The soil geochemical surveys identified several lead-zinc anomalies overlapping with EM/magnetic anomalies. Concurrently, 16 diamond drill holes were drilled to test the anomalies. According to the drill log (Assessment Report 8638), the most significant drill intersects were an 8.69 m mineralization interval estimated at 5-35% sphalerite, 5-20% magnetite and a 6.10 m mineralization interval estimated at 5-40% sphalerite, 1-25% magnetite. The cores were not assayed.
Union Oil Company of Canada and several other companies also actively explored in the area (Assessment Report 6362, 6468, 6509, 6905, 7556). Pursuant to Assessment Report 7556, quartz-rich hydrothermal veins developed in the intrusion define linear mineralization zones. One such zone consists of two parallel veins measured in excess of 180 m long, 4 m wide, and 10 m in vertical height with chip samples yielding up to 9.25% zinc. In addition, several other mineral showings are also located on the property with significant lead, zinc, silver, uranium, molybdenum, tungsten, and copper mineralization. Since then (early 1980s), no further work has been carried out.
New Pacific Metals Corp. plans to conduct a high resolution airborne geophysical survey covering the area in the 2010 field season. Follow-up program will include geological mapping, soil and rock sampling to generate suitable drilling target.
Randy Cullen, P.Geo, consultant to New Pacific Metals Corp., is the Qualified Person on the project.
About New Pacific Metals Corp.
New Pacific Metals Corp. is an exploration stage company engaged in the acquisition and exploration of mineral properties. The Company is actively seeking out acquisition projects in China and other jurisdictions, while exploring for gold-poly-metallic projects in China.
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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.
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