Equibles

6-K

NEW PACIFIC METALS CORP (NEWP)

6-K 2023-02-01 For: 2023-02-01
View Original
Added on April 09, 2026

UNITED STATESSECURITIES AND EXCHANGE COMMISSION****Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OFTHE SECURITIES EXCHANGE ACT OF 1934

February 1, 2023

Commission File No. 0001-34184

NEW PACIFICMETALS CORP.(Translation of registrant's name into English)

Suite 1750 - 1066 W. Hastings Street

Vancouver BC, Canada V6E 3X1

(Address of principal executive office)

[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F]

Form 20-F [ ]  Form 40-F  [ X ]

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: February 1, 2023 NEW PACIFIC METALS CORP.
/s/ Jalen Yuan
Jalen Yuan
Chief Financial Officer

EXHIBIT INDEX

EXHIBIT DESCRIPTION OF EXHIBIT
99.1 News<br> Release dated February 1, 2023

Exhibit 99.1

****

New Pacific Intersects 230 Metres Grading 146 Grams Per Tonne Silver at the Carangas Project, Bolivia

VANCOUVER, BC, Feb. 1, 2023 /CNW/ - New Pacific Metals Corp. ("New Pacific" or the "Company") (TSX: NUAG) (NYSE American: NEWP), together with its local Bolivian partner, reports assay results for an additional 42 drill holes from the 2022 drill program at its Carangas Silver-Gold Project, Oruro Department, Bolivia (the "Carangas Project" or the "Project"). To date, assay results of 85 drill holes from the 115 holes drilled in 2022 have been received and released while results of the remaining 30 drill holes are pending. Detailed results and drill hole specifications are listed in Tables 1 and 2, as well as in Figure 1.

These 42 holes were drilled to define the continuity of the shallow silver mineralization on a grid with fifty-meter spacing. With the exception of one hole, all 41 drill holes intercepted broad silver mineralization, which further confirmed the continuity of the widespread shallow silver-lead-zinc polymetallic mineralization starting near surface in an area of up to 1,000 meters ("m") long by 800 m wide by 200m deep across the West Dome, the Central Valley and the East Dome. These drill hole results will be incorporated in the Project's inaugural mineral resource estimate expected to be released later in the year.

HIGHLIGHTS OF DRILL RESULTS

230.26 m interval (53.74 m to 284 m) grading 146 g/t silver ("Ag"), 0.3% lead ("Pb") and 0.69% zinc ("Zn"), including 12.06 m interval (from 115.49 m to 127.55 m) grading 2,160 g/t Ag, 0.74% Pb, 1.74% Zn and 0.13% copper ("Cu") in Hole DCAr0075.

127.51 m interval (1.8 m to 129.31 m) grading 92 g/t Ag, 0.4% Pb and 0.41% Zn, including 15.2 m interval (90.05 m to 105.25 m) grading 200 g/t Ag, 0.35% Pb and 0.38% Zn in Hole DCAr0099.

188.20 m interval (20.0 m to 208.2 m) grading 63 g/t Ag, 0.3% Pb and 0.79% Zn, including 49.62 m interval (from 22.68 m to 72.3 m) grading 157 g/t Ag, 0.74% Pb and 2.02% Zn in Hole DCAr0080.

122.52 m interval (54.28 m to 176.8 m) grading 61 g/t Ag, 0.47% Pb and 0.83% Zn, including 54.9 m interval (from 55.46 m to 110.36 m) grading 120 g/t Ag, 0.71% Pb and 1.24% Zn in HoleDCAr0074.

237.0 m interval (26.3 m to 263.3 m) grading 59 g/t Ag, 0.41% Pb and 0.78% Zn, including 54.59 m interval (78.1 m to 132.69 m) grading 205 g/t Ag, 0.5% Pb and 1.41% Zn in Hole DCAr0085.

207.86 m interval (205.9 m to 413.76 m) grading 60 g/t Ag, 0.29% Pb and 0.5% Zn, including 21.76 m interval (265.0 m to 286.76 m) grading 128 g/t Ag, 0.27% Pb and 0.56% Zn in Hole DCAr0110.

149.68 m interval (4.42 m to 154.1 m) grading 57 g/t Ag, 0.44% Pb and 0.13% Zn, including 14.53 m interval (23.61 m to 38.14 m) grading 194 g/t Ag and 0.59% Pb in Hole DCAr0125.

148.84 m interval (46.2 m to 195.04 m) grading 50 g/t Ag, 0.28% Pb and 0.76% Zn, including 44.1 m interval (150.94 m to 195.04 m) grading 104 g/t Ag, 0.25% Pb and 0.55% Zn in Hole DCAr0083.

Table 1    Summary of Drill Hole Results
Hole_ID Depth_to Interval_m Ag_g/t Au_g/t Pb_% Zn_% Cu_% AgEq_g/t
DCAr0074 176.80 122.52 61 0.47 0.83 0.02 105
incl. 110.36 54.90 120 0.71 1.24 0.02 184
214.14 3.44 126 0.24 0.04 0.03 138
DCAr0075 284.00 230.26 146 0.30 0.69 0.01 180
incl. 127.55 12.06 2,160 0.74 1.74 0.13 2,254
incl. 225.00 28.78 132 0.20 0.28 0.01 148
DCAr0080 208.20 188.20 63 0.30 0.79 0.01 99
incl. 72.30 49.62 157 0.74 2.02 0.02 248
DCAr0082 77.46 42.46 12 0.30 0.60 0.02 43
99.82 14.35 46 0.57 1.24 0.01 105
164.90 57.52 20 0.32 1.04 0.01 66
195.37 9.40 5 0.32 0.59 0.02 38
281.05 51.05 9 0.39 0.53 0.01 45
301.51 8.25 3 0.34 0.50 33
387.70 61.05 4 0.33 0.58 0.01 40
DCAr0083 195.04 148.84 50 0.28 0.76 0.01 85
incl. 195.04 44.10 104 0.25 0.55 0.01 131
DCAr0084 20.81 12.81 10 0.43 0.23 30
52.30 5.87 64 0.38 0.26 84
127.72 54.41 36 0.22 0.61 0.01 64
192.10 52.82 34 0.32 0.50 0.02 62
225.43 12.11 103 0.11 0.14 0.01 112
DCAr0085 263.30 237.00 59 0.41 0.78 0.01 99
incl. 132.69 54.59 205 0.50 1.41 0.02 269
DCAr0086 92.80 67.93 28 0.39 1.10 77
147.27 42.13 15 0.18 0.50 0.01 38
204.56 11.92 119 0.19 0.19 0.01 132
214.45 2.61 58 0.13 0.11 0.08 74
255.34 2.54 89 0.07 0.18 0.04 102
DCAr0087 127.23 58.93 33 0.31 0.56 62
181.96 40.78 54 0.28 0.68 0.02 86
DCAr0088 138.70 131.90 49 0.42 1.04 0.01 97
incl. 74.11 67.31 87 0.70 1.53 0.02 161
165.25 20.08 28 0.09 0.22 0.01 39
200.00 15.38 54 0.31 0.67 0.02 87
221.40 4.20 47 0.22 0.30 64
324.50 63.08 12 0.53 0.79 0.01 55
DCAr0089 137.23 132.46 25 0.26 0.15 0.01 39
163.56 1.15 79 0.39 0.80 0.05 122
176.12 2.43 41 0.11 0.28 0.01 54
202.02 10.12 30 0.08 0.15 0.01 39
208.08 1.08 33 1.10 3.11 0.05 173
DCAr0090 112.48 37.80 24 0.36 0.55 0.01 54
203.00 56.15 119 0.30 0.18 0.02 135
227.67 1.40 239 0.68 0.13 0.01 264
DCAr0091 14.93 13.48 34 0.28 0.02 43
180.02 135.62 23 0.35 0.49 0.01 51
DCAr0092 127.13 116.33 37 0.45 0.77 0.01 77
incl. 33.57 22.77 107 1.38 1.64 0.02 204
227.10 90.20 12 0.19 0.49 0.01 35
DCAr0093 75.10 9.95 75 0.04 0.06 79
125.97 9.70 23 0.13 0.14 32
165.51 5.59 73 0.14 0.07 0.01 80
188.30 14.35 92 0.18 0.23 0.02 107
203.84 5.70 106 0.22 0.16 0.04 123
236.26 3.99 33 0.05 0.05 0.01 36
244.28 2.67 83 0.37 0.04 0.04 99
DCAr0095 43.50 36.00 23 0.36 0.01 34
107.60 13.07 28 0.30 0.14 37
142.85 2.20 173 1.07 0.66 0.01 206
205.50 26.50 45 0.26 0.57 0.04 57
310.00 10.50 57 0.03 0.06 0.04 62
DCAr0097 23.15 22.50 10 0.37 0.15 0.01 27
72.23 25.05 13 0.14 1.00 0.01 51
107.90 21.60 45 0.37 0.48 0.01 72
DCAr0098 83.50 63.40 38 0.73 0.70 0.01 84
144.30 40.50 27 0.26 0.58 0.02 56
191.80 29.26 15 0.35 1.07 0.02 63
235.27 4.97 62 0.04 0.08 65
DCAr0099 129.31 127.51 92 0.40 0.41 0.02 119
incl. 105.25 15.20 200 0.35 0.38 0.01 224
DCAr0100 11.20 3.84 51 0.38 0.02 63
138.00 78.10 34 0.41 0.46 0.02 63
198.20 40.30 13 0.23 0.66 0.01 43
304.50 8.16 63 0.34 0.14 0.09 87
328.36 17.76 56 0.41 0.07 0.08 79
DCAr0101 61.05 54.90 40 0.55 0.18 0.01 63
130.35 59.75 18 0.21 0.64 0.01 46
190.30 38.40 32 0.50 0.69 0.03 73
214.55 5.95 35 0.36 0.38 0.01 59
249.10 3.35 71 0.50 0.26 95
260.10 1.10 257 0.51 0.27 281
291.90 5.81 4 0.58 0.55 40
DCAr0102 138.65 112.48 22 0.25 0.69 0.01 54
153.23 7.43 77 0.11 0.15 85
193.03 31.64 87 0.18 0.30 0.01 102
225.55 8.97 27 0.37 0.32 49
DCAr0103 94.40 92.40 19 0.48 0.24 0.02 43
DCAr0106 61.15 61.15 30 0.25 0.20 0.01 44
191.54 96.54 52 0.47 1.01 0.02 102
incl. 127.80 13.98 171 0.64 1.41 238
DCAr0107 89.95 58.35 23 0.38 1.06 70
160.90 39.85 25 0.17 0.46 0.01 47
DCAr0108 77.09 59.58 7 0.21 0.86 0.03 45
161.00 76.10 18 0.29 1.34 0.01 73
195.40 9.33 12 0.80 1.04 0.05 76
267.70 26.13 7 0.51 0.64 43
DCAr0109 137.63 85.09 49 0.26 0.57 0.01 76
DCAr0110 166.63 160.44 23 0.30 0.37 0.01 44
192.09 2.64 155 0.32 0.66 0.01 188
413.76 207.86 60 0.02 0.29 0.50 0.01 88
incl. 286.76 21.76 128 0.27 0.56 0.01 156
incl. 412.36 17.94 136 0.20 0.44 0.65 0.05 190
448.85 13.43 27 0.04 0.20 0.27 0.14 59
DCAr0111 96.20 78.40 25 0.41 0.83 65
163.80 46.23 28 0.59 1.60 0.01 99
230.40 45.40 24 0.23 0.48 0.03 50
DCAr0113 26.20 25.50 45 0.18 0.13 55
149.23 59.63 26 0.14 0.56 0.01 50
202.59 40.69 16 0.11 0.53 0.04 41
DCAr0115 18.20 17.35 64 0.61 0.01 83
181.63 2.63 13 0.24 2.41 0.03 103
DCAr0116 111.75 29.65 26 0.25 0.86 62
DCAr0118 29.90 29.00 35 0.53 0.01 51
151.40 5.55 27 0.21 0.86 0.01 63
164.34 2.80 39 0.21 0.43 60
233.70 61.03 32 0.14 0.36 0.02 50
376.40 131.33 33 0.17 0.35 0.01 50
398.38 2.78 132 0.29 1.14 0.03 182
DCAr0119 10.00 8.00 17 0.30 0.26 35
144.30 98.31 49 0.23 0.39 69
incl. 76.60 22.45 133 0.25 0.48 157
188.56 15.43 19 0.22 0.24 0.01 35
221.30 5.40 104 0.10 0.08 0.01 111
247.30 4.10 36 0.08 0.07 41
DCAr0120 71.00 69.00 20 0.71 0.25 0.01 49
116.58 19.38 19 0.48 1.43 0.01 82
250.45 128.39 47 0.20 0.43 0.01 68
incl. 236.10 14.78 235 0.15 0.20 0.01 246
262.00 2.60 182 0.17 0.11 190
DCAr0121 73.90 56.05 20 0.30 0.50 46
226.30 134.55 28 0.33 0.93 0.02 71
incl. 137.42 14.22 170 0.89 2.54 0.02 282
269.00 28.00 5 0.28 0.51 30
DCAr0122 9.68 9.40 31 0.07 34
145.00 9.00 8 0.14 0.76 38
DCAr0124 87.04 49.04 5 0.14 1.03 44
112.40 15.70 16 0.50 1.12 0.02 70
219.50 92.50 65 0.22 0.51 0.03 92
incl. 167.87 13.74 342 0.26 0.59 0.08 378
272.30 32.40 9 0.44 0.66 44
DCAr0125 154.10 149.68 57 0.44 0.13 0.01 75
incl. 38.14 14.53 194 0.59 0.02 0.01 213
DCAr0127 9.00 7.25 32 0.20 0.02 39
66.50 47.84 23 0.27 0.02 31
85.70 11.70 52 2.06 0.34 0.04 127
118.30 17.00 25 0.40 0.90 0.01 68
137.30 13.30 7 0.12 0.47 27
206.00 8.25 23 0.24 0.60 0.03 53
DCAr0129
DCAr0130 69.92 63.20 60 0.38 0.02 0.01 72
145.66 8.95 5 0.18 0.63 31
Notes:
1. Drill location, altitude, azimuth, and dip of drill holes are provided in Table 2
2. Drill intercept is core length, and grade is length weighted. True width of mineralization is unknown due to early stage of exploration without adequate drill data.
3. Calculation of silver equivalent ("AgEq") is based on the long-term median of the August 2021 Street Consensus Commodity Price Forecasts, which are US22.50/oz for Ag, US0.95/lb for Pb, US1.10/lb for Zn, US3.40/lb for Cu, and US1,600/oz for Au. The formula used for the AgEq calculation is as follows: AgEq = Ag g/t + Pb g/t * 0.0029 + Zn g/t * 0.00335 + Cu g/t * 0.01036 + Au g/t * 71.1111. This calculation assumes 100% recovery. Due to the early stage of the Project, the Company has not yet completed metallurgical test work on the mineralization encountered to date.
4. A cut-off of 20 g/t AgEq is applied to calculate the length-weighted intercept. At times, samples lower than 20 g/t AgEq may be included in the calculation of consolidation of mineralized intercepts.

All values are in US Dollars.

Figure 1 Simplified Geology and Drill Plan Map of the Carangas Project

Carangas Feb 1 2023 (CNW Group/New Pacific Metals Corp.)

Table 2 Summary of Drill Holes of the Carangas Project
Hole_ID Easting Northing Altitude Depth_m Azimuth (°) Dip (°) Target
DCAr0074 539253.63 7905549.62 3908.13 270.00 20 -45 CV
DCAr0075 539184.30 7905367.61 3907.54 330.80 20 -45 CV
DCAr0080 539017.83 7905486.37 3925.90 273.20 20 -45 WD
DCAr0082 539243.67 7905232.72 3907.18 410.00 20 -45 CV
DCAr0083 539000.13 7905439.20 3918.51 281.00 20 -45 WD
DCAr0084 539310.72 7905420.37 3908.90 300.00 20 -45 CV
DCAr0085 539232.70 7905352.15 3908.55 302.00 20 -45 CV
DCAr0086 539038.10 7905534.61 3933.13 269.00 20 -45 WD
DCAr0087 539329.07 7905463.06 3909.26 278.00 20 -45 CV
DCAr0088 539329.07 7905463.06 3909.26 278.00 20 -45 WD
DCAr0089 538962.34 7905341.65 3906.50 350.00 20 -45 WD
DCAr0090 538824.50 7905374.46 3966.88 251.00 21 -45 CV
DCAr0091 539345.44 7905512.71 3909.47 300.00 20 -45 WD
DCAr0092 538826.12 7905542.19 4017.78 282.00 20 -50 WD
DCAr0093 538983.52 7905391.65 3909.81 302.00 20 -45 CV
DCAr0095 538790.94 7905511.15 4012.65 413.00 53 -45 WD
DCAr0097 539065.98 7905624.93 3944.91 293.00 20 -45 WD
DCAr0098 539310.38 7905344.11 3911.29 299.00 20 -45 ED
DCAr0099 539048.56 7905578.85 3939.95 254.00 20 -45 WD
DCAr0100 538852.80 7905494.87 3992.70 350.00 30 -40 WD
DCAr0101 539291.62 7905373.41 3908.72 350.00 20 -46 CV
DCAr0102 538948.20 7905456.67 3938.72 251.00 20 -48 WD
DCAr0103 538780.68 7905660.30 4053.77 200.00 215 -45 WD
DCAr0106 539287.52 7905279.08 3910.90 251.00 20 -45 ED
DCAr0107 538975.48 7905515.04 3947.22 200.00 20 -46 WD
DCAr0108 539290.54 7905218.10 3913.30 350.00 20 -45 ED
DCAr0109 538997.82 7905583.49 3963.61 250.00 20 -45 WD
DCAr0110 538835.81 7905370.47 3967.01 485.00 200 -45 WD
DCAr0111 539349.33 7905238.46 3929.41 371.00 20 -45 ED
DCAr0113 539355.65 7905396.45 3919.70 299.00 20 -45 ED
DCAr0115 538757.58 7905361.29 3960.67 230.00 20 -45 WD
DCAr0116 539384.56 7905476.65 3916.83 122.00 200 -45 ED
DCAr0118 538758.33 7905360.69 3960.60 420.00 200 -45 WD
DCAr0119 539387.33 7905481.30 3917.67 250.00 20 -45 ED
DCAr0120 539324.44 7905302.73 3917.67 269.00 20 -45 ED
DCAr0121 539302.27 7905251.26 3914.94 320.00 20 -45 ED
DCAr0122 538710.77 7905380.72 3953.95 152.00 20 -45 WD
DCAr0124 539334.51 7905194.06 3922.10 287.00 20 -45 ED
DCAr0125 538758.66 7905503.50 4010.75 251.00 245 -45 WD
DCAr0127 538760.73 7905508.02 4010.91 224.00 20 -45 WD
DCAr0129 539763.69 7904965.09 3990.83 302.00 58 -45 ED
DCAr0130 538759.97 7905503.40 4010.82 251.00 200 -45 WD
Note: 1. Drill collar coordinate system is WGS1984 UTM Zone 19S
2. Coordinate of drill collar is picked with Real Time Kinematics (RTK) GPS
3. CV - Central Valley; WD - West Dome; ED - East Dome

QUALITY ASSURANCE AND QUALITY CONTROL

The Company maintains tight sample security and QA/QC for all aspects of its exploration program at the Carangas Project. Drill core is logged, photographed and split on-site by the company and stored under secure conditions until being shipped in security-sealed bags by New Pacific staff in Company vehicles, directly from the project to ALS Global in Oruro, Bolivia for preparation, and ALS Global in Lima, Peru for geochemical analysis. ALS Global is an ISO 17025 accredited laboratory independent from New Pacific. All samples are first analyzed by a multi-element ICP package (ALS code ME-MS41) with ore grade specified limits for silver, lead, and zinc, further analyzed using ALS code OG46. Further silver samples over specified limits are analyzed by gravimetric analysis (ALS code of GRA21). Gold is assayed first by ICP and then by fire assay with AAS finish (ALS code of Au-AA25). Certified reference materials, various types of blank samples and duplicate samples are inserted into normal drill core sample sequences prior to delivery to the laboratory for preparation and analysis. The overall ratio of quality control samples in sample sequences is around twenty percent.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Alex Zhang, P. Geo., Vice President of Exploration, who is a Qualified Person for the purposes of National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101"). The Qualified Person has verified the information disclosed herein using standard verification processes, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties or any limitations on the verification process that could be expected to affect the reliability or confidence in the information discussed herein.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia. The Company's flagship Project, the Silver Sand Silver Project, has released its inaugural preliminary economic assessment (the "PEA") results in January 2023. The PEA study shows a post-tax NPV (5% discount) of US$726 million with an IRR of 39%, underpinned by a total silver production of 171 million ounces over 14 years of mine life. At the recently discovered Carangas Silver-Gold Project, a resource drilling program of more than 50,000 meters was completed in 2022. The third project, the Silverstrike Silver-Gold Project, had a 6,000 metre discovery drill program in June 2022.

For further information, please contact:

Andrew Williams, President

New Pacific Metals Corp.

Phone: (604) 633-1368 Ext. 236

U.S. & Canada toll-free: 1-877-631-0593

E-mail: invest@newpacificmetals.com

For additional information and to receive company news by e-mail, please register using New Pacific's website at www.newpacificmetals.com.

CAUTIONARY NOTE REGARDING RESULTS OF PRELIMINARY ECONOMIC ASSESSMENT

The PEA study results of Silver Sand Project arepreliminary in nature and are intended to provide an initial assessment of the project's economic potential and development options. ThePEA mine schedule and economic assessment includes numerous assumptions and is based on both Indicated and Inferred mineral resources.Inferred resources are considered too speculative geologically to have the economic considerations applied to them that would enable themto be categorized as mineral reserves, and there is no certainty that the project economic assessments described herein will be achievedor that the PEA results will be realized. The estimate of mineral resources may be materially affected by geology, environmental, permitting,legal, title, socio-political, marketing or other relevant issues. Mineral Resources are not Mineral Reserves and do not have demonstratedeconomic viability. Additional exploration will be required to potentially upgrade the classification of the Inferred Mineral Resourcesto be considered in future advanced studies. AMC Mining Consultants (Canada) Ltd. (mineral resource, mining, infrastructure and financialanalysis) was contracted to conduct the PEA in cooperation with Halyard Inc. (metallurgy and processing), and NewFields Canada Mining& Environment ULC (tailings, water and waste management). The Qualified Persons for the PEA are Mr. Wayne Rogers P.Eng and Mr. MoMolavi P.Eng both Principal Mining Engineers with AMC Mining Consultants (Canada) Ltd, Mr. Andy Holloway P.Eng, Process Director withHalyard Inc., and Mr. Leon Botham P.Eng., Principal Engineer with NewFields Canada Mining & Environment ULC. This is in addition toMs. Dinara Nussipakynova, P.Geo., Principal Geologist with AMC Consultants (Canada) Ltd. who estimated the Mineral Resources. All QPshave reviewed the technical content of the January 9, 2023, news release for the Silver Sand deposit and have approved its dissemination.The Silver Sand PEA is based on the updated Mineral Resource Estimate which was reported on November 28, 2022. The effective date of the2022 Mineral Resource Estimate for Silver Sand is 31 October 2022. The cut-off applied for reporting the pit-constrained Mineral Resourcesis 30 g/t silver. Assumptions made to derive a cut-off grade included mining costs, processing costs and recoveries and were obtainedfrom comparable industry situations. The model is depleted for historical mining activities. Mineral Resources are constrained by optimizedpit shells at a silver price of US$22.50 per ounce, silver metallurgical recovery of 91%, silver payability of 99%, open pit mining costof US$2.6/t, processing cost of US$16/t, G&A cost of US$2/t, and slope angle of 44-47 degrees. Key assumptions used for pit optimizationfor the PEA mining pit include silver price of US$22.50 per ounce, silver metallurgical recovery of 91%, silver payability of 99%, openpit mining cost of US$2.6/t, incremental mining cost of US$0.04/t (per 10 m bench), processing cost of US$16/t, tailing storage facilityoperating cost of US$0.7/t, G&A cost of US$2/t, royalty of 6.00%, mining recovery of 92%, dilution of 8%, and cut-off grade of 30g/t silver.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in thisnews release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation ReformAct of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statementsor information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives,assumptions, or future events or performance (often, but not always, using words or phrases such as "expects", "is expected","anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends","strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules","potential" or variations thereof or stating that certain actions, events or results "may", "could", "would","might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) arenot statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to:statements regarding anticipated inclusion of certain drill hole results in the Project's inaugural mineral resource estimate and theanticipated timing for the release of such mineral resource estimate.

Forward-looking statements or information are subjectto a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from thosereflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and socialimpact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, generaleconomic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest;dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks,operations and political conditions, the regulatory environment in Bolivia and Canada; risks associated with community relations and corporatesocial responsibility, and other factors described under the heading "Risk Factors" in the Company's Annual Information Formfor the year ended June 30, 2022 and its other public filings.

This list is not exhaustive of the factors thatmay affect any of the Company's forward-looking statements or information.

The forward-looking statements are necessarilybased on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that,while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties andcontingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company'sability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; developmentand exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates,projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the stabilizationof the political climate in Bolivia; the Company's ability to obtain and maintain social license at its mineral properties; the availabilityand cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvalsor permits, including the ratification and approval of the Mining Production Contract with COMIBOL by the Plurinational Legislative Assemblyof Bolivia; the ability of the Company's Bolivian partner to convert the exploration licenses at the Carangas Project to AMC; the abilityto meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and futuresocial, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements containedin this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual resultswill be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionarystatements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws,the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whetheras a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are madeas of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS

This news release has been prepared in accordancewith the requirements of the securities laws in effect in Canada which differ from the requirements of United States securities laws.The technical and scientific information contained herein has been prepared in accordance with NI 43-101, which differs from the standardsadopted by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, the technical and scientific information containedherein, including any estimates of mineral reserves and mineral resources, may not be comparable to similar information disclosed by U.S.companies subject to the disclosure requirements of the SEC.

Additional information relating to the Company,including the Company's Annual Information Form, can be obtained under the Company's profile on SEDAR at www.sedar.com, on EDGAR at www.sec.gov,and on the Company's website at www.newpacificmetals.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-pacific-intersects-230-metres-grading-146-grams-per-tonne-silver-at-the-carangas-project-bolivia-301735884.html

SOURCE New Pacific Metals Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2023/01/c1382.html

%CIK: 0001369085

CO: New Pacific Metals Corp.

CNW 07:30e 01-FEB-23

Report a Problem

Category
Description
Email (optional, for follow-up)