VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2011) - New Pacific Metals Corp. (TSX VENTURE:NUX) (the "Company") is pleased to announce the 2011 assay results from drilling at the Goddell gold deposit at its wholly owned Tagish Lake Gold Project in the Yukon Territory, Canada. The most prominent results include 36.7m @ 4.2 g/t gold from 514.99 meters to 551.69 meters in hole GG11-02 and 24.67m @ 4.33 g/t gold from 544 meters to 568.67 meters in hole GG11-04. The drill results confirm the wide zone of gold mineralization known as "PD Merged Zone" reported by historical drilling. The drill results are summarized as follows:
| Table-1 2011 Goddell Drill Intercepts | ||||||
| hole_id | depth_from | depth_to | interval (m | ) | Au_g/t | |
| GG11-01 | 327.42 | 328.43 | 1.01 | 4.05 | ||
| 366.72 | 367.72 | 1.00 | 2.38 | |||
| GG11-02 | 440.44 | 441.6 | 1.16 | 1.26 | ||
| 447.6 | 448.8 | 1.20 | 1.54 | |||
| 454.8 | 456 | 1.20 | 2.56 | |||
| 482.17 | 483.35 | 1.18 | 1.10 | |||
| 503.5 | 506.13 | 2.63 | 1.41 | |||
| 507.68 | 508.75 | 1.07 | 1.01 | |||
| 514.99 | 551.69 | 36.70 | 4.20 | |||
| including | 514.99 | 532.33 | 17.34 | 7.20 | ||
| 557.13 | 557.7 | 0.57 | 1.06 | |||
| GG11-04 | 378.33 | 378.91 | 0.58 | 1.18 | ||
| 416.05 | 417.3 | 1.25 | 4.46 | |||
| 466.37 | 467.5 | 1.13 | 1.08 | |||
| 509.1 | 512.33 | 3.23 | 2.02 | |||
| 516.79 | 517.79 | 1.00 | 7.50 | |||
| 530 | 531 | 1.00 | 7.60 | |||
| 534.43 | 535.16 | 0.73 | 1.78 | |||
| 536.06 | 536.62 | 0.56 | 4.35 | |||
| 540.69 | 541.34 | 0.65 | 4.00 | |||
| 544 | 568.67 | 24.67 | 4.33 | |||
| including | 544 | 552 | 8.00 | 10.58 | ||
| 579 | 580 | 1.00 | 1.35 | |||
| GG11-06 | 273 | 274 | 1.00 | 1.03 | ||
| 275 | 276.65 | 1.65 | 5.04 | |||
| 502.1 | 503.1 | 1.00 | 2.65 | |||
| Note: cutoff of 1.0g/t Au is used in calculation of intercepts. True width is estimated at about 50 to 80% of drill intercepts dependent on drill angles | ||||||
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Goddell is a shear zone hosted gold deposit, in a five kilometer strike length structure, associated with fine disseminated sulphides in altered andesite and rhyolite dykes, breccias and quartz monzonite. From 1987 to 2004, substantial drilling was completed by previous owners to define an area of the shear structure with a strike length of about 1,000 meters to a depth extent of 600 meters from surface, yielding some very wide gold intercepts. The summary of completed historical work includes 77 diamond drill holes totalling 20,722 meters plus 780 meters of underground decline development.
In 2011, the Company planned an underground drill program at Goddell aimed at testing the down dip extension of the PD zone known as the "Merged Zone"; the current geological interpretation points to a merging of the Goddell Gully Zone with the PD zone. Due to ground conditions encountered in the decline during dewatering surface drilling was carried out in place of underground drilling. Three drill holes were completed to the planned depth: these consistently intersected the anticipated wide "Merged Zone" of disseminated sulphide mineralization, characterized by fine disseminated pyrite and fine acicular arsenopyrite, overprinted by minor stibnite and quartz veinlets. However, some holes failed to reach the target depth due to faults and drilling performance.
The Company is very pleased with the assay results from the mineralized intervals; such results confirmed the previously determined wide gold intercepts that look promising for large "bulk-mining" sized stopes, envisioned for a future potential mining operation. The drilled section accounts only for a small strike sector of the five kilometers long mineralized Goddell shear structure. As work on Goddell re-commences in 2012, the Company will engage contractors with deep drilling ability to fully test the down-dip and along strike potentials of the entire structure with drill fences.
Quality Control
Drill cores were halved by a diamond-blade saw with half core splits being shipped to the preparation lab of the Stewart Group in Whitehorse, Yukon, and the remaining halves securely archived. Assay work was completed by the assay lab of the Steward Group in Kamloops, British Columbia. Analysis methods are standard fire assay with AA finish for gold. Standard reference materials, blank and field duplicate samples were included, with in house numbering, 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.
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.
Contact Information:
Jason Nickel
Vice President Engineering
(604) 669-9397
(604) 669-9387 (FAX)
New Pacific Metals Corp.
Investor Relations
(604) 633-1368
info@newpacificmetals.com
www.newpacificmetals.com