VANCOUVER, BC, Jan. 31, 2024 /PRNewswire/ — New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP) (“New Pacific” or the “Company”) will present its 2024 plans for its operations. in Bolivia.
Andrew Williams, President and CEO, said: “2024 is expected to be a pivotal year for New Pacific. For our Silver Sand project, we expect to deliver our initial feasibility study by mid-year, allowing us to report mineral reserves for the first time. time in the history of our society. At the same time, with several projects underway, we continue our steady progress towards the submission of our Environmental Impact Assessment Study. At our Carangas project, we plan to build on the inaugural mineral resource estimate last year, revealing conceptual economics through a mid-year forecast release of an initial economic assessment.
“Over the past year, at New Pacific, we have been adding new assignment progression features while retaining our exploration ability to strategically expand or de-risk our assignments and capitalize on new opportunities as they arise. In our Silver Sand and Carangas allocations, we have made back-to-back silver discoveries in a country with a rich silver mining history spanning 500 years. We have also assembled a team of Bolivians motivated to responsibly expand the next generation of the country’s giant silver mines. With our recently subsidized track record of 35 million Canadian dollars in funding, New Pacific has a solid foundation for expansion in a world where demand for silver is increasing.
The preliminary feasibility study (the “PFS”) for the Company’s Silver Sand assignment is progressing as planned and is expected to be delivered by mid-2024. Les expertos independientes AMC Mining Consultants (Canada) Ltd. , NewFields Canada Mining
In May 2023, the Silver Sand commission received its environmental categorization as an open-pit operation proposal through the Bolivian Ministry of Environment and Water, officially launching the Environmental Impact Assessment (“EEIA”) procedure. The Company continues to advance its socialization process with communities within the Silver Sand Project’s domain of influence and to gather baseline environmental knowledge during rainy and dry seasons. In addition, the Company is creating a progression fund for sustainable progression allocations in partnership with local communities, demonstrating its long-term commitment to the region.
Once the socialization procedure has been completed, the Company sets itself the following objectives:
1) obtain surface rights through long-term land lease agreements;2) finalize a resettlement and compensation plan for impacted families; and3) implement measures to safeguard cultural and historical heritage.
As part of our journey towards obtaining the EEIA, the Company is building a framework to coexist with artisanal and small-scale miners (“ASM”) in areas of the Silver Sand allocation that do not encroach on our mining rights. New Pacific recognizes the importance of ASGM to the region’s economic and political landscape and is committed to ensuring that the shared benefits of a proposed hot mining operation are achieved, in addition to milling capacity, generation infrastructure, and capital. The Company is also taking steps, with the assistance of local government and external contractors, to address the presence of ASGM whose activities do not align with the Silver Sand Project’s progression objectives.
The Company is also applying to meet the International Finance Corporation’s 8 sustainability functionality standards, based on an assessment conducted with an independent representative last year. This aligns with New Pacific’s commitment to faulty mining while also offering stewards the advantages of positioning the task for advancement through the company or part, upon successful completion of the EEIA process.
The Company continues to work with Bolivia’s state-owned mining company, Corporación Minera de Bolivia (“COMIBOL”), to achieve ratification and approval of the Mining Production Contract (the “MPC”) signed for the Silver Sand Project through the Plurinational Legislative Assembly. . Meeting of Bolivie. La Company and COMIBOL suggested to the MPC exclusively on claims without delay adjacent to the barriers of the Silver Sand project. This rationalization of land ownership, while maintaining the MPC base price for the Silver Sand project, is expected to facilitate progress toward ratification and approval of the MPC.
The Company’s Preliminary Economic Assessment of the Carangas Project (the “Carangas PEA”) remains on schedule and is expected to be completed by mid-2024. Ultimately, the Company and its independent experts are conducting offset studies based on the mineral resource estimate with respect to the Carangas Project (the “Carangas MRE”). For more key points on the Carangas MRE, please refer to the Company’s press releases dated September 5, 2023 and September 18, 2023. A number of open-pit mining features are being explored, all targeting the higher-grade initial pit near the surface of the Carangas assignment that can be mined at a lower extraction rate. In addition, the Company is conducting a metallurgical testing program for the flowsheet and gathering valuable knowledge to assist the Carangas PEA. .
At the Company’s Silverstrike Project, exploration activities are suspended while the Company concentrates on the Silver Sand Project and Carangas Project programs, as noted above.
The clinical and technical data contained in this press release have been reviewed and approved by Alex Zhang, P. Geo. , Vice President of Exploration (the “Qualified Person”), who is a Qualified Person (as explained in National Instrument 43-101). – Disclosure Standards for Mineral Projects (“NI 43-101”) for the purposes of NI 43-101. The Qualified Person has verified the data disclosed in this document with popular verification procedures, including sampling, preparation, security and analysis procedures. procedures underlying such data, and is not aware of any danger, uncertainty or limitation of the verification procedure that may be expected. Affect the reliability or confidence in the data discussed here.
New Pacific is a Canadian exploration and development company with three valuable metals assignments in Bolivia. The company’s flagship assignment, Silver Sand, has the potential to become one of the largest silver mines in the world. The company is also moving its Carangas allocation to an Initial Economic Assessment. For the Silverstrike assignment, the Company completed a discovery drilling program in 2022.
For information, please contact:
Andrew Williams, CEOew Pacific Metals Corp. 1750 – 1066 Hastings Street, Vancouver, BC V6E 3X1, CanadaUnited States
The effects of the Preliminary Economic Assessment (“PEA”) contained in the Silver Sand PEA Technical Report are initial in nature and are intended to provide an initial assessment of the economic prospects and progression characteristics of the Silver Sand ProjectArray. The PEA mine schedule and economic evaluation are based on assumptions and are based on indicated and inferred mineral resources. The inferred resources are considered too geologically speculative for the economic considerations that would be consistent with them to be classified as mineral reserves to be implemented, and there is no certainty that the economic evaluations of the allocation described here will or will be carried out. the effects of the PEA. Mineral resource estimates could possibly be materially affected by geological, environmental, compliance, legal, title, sociopolitical, marketing or other applicable issues. The mineral resources are not mineral reserves and have not demonstrated economic viability. Additional exploration paints will be required to prospectively improve the classification of inferred mineral resources for attention in complex long-term studies. AMC Mining Consultants (Canada) Ltd. (“AMC Consultants”) (mineral resources, mining, infrastructure and monetary analysis) was engaged to prepare the PEA in collaboration with Halyard Inc. (metallurgy and processing) and NewFields Canada Mining & Environment. ULC. (waste, water and waste management). The qualified persons (as explained in National Instrument 43-101) for the PEA for the purposes of National Instrument 43-101 are Mr. John Morton Shannon, P. Geo, Managing Director and Principal Geologist of AMC Consultants, Mr. Wayne Rogers, P. Eng and Mr. Mo Molavi, P. Eng, Senior Mining Engineers at AMC Consultants, Mr. Andrew Holloway, P. Eng, Process Manager at Halyard Inc. , and Mr. Leon Botham , director of P. Eng. Array engineer at NewFields Canada Mining & Environment ULC, in addition to Ms. Dinara Nussipakynova, P. Geo. , principal geologist at AMC Consultants, who estimated the mineral resources. All PEA qualified persons have reviewed the following PEA disclosure. The PEA is based on the Mineral Resource Estimate (the “MRE”), which was claimed on November 28, 2022. The effective date of the MRE is October 31, 2022. The implemented deadline to claim the resource Limited ore across the pit is 30 g/t silver. The assumptions made to calculate a cut-off grade include extraction prices, processing prices and recoveries and were received from comparable commercial situations. The style is exhausted by former mining activities. Mineral resources are capped through optimized pit deposits at a silver value of US$22. 50 per ounce, metallurgical silver recovery of 91%, silver payability of 99%, open pit mining cost of US$2. 6/t, a processing cost of US$16/t, general and administrative expenses. charge of US$2/t and slope angle of 44 to 47 degrees. Key assumptions used for PEA mine pit optimization include a silver value of US$22. 50 per ounce, a silver metallurgical recovery of 91%, a silver payability of 99%, a pit mining charge open of US$2. 6/t, an additional mining charge of US$0. 04/t. t (consistent with a 10 m bank), processing charge of US$16/t, tailings facility installation or consistent with a charge of US$0. 7/t, G&A charge of US$2/t, royalty of 6, 00%, mining recovery of 92%, dilution of 8% and a cut-off grade of 30 g/t silver.
Certain of the announcements and data contained in this press release constitute “forward-looking data” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking data” within the meaning of provincial securities laws. applicable Canadians. . Any data that expresses or arises from discussions relating to predictions, expectations, beliefs, plans, projections, objectives, assumptions or long-term expectations or functionality (often, but not always, using words or expressions). expressions such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goal”, “goals” , “forecasts”, “objectives”, “budgets”, “schedules”, “potentials” or diversifications thereof or indicating that certain actions, occasions or effects “could”, “could”, “could”, “might” or “will take place, happen or be achieved, or the negative of any such terms and similar expressions) are not past facts and may be forward-looking data. These include, but are not limited to, matters relating to: planned exploration, drilling , progression, structure and other activities or achievements of the Company, including, but not limited to, the PFS, the MPC, the PEA, the Company’s socialization efforts, the creation of a progression fund, negotiations with MAPE and the Company’s efforts to meet International Finance Corporation functionality criteria, mineral resources or inferred, indicated or measured mineral reserves in the Company’s projects; the timing of receipt of entry permits and regulatory approvals, including, but not limited to, the EEIA; and estimates of the demand for money.
Forward-looking statements or information are subject to a variety of known and unknown hazards, uncertainties and other matters which may also cause actual events or effects to differ from those reflected in the forward-looking statements or information, including, but not limited to, hazards that: exploration, drilling, progression, structure and other activities or achievements of the Company, including, but not limited to, PFS, MPC, PEA, the Company’s socialization efforts, the creation of a progression fund, negotiations with the ASM and the Company’s efforts to meet the International Finance Corporation’s appearance criteria will not continue as planned, if at all; the mineral resources or mineral reserves inferred, indicated or measured in the Company’s projects are not accurate; the timing of receipt of entry permits and regulatory approvals, including, but not limited to, the EEIA, is not as anticipated; cash request estimates are not as anticipated; and other items described under the heading “Risk Factors” in the Company’s annual report for the year ended June 30, 2023 and in its other public filings. This list is not exhaustive of the items that could affect the Company’s forward-looking statements or non-compliance.
Forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and control reviews as of the date of this press release that, considered moderated through control, are inherently subject to significant business, economic and competitive uncertainties. . and the unexpected. These estimates, assumptions, beliefs, expectations and characteristics include, but are not limited to, those similar to the Company’s ability to continue its existing and long-term operations, adding: the duration and effects of COVID-19 on our operations and our personnel ; progression and exploration activities; the timing, scope, duration and economic possibilities of such operations; the accuracy and precision of estimates, allocations, forecasts, studies and evaluations; the Company’s ability to meet or achieve its estimates, allocations and forecasts; the stabilization of the political climate in Bolivia; the Company’s ability to discharge and hold a social license over its mineral properties; availability and charge of inputs; value and market of the product; exchange rates; tax levels; the timely receipt of mandatory approvals or permits, including the ratification and approval of the Mineral Production Contract with COMIBOL through the Plurinational Legislative Assembly of Bolivia; the ability of the Company’s Bolivian spouse to convert exploration licenses for the Carangas assignment into mining management contracts; the ability to meet existing and long-term obligations; the ability to obtain financing in a timely manner and on moderate terms when necessary; existing and long-term social, economic and political conditions; and other assumptions and points sometimes relevant to the mining industry.
Although the forward-looking statements contained in this press release are based on what Control considers to be moderate assumptions, there can be no assurance that actual effects will be consistent with those forward-looking statements. All forward-looking statements contained in this press release are accompanied by those cautionary statements. Therefore, readers deserve not to place undue reliance on such statements. Except as required by particular law, the Company shall have no legal liability and expressly disclaims any legal liability to update or revise any forward-looking statements. , whether as a result of new information, long-term events, or otherwise, as required by law. These forward-looking statements are made as of the date of this press release.
This press release has been prepared in accordance with the requirements of applicable Canadian securities laws, which differ from the requirements of U. S. securities laws. U. S. All mining terms used herein, but not otherwise defined, have the meanings set forth in NI 43-101. Unless otherwise indicated, the technical and clinical data presented herein have been prepared in accordance with National Instrument 43-101, which differs materially from the requirements followed by the U. S. Securities and Exchange Commission. U. S.
Accordingly, information contained in this news release containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder.
Additional information about the Company, in addition to the Company’s Annual Information Form, can be found on the Company’s profile on SEDAR atArray at EDGAR atArray and on the Company’s website at atArray.
SOURCE New Pacific Metals Corp.
MENAFN31012024003732001241ID1107793847
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