PR Newswire
VANCOUVER, BC, Nov. 28, 2022
VANCOUVER, BC, Nov. 28, 2022 /PRNewswire/ - New Pacific Metals Corp. ("New Pacific" or the "Company") (TSX: NUAG) (NYSE American: NEWP) is pleased to announce an updated Mineral Resource Estimate for the Silver Sand Project (the "Project'), which is part of the on-going Preliminary Economic Assessment ("PEA") study of the Project. The PEA study is on track to be completed by the end of 2022. The Mineral Resource is reported in accordance with National Instrument 43‐101 ("NI 43‐101") for its 100% owned Silver Sand Project, Bolivia. The estimate was completed by AMC Mining Consultants (Canada) Ltd. ("AMC Consultants").
The Mineral Resource Estimate used conceptual open pit mining constraints for reporting purposes and is presented in Table 1. Mineral Resources are stated at a 30 g/t silver cut‐off grade and the model is depleted for historical mining activities:
Table 1. Silver Sand Deposit Mineral Resource as of 31 October 2022
Resource category | Tonnes (Mt) | Ag (g/t) ARIVA.DE Börsen-GeflüsterKurse | Ag (Moz) | ||
Measured | 14.88 | 131 | 62.60 | ||
Indicated | 39.38 | 110 | 139.17 | ||
Measured & Indicated | 54.26 | 116 | 201.77 | ||
Inferred | 4.56 | 88 | 12.95 |
Notes: |
|
Source: AMC Consultants. |
The assumptions for the open pit optimization exercise to constrain the Mineral Resource and conform to reasonable prospects for eventual economic extraction are shown in Table 2.
Table 2. Assumptions for pit optimization
Input | Units | Value |
Silver price | US$/oz Ag | 22.5 |
Silver process recovery | % | 91 |
Payable silver | % | 99 |
Mining recovery factor | % | 100 |
Mining cost | US$/t mined | 2.6 |
Process cost | US$/t minable material > COG | 16 |
G&A cost | US$/t minable material > COG | 2 |
Slope angle | Degrees | 44 – 47 |
A comparison of the 2019 and 2022 Mineral Resource Estimates are shown in Table 3. The footnotes to Table 1 and Table 3 summarize the differences in the assumptions between the two estimates, most notably silver price, recovery, and cut-off grade. An increased mining cost assumption for the 2022 estimate has resulted in an optimum pit shell that does not go as deep as the 2019 estimate.
Table 3. Comparison between 2019 and 2022 Mineral Resources
| Class | Tonnes (Mt) | Ag (g/t) | Ag (Moz) |
2019 (Cut-off 45 g/t Ag) | Measured | 8.40 | 159 | 43.05 |
Indicated | 26.99 | 130 | 112.00 | |
Measured and Indicated | 35.39 | 137 | 155.05 | |
Inferred | 9.84 | 112 | 35.55 | |
2022 (Cut-off 30 g/t Ag) | Measured | 14.88 | 131 | 62.60 |
Indicated | 39.38 | 110 | 139.17 | |
Measured and Indicated | 54.26 | 116 | 201.77 | |
Inferred | 4.56 | 88 | 12.95 | |
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