Content area
Abstract
(Marketwire - Oct. 26, 2011) - New Pacific Metals Corp. (TSX VENTURE:NUX) (the "Company") is pleased to announce the successful completion of 12,488 meters of diamond drilling in 51 holes, including 37 surface drill holes and 14 underground drill holes, from June 28 to October 1, 2011 at the Tagish Lake Gold Project in the Yukon, Canada (the "Project"). Core from this drilling has all been logged and processed and most assay results are still pending. The Company is experiencing longer wait times for its assay results as the Stewart Group, the assay laboratory completing the assay results, is in the process of being acquired by the ALS Chemex.
The majority of drilling was planned as underground drilling from the existing [Goddell] tunnel, as underground drilling can be completed year round and such drilling substantially reduces total drilling meters as opposed to drilling from surface. Accordingly, at the beginning of the season, the Company dewatered and rehabilitated the tunnel. However, as the project progressed the Company found that the ground conditions in Goddell were difficult; with faults of two to three metres requiring extensive support. After incurring $500,000 to rehabilitate the tunnel, the Company stopped further work, to re-assess the costing and value of the current plan. The Company intends to effect a new plan for next year's exploration program.
Surface drilling at the Goddell started in mid-July. To reach the planned targets, holes of 550 meters were planned. A total of eight holes were completed, totaling 3,187.02 meters, (see Table 4) of which three holes totaling 1951.86 meters were drilled to the planned depth; the remaining holes being abandoned for various reasons including drill pad depression caused by excessive rain and poor drilling performance. The completed holes have all successively hit wide zones of disseminated sulphide mineralization. This mineralization is hosted in altered andesite and rhyolite dykes, breccia zones and quartz monzonite, characterized by fine pyrite and shiny acicular arsenopyrite.