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New Pacific Metals Corp. Update - Jun 10, 2010
New Pacific Metals Corp. Stakes Eva Lake Property in British Columbia
VANCOUVER, BRITISH COLUMBIA - (June 10, 2010) - New
Pacific Metals Corp. (TSX-V: NUX) is
pleased to announce that the Company has staked Eva Lake Property consisting
of 65 contiguous claims of 260 km2 west of Gladys Lake, approximately 35 km
northeast of Atlin, British Columbia, Canada.
Geology of the Eva Lake Property consists of Carboniferous and Permian Cache
Creek group sedimentary rocks intruded by Cretaceous Surprise Lake batholith. This highly perspective area of the project
was first recognized by stream/lake samplings conducted by the Geological
Survey of Canada in 1977 (GSC Open File 517). After the data was made public,
Noranda Mines Ltd, through its subsidiary Mattagami
Lake Mines Ltd, staked part of the Surprise Lake batholith
and conducted an airborne EM/magnetic survey and some surface drilling in
1980 (Assessment Report 8638).
In the airborne EM/magnetic survey, 51 EM anomalies, many of them overlapping
with magnetic anomalies, were identified. The most prominent EM/magnetic
anomaly zone of over 7 km long occurs at the south contact between the batholith and sedimentary rocks. No follow up work has
been conducted on these significant anomalies over the contact zone. Within
the batholith, at least two northeast trending
zones of EM anomalies were identified, one of them
is over 6 km long, also overlapping with magnetic anomalies. Subsequent
surface exploration work, including soil geochemical survey and diamond
drilling, was focused on the batholith. The soil
geochemical surveys identified several lead-zinc anomalies overlapping with
EM/magnetic anomalies. Concurrently, 16 diamond drill holes were drilled to
test the anomalies. According to the drill log (Assessment Report 8638), the most significant drill intersects were an 8.69 m
mineralization interval estimated at 5-35% sphalerite, 5-20% magnetite and a
6.10 m mineralization interval estimated at 5-40% sphalerite, 1-25%
magnetite. The cores were not assayed.
Union Oil Company of Canada and several other companies also actively
explored in the area (Assessment Report 6362, 6468, 6509, 6905, 7556). Pursuant
to Assessment Report 7556, quartz-rich hydrothermal veins developed in the
intrusion define linear mineralization zones. One such zone consists of two
parallel veins measured in excess of 180 m long, 4 m wide, and 10 m in
vertical height with chip samples yielding up to 9.25% zinc. In addition,
several other mineral showings are also located on the property with
significant lead, zinc, silver, uranium, molybdenum, tungsten, and copper
mineralization. Since then (early 1980s), no further work has been carried
out.
New Pacific Metals Corp. plans to conduct a high resolution airborne
geophysical survey covering the area in the 2010 field season. Follow-up
program will include geological mapping, soil and rock sampling to generate
suitable drilling target.
Randy Cullen, P.Geo, consultant to New Pacific Metals Corp., is the Qualified
Person on the project.
About New Pacific Metals Corp.
New Pacific Metals Corp. is an exploration stage company engaged in the
acquisition and exploration of mineral properties. The Company is actively
seeking out acquisition projects in China and other jurisdictions, while
exploring for gold-poly-metallic projects in China.
For Further Information:
Ivy Li, Investor Relations
Phone: (604) 633-1368
Fax: (604) 669-9387
Email: info@newpacificmetals.com
Website: www.newpacificmetals.com
CAUTIONARY DISCLAIMER -- FORWARD
LOOKING STATEMENTS
Statements in this press release other than purely historical information,
including statements relating to the Company's future plans and objectives or
expected results, constitute forward-looking statements. Forward-looking
statements are based on numerous assumptions and are subject to all of the
risks and uncertainties inherent in the Company's business, including risks
inherent in mineral exploration, development, and mining. Production and
revenue projections are based not on mineral reserves but on mineral resources
which do not have demonstrated economic viability. As a result, actual
results may vary materially from those described in the forward-looking
statements. There can be no assurance that such forward-looking statements
will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on such statements. The Company does not
undertake any obligation to update any forward-looking statements that are
incorporated by reference herein, except in accordance with applicable
securities laws. The Company expressly disclaims any obligation to update any
forward-looking statements. We seek safe harbour.
The TSX Venture Exchange has not reviewed
and does not accept responsibility for the adequacy or accuracy of the
release.
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