Best Intersection: 2.2 m @ 21.7 g/t Au, 418 g/t Ag, 48.12% Zn, 4.59% Pb, and 2.67% Cu, 1,425 g/t Sb
Vancouver, British Columbia--(Newsfile Corp. - December 19, 2024) - Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) (FSE: YQ10) (WKN: A40GFH) (the "Company", or "Nova Pacific") is pleased to report complete results from a backpack drilling program carried out on the Company's Lara Project on Vancouver Island, British Columbia. Six BQ-sized holes totalling 18.11 m were drilled from two closely spaced collars using a Shaw backpack drill in order to confirm historic grades and to collect modern trace geochemistry information for massive sulphide mineralization in the Coronation Zone (Figure 1). A discussion of results from holes 24BP01 and 02 appeared in a November 27, 2024 news release.
Assay results from holes 24BP03 – 06 (Table 2) further confirmed the high-grade nature of the massive sulphide lens exposed in nearby Trench 86-43 (24.58 g/t Au, 513.6 g/t Ag, 3.04% Cu, 43.01% Zn and 8.30% Pb across 3.51 m). Of particular note is the intersection from hole 24BP05, the upper 2.2 m of which intersected massive light brown sphalerite, galena, and disseminated chalcopyrite. Samples across the full 4.26 metre hole returned a weighted average of 12.5 g/t Au, 409.3 g/t Ag, 37.92% Zn, 5.29% Pb, 2.31% Cu and 1,394 g/t Sb. A 0.9 m intersection from hole 24BP03 also returned 52.76% Zn. These numbers compare favorably with Abermin's trench results, but should not be considered representative of the average grade of the deposit, given the limited scope of the drilling program.
Hole #
UTM
Elevation
Azimuth
Inclination
Northing
Easting
(m)
(degrees)
(degrees)
24BP01
5414851
433489
628
230
-60
24BP02
5414851
433489
-
-90
24BP03
5414851
433489
315
-70
24BP04
5414851
433489
140
-50
24BP05
5414851
433486
190
-70
24BP06
5414851
433486
90
-45
Table 1 – Drill Hole Information
Au
Ag
Cu
Pb
Zn
Sb
g/t
g/t
%
%
%
g/t
Sample #
Hole #
From:
To:
Width (m)1
K838901
24BP01
0.00
1.00
1.00
12.70
456
2.04
6.38
43.09
1615
K838903
1.00
3.00
2.00
11.15
332
1.60
3.15
10.45
1345
K838904
24BP02
0.00
0.90
0.90
3.16
462
2.13
7.54
46.032
1725
K838906
0.90
2.40
1.50
0.48
165
0.52
0.56
1.38
577
K838907
24BP03
0.00
0.90
0.90
4.60
439
2.02
6.92
52.76
1505
K838909
0.90
1.80
0.90
1.91
392
1.10
2.93
6.21
1800
K838910
24BP04
0.00
2.10
2.10
3.12
328
2.21
4.01
40.53
1195
K838912
2.10
3.65
1.55
0.24
7.8
0.06
0.14
0.72
19
K838913
24BP05
0.00
2.20
2.20
21.70
418
2.67
4.59
48.12
1425
K838915
2.20
4.26
2.06
2.68
400
1.92
6.05
27.03
1360
K838916
24BP06
0.00
1.90
1.90
10.80
362
2.21
3.20
49.93
1315
K838918
1.90
3.00
1.10
2.54
484
1.23
6.99
33.44
1900
1 the true width of the sample/mineralization are unknown due to the limited depth of drill penetration.
2 duplicate sample assayed 46.13% Zn
Note - standards: K838902, 08 & 14, blanks: K838905, 11 & 17 all appear to pass within 2SD
The Company will continue to evaluate these results in preparation for the upcoming drill program, expected to start early next year.
Samples consisted of half NQ-size diamond core that were split off-site, prepared at the ALS Canada Ltd. laboratory in North Vancouver, BC, and analysed for 48 elements via 0.25g four acid digestion with an ICP-MS finish and gold via 30g fire assay with an AAS finish. Ore grade samples were analyzed for silver, copper, lead and zinc via 0.4g four acid digestion with an ICP-AES finish and for gold via 30g fire assay with a gravimetric finish. The quality assurance-quality control ("QA-QC") program of Nova Pacific includes the insertion of certified (ME-1202) standards, (BL-10) blank and duplicate samples (see Table 2). The remaining half core has been retained for verification and reference purposes.
Marketing Agreements
Further to Company's news release dated October 31, 2024, Nova Pacific announces that it has terminated the previously-disclosed service agreement with Native Ads Inc. ("Native Ads") prior to the conclusion of the marketing campaign contemplated in that agreement. Accordingly, Native Ads has refunded a significant portion of the retainer previously paid by Nova Pacific.
In addition, Nova Pacific announces that the Company has entered into an investor relations consulting agreement with Stockwire Inc. ("Stockwire") dated December 17, 2024 (the "Effective Date"), pursuant to which Stockwire will assist the Company with its European marketing and communications strategy, including the creation of content, the coordination of press contacts and German distribution, programmatic advertising in Germany, programmatic re-marketing in Germany, native advertising in Germany on premium publishers, lead generation, and related services. The term of the agreement is scheduled to last until mid-March 2025 or until the advertising budget contemplated therein is depleted, with the associated marketing campaign expected to begin approximately 30 days from the Effective Date. The agreement requires the Company to pay Stockwire a total fee of USD$550,000 plus applicable taxes.
Stockwire and the Company are unrelated and unaffiliated entities and neither Stockwire nor its principals have an interest, directly or indirectly, in any securities of the Company. The agreement does not obligate the Company to issue any securities to Stockwire and is subject to all necessary approvals of the Canadian Securities Exchange.
Stockwire can be reached at Suite 301, 47 Colborne Street, Toronto, Ontario M5E 1E3, telephone: + 1-416-268-0306, email: info@stockwire.com.
Qualified Person
David Nelles, P.Geo., a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and verified the scientific and technical data contained in this news release.
Rights of Indigenous Communities Statement
Nova Pacific Metals recognizes the Rights of all Indigenous Peoples of Canada. Nova is committed to consultation and accommodation with the Hul'qumi'num Treaty Group communities on whose Traditional, Ancestral and Unceded Territory the Lara Property is located. The Hul'qumi'num Treaty Group is a politically unified group that represents six Hul'qumi'num-speaking First Nations: Cowichan, Stz'uminus, Penelakut, Lyackson, Halalt, and Lake Cowichan.
About Nova Pacific
Nova Pacific is a Canadian exploration and development company focused on our key asset, the Lara Volcanogenic Massive Sulfide (VMS) Project on Vancouver Island, British Columbia. This brownfields development project boasts a significant historic resource rich in critical and precious metals situated in a prime location with excellent infrastructure. Nova Pacific's forward-looking strategy includes confirmation and infill drilling, completion of an updated mineral resource estimate (MRE) and preparation of a Pre-Feasibility Study if and as required. We are committed to creating value for our shareholders while maintaining environmental responsibility and strong community relationships.
Investor inquiries, or for further information, please contact: Nova Pacific Metals Corp. info@novapacificmetals.com +1-416-918-6785
The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.
Forward-Looking Information
Certain statements contained in this news release may constitute forward‐looking information. Forward‐looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The Company's actual results could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company's strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward‐looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
