Silver Sand Technical

Silver Saand Project,
Potossí Depaartmen
nt, Boliivia

Updaated Tecchnical R
Report fo
or:

August 15, 20177

Prepared by or u
under the Sup
pervision of:
Don
nald J. Birak
A Qua alified Person
n as defined b
by Canadian NNational Instrrument 43‐1001
Registerred Member,, Society for M
Mining, Metaallurgy and Exxploration (SME)
Fellow, Australasian Institute
e of Mining a nd Metallurggy (AusIMM)
1
Silv
ver Sand Technica
T l Report Update
Table of Contents Page
List of Tables ................................................................................................................. 3
List of Figures ................................................................................................................ 3
Section 1: Summary ...................................................................................................... 5
Section 2: Introduction ................................................................................................. 8
Section 3: Reliance on Other Experts ............................................................................ 9
Section 4: Property Description and Location ............................................................. 10
Section 5: Accessibility, Climate, Local Resources, Infrastructure and Physiography ... 16
Section 6: History ........................................................................................................ 18
Section 7: Geological Setting and Mineralization ........................................................ 20
Section 8: Deposit Types ............................................................................................. 27
Section 9: Exploration ................................................................................................. 33
Section 10: Drilling ...................................................................................................... 39
Section 11: Sample Preparation, Analyses, and Security ............................................. 47
Section 12: Data Verification ....................................................................................... 49
Section 13: Mineral Processing and Metallurgical Testing ........................................... 58
Section 14: Mineral Resource Estimates ..................................................................... 59
Section 15: Mineral Reserve Estimates ....................................................................... 60
Section 16: Mining Methods ....................................................................................... 61
Section 17: Recovery Methods .................................................................................... 62
Section 18: Project Infrastructure ............................................................................... 63
Section 19: Market Studies and Contracts ................................................................... 64
Section 21: Capital and Operating Costs ...................................................................... 66
Section 22: Economic Analysis .................................................................................... 67
Section 23: Adjacent Properties .................................................................................. 68
Section 24: Other Relevant Data and Information ....................................................... 69
Section 25: Interpretation and Conclusions ................................................................. 70
Section 26: Recommendations .................................................................................... 77
Section 27: References ................................................................................................ 78
Section 28: Signature Page and Certificate of the Qualified Person ............................. 80

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Silver Sand Technical Report Update
List of Tables Page
Table 4.2.1. The Property mineral tenures (pertenencias) 13
Table 7.2.1. Stratigraphic sequence at the Property 24
Table 9.1.1. Historical exploration work completed at the Property 33
Table 9.1.2. Results of prior Owner’s surface and underground channel samples 35
Table 9.3.1. Element statistics and correlation coefficients; NPMC analyses 38
Table 10.1.1. Historical core holes at the Property 39
Table 10.2.1. Mineralized intervals within three core holes in Zone I 42
Table 10.3.1. NPMC 2017 due diligence core hole locations 42
Table 10.3.2. Mineralized intervals within NPMC’s core holes in Zone I 43
Table 10.4.1. Assay composite comparison; prior Owner and NPMC twin holes 45
Table 12.2.1. Qualified Person’s QA/QC sampling 52
Table 26.1.1. Estimated exploration drilling costs – Zone I, Phase 2 77
List of Figures Page
Figure 1.1.1. Location of the Property in the department of Potosí, Bolivia 5
Figure 4.1.1. Location of the Property in the Colavi District 11
Figure 4.2.1. Mineral tenures at the Property 12
Figure 5.1.1. Major geographic regions of Bolivia 16
Figure 7.1.1. General geology of Bolivia 21
Figure 7.1.2. The Bolivian Tin Belt and its mineral deposits 22
Figure 7.2.1. General geology of the Colavi District 23
Figure 7.2.2. Regional geology map 25
Figure 7.2.3. Silicified, Cretaceous‐aged sandstone 26
Figure 8.1.1. Mineralization examples in drill core with silver grades 28
Figure 8.1.2. Zone I views 29
Figure 8.2.1. Mineralization styles in NPMC core 31
Figure 9.1.1. Horizontal channel, striking NNW in Zone I at the Property 34
Figure 9.2.1. Property geology and drill hole locations 37
Figure 10.1.1. Typical core from the Property project 39
3
Figure 10.3.1. Typical recovery and quality within NPMC core 43
Figure 12.2.1. Plot of results from assay pairs 50
Figure 12.2.2. Percentage difference versus original assay 51
Figure 12.2.3. Core assay comparison 52
Figure 12.4.1. Plot of Commercial standard analyses versus certified value 55
Figure 12.4.2. Plot of blank sample analyses versus expected value 56
Figure 25.1.1. Cross section 62 73
Figure 25.1.3. Enlarged cross section 66 74

4
Section 1: Sum
mmary
On Juuly 20, 2017 7, New Pacific Holding C Corporation announced its name ch hange to New w

Pacifiic Metals Corporation
C (“NPMC”) and its coompletion of the acq quisition (th
he
“Acquisition”) off a 100% in
nterest in Empresa Minnera Alcira S.A., a privvate, Boliviaan
incorrporated min ning company (“Alcira” or “prior O
Owner”) from m its three shareholderrs
(the ““Vendors”), free of any debt, pursu uant to the tterms as dissclosed in th he Silver Sannd
Techn nical Reportt dated April 6, 2017. All prior referrences to NPPHC are to b be considereed
NPMC for this Te echnical Rep port. Final te
erms of the acquisition were disclossed by NPM MC
on itss website (htttp://www.neewpacificmetals.com/new ws/index.php??content_id=2 226).

This Technical
T Report was prepared
p for NPMC, a CCanadian M Mining Issuerr with sharees
listed
d on the TSX Venture Exchan nge in Caanada undeer the symbol NUAG
(www w.newpacificcmetals.com m), to discloose new, mmaterial info ormation reelated to itts
acquiisition of the Silver Sand
S silver property inn Bolivia (tthe “Properrty”) via thhe
acquiisition of Alccira. The Qualified Persson conductted a second d site visit d
during May 9 9,
10, and 11 of 201 17 during wh hich time NP PMC was connducting duee diligence ccore drilling.

1.1. Location

The PProperty is located apprroximately 5 57 km by roaad northeast from the ccity of Potossí,
in the
e Eastern Co ordillera region of southe ern Bolivia (ffigs 1.1.1 an
nd 4.1.1).

Figurre 1.1.1. Location of the Property in the Deepartment of Potosí, Boliviaa

‐ The Silver San
‐ nd Property
(Source: http://new
wsimg.bbc.co.uk/media/imagges/40178000//gif/_401782988_bolivia_poto
osi_map203.giff)

Accesss to the Pro
operty is goo
od on paved road to the village of Do
on Diego, fro
om either
the cities of Poto
osí or Sucre, and thence via gravel rooads.

5
Silv
ver Sand Technica
T l Report update
1.2. Property Description and Ownership

The Property consists of 17 contiguous concessions (pertenencias), totaling 3.15 square
kilometers in size (Figure 4.1.1). Annual holding costs of the concessions are
approximately US$700.00.

1.3. Geology and Mineralization

Rocks exposed in the Property area include Paleozoic‐ and Mesozoic‐aged, clastic
sedimentary strata cut by intrusive rocks of inferred Tertiary age. The sedimentary
rocks have been folded into shallowly plunging, broad open anticlines and synclines.
Silver mineralization is hosted in fracture zones cutting silicified and pyritized alteration
developed in lower Cretaceous sandstone and along sedimentary structures.

1.4. Status of Exploration

The most recent exploration activity has been the drilling of four (4) core holes by
NPMC, totally 1,546 meters of HQ (63.5 mm) and NQ‐sized (47.5 mm) core, to confirm
results from the prior Owner’s eight (8) core holes totaling 2,234 meters of HQ core.
Other than the four new core holes drilled during its due diligence campaign, NPMC has
not conducted any additional exploration work on the Property as of the date of this
Technical Report.

1.5. Development and Operations

There are no mining or metal recovery operations underway by NPMC or the prior
Owner at the Property. There are a few local contract miners conducting underground,
small‐scale, artisanal mining intermittently on the Property. Evidence of historic mining,
commencing in Spanish Colonial times, is demonstrated by numerous adits, declines,
pits and drifts, rail tracks and small‐scale dumps scattered around the Property. There
are no known records of past production from this activity.

1.6. Mineral Resource and Mineral Reserve Estimates

There are no current Mineral Resources or Mineral Reserves on the Property.

1.7. Qualified Person’s Conclusions and Recommendations

1. The Qualified Person believes the identified Phase 2 targets are valid and
reasonable and that the other defined zones at the Property are deserving of
new exploration, as is property‐wide exploration to discover new targets; both of
which are considered second priority in nature.

6
2. The Qualified Person recommends NPMC commence the Phase 2 exploration
program recommended in Table 26.1.1. To obtain drill intercept lengths that are
closer to true width, drill angles should be lower than those of the prior Owner
but based on site‐specific conditions. The Qualified Person recommends that
NPMC continue to employ down‐hole surveying methods.

3. The Qualified Person recommends that NPMC consider re‐surveying the five,
angled core holes, completed by the prior Owner, and that historic core should
be re‐logged, photographed and re‐assayed.

4. The Qualified Person believes the small gaps within the concession outline
should not pose an obstacle to NPMC’s near‐term plans to explore the Property
but could affect future activities.

5. The Qualified Person recommends additional mapping and mineralogical studies
to further document and assess the range and sequence of structural elements
and the relationship of silver and other mineralization to those elements.

6. The Qualified Person believes the exploration methods employed by the prior
Owner and NPMC were reasonable and that methods used to collect channel
samples were appropriate. Some of the channels were cut parallel to the strike
of the different zones and should not be relied upon in future mineral resource
estimation.

7. The Qualified Person recommends that NPMC continue to employ certified,
commercial laboratories for processing and analyses of its own exploration
samples and continue its QA/QC program for all new analytical work. The
Qualified Person recommends NPMC establish a value for its blank material by
preparing a large batch of the sand at a commercial laboratory and analyzing the
material at two different commercial laboratories. In addition, NPHC should
build its own database with security protocols with preference given to
commercial, relational databases.

8. The Qualified Person recommends NPHC conduct its own metallurgical tests on
its own samples at a certified, commercial analytical and metallurgical service
provider. The Qualified Person recommends NPHC conduct quantitative
assessment of mineralogy to assist in designing and evaluating metallurgical
tests.

9. The Qualified Person recommends that NPHC commence base line
environmental studies to support future exploration and, if exploration is
successful, potential mining, processing and ancillary operations.

7
Section 2: Introduction

This Technical Report was prepared for NPMC, a Canadian Mining Issuer with its shares
listed on the TSX Venture Exchange under the symbol NUAG
(www.newpacificmetals.com).

This Technical Report has been prepared to disclose scientific and technical details
related to NPMC’s recent due diligence drilling on the Silver Sand property in Bolivia.
Sources of information used to prepare this Technical Report include documents filed on
www.sedar.ca, the Canadian System for Electronic Data Analysis and Retrieval and
various public documents, the prior Owner’s and NPMC internal data and reports and
site information gained during the Qualified Person’s site visits in December 2016 and
May 2017. A list of references used is included in Section 27 of this Technical Report.

The Qualified Person re‐visited Bolivia and the Property in May of 2017, as part of the
due diligence effort by NPMC. The project site, sample storage and ancillary facilities of
the Owners and NPMC’s core logging and sampling facilities in the community of
Betanzos were visited during the period of May 9, 10 and 11, 2017 and accompanied by
Mr. Alex Zhang, representing NPMC and geologists contracted by NPMC to manage the
due diligence drilling program. During site visit, the Qualified Person re‐inspected
various surface expressions of the Property mineral system, inspected confirmatory
drilling underway at the time and core from 3 of the 4 due diligence core holes
completed or in progress at the time.

The Qualified Person, who prepared this Technical Report, Donald J. Birak, is a
Registered Member of the Society for Mining, Metallurgy and Exploration (SME) and
Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr. Birak is
independent of NPMC and has experience in exploration and mining operations in
Bolivia gained during his prior senior‐level, exploration management position and
subsequent consulting activities.
8
Silver Sand Technical Report update
Section 3: Reliance on Other Experts

Mr. Gustavo Miranda Pinaya, a lawyer in Bolivia, provided information on Bolivian
mining law and regulations and property title, referenced herein. Mr. Gustavo Miranda
has a license to practice law (granted in 1996) in the Plurinational State of Bolivia.

The source of information presented in this Technical Report was based off of Mr.
Miranda’s Due Diligence Report to NPMC prepared on February 3, 2017 (Miranda,
2017), which was consulted in preparation of Section 4 of this Technical Report.

9
Section 4: Property Description and Location

NPMC closed the acquisition of Empresa Minera Alcira (Alcira), which controls the Silver
Sand property amongst others, pursuant to the terms announced on April 10, 2017.
NPMC disclosed the final acquisition terms on July 20, 2017
(http://www.newpacificmetals.com/news/index.php?content_id=226) as follows:

“The Company acquired Alcira for cash payments of US$36,000,000 to the
Vendors and pursuant to the terms of the Agreement, the Company is required
to pay an additional US$4,000,000 within 90 days of closing and a final payment
of US$5,000,000 is due to the Vendors once the Company has received certain
specified permits and licenses from the authorities of Bolivia necessary for
mining and milling operations, or once Alcira has commenced commercial
production”.

4.1. Property Location

The Property is located in the Colavi District in the Potosí Department of Bolivia. Access
to the Property is by 29 kilometers (km) of paved road to the northeast from Potosí, on
Bolivia Highway 5, to the Don Diego community then 28 km of gravel road to project
support facilities near the Canutillos tin mine. Drive time to the Property from Potosí is
about 70 minutes (Fig. 4.1.1). Don Diego can also be reached via 128 km of paved road
from the historic Bolivian capitol of Sucre on Highway 5.

10
Figure 4.1.1. Location of the Property in the Colavi District
(Source: Google Earth Pro 2016)
Silver Sand
9 km) Approx. 10 km
to sí (2
Po


The approximate geographic center of the Property is 19o 22’ 29”S latitude and 65o 31’ 24”W longitude
4.2. Property Size

The Property is secured by over 315 hectares (3.15 km2, 778 acres) of 17 mineral
tenures (pertenencias) shown and described in Figure 4.2.1 and Table 4.2.1.

11
e 4.2.1. Mineral tenures aat the Propertty
Figure
(Grid lines are 500 meterrs apart)

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Silv
ver Sand Technical Report Update
Table 4.2.1. The Property mineral tenures (pertenencias)
Concession
National Registry Name Size (hectares) Titleholder
Number
4694 503‐01271 La Sombra 66
4695 503‐01275 San Marcos Evangelista 16
4696 503‐02424 El Carmen 6
4697 503‐01276 Escuadra 35
4698 503‐02423 Perfecta 16
4699 503‐01270 Reintegrante 3
4700 503‐01269 Félix 10
Minera Alcira S.A.
4701 502‐01266 Seis de Agosto 6
4702 503‐02425 Olvidada 15
4703 503‐01267 Moria 20
4704 503‐01268 El Rodero 37
4705 503‐01272 Kirigin 10
4706 503‐02426 San Antonio 8
4707 503‐02427 Nieves 8
4708 503‐02428 Londres 8
4709 503‐01273 Santa Micaela 31
4710 503‐01274 Bertha 20
17 TOTALS 315

All of the pertenencias are located in the Potosí Department, Cornelio Saavedra
Province, Bolivia. Total, annual holding costs (patentes) are US$787.50 (BOB 5,460.53
using a US$1.00 to BOB6.935 exchange rate). Holding costs are paid annually; costs for
2017 have been paid. The 17 pertenencias blanket the majority of the known,
mineralization on the Property. There are several small gaps within the external limits
13
of the block (Figure 4.2.1). The gaps should not pose an obstacle to NPMC’s near‐term
plans to explore the Property but could affect future activities.

Mining Laws. All minerals in Bolivia are property of the Bolivian people and are
administered by the state, which has existed since the 1950’s. Up to the early 2000’s
the process to acquire or establish mineral concessions was available to national and
international entities, subject to payment of the annual patentes. Through the actions
of the current MAS Party government (“MAS”, Movimiento al Socialismo), which came
to power in Bolivia in 2006, mining regulations have undergone several changes,
culminating with Mining and Metallurgy Law 535 (Ley de Minería y Metalurgia) enacted
in May 2014. Some of the important aspects of Law 535 are:

 The pertenencias are now considered Special Temporary Authorizations
(“ATE’s”).
 Any mining activity must be conducted under the new framework of “Mining
Administrative Contracts”, with a term of 30 years (plus an additional 30 year
extension) but do not involve the participation of the Bolivian State;
 Creation of the Jurisdictional Administrative Mining Authority (Autoridad
Jurisdiccional Administrativa Minera, “AJAM”), to manage, supervise and control all
mining activity in the country;
 Any mining activity will be performed under the new legal framework of Mining
Administrative Contracts with AJAM;
 The government share in any Mining Administrative Contract consists solely of
royalties, fees and taxes;
 Existing ATE’s will be honored as long as patentes are paid but must be
converted to Mining Administrative Contracts with AJAM. There is no mandated
time frame to convert ATEs to contracts;
 New concessions must be defined by new limits, called cuadriculas, which are 25
hectares in size; and
 Mineral rights cannot be sold, mortgaged or transferred.

A further change to the mining laws in Bolivia was effected by enactment of Mining Law
number 845, in October 2016. Law 845 requires, among other things, Bolivian mining
Cooperatives to convert their existing mining rights to Mining Production Contracts. In
consideration of the new mining law provisions, NPMC intends to gain control of the
Property, via acquisition of the Owner through completion of the Acquisition; the Owner
is not a Bolivian Mining Cooperative.

Risks associated with the ATE’s relate to filing of required documents/titles of the ATE’s
to AJAM. Filings were made on March 29, 2017. To retain its rights under the new law,
the titleholder must a) pay the annual patentes and b) explore or exploit the area
granted.

14

4.3. Royalties and Taxes

The royalty and tax regime in Bolivia is fairly complex. There are provisions for a
Corporate Income Tax (“CIT”) of 25% levied on taxable income, a Surtax of an additional
25% CIT with certain allowable deductions and a Special Tax of either 12.5% on taxable
net profits for companies that just conduct exploration activities or 7.5% for those
companies with mineral production. NPHC believes that its future tax liabilities will
amount to 37.5%, which is a combination of CIT and Special Tax.

There are several other tax and fee provisions within Bolivian fiscal law including, but
not necessarily limited to, Value Added Tax, Withholding Tax, Financial Transaction Tax,
and a Social Contribution. Royalties and Fees are also part of the Bolivian fiscal system
that may apply to NPMC going forward. These include: a metal‐specific Royalty (for
Silver, it is 6% if the silver market price is greater than or equal to US$8.00 per ounce),
and fees for exploration and mining activities. The Qualified Person does not have the
expertise to assess the near term tax liabilities of NPMC but does not have reason to
question NPMC’s opinions.

4.4. Environmental Liabilities

The Qualified Person is not aware of any material environmental liabilities related to the
Property. NPMC received representations and warranties from the Owner, in the Share
Transfer Agreement, with regard to the prior Owner’s activities, and the Qualified
Person has relied upon those representations and warranties. Considering the prior
Owner conducted no commercial mining or material processing but only surface
exploration and limited surface core drilling, the Qualified Person does not have reason
to believe there is significant risk to the project from its historic activities.

4.5. Permits Required to Conduct Work

Exploration permits are granted by AJAM and allow the permit holder to conduct
exploration activities. The Owner has obtained permits to conduct its exploration and
mining activities as described in this Technical Report.

4.6. Qualified Person’s Opinions and Recommendations

Other than those disclosed in this Section 4, the Qualified Person is not aware of any
other significant factors or risks that may affect access, title, or the right or ability of
NPMC to perform work on the Property.

The Qualified Person is not qualified to assess title of the Property and has relied upon
public and private information provided by NPMC to prepare the disclosure in this
Section 4.
15
Section 5: Acce
essibility, C
Climate, Lo
ocal Resou
urces, Infraastructuree and
Physsiography

5.1. Summaryy

Bolivia is one of two land‐lo ocked countries, along w with Paraguay, in South h America. It
contaains several distinct geo
ographic reggions startinng with the Cordillera OOccidental o
on
the western
w margin of the country, the Altiplano (high plain)), the Cordillera Orientaal
(Eastern Cordillera) and the Lowlands covering
c thee eastern poortion of thee country (Fig
5.1.1).

Figure 5
5.1.1. Major ggeographic reegions of Bolivia

(Sourcee:
http:///www.optics.rocchester.edu/worrkgroups/cml/op
pt307/spr12/nanndini/image/Anddes%20plateau%
%20map.jpg)

The ccore of the C
Cordillera Orriental consissts of high‐aaltitude rollin
ng plains, wiith elevation
ns
ranging from up to 4,400 m,, dotted with irregularlyy spaced higgher peaks. The Propertty
sits w
within the Co
ordillera Orieental. Elevattions on thee property raange from 3,,900 to 4,10 00
mete ers and modeerate relief.

1
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Silv
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T l Report Update
Vegetation on the Property consists of low grasses, shrubs and mat‐like plants. Animals
such as alpacas, llamas, vicuñas, guanacos are common in the Cordillera Oriental and
the Property and the local population herds both llamas and alpacas for food and wool.
Rainfall in the area is sparse with average annual temperatures from 8 to 11 degrees
Celsius (“The Puna Grassland”, Wikipedia, April 2016,
https://en.wikipedia.org/wiki/Puna_grassland#Dry_Puna_.28Central_Andean_dry_puna.29).

Accessibility of the Property in the Department of Potosí is quite good via air and ground
transportation from various major communities. Daily airline flights connect the cities
of La Paz, the administrative capital of Bolivia, with Sucre, the constitutional capital.
From Sucre, the Property can be reached by 129 km of paved Highway 5 west‐
southwest to the community of Don Diego. Alternatively, Don Diego can be reach 29
km on the same Highway 5 from Potosí. Upon reaching Don Diego, travel continues
another 28 km to the north on all‐weather gravel roads.

Potosí is the nearest, large city, at over 180,000 residents (2012 data,
http://www.geohive.com/cntry/bolivia.aspx) with ready access to the Property. Mining
at Potosí began in earnest at Cerro Rico (the “Rich Hill”) in mid 1500’s producing silver,
tin, lead and zinc from veins and replacement bodies in a volcanic dome complex and
continues to this day. As a result, many residents of Potosí are employed in mines,
providing a potential source of workers and services that may be needed at the
Property.

A high voltage power line is available at the nearby Canutillos mine, approximately 4 km
west of the Property. Water has not been a concern at the Property though the greater
Potosí area has experienced a drought in recent years. Water for domestic use can be
obtained from a small lake, approximately 3.5 km northwest of the Property. Water for
drilling can be sourced from nearby drainages and ground water has been noted on the
Property (Bolivia Jungie Mining Company Ltd, 2015) that may, with further investigation
and successful development, satisfy larger consumption needs such as those of a new
mining project.

Overall the geography, climate and natural resources of the Property and Potosí region
do not pose any unusual challenges to NPMC’s near‐term, future activities. The climate
is generally conducive to year‐round mineral exploration activities.
17
Section 6: History

6.1. Historic Mining and Exploration

Mining in the Colavi district, which includes the mineral deposits at Colavi, Canutillos
and the Property, commenced with recovery of silver by Spanish colonials (1500’s) and
then tin in the 1920’s (Arce, 2009). Many of the old pits, shafts, adits and drifts evident
in the Property are likely attributed to their activity, especially the colonials. In the
1950’s, the Bolivian State Mining Company, COMIBOL (Corporación Minería de Bolivia),
conducted geological surveys and prospecting, a small amount of drilling and drove
exploratory adits in the greater Colavi district.

Historic mining methods used on the Property were a combination of small surface pits
and slot cuts and underground mining. Figure 7.2.3 illustrates some of the historic
mining workings evident on the Property. Currently there are a few local contract
miners conducting small‐scale underground artisanal mining intermittently on the
Property. Despite the visual evidence of historic mining activity on the Property the
Qualified Person is not aware of any records documenting the tonnes and grade of
material removed by historic mining activity.

6.2. The Prior Owner’s Exploration

The prior Owner conducted exploration at the Property from 2009 through 2015, both
internally and contracted to two different geologic survey teams from the People’s
Republic of China (“PRC” or “China”). The historic work, reported to have been
performed on the Property, is shown in Table 9.1.1. From 2009 to 2011, the prior
Owner hired the Fourth Geological Brigade of the Fujian Province, China to conduct
1:10,000 scale geological reconnaissance at the Property and, in 2012, the prior Owner
hired the Geophysical and Geochemical Exploration Brigade of Jiangxi Provincial Bureau
of Geological & Mineral Resources Exploration & Development, China to conduct
additional prospecting exploration of the Property. During this period through the end
of 2015, eight core holes were drilled at the Property in two separate campaigns, 2012
and 2015, totaling 2,334.3 meters of core (776.6 meters in 2012 and 1,557.7 meters in
2015).

The most significant parts of the prior Owner’s historic exploration was the collection of
1,628 meters of channel samples, assaying of 546 of those samples, and the drilling of
2,334.3 meters of HQ‐sized (63.5 mm diameter) core and, from that core, the collection
of 504 samples of half core for geochemical analyses (assaying). During the December
2016 site visit, the Qualified Person inspected many channel sampling sites and all of the
core remaining from the 2015 drilling and assaying campaign. During a May 2017 site
18
visit, the Qualified Person revisited several of the prior Owner’s core drilling sites and
stored core.

Channel Samples ‐ Channel samples were collected by chiseling from diamond saw cut
channels on outcrop and some underground rock exposures. An example of one of the
channels, inspected by the Qualified Person, is shown in Section 9 of this Technical
Report (Figure 9.1.1). Analytical results from the prior Owner’s channel sampling
identified the presence of anomalous silver mineralization in the host rock sandstones.
Analytical results from this work are summarized in Table 9.1.2, which indicate the
presence of silver mineralization ranging from less than 100 grams/tonne (g/t) of silver
to over 500 g/t.

Core Drilling – Results from exploration lead to the selection of 8 core drilling sites
completed in two, separate drilling campaigns (2012 and 2015). Core drilling samples
were collected by the prior Owner from its HQ‐sized core. The prior Owners cut the
core then collected half of the cut core for submission to its own laboratories for
analyses. An example of cut core, inspected by the Qualified Person, is shown in Figure
8.1.1. Analytical results from the prior Owner’s core sample assaying are listed in Table
10.2.1 which defined several discrete sub‐zones of silver mineralization within
Exploration Target Zone I; the most significant results of which were reported from the
prior Owner’s 2015 drilling campaign. In the 2015 campaign, silver mineralization
grades, from composited assays on half drill core samples, ranged from 60 to over 329
g/t.

To validate the prior Owner’s channel sampling and drilling work, the Qualified Person
and NPMC conducted a large program of QA/QC as presented in Section 12.

6.3. Historical Mineral Resources and Mineral Reserves

There are no known, NI 43‐101‐compliant, estimates of Mineral Resources or Mineral
Reserves at the Property.
19
Section 7: Geological Setting and Mineralization

7.1. Regional Geology

Bolivia consists of six, distinct physiographic provinces. From west to east they are: the
Cordillera Occidental (Western Cordillera), Altiplano (High Plain), Cordillera Oriental
(Eastern Cordillera), Subandean, Chaco‐Beni Plain and Precambrian provinces (Arce,
2009a). Two, prominent northwest trending mountain ranges, the Cordillera Occidental
and Cordillera Oriental, separated by the Altiplano (Figure 7.1.1) trend northwesterly
across the country. Together with the Subandean province, they form the Bolivian
Andean Terrain, cover over 40% of the surface area of Bolivia and are the source of
most historic and current mineral production (Arce, 2009b).

The Cordillera Oriental province, in which the Property is located, is underlain by a thick
sequence of intensely folded, lower Paleozoic, marine clastic sedimentary rocks overlain
by Cretaceous to lower Tertiary, continental sedimentary rocks, un‐deformed late
Tertiary, unconsolidated, continental sediments and upper Oligocene to Pliocene
intrusive and volcanic rocks. The Paleozoic rocks were deformed by late‐Paleozoic‐aged
compression to form a northwest trending belt of tight folds and thrusts. The Mesozoic
rocks were also folded like the underlying Paleozoic rocks, though into more gentle,
open folds with shallow plunges, during a subsequent event in the late Mesozoic
Andean event compression (Arce, 2009b).

20
Figure 7.1.1. General geology of Bolivia
(Modified from: Arce, 2009a)
ain
err
ea nT
A nd
a n
livi
Bo

The Cordillera Oriental hosts the major share of the metalliferous deposits of Bolivia; of
which a prominent component is within the Bolivian Tin Belt (Figure 7.1.2). The Property
is located southern end of the Colavi Sn‐Ag‐base metal district, on the east margin of the
belt (Figure 7.1.2).

21
Figure 7.1..2. The Bolivian
n Tin Belt and its mineral deeposits
(A
Arce, 2009a)

Note: th
he Property occcurs within th
he Colavi Distrrict.

2
22
Silv

7.2. District an nd Geology

District Geology. There is little publish
hed informattion on the geology of the Propertty
propeer. The info
ormation pre esented herein is summ marized largeely from O. Arce’s (2009 9)
descrription of th
he Colavi Disstrict, which includes thhe Sn, base metal and A Ag mines an nd
occurrrences at Colavi,
C Canu utillos and the Properrty. The Pro operty is located at th
he
south
hern end of tthe Colavi D District (Figurre 7.2.1). Thhe district iss over 7 km ((northwest tto
south
heast) by 4 kkm (northeasst to southw west) in size.

Figure 7.2.1. General geology of th
he Colavi District
(Modified from; Arce, 20009a)

The rrocks expose ed in the disstrict are doominantly M
Mesozoic in aage flanked by Paleozoicc‐
aged rocks all cut
c by Tertiiary‐aged iggneous intruusions (red). The Paleeozoic strataa,
consisting of Orrdovician‐ and
a Silurian
n‐aged sedim
mentary rocks, are un nconformably
overlain by Cretaaceous‐aged sedimentarry rocks. Paaleozoic rockks are not exxposed in th he
2
23
Silv
ver Sand Technica
T l Report Update
main the Property area but can be found along the access road from the community of
Don Diego. They consist of sandstone, siltstone and graphitic shale inferred to be of
flysch basin origin (Arce, 2009b). Where exposed, the Paleozoic rocks are highly
deformed into tightly folded and thrust‐faulted blocks. Upper Mesozoic sedimentary
strata unconformably overlie the Paleozoic rocks and were also deformed though into
more gentle, open folds with shallow plunges. The general stratigraphic sequence of
the Property area is shown in the Table 7.2.1.

Table 7.2.1. Stratigraphic sequence at the Property
Age Sequence Formation Description
Tertiary Dacitic intrusions
upper Aroifilla
Limestone
Cretaceous middle Cross‐bedded sandstone
Miraflores
Basal conglomerate
lower La Puerta
Unconformity
Silurian Llallagua
Chuquisaca Flysch basin sedimentary
Cancañiri
Supersequence rocks
Ordovician Tocochi

Faults in the Colavi district trend north to northwest and northeast to east (Figure 7.2.1),
both with steep dips primarily to the east and southeast. The north to northwest set is
parallel to the Andean Orogen. At the Property both sets of structures are evident
though the north to northwest structures are most prominent as are similarly striking
open folds.

Property Geology. Mapping, by the prior Owner and its contractors at the Property has
largely confirmed the more regional geologic picture from COMIBOL as presented by
Arce (2009a) and in Figure 7.2.1. Rocks exposed at the Property are Cretaceous‐aged
clastic rocks, quartz sandstone, deformed into a system of north‐ to northwest‐striking,
open anticlines and synclines. The sandstone is the most common rock exposed, and it
is medium‐ to thick‐bedded, locally laminated and cross‐bedded. Cutting across the
bedding, chaotically oriented, liesegang banding is common as colored bands or
concentric rings of iron oxides and/or other minerals.

North‐northwest and east‐northeast striking faults cut and flank the folded strata.
Paleozoic rocks occur to the northeast and southwest of the mineral concession blocks
separated from the main part of the property by regional‐scale northwest trending
faults.

In addition to the broad open folding, the prior Owners identified five structural and
mineralized zones; zones I, II, III, IV and V. Zones I through IV are roughly sub‐parallel,
northwest striking zones of altered sandstone dipping northeast. A circular geologic
feature, inferred to be a crypto‐explosion body/pipe, is located on the western margin
of the concession block (Figure 2.2.2). This body appears to be inclined to the north and
24
is interpreted to be of dacitic to mafic intrusion affinity by local geologists. Tertiary‐
aged intrusions are restricted to the areas east and northwest of the Property, mapped
as plagioclase, rhyolite, and dacite porphyries.

Figure 7.2.2. Regional geology map

Note: “ZK6401” denotes historic core hole location, “DSS6601 denotes NPMC due diligence core hole
location.
25
Of the five zoness, silver mine eralization has been idenntified with channel sam mpling and/oor
drillin
ng by the prior Owner in n four of theem; zones I, II, III and IV.. Small to m
medium‐sizeed
historic mine workings were developed iin zones I, II IV.

The Cretaceous rocks at the Properrty exhibit alteration related to silicification n,
pyritiization and d oxidation events. Oxidation overprints both siliciification an nd
pyritiization. All three are readily app
parent in ouutcrop especially silicification whicch
formed erosion‐rresistant, no orthwest‐trending zones (Figure 7.2..3).

Figure 7.2.3. Silicified, Cretaceous‐‐aged sandsto
one
ooking south)
(Lo
Note tthe oxidation oof the sandsto one, marked byy red and yello
ow hues, and tthe presence o
of old adits, slo
ot
cuts, a rail line and aa small dump o olored materiaal from the adits.
of pale gray‐co
2
26
Silv
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T l Report Update
Section 8: Deposit Types

Bolivia is a major source of silver production, ranking 7th in the world in 2015 with 42
million troy ounces of production (The Silver Institute, www.silverinstiture.org); including
production the San Bartolomé mine at Potosí in the southern portion of the Bolivian Tin
Belt, operated by Coeur Mining (http://www.coeur.com/mines‐projects/mines/san‐bartolomé‐
bolivia#.WR83H8aZOgQ) and from the San Cristobal zinc‐silver mine, operated by the
Sumitomo Corporation, located southwest of the Property
(http://www.sumitomocorp.co.jp/english/). The Qualified Person has not been able to verify
the information from San Bartolomé or San Cristobal and that information may not
indicative of mineralization at Silver Sand; the subject of this Technical Report.

8.1. Style of Silver Mineralization

The age of mineralization in the Bolivian Tin Belt ranges from 22 ma to 4 ma (million
years ago) and is believed to have been be sourced from Tertiary‐aged intrusions, which
may or may not be evident in the immediate deposit areas. Ore mineralogy in the belt
is diverse consisting of cassiterite, argentite, tetrahedrite, freibergite and other
miscellaneous sulfosalt minerals, sphalerite, galena, chalcopyrite and stibnite. Gangue
sulfide minerals associated with the ore mineral suite are pyrite, pyrrhotite and
arsenopyrite. Many of these minerals are also found at the Property.

Deposits in the belt have been grouped by Arce (2009a), by host rock affinity, as;
 Deposits associated with tin porphyries;
 Deposits associated with felsic composition domes and subvolcanic intrusions;
 Deposits associated with sedimentary rocks.

Arce (2009a) interprets that the deposits of the Colavi District are typical of those
associated with felsic composition domes and subvolcanic intrusions and Arce and
Goldfarb (2009b) put them into the Bolivian polymetallic vein‐type. At the Property the
nearest felsic igneous body occurs to the north of the concessions and there is a felsic‐
to mafic‐affinity crypto‐explosion breccia (“Yb” in Figure 7.3.1) in the western portion of
the Property, which may suggest the presence of a subvolcanic intrusion at depth to the
north; the direction in which the body is plunging. However, silver‐bearing veins are not
prominent in the exploration samples from the Property. Highly oxidized, silver‐
mineralized fractures, stockworks and disseminated textures are much more prevalent
in the same sample suite.

In a genetic classification system, the style of mineralization at the Property could be of
epithermal, intermediate‐sulfidation style. Epithermal deposits, according to Sillitoe
and Hedenquist (2003), occur as “both vein and bulk‐tonnage styles may be broadly
grouped into high‐sulfidation (HS), intermediate‐sulfidation (IS), and low‐sulfidation (LS) types
27
based
d on the sulfiidation statess of their hyp ges”. Howevver, the larg
pogene sulfidde assemblag ge
Ag, Sn, base metal
m depoosit at Cerrro Rico deemonstrates some of difficulty iin
understanding th he genesis of
o deposits in the Bolivvian Tin Bellt. Sillitoe, et al, (1998
8)
noted d a high‐suulfidation tyype affinityy within thhe lithocap of the deeposit but a
Meso othermal, loow‐sulfidatio on characterr of the tinn, base mettal massive sulfide vein ns
beloww the lithocaap.

Silverr mineralizaation at the
e Property is hosted in silicified d sandstonee in veinlets,
fractuures, breccias, and beddding‐paralle el disseminaations (Figure 8.1.1). TTin and basse
metaals are also p present at th he Propertyy. Figure 8.11.1 shows exxamples of disseminateed
(E) an
nd fracture ccontrolled (B B) styles of m
mineralizatioon.

Fiigure 8.1.1. Miineralization e
examples in dr ill core with siilver grades
(Ag g/t – silver
( r grade in gram
ms / tonne)

Mode erate‐ to higgh‐angle fractures and ffaults are veery common n at the Property. Thesse
structures may have acted as pathwaays for hyd rothermal ffluids to acccess porous,
nated and cross‐bedded
lamin c d sandstonee resulting iin locally sttrong silicificcation of th
he
sandsstones to fo
orm mineralization with
h both structural and bedding con ntrol. Mino
or
2
28
Silv
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T l Report Update
occurrrences of th hin (less than n 1 cm wide) quartz veinnlets were n noted in outccrop of Zonee I
and form
f part off the silicificcation alteraation event though app pear to be laater than th
he
host rock silicification. Fracttures and faults occur inn various oriientations so ome of whicch
parallel the strike and dip of
o the differe ent zones. In some casses fractures parallel thhe
general trend of the zones b but dip in op pposite dire ctions, whicch is also sugggested from m
the alignment of historic worrkings acrosss Zone I (Fig ure 8.1.2).

Figure 8
8.1.2. Zone I vieews

Zone I looking NNW
Zon
ne I looking SSSE

e the steep, eassterly dips to tthe structures and historic w
Note workings in thee upper part off Fig. 8.1.2 and
d
the west‐dippi
t ing alignment of historic wo rkings in the lo
ower part.
2
29
Silv
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T l Report Update
Breccia‐hosted silver and base metal mineralization was noted by the Qualified Person
in the some sections of the prior Owner’s drill core but in relatively smaller amounts as
compared to the fracture and disseminated styles.

In addition to silicification alteration, the host rock sandstones are often bleached from
their original reddish hues. Locally the bleached sandstone has been oxidized showing
strong yellow‐orange‐earthy red/brown sections, perhaps from oxidation of
disseminated and fracture‐controlled sulfide minerals, such as pyrite.

Mineralization of the altered, host rock sandstones resulted in the following observed
minerals (in relative abundance from most to least):

• Pyrite (FeS2). Pervasive, crystals in veinlets and in disseminations and clusters;
• Limonite and hematite (iron oxides). Yellow to earthly red on fractures, joints,
bedding;
• Acanthite ‐ Argentite (Ag2S). Gray to dark gray crystals and crystal aggregates on
fractures and disseminations;
• Boulangerite (Pb3Sb4S11). Orthorhombic (needle‐like) and/or Bournonite
(CuPbSbS3) orthorhombic (tabular) crystals and clusters, on fractures and
disseminations;
• Proustite ‐ Pyrargyrite (Ag3AsS3 ‐ Ag3SbS3). Dark gray locally with internal color on
fractures;
• Barite (BaSO4). White tabular crystals on fractures;
• Manganese oxides (not common). Fracture staining;
• Copper oxide staining (not common). Fracture staining;
• Native sulfur (not common).

30
Figure 8.2.1. Mineralization styles in NPMC core
A. B.
C. D.

A. Core hole DSS6601 at 149 m; 30 g/t Ag B. DSS6601 at 223.5 to 226.5 m; 256, 30, 153 g/t Ag
C. DSS5401 at 191.5 m; 229 g/t Ag D. DSS4601 at 218 m; 461 g/t Ag (up arrow shown)

Note the secondary and sedimentary structures in Figure 8.2.1; bedding/cross‐bedding and
fractures/veins.
Geochemical analyses by NPMC, on samples from its due diligence core drilling, verifies
the presences of silver plus associated elements, such as antimony, arsenic, copper, lead
and zinc, as contained the minerals listed herein. However, the correlation between
silver and the other elements is statistically not strong (Section 9). More work is needed
to understand the spatial relationship between the elements and how that may help
future exploration for additional silver mineralization at Silver Sand.

31
8.2. Basis for Exploration

Further studies are needed to better understand the types and sequence of the various
mineralogy and alteration feature at the Property. However observations to‐date,
suggest that a preliminary basis of exploration is the combination of structure and
currently identified mineralization within the host sandstones. These geologic features,
to be further documented with new mapping and sampling by NPMC, will help select
specific, future core drilling sites. At this point in time, new exploration core drilling
sites can be based on the following criteria:

 Twin, core drilling and scissor, core drilling proximal to historic drill sites. Scissor
drilling, which is drilling in a direction opposite to that of the prior Owner’s drill
holes, will help assess the importance of the different fractures and faults as
controls to silver mineralization. NPMC has plans to conduct this type of drilling
as part of its purchase due diligence.
 Surface mapping of structures. At this point in time, the NW trend, NE dip to
main Zone I is valid though there is evidence for other orientations that may
contain silver mineralization.
 Core drilling oriented from either the hanging wall or footwall, as surface
conditions dictate, to transect the north‐northwest striking and northeast to
southwest dipping zones.
 Channel sampling to test for surface exposures of silver mineralized sandstone in
gaps within the Owner’s channel sampling.
 Surface and underground (the latter only where safely achievable) mapping to
assist with documentation of structural and mineralization controls.

NPMC’s recent due diligence core drilling employed both twin and scissor core drilling to
evaluate the data obtained by the prior Owner from its four angled core holes.
32
Section 9: Exploration

9.1. Prior Owner’s Exploration

The prior Owner conducted exploration at the Property from 2009 through 2015, both
internally and contracted to two different geologic survey teams from China. The
historic exploration work performed, as reported by the prior Owner, is shown in Table
9.1.1 (from the prior Owner – see Jungie, 2015).

Table 9.1.1. Prior Owner’s historical exploration work completed at the Property
Work Completed Notes
Geological surveys 3.15 Square kilometers, 1:5,000 scale
Geological traverses 7,272 Meters, 1:1,000 scale, 15 sections (NE–SW)
Topographic surveys 8 Points
Mapping – historic workings 208 Meters
Drilling and logging 2,334 Meters in eight core holes
Trenching 40 Meters
Reconnaissance mapping 292 Points
Reconnaissance sample assaying 1,202 Samples
Mineral/lithology analysis 19 Samples
Petrography 9 Sections
Channel sampling 1,628 / 546 Meters / samples submitted for assay
Core sampling for assay 504 Samples
Specific gravity sampling 31 Samples
QA/QC 215 Samples

The prior Owner’s work reported in Table 9.1.1 was conducted during the period 2009
through 2015. The most significant components, in terms of analytical results, of this
historic work were the collection and assaying of channel samples and the collection
and assaying of drill samples.

Channel Sampling ‐ Channel sampling was used by the prior Owner to help define
geologic controls of the silver mineralization. Channels were cut with a diamond saw in
a horizontal orientation and were approximately 10 cm in height, 2 to 3 cm deep, and of
variable, horizontal length. Vertical saw cuts were made perpendicular to the horizontal
cuts and hammer and chisel used to extract sample for assay, ranging from 1 to 2.5
meters of channel length. An example of one of the channels from Zone 1 is shown in
Figure 9.1.1. Channel samples were analyzed at the prior Owner’s laboratory facilities
near Potosí, Bolivia for silver and, in some cases, tin and are summarized in Table 9.1.2.

33
Figu
ure 9.1.1. Horizontal channeel, striking NNW
W, in Zone I att the Property
(Lo
ooking WSW)

No
ote the pronounced liesegan
ng banding.

3
34
Silv
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T l Report Update
Table 9.1.2. Results of prior Owner’s surface and underground channel samples
Sample Length (m) Average Number of
Section Zone 1.
Location Silver (g/t) 2 Samples
50 Surface Zone I 62.7 174 31
Surface Zone I 83.0 93 44
58
Adit ‐ PD19 Zone II 21.4 263 10
62 Adit ‐ PD62 Zone I 72.1 207 36
Adit ‐ PD62 Zone V 8.0 185 4
70
Surface Zone II 6.7 141 4
Adit ‐ PD70 Zone I 11.8 163 6
72 Surface Zone II 1.5 356 1
Surface Zone III 16.9 198 9
74
76
Total 546
1.
Channel samples from adits PD62 and PD19 are believed to be close to the true width as they are
nearly perpendicular to the zones.
2.
Please refer to QA/QC results in Section 12.

Core Drilling. Drilling methods and sampling were used by the prior Owner to evaluate
the spatial extension of channel sample results into the surface – below levels of surface
inspection. For this work, the prior Owner used diamond drilling techniques to retrieve
HQ‐sized (63.5 mm diameter) cores of the subsurface host rocks. Drill holes were a
combination of vertical and inclined and were all completed in and around target Zone I.

A total of 8 core holes were completed by the prior Owner (Table 10.1.1) denoted on
Figure 9.2.2 with “ZK” prefixes; three angled steeply to the southwest, three vertical and
two angled steeply to the northeast. While all the angle holes were drilled at relatively
steep angles, future drilling should attempt shallower drill angles to cut the projected
target(s) at more incident angles (closer to perpendicular to the inferred target dip).

35
The core drilling was completed in two phases; in 2012 and in 2015, prior to the
Qualified Person’s first site inspection in December 2016. As such, the Qualified Person
cannot validate the procedures used during the drilling or core sampling methods.
However, core inspected was half core remaining from cutting the whole core prior to
sampling for analysis and in a very few instances quarter ore. Core boxes still have
sampling intervals marked that can be compared to assay report intervals with the same
sample numbers. Core intervals were variable between about 1 and 1.6 meters in
length; averaging approximately 1.3 meters in length for the three angled core holes
inspected.

With few exceptions noted during core inspection, core recovery and quality are good.
Some instance of poor recovery and quality were noted where the remaining core
consisted of small pieces rather than whole core samples. These poor core recovery
sections appear to coincide with strongly fractured and iron‐stained zones. Core
samples were analyzed at the prior Owner’s laboratory facilities near Potosí, Bolivia for
silver and, in some cases, tin and are summarized in Table 10.1.1.

The Qualified Person inspected several of the prior Owner’s channel sample and core
drilling sites (highlighted in Table 9.1.1) and has documented examples of them in this
Technical Report. Furthermore, the Qualified Person inspected, during the December
2016 site visit, all three angled core reported by the prior Owner as having cut Zone 1
(the 2015 drilling campaign). The Qualified Person was not provided with cost
summaries for the historic core drilling but based on costs used for contract drilling in
Bolivia (Table 26.1.1), the 2015 core drilling, totaling 1,557.5 meters (Table 10.2.1), is
estimated to have cost approximately US$286,600.

The Qualified Person has not done sufficient work to validate the other work items
documented by the prior Owner (Table 9.1.1). NPMC may choose to perform much of
the same type of work listed in Table 9.1.1 to validate the historic results but more
importantly to update it with more current information from its own efforts.

9.2 NPMC Exploration

During April and May of 2017, NPMC drilled four (4) HQ‐ and NQ‐sized core holes as part
of its acquisition due diligence (Figure 9.2.1). All new drilling was performed under
contract to NPMC by Maldonado Exploraciones; an independent exploration drilling
services company based in Bolivia. NPMC selected four drill sites to serve its due
diligence needs. A combination of twin (3 holes) and scissor (1 hole) drilling sites were
chosen.

A total of 1,546 meters were completed in the four core holes; all drilled in Zone I
(Figure 9.2.1). The three twin holes were DSS4601 (twinned prior Owner’s hole ZK4601),
DSS5401 (twinned prior Owner’s hole ZK5401) and, DSS6602 (twinned prior Owner’s
36
hole ZK6601). The single sccissors hole was DSS66001 on sectioon 66; it wass drilled from
m
the w
west side of Zone I to thhe northeasst to interseect the mineeralization frrom the prio
or
Owneer’s hole ZK66601.

Figure 9..2.1. Propertyy geology and d
drill hole locattions

“PD2
25” denotes an
n adit, “ZK6401” denotes hisstoric core hol e locations, “D
DSS6601 denottes NPMC duee
diligence ccore hole locattions.
3
37
Silv
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T l Report Update

As with the prior Owner’s core drilling, core collected by NPMC shows good recovery
and quality (Figure 10.2.1).

NPMC made the decision to sample and assay all of its due diligence core. A total of
1,023 core samples were taken from the four confirmation holes by halving drill core
with diamond saw with a standard interval of one and half (1.5) meters. Samples were
prepared and analyzed by ALS Global, a certified commercial analytical laboratory.
Assay results of all core samples have been received, and largely confirm the historical
results released by the Company on April 10, 2017) and confirmed the presence of
significant silver mineralization at Silver Sand.

The Qualified Person believes the uniformity of core sampling intervals and sampling of
the entire NPMC core holes were prudent actions to avoid sample selection bias.

9.3. NPMC drill hole geochemistry

In addition to obtaining silver analyses from half core samples, NPMC submitted pulped
samples from its core to ALS Global for multi‐element geochemical analyses. A total of
335 unique pulps were analyzed by ALS Global using their ME‐ICP61 method; a four acid
digestion, Inductively Coupled Plasma (ICP) analysis method. Observations from this
analytical data suggests that silver is not well correlated to any metal, all correlation
coefficients are less than 0.5, but is best correlated to Bi, Cd, Cu, Fe, S and Zn, with
correlation coefficients from 0.24 to 0.5. Table 9.3.1 shows the general statistics of the
multi‐element data and correlation coefficients between silver to various elements.

Table 9.3.1. Element statistics and correlation coefficients – NPMC analyses
(from 334 analyses performed at ALS Global)
Statistic Silver Bismuth Cadmium Copper Iron Sulfur Antimony Zinc
Mean 189.38 22.85 3.23 0.01 2.21 0.99 286.38 0.10
Maximum 2,320.00 414.00 224.00 0.42 9.47 10.00 15,800.00 7.45
Minimum 1.00 1.00 0.25 0.00 0.42 0.01 2.50 0.00
Median 112.00 8.00 0.25 0.01 2.26 0.84 147.00 0
Std. Dev. 232.90 44.92 16.26 0.02 0.93 0.91 929.18 0.54
Correlation
1.00 0.42 0.31 0.44 0.35 0.35 0.24 0.30
to Ag
Units ppm ppm ppm % % % ppm %
Analysis Fire
ICP
Method Assay

38
Section 10: Drilling

10.1. Historic Drilling Summary

Historic drilling consisted of diamond coring (core) methods. A total of eight NQ‐sized
core holes were completed in two campaigns, in 2012 and 2015 (Table 10.1.1), by the
prior Owners. No other prior drilling is known to have occurred on the property.

Table 10.1.1. Historic core holes at the Property
Drill Collar Location Collar Dip
Length Azimuth
Hole (UTM) Elevation Angle 1. Year
(m) (degrees)
Number Easting Northing (m) (degrees)
ZK4601 234,617.28 7,856,785.18 4,094.9 313.1 241 ‐76
ZK5401 234,824.67 7,856,443.33 4,063.8 413.7 243 ‐75
2015
ZK5402 234,510.12 7,856,267.07 3,991.1 546.6 0 ‐90
ZK6601 235,057.10 7,855,869.01 3,926.0 284.3 258 ‐76
Subtotal = 1,557.7
ZK5601 234,681.33 7,856,244.63 3,962.4 242.0 61 ‐76
ZK6401 234,808.24 7,855,854.01 4,005.9 314.5 64 ‐73
2012
ZK4002 234,504.000 7,857,063.00 4,092.0 155.3 0 ‐90
ZK4801 234,708.000 7,856,719.00 4,052.0 64.8 0 ‐90
Subtotal = 776.6
TOTAL = 2,334.3
1.
Drill hole dip angles in Table 10.1.1 are relative to horizontal (0o dip), ‐90 denotes a vertical hole.

Typically, core was marked and oriented within the core boxes then logged to describe
the geology and mineralization. Diamond impregnated saws were used to split the core
prior to sampling for assay. Half core was selected for analysis. Samples selected for
analysis ranged from approximately 1.0 to 1.6 meters in core length (Table 10.2.1). In
general core recoveries and quality were very good and well documented in the logging
process. Figure 10.1.1 is a visual example of core recovery and core quality.

39
Figure 10.1
1.1. Typical histtorical drill corre from the Prroperty

Note the thin‐
N and cross‐bed ore hole ZK5401 (above).
dded nature off the quartz saandstone in co

10.2. Historic D Drilling Results

Of the eight, historic core ho oles completed:
 Two were e vertical (ZK4002 and ZK4801) colllared in thee hanging w wall of Zone I,
drilled in 2012 to evaluate tin min neralization potential;
 Three we ere angled WSW
W into Zone
Z I (ZK46601, ZK54011 and ZK660 01) drilled iin
2015;
 Two were e collared in n the footwaall of Zone II angled steeply to the ENE (ZK560 01
and ZK640 01) drilled in
n 2012;
 One was vertical to test a sem mi‐circular ggeologic feaature approxximately 25 50
meters to o the west off Zone I (ZK5 5402) drilled in 2015.

Hole ZK4801 waas too shortt to intersecct the projeected dip off Zone I. C
Core was noot
availaable for exammination during the site e visits.

Holess ZK5601 an nd ZK6401, angle drilleed to the nnortheast, ddid not inteersect Zone I
mineralization an nd the priorr Owner’s assays
a suggeested neitheer hole interrsected silveer
mineralization. Core was not available for inspecttion during the Decemb ber 2016 sitte
visit b
but was mad de available for the seco ond site visit in May 20177.

4
40
Silv
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T l Report Update
Holes ZK4601, ZK5401 and ZK6601 intersected several distinct subzones of silver
mineralization. The casing was reportedly left in hole ZK4601. Length weighted average
silver grades are show in following table.

Table 10.2.1. Mineralized intervals within three historic core holes in Zone I
Distance Ave Mineralized Interval
Cross
Drill Hole to SE Grid Sample
Section
Number End Length From Length Average
(NE‐SW) To (m)
(m) (m) (m) (m) Ag (g/t)
ZK4601 46 1,500 1.28m 83.3 85.6 2.3 59.9
107.7 111.1 3.4 80.2
122.0 277.2 155.2 179.0
Incl. 122.0 145.4 23.4 260.9
Incl. 170.9 231.3 60.4 266.7
Incl. 258.6 277.2 18.6 290.1
ZK5401 54 1,100 1.27 m 151.1 346.4 195.3 168.0
Incl. 151.1 177.9 26.8 302.0
Incl. 195.2 249.5 54.3 303.0
Incl. 304.0 321.7 17.7 284.0
Incl. 336.4 346.4 10.0 320.5
ZK6601 66 500 1.33 m 51.9 243.2 191.3 246.0
Incl. 51.9 108.1 56.2 329.0
Incl. 132.1 182.6 50.5 316.0
Incl. 200.3 243.2 42.9 282.5
All data from prior Owner.
Notes: g/t = grams per metric tonne.
Intervals are drill core length in meters.
A 30 g/t Ag minimum grade was used to determine the average silver composite grades.
A minimum of 2 samples used in compositing.

True widths of the mineralized intervals in Table 10.2.1 are not known, as there was
only one hole per section that cut the mineralization. However, assuming a steep
northeasterly dip of Zone I, based on surface mapping, the true width (perpendicular to
the dip of the mineralized zone), may range from 40% to 60% of the drill length‐
weighted mineralization shown in Table 10.2.1. The northeasterly dip assumption can
be considered a reasonable assumption at this time but should be checked by surface
mapping by NPMC.

The prior Owner drilled two core holes in the footwall of Zone I, angled steeply to the
NE (holes ZK5601 and ZK6401), which were not reported to have intersected Zone I.
Data from these two core holes was not available for inspection during the Qualified
Person’s December 2016 site visit however, during the Qualified Person’s May 2017 site
visit, core from these two holes was made available for inspection. Despite the prior
Owners analyses suggesting little silver mineralization, some of the core did encounter
41
sulfide mineralization and should be re‐logged and analyzed by NPMC. Moreover, all
prior Owner core should be re‐logged and assayed if sufficient core remains.

10.3. NPMC 2017 Due Diligence Drilling

During the months of April and May, 2017, NPMC conducted a core drilling program,
consisting of four (4) angled, HQ and NQ core holes to confirm mineralization reported
by the prior Owner from its 2015 core drilling. The locations and summary data from
the 4 confirmatory core holes are shown in Table 10.3.1.

Table 10.3.1. NPMC 2017 due diligence core hole locations
Collar Location Collar Dip
Drill Hole Length Azimuth
(UTM) Elevation Angle 1.
Number (m) (degrees)
Easting Northing (m) (degrees)
DSS4601 234,621.0 7,856,784.0 4,095.3 318 240 ‐75
DSS5401 234,826.0 7,856,439.0 4,064.0 457 237 ‐73
DSS6601 234,863.0 7,855,772.0 4,007.0 450 60 ‐45
DSS6602 235,053.0 7,855,864.0 3,929.0 321 250 ‐70
Total meters = 1,546
1.
Drill hole dip angles in Table 10.3.1 are relative to horizontal (0o dip), ‐90 denotes a vertical hole.

All of NPMC’s core holes were surveyed by NPMC on surface with GPS methods, to
establish the collar location, and down‐hole by the “Reflex EZ‐Trac” method every 50
meters. Of the four, NPMC core holes completed:
 All were angle holes;
 Three (DSS4601, DSS5401 and DSS6602) were drilled from the northeast to the
southwest to twin historic drill holes ZK4601, ZK5401 and ZK6601, respectively,
and their surface locations (collars) were very close to the historic core hole
collars (tables 10.1.1 and 10.3.1);
 With minor exception the trace of the twin holes matched well the planned trace
of the historic holes; twin hole DSS6602 ended 8 degrees apart in azimuth and 6
degrees apart in dip at the bottom of the hole, relative to historic hole ZK6601;
 One hole (DSS6601, the scissors hole) was collared on the same section as
ZK6601 (section 66) but approximately 190 meters to the southwest of ZK6601
and was angled to the northeast.

Samples were collected, after cutting the NPMC core in half lengthwise with a diamond
saw, on a standard 1.5 m drill lengths. A total of 1,023 samples were selected in this
manner for assaying at ALS Global in Oruro, Bolivia (sample preparation) and Lima, Peru
(sample analysis). A total of 73 of blanks and certified commercial standards were
inserted into the sample stream approximately every 40 meters (approximately 7%
additional samples). All standards and blanks were analyzed along with the normal core
samples with results that matched the expected values (see Section 12). Table 10.3.2
42
shows the composited mineralized intervals in NPMC’s core holes. Compositing
parameters were the same as those used to produce Table 10.2.1.

Table 10.3.2. Mineralized intervals within NPMC’s core holes in Zone I
Drill Distance Mineralized Interval

Cross Total
to SE
Hole Section Depth
Grid End (m) From Length Average
Number (NE‐SW) To (m)
(m) (m) (m) Ag (g/t)
Twin Holes (angle‐drilled from NE to SW)
DSS4601 46 1,500 318 86.0 90.5 4.5 73.7
140.0 152.0 12.0 31.0
188.0 296.0 108.0 86.0
Incl. 188.0 246.5 58.5 133.7
Incl. 281.0 294.5 13.5 101.4
DSS5401 54 1,100 457 138.5 327.0 187.5 162.0
Incl. 138.5 157.5 18.0 149.9
Incl. 178.5 234.0 55.5 293.3
Incl. 283.5 327.0 43.5 255.9
DSS6602 66 500 321 48.5 182.0 133.5 226.6
Incl. 48.5 90.5 42.0 380.0
107.0 149.0 42.0 218.0
162.5 182.0 19.5 259.1
258.5 260.0 7.5 36.0
272.0 275.0 3.0 199.5
281.0 284.0 3.0 51.0
Scissors Hole (angle‐drilled from SW to NE)
DSS6601 66 500 450 31.5 37.5 6.0 39.0
67.5 79.5 12.0 32.8
96.0 105.0 9.0 88.0
144.0 160.5 14.0 51.5
187.5 289.5 102.0 197.0
Incl. 187.5 226.5 39.0 263.8
Incl. 231.0 235.5 4.5 76.0
Incl. 240.0 249.0 9.0 127.3
Incl. 256.5 289.5 33.0 251.0
All data from ALS Global for NPMC.
A minimum of 2 samples used in compositing.

True widths are not yet known from the information obtained with NPMC’s twin drilling
though scissors hole DSS6601 suggests that the true thickness of Zone I may be 55% to
60% of the drilled interval thicknesses in holes DSS6602 and ZK6602 (Figure 25.1.3).
43
Additional drilling on the other cross sections will be needed to further corroborate the
overall geometry and thickness of Zone I.

As with the prior Owner’s core holes, NPMC’s twin core holes yielded good core
recovery and quality (RQD), lending credibility to the quality of both drill sampling
campaigns. In addition, NPMC collected other data from its core hole logging:

 Core quality (Rock Quality Determination),
 Core recovery (%),
 Lithology (rock types),
 Mineralization description (sulfide versus oxide),
 Structures (number of fractures per 2.5 meters),
 Alteration (type and relative intensity),
 Oxidation (Oxide, transitional, sulfide)
 Specific gravity (SG).

Figure 10.3.1. Typical recovery and quality within NPMC core
Hole DSS6601

In Figure 10.3.1, note the limonite staining and fracturing at around 223.5 meters down‐
hole which yielded a silver value of 256 g/t in the interval 222 m to 223.5 m followed by
30 g/t and 156 g/t in the intervals 223 to 224.5 meters and 224.5 to 226 meters,
respectively.

44
10.4. Comparison of Prior Owner’s and NPMC’s core drilling

The purpose of NPMC due diligence drilling was to validate the presence or silver
mineralization with its three twin holes, as reported by the prior Owner, and conduct a
test of the interpreted shape of Zone I with one scissors hole. Table 10.4.1 shows the
assay composites for the original and twin hole, side‐by‐side for comparison.

Table 10.4.1. Assay composite comparison; prior Owner and NPMC twin holes
Prior Owner Core New Pacific Metals Corp. Core
Core Drill Core Drill
From From
Hole To (m) Width Ag (g/t) Hole To (m) Width Ag (g/t)
(m) (m)
Number (m) Number (m)
ZK4601 83.3 85.6 2.3 59.9 DSS4601 86.0 90.5 4.5 73.7
107.7 111.1 3.4 80.2 140.0 152.0 12.0 31.0
122.0 145.4 23.4 260.9 188.0 246.5 58.5 133.7
170.9 231.3 60.4 266.7 281.0 294.5 13.5 101.4
258.6 277.2 18.6 290.1

ZK5401 151.1 177.9 26.8 302.0 DSS5401 138.5 157.5 18.0 149.9
195.2 249.5 54.3 303.0 178.5 234.0 55.5 293.3
304.0 321.7 17.7 284.0 283.5 327.0 43.5 255.9
336.4 346.4 10.0 320.5

ZK6601 51.9 108.1 56.2 329.0 DSS6602 48.5 90.5 42.0 380.0
132.1 182.6 50.5 316.0 107.0 149.0 42.0 218.0
200.3 243.2 42.9 282.5 162.5 182.0 19.5 259.1
258.5 260.0 7.5 36.0
272.0 275.0 3.0 199.5
281.0 284.0 3.0 51.0
A minimum of 2 samples used in compositing, no more that 2 sequential assay values ≤ 30 g/t used in
any composite (as internal dilution).

The NPMC twin holes corroborated the presence silver in assays reported by the prior
Owner. Similarly, both campaigns encountered several zones of silver mineralization in
each core hole as demonstrated in Table 10.3.2. In general the Qualified Person makes
the following observations about the drill comparison.

1. The presence of silver mineralization at Silver Sand, defined by Alcira, has been
confirmed by NPMC’s core drilling and NPMC’s and the Qualified Person’s re‐
sampling and re‐assaying of Alcira’s core drilling samples and channels.
2. In general silver grades from the new core drilling are somewhat lower than
grades from the original drill holes.
3. While each pair of twin/original holes cut multiple subzones down‐hole, the drill
widths and intersection depths are different within each pair.
45
4. Though the new drill holes were surveyed down‐hole, under the supervision of
NPMC personnel, the original holes’ surveys cannot be similarly validated.
Accordingly, the spatial position of the original holes (down‐hole) cannot be
taken as fact and, if in error, could explain some of the assay and intersection
differences between the pairs.
5. Scissors hole DSS6601 lends good credibility to the general shape of Zone 1
mineralization on section 66 and suggests drill widths of mineralization in
NPMC’s and Alcira’s WSW‐oriented twins are between 45% and 60% of true
width.
6. Scissors hole DSS6601 suggests the presence of mineralization in the inferred
footwall of Zone 1. This was also suggested by inspection of two, angled Alcira
core holes also drilled in the same general area – footwall of Zone 1 – which
were stated to be un‐mineralized but showed similar styles of visible
mineralization and alteration to the mineralized holes.

46
Section 11: Sample Preparation, Analyses, and Security

11.1. Prior Owner’s Methods

The Qualified Person did not inspect the sample preparation, analyses and security
measures employed by the prior Owner during its two drilling campaigns but did inspect
the laboratory it used to process and analyze core and channel samples and inspected
methods being employed at that laboratory on other samples. The laboratory used to
analyze core and channel samples for the prior Owner is owned by the prior Owner. It is
not a certified, commercial laboratory. The Qualified Person was not provided with
quality control or security procedures for samples collected at the Property and
submitted to the prior Owner’s laboratory and could not view any methods that would
have been used during the campaigns. Assuming the methods employed to analyze the
Property samples were similar to those viewed as being used on other, non‐Property
samples, the Qualified Person believes the processes employed by the prior Owner were
typical of industry standard commercial or mine‐site wet chemistry laboratories. No fire
assay techniques were used.

The sample preparation procedures employed followed those normally used in the
mineral exploration industry.

1. Samples delivered to the laboratory in bags labeled with sample numbers
corresponding to the field and core sample intervals.
2. Samples were dried in air and/or in ovens to remove moisture and weighed.
3. Weighed samples were crushed by a jaw crusher and split.
4. Split samples were further crushed in a roll crusher and split again.
5. Split roll crushed samples were pulverized in a rotating disc‐type of pulverizer to
produce a pulped sample.
6. Pulps were weighed.
7. Pulverized samples were mixed with a rolling cloth and split again into an assay
sample, a duplicate and storage pulp.
8. The assay pulp was assayed by wet chemical analytical techniques of pulp
digestion in acid that produced liquor (liquid) that was then analyzed by Atomic
Absorption Spectroscopy (AAS) methods to determine metal contents.

Core remaining from splitting and sampling is stored at office facilities at Canutillos.
Assay pulps are stored at the prior Owner’s processing facilities near Potosí.

A combination of internal and Chinese commercial standards inserted in the sample
processing and analyses stream were used. The insertion rate protocol was stated to be
approximately one standard per every twenty primary samples (5%).

47

11.2. NPMC’s Methods

The sample preparation procedures employed by NMPC followed procedures typically
employed in the mineral exploration industry.

 Drill sampling was taken in equal length of 1.50 meters.
 Drill cores were cleaned from mud and grease by the helpers and placed in
provided core boxes.
 Core boxes were labeled and blocks placed periodically at various down‐hole
depths (in meters).
 The core boxes were then transported to the NPMC’s camp at the community of
Betanzos and logged by NPMC’s geologists into hard copy log sheets.
 NPMC’s geologists indicated in each core box where the sampling was to be
taken and noted the exact distances on the log sheets.
 The core was split in half, by diamond saw, by NPMC’s personnel.
 Half core samples were put into new, clean and transparent plastic bags with a
sample number label.
 All samples were shipped to ALS Global for sample preparation in their facilities
in Oruro, Bolivia and then to ALS’s facilities in Lima, Peru for analyses.


The Qualified Person inspected core drilling, core logging and core cutting employed by
NPMC and its contractors and believes that the processes used to prepare and analyze
exploration samples and for sample security, were reasonable and would not be
expected to introduce significant bias to the analyses. NPMC’s use of a certified
commercial laboratory to process and analyze all of its due diligence core was
appropriate.
48
Section 12: Data Verification

Exploration data presented in this Technical Report consists of assays from drill hole
samples and from channel sampling. To validate the data generated by the prior
Owner, NPMC and the Qualified Person collected various types of samples and
submitted them to two independent, commercial laboratories for analyses: ALS Global
and SGS. NPMC further validated data generated from its subsequent due diligence
core drilling with its QA/QC program as outlined in this section.

12.1. QA/QC (Quality Assurance/Quality Control)

During its initial due diligence of the Property, NPMC collected 334 samples for QA/QC
to be compared to the in‐house analytical results. This series of samples consisted of:
 98 quarter‐core samples;
 11 half‐core splits;
 125 splits of core pulps;
 100 chip samples along previous channels.

All NPHC QA/QC samples were submitted to ALS Global for processing and analyses.

In addition to the NPMC QA/QC samples, the Qualified Person collected samples for
QA/QC and geological investigation delivered by the Qualified Person to the SGS Group
commercial laboratory facilities in La Paz, Bolivia. This series of samples consisted of:
 13 splits of core pulps;
 14 specimens of half‐core;
 7 rock samples from and proximal to the previous channel sample sites.

Both ALS Global and SGS are certified, commercial analytical services companies.
Results from the QA/QC samples generally confirm the original assay values produced
by the prior Owner.

12.2. NPMC Pulp QA/QC Results

NPMC analyses, on 125 splits of laboratory pulps, compare very well to prior Owner’s
original results with a 0.99 correlation coefficient. Figure 12.2.1 is a plot of the results
from the two groups.

49
Figure 12.2.1. Plot of results from assay pairs
Original Assays vs. NPHC Assays (Pulps)
1,800
1,600
1,400
1,200
1,000
Silver g/t
Original Ag (g/t)
800
NPHC Ag (ppm)
600
400
200
0
1 5 9 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69 73 77 81 85 89 93 97 101105109113117121125
Sequen al Assay Pairs

The Qualified Person tabulated the data presented in Figure 12.2.1. Red‐colored points
are the prior Owner’s data. The average silver value of the prior Owner’s data is 199 g/t.
The average silver value of the NPMC independent analyses is 186 g/t; 6.3% lower than
the prior Owner’s data set.

To further assess the difference between the two pulp assay pairs, the percentage
difference relative to the prior Owner’s assay value was plotted (Figure 12.2.2).
Individually, the sample pair analyses demonstrated difference ranging from 0 to +/‐
186%.

50
Figure 12.2.2. Percentage difference versus original assay
Original Data vs. Assay Difference (% Diff)

1,800 200.0%
1,600 150.0%
1,400 100.0%
% Differnce NPHC Rel a ve to Alcira

1,200 50.0%
Alcria Silver Assay (g/t)
1,000 0.0%
Original Ag (g/t)
800 ‐50.0%
% Diff
600 ‐100.0%
400 ‐150.0%
200 ‐200.0%
0 ‐250.0%
1
5
9
13
17
21
25
29
33
37
41
45
49
53
57
61
65
69
73
77
81
85
89
93
97
101
105
109
113
117
121
125
Rank‐ordered data

The formula used to calculate the % difference in Figure 12.2.2 is:

(Original Ag g/t – NPMC Ag g/t)/((Original Ag g/t + NPMC Ag g/t)/2) = % Difference
(source: http://www.calculatorsoup.com/calculators/algebra/percent‐difference‐calculator.php)

Inspection of the rank‐ordered prior Owner’s pulp data in Figure 12.2.2 suggests there
are several different populations within the data; represented by breaks‐in‐slope of the
blue data: one at 200 Ag g/t, one at +/‐ 400 g/t, one at +/‐ 675 g/t and another at +/‐
825. These breaks may reflect local differences in geologic controls. Such plots, along
standard statistical measures, may be useful to NPMC in the assessment of raw assay
capping values.

12.3. Core and Rock Sample QA/QC

A further analysis of prior Owner’s data reliability was conducted on assays from new
core sampling. For this exercise, NPMC collected 98 samples of ¼ core to be analyzed
and compared to prior Owner’s ½ core sample assays. The 98‐pair data is shown in
Figure 12.2.3.

51
Figure 12.2.3. Core assay comparison

The average silver value of the original half‐core, is 478 g/t while the average silver
value of the NPMC quarter core assays is 464 g/t. The correlation coefficient between
the two data sets is 0.88.

The Qualified person also collected samples for QA/QC and geologic purposes. The
following Table 12.2.1 describes the samples and their analytical results.

Table 12.2.1. Qualified Person’s QA/QC sampling
SGS Original
Sample Number Type Comments
Ag g/t Ag g/t
Split from original core sample pulp
ZK4601 H4 <1 <1
ZK4601 H7 <1 <1
ZK4601 H24 326 362
ZK4601 H102 91 87
ZK5401 H23 285 295
ZK5401 H65 Core sample 697 708 The prior Owner’s original assays
ZK5401 H98 pulp 330 417 produced in‐house from original core
ZK5401 H99 66 78 sample pulp.
ZK5401 H115 15 24
ZK6601 H20 188 216
ZK6601 H25 154 165
ZK6601 H50 34 32
ZK6601 H74 311 377
52
1.
Specimen from full core sample run
ZK4601 H4‐30 <1 <1 30cm above bottom of sample H4. 2.
ZK4601 H7‐182 5 <1 182cm above bottom of sample H7.
ZK4601 H24‐113 165 362 113cm above bottom of sample H24.
ZK5401 H98‐106 Core specimen 12 417 106cm above bottom of sample H98.
ZK5401 H99‐50 <1 78 50cm above bottom of sample H50.
Field Hand Specimens
Fe ox outcrop between ZI and ZII, below
I‐1 <1 None
road, structures strike 30o.
Zone I, 330o trending adit at sample
54 H15U 41 85
H15. CuCO3, on fractures.
Zone I, above channel sample H33.
54 H33A 440 185
Channel is parallel to Zone strike.
Rock Zone I, above channel sample H34.
54 H34A 294 129
Channel is parallel to Zone strike.
Zone II, at channel sample H4, few
58II H4A 5
veins.
558 Zone II, at channel sample H4, well
58II H4 1,065
veined
58II H11 696 867 Zone II, at channel sample H11.
1.
Prior Owner’s assays from full sample run.
2.
“cm” notes sample position, in centimeters, relative to the bottom of the prior Owner’s core sample.

12.4. NPMC Drilling QA/QC

During its second phase of due diligence, during which NPMC drilled its 4 confirmatory
core holes, NPMC checked the results received from the primary, independent,
commercial laboratory (ALS Global) with a series of certified commercial standards (the
“standards”), blanks and secondary laboratory checks. In total 73 standards and blanks
were added to 1,023 core samples submitted to ALS Global and 55 pulped samples
submitted to the secondary laboratory. In total, 73 blanks and standards were added
to 1,023 NPMC core samples for analysis.

53
Standards

Commercial standard samples, of 30‐gram weight, were inserted by NPMC personnel
into each drill hole sample stream. This standard, labeled CDN‐ME‐1605, was purchased
from CDN Resource Laboratories Ltd. in Canada. The certificate of assay for the
standard is as follows;
The commercial standard, CDN‐ME‐1605, was inserted into the sample stream by NPMC
personnel. A total of 37 commercial standards were used in the QA/QC process,
representing 3.4% of the total samples analyzed.

Results from the analyses of CDN commercial standards are shown in Figure 12.4.1.

54
Figure 12.4.1. Plot of commercial standard analyses versus the certified value
Standard CDN‐ME‐1605 Ag 274g/t
320
300
280
Au (g/t)
260
Ag (g/t)
Mean+3SD
240 Mean+2SD
STD_Mean
Mean‐2SD
Mean‐3SD
220
NPM0355
NPM0385
NPM0415
NPM0445
NPM0475
NPM0505
NPM0535
NPM0565
NPM0970
NPM1000
NPM1030
NPM1060
NPM1090
NPM1120
NPM1150
NPM0620
NPM0650
NPM0680
NPM0710
NPM0740
NPM0770
NPM0800
NPM0830
NPM0860
NPM0890
NPM0920
NPM0020
NPM0050
NPM0080
NPM0110
NPM0140
NPM0170
NPM0200
NPM0230
NPM0260
NPM0290
NPM0320
Sample ID

All of the results from ALS Global were within 2 standard deviations (yellow lines in
Figure 12.4.1) of the certified value from CDN Laboratories.

Blanks

Blanks, essentially barren with respect to silver, were prepared by NPMC personnel by
collecting dune sand. The dune sand is located at 19, 12, 47.53 S Latitude; 66, 47, 46.50 W
Longitude near the city of Oruro, Bolivia.

A blank was inserted approximately every 40 to 50 meters into the sample stream for
each hole; the same rate as for the commercial standards but separated by
approximately 4 core samples (6 meters). A total of 36 blanks were used in the QAQC
process, representing 3.2% of the total samples analyzed.

Results from the analyses of NPMC blank standards are shown in Figure 12.4.2.

55
Figure 12.4.2 Plot of blank sample analyses versus the established value
Blank ‐ Ag (g/t)
10
Ag (g/t)
Det. Limit
DL * 2
DL * 3
Ag (g/t)
0.1
NPM0360
NPM0390
NPM0420
NPM0450
NPM0480
NPM0510
NPM0540
NPM0570
NPM0975
NPM1005
NPM1035
NPM1065
NPM1095
NPM1125
NPM1155
NPM0625
NPM0655
NPM0685
NPM0715
NPM0745
NPM0775
NPM0805
NPM0835
NPM0895
NPM0925
NPM0025
NPM0055
NPM0085
NPM0115
NPM0145
NPM0175
NPM0205
NPM0235
NPM0265
NPM0295
Sample ID

Three of the blank samples returned assay values from ALS Global that were different by
two standard deviations or more.

Second Laboratory Duplicates:

Pulps from approximately 5% (55) of the total samples analyzed at ALS Global were
selected by NPMC personnel and submitted to SPECTROLAB Bolivia, located in
Universidad Técnica de Oruro (U.T.O.), Bolivia (http://spectrolab‐bolivia.com), for silver,
lead and zinc analyses to check ALS Global.


The Qualified Person believes the large amount of due diligence sampling conducted by
NPMC and the Qualified Person lends credibility to the reliability of the prior Owner’s
analyses with little evidence of any sample contamination during preparation.

Overall assay results from the due diligence sampling and the certified, commercial
laboratories, ALS Global and the SGS suggest that, while the prior Owner’s assays are, on
average, somewhat higher in value and show the largest difference to the commercial
laboratories in the lower grade range, they are sufficiently validated by NPMC to be
useful in future exploration activities. Field hand specimens collected by the Qualified
Person (Table 12.2.1) also confirm presence of silver mineralization, though indicates
56
small‐scale variation in silver grade between the selected specimens and the normal 1.2
to 1.3 meter‐long core samples.

The Qualified Person believes that NPMC conducted sufficient QAQC of its own core
sample stream to validate the results reported herein, with little evidence of any sample
contamination during preparation, and recommends that NPMC continue to employ a
certified, commercial laboratory for the processing and analyses of its own exploration
samples and that it build its own database to ensure security and implement a routine
QA/QC program for all new analytical work. Furthermore, the Qualified Person
recommends NPMC establish a value for its blank material by preparing a large batch of
the sand at a commercial laboratory and analyzing the material at two different,
commercial laboratories. If the values reported by the different commercial
laboratories do not agree a third laboratory (the umpire laboratory) should be engaged.
57
Section 13: Mineral Processing and Metallurgical Testing

NPMC has not conducted any of its own mineral processing or metallurgical tests as of
the effective date of this Technical Report.

58
Section 14: Mineral Resource Estimates

There are no NI 43‐101 compliant Mineral Resources on the Property.

59
Section 15: Mineral Reserve Estimates

There are no NI 43‐101 compliant Mineral Reserves on the Property.

60
Section 16: Mining Methods

This section does not apply to this Technical Report

61
Section 17: Recovery Methods

This section does not apply to this Technical Report.

62
Section 18: Project Infrastructure


63
Section 19: Market Studies and Contracts


64
Section 20: Environmental Studies, Permitting, and Social or Community
Impact


65
Section 21: Capital and Operating Costs


66
Section 22: Economic Analysis


67
Section 23: Adjacent Properties

Around the Property, there are many concessions held by companies other than the
prior Owner as well as by individuals and cooperatives. A large block of ground is held
by Jungie, where it operates the Canutillos tin‐base metal mine in joint venture with
COMIBOL, bordering Silver Sand on the west.

68
Section 24: Other Relevant Data and Information

There are no other relevant data or information at this time.

69
Section 25: Interpretation and Conclusions

The Qualified Person visited the Property on December 17, 18 and 19 of 2016 and again
on May 9, 10 and 11, 2017, as part of a due diligence effort by NPMC to evaluate the
Property. During the due diligence, NPMC, its consultants, and the Qualified Person
collected a large suite of surface and core samples and assays pulps for QA/QC work and
consulted with local legal expertise (documented in; Miranda, 2017) regarding property
title, laws, regulations and taxes/fees.

25.1. Exploration Targets. The Qualified Person believes the targets I, II, III, IV and V,
described as north‐northwest striking and either northeast or southwest dipping
silicified sandstone zone are reasonable at this early stage in the Property. The zones
demonstrate a combination of structural and lithologic control to the silver
mineralization, especially in Zone I. Mineralization styles include, fracture or fault
controlled, disseminations and/or lamination controlled and breccia matrix filling and
will require site specific drilling programs dictated by the specific geologic conditions.

Five different exploration targets, termed zones I, II, III, IV and V (Figure 9.2.1) were
defined by the prior Owner. Silver mineralization has been encountered with channel
sampling and/or core drilling in all five.

Zone I – This zone is the most prominent alteration and structural feature on the
Property. Zone I has been traced on surface for more than 1,500 meters in a
northwesterly direction. Its silicification alteration envelope is interpreted to range
from about 50 to 125 meters width and its known depth extension is 300 meters and
open at depth. The zone cuts the folded lower, middle and upper Cretaceous‐aged
sandstone units and is projected to extend further to northwest, north of the Property,
into a block of Tertiary‐aged intrusion into a cluster of northwest‐striking structures and
artisanal mining. This zone is also believed to extend in the south direction as silver
mineralization is exposed by channel sampling in the southern most section 76. Zone I
demonstrates both lithologic and structural control to precious and base metal
mineralization, as mentioned previously. Structures noted have variable dips and strikes
though the prominent strike appears to be northwesterly. More work is needed to
assess the structural controls to mineralization and their use in future drill site design
and mineral resource estimation.

Cross cut PD62, the Dolores Adit, was developed near the center of Zone I
approximately 150 meters below the top of the zone on section 62 (Figure 7.3.2). The
adit has a total NE to SW length of 173 meters. Channel samples were collected along
the ribs of PD62. Using a 30 Ag g/t cutoff, the length‐weighted average grade of silver
mineralization is 72.1 meters grading 207 g/t. Zone V was intersected near the collar of
70
the Dolores adit. Channel sampling along the ribs yielded length‐weighted silver values
of 8 meters grading 182 g/t for Zone V (Table 9.1.2).

About 200 meters southeast of adit PD62, core hole ZK6601 was drilled on section 66 to
a length of 284 meters. This section is approximately 500 northwest of the southern
most section 76. Hole ZK6601 crossed Zone I yielding a total drill width of 191.3m
grading 246 silver g/t starting at a down‐hole depth of 51.9 extending to 243.2 meters.
Within this interval, three higher‐grade “subzones” were defined (Table 10.2.1). Near
the collar of hole ZK6601 is an adit (PD25) and a dump outside adit portal. The prior
Owner took one grab sample from the dump in 2014, which returned a silver grade of
220 g/t. During its due diligence, NPMC took four grab samples from the dump as part
of its due diligence, which returned silver grades of 296 g/t, 448 g/t, 59 g/t and 452 g/t.

400 meters to the northwest of PD62, core hole ZK5401 was collared on section 54 and
extended to drill depth of 413 meters and crossing Zone I. Sampling yielded a total core
length of 195.2 meters grading 168 silver g/t starting at 151.1 meters and extending to
346.4 meters down‐hole. This drill hole length included four higher‐grade “subzones”
(Table 10.2.1).

Further to the northwest, approximately 400 meters from ZK5401, core hole ZK4601
was drilled on cross section 46 in an area of overburden covering the projected strike of
Zone I. Hole ZK4601 intercepted Zone I for a total drill width of 155.2 m grading 179
silver g/t starting at a drill depth of 122 meters, extending to 277.2 meters down‐hole.
This interval also included three higher‐grade “subzones” (Table 10.2.1).

Zone II – This zone is parallel to, and situated 300 meters northeast of, Zone I.
Exposures of Zone II are more subtle than those of Zone I. It has been traced, using
sporadic outcrops of silicified, veined and oxidized sandstone, over 1,400 meters in NW
strike and up to 25 meters in width. The zone cuts the lower, middle and upper
Cretaceous‐aged sandstone units. There are no drill holes in Zone II but channels have
been collected from a small adit and decline (adit PD19) on section 58. Assays on these
channel samples by the prior Owner yielded a total channel length of 21.4 m with a
length‐weighted average silver grade of 263 g/t (Table 9.1.2). The first and the last
channel samples were taken in mineralization. The adit occurs at the intersection of the
trend of the zone and a contact between the middle and upper sandstone units.
Examination of the surface above, and to the northeast of, the adit revealed wide
spread oxidation, which may suggest the zone is wider than currently estimated.

Zone III – This zone is situated about 130 meters to the east of Zone II and is parallel to
zones I and II. The alteration envelope of Zone III has been mapped over approximately
1,000 meters of strike and up to 75 meters in width. Zone III occurs entirely within the
lower sandstone. There are no drill holes in Zone III. Samples were collected on surface
from two channels cutting Zone III. They yielded mineralized intervals of 15 meters
grading 137 silver g/t and 16.9 meters grading 198 silver g/t (Table 9.1.2).
71

Zone IV – This zone occurs ab bout 100 me eters due weest of Zone I. The zone iis interpreteed
to be
e less than 1 10 meters in n maximum width and ddipping shallowly, but vvariably, from m
north
heast to soutthwest. The ere are no drrill holes in ZZone IV.

Zone V – This zone is located d about 400 0 meters norrth of the co ollar of coree hole ZK660 01
and is parallel too Zone I. Thhe strike length of this zzone is apprroximately 2 25 meters. A As
menttioned in the descriptioon of Zone I,
I adit PD62 interested Zone V neaar the portaal.
Channel sampling cut a min neralized intterval of 8 m
meters gradding 185 silvver g/t (Tablle
9.1.2). No drillingg has been pperformed o on Zone V.

ddition to the five zoness of alteratio
In ad on, a semi‐ccircular brecccia is locateed about 12 25
meteers to the west
w of Zone
e I (“Yb” syymbol on Fi gure 9.2.1).. The featuure has beeen
interp
preted to be
b “crypto‐e explosion” breccia/pipe
b e (Jungie, 20016). In 20
012, a 546..5
meteer‐long vertical core hoole was drillled into thee eastern part of the breccia (holle
ZK5402). No min neralization wwas reported from this ccore hole.

Figure 25.1
1.1. Cross secttion 62
(Lookking northwestt)

7
72
Silv
ver Sand Technica
T l Report Update
Figure 25.1
1.2. Cross secttion 66

7
73
Silv
ver Sand Technical
T Report Update
Figurre 25.1.3. Enlaargement of crross section 666

74
Silv
Figure 25.1
1.4. Cross sect ion 54

1.5. Cross sect ion 46
Figure 25.1
7
75
Silv
25.2. Deposit Types. The Qualified Person believes the deposits at the Property are
typical of other deposits in the Bolivian Tin Belt. Mineralization inspected consists of
silver and base metals within altered, fractured and brecciated host rock sandstones.
Additional work is needed to document ore and gangue mineral suites, alteration
mineralogy, fluid inclusion studies to help constrain the age, hydrothermal fluid
chemistry and temperature(s) of deposit formation.

25.3 Exploration. The Qualified Person believes the exploration methods employed
by the prior Owner and NPMC were reasonable and methods used to collect channel
samples were very regular and appropriate for an early‐stage exploration evaluation.
Some of the prior Owner channels were cut perpendicular to the main NNW trend of
the mineralized zones and some were cut parallel to them. The latter serves to confirm
some measure of strike continuity but should not be used in future mineral resource
estimation. The role of different structural geology elements in the control of
mineralization requires more study though the initial model of NW‐striking and NE‐ to
SW‐dipping zones of mineralization is reasonable at this stage in the project.

25.4 Drilling. The Qualified Person inspected all prior Owner and NPMC core and
assay data that was available and believes the drilling methods used were appropriate.
The prior Owner’s angled core holes were very steep, around 75 degrees) which can
yield true widths that are perhaps only 40 to 55% of the drill intercept lengths, given the
steep orientation of Zone I. The Qualified Person inspected 3 of NPMC’s 4 confirmatory
drill core and sites and believes NPMC’s work was a reasonable approach to validate
mineralization in the prior Owner’s core drilling.

25.5 Mineral Processing and Metallurgical Testing. Core samples from the Property
show both oxide‐ and sulfide‐character, generally typical of other precious and base
metal deposits in the Bolivian Tin Belt but with notably lower tin values. Metallurgical
and mineralogical tests testing will be needed on the various geologic material types.

76
Section 26: Recommendations

26.1. Recommended Exploration Program

Further exploration work at Silver Sand is justified to accomplish two objectives; 1)
further validate drilling results produced by the prior Owner with scissors drilling from
the inferred footwall of Zone I and, 2) initial step‐out drilling to test the strike and dip
extension of Zone I mineralization. Table 26.1.1 lists estimated costs to Phase 2 targets.

Table 26.1.1. Estimated exploration drilling costs – Zone I, Phase 2
Costs
Number
HQ Core
Type of Drilling of HQ Drilling Costs at US$ 140 per meter
Meters
Zone I Core (Rounded to nearest $100)
(total)
Holes 1
SW to NE angled; footwall 2 4 1,200 $168,000
Step‐out Drilling ‐ On Strike
6 pairs 3, 4, 5 12 4,200 $588,000
Model and Step‐out Drilling 16 5,400 $756,000
Contingency (10%) $76,000
Subtotal Drilling 16 5,400 $832,000

Other Number Unit (US$) Other Costs
Assaying, drill (1.5m length) 3,600 $33 $118,800
Assaying, QA/QC 6 540 $33 $17,800
Assay Transport $5,000
Mobilization/Demobilization $5,000
Subtotal Other $146,600
Contingency (10%) $14,700
Subtotal Other and Contingency $161,5300
Total Drilling and Other 7 $993,200
Notes
1. All core holes angled and surveyed; collar and down‐hole. HQ‐sized core.
2. Drill four holes to cut the projected Zone I from the footwall (scissors holes); two each on
sections 46 and 54.
3. Drill two holes per pair, one angled ‐45 degrees and one ‐65 degrees (relative to horizontal).
4. May be expanded to include additional pairs.
5. US$184 all‐in costs per meter of core drilling.
6. One, each, commercial standard and blank per every 40 to 50 meters, second laboratory checks
at 5%
7. Costs are based on NPMC’s recent due diligence drilling campaign costs.

The total cost for Phase 2 exploration on target Zone I is forecast to be US$993,200, not
including staff, general and administrative costs or miscellaneous costs, for 5,400 meters
of core drilling; or US$184/meter. The step‐out pairs should be sited 200 meters on
either side (NW and SE) of sections 46, 54 and 66 in the inferred hanging wall of Zone I
and spaced 200 meters from each of the prior Owner’s core holes. Expanding the phase
77
2 step‐out drilling should include 3 additional scissor pairs sited similarly to the initial
scissor pairs; though on opposite sides of the three, historic core holes.


The Qualified Person believes the identified Phase 2 targets are valid and reasonable
and that the other defined zones at the Property are deserving of new exploration, as is
property‐wide exploration to discover new targets; both of which are considered second
priority in nature. The Qualified Person recommends NPMC conduct the core drilling
program recommended in Table 26.1.1. To obtain drill intercept lengths that are closer
to true width, drill angles should be lower but based on site‐specific conditions. NPMC
may wish to conduct other exploration work simultaneously such as, but not necessarily
limited to, topographic surveying, drill hole water measurements and analyses, surface
trenching and sampling, collection of additional specific gravity (SG) and multi‐element
geochemical analyses of surface and core hole samples. Other recommendations are as
follows:
26.2.1. The Qualified Person recommends that NPMC continue to employ down‐
hole surveying methods and consider re‐surveying the five angled core holes,
completed by the prior Owner, in Zone I. Surface channel sampling on the
exposed structures in Zone I may be considered, especially where shallow drilling
becomes logistically challenging, to establish the extension of subsurface
mineralization to the surface..

26.2.2. The interplay between structure and stratigraphy in localization of silver
mineralization needs more study as both appear to be important controls to
mineralization; core inspection shows precious and base metal mineralization
controlled by both geologic features. The Qualified Person recommends
additional mapping and mineralogical studies to further document and assess
the range and sequence of structural elements ‐ sedimentary and structural – on
the Property and the relationship of silver and other mineralization to those
elements. To assist with this assessment, NPMC may wish to use some oriented
core and/or oriented down‐hole filming of the core hole walls to collect
subsurface structural data, which can then be compared to surface mapping
information.

26.2.3. The Qualified Person recommends that NPMC continue to use only
certified, commercial laboratories for its primary sample analysis and that the
program of QA/QC, used in its due diligence core drilling, be continued along
with certified, commercial standards and protocols to ensure sample security.
Blank standard values should be verified by independent commercial
laboratories. In addition, NPMC should build its own database with security
protocols. Preference should be given to commercial, relational databases.
78
Section 27: References

Arce‐Burgoa, O.R., 2009a, Metalliferous ore deposits of Bolivia, second edition, SPC
Impresores S.A., 369 p.

Arce‐Burgoa, O.R. and Goldfarb, R.J., 2009b, Metallogeny of Bolivia, Society of Economic
Geologists Newsletter, No. 79, p. 1, 8‐15.

Birak, D. J., July 10, 2017, Silver Sand due diligence drilling, internal report to NPMC, 5 p.

Jungie, 2015, Bolivia Jungie Mining Company Ltd., Exploration report for the Property
silver property, Potosi Province, Bolivia, 69 p., Internal report translated by NHPC.

Miranda, G, 2017, Updated Due Diligence Report, Lease/Joint Venture Agreements,
Empresa Minera Alcira S.A, report to New Pacific Holdings Corporation, 48 p.

New Pacific Holdings Corporation, January 2017, A summary of the Property silver
property, Internal Report, 42 p.

Sillitoe, R. H. et al, 1998, Advances argillic lithocaps in the Bolivian tin‐silver belt,
Mineralium Deposita, vol. 33, issue 6, p. 539‐546.

Sillitoe, R.H. and Hedenquist, J., 2003, Linkages between volcanotectonic settings, ore‐
fluid compositions, and epithermal precious‐metal deposits”, Society of Economic
Geologists Spec. Pub. 10, p. 315‐343.

The Silver Institute, Global Silver Production, www.silverinstitute.org.

Sugaki, Asahiko, Ueno, H., Shimada, N., Kusachi, I., Kitakaze, A., Hayashi, K.,
Kojima, S., and Sandiness O.V., 1983, Geological study on the polymetallic ore
deposits in the Potosi district, Bolivia: Sci. Rept. Tohoku Univ., Ser 3, no. 15, p.
409‐460.

Turneaure, F. S., 1971, The Bolivian tin‐silver province, Economic Geology, v. 66,
no. 2, p. 215‐225,

USGS Minerals Yearbook, 2013, “Bolivia”, 13 p.
79
Section 28: Signature Page and Certificate of the Qualified Person
CERTIFICATE OF QUALIFIED PERSON
Donald J. Birak
2142 E. Sundown Dr., Coeur d’Alene, ID, 83815, USA

I, Donald J. Birak, do hereby certify that:
1. I am a Consulting Geologist.
2. This certificate applies to the Technical Report entitled “the Silver Sand Project, Potosí
Department, Bolivia”, dated August 15, 2017 and effective August 1, 2017, prepared for
New Pacific Holdings Corporation (the “Issuer”).
3. I hold a Master of Science degree in Geology from Bowling Green State University, Ohio,
USA.
4. I am a Registered Member of the Society for Mining, Metallurgy and Exploration (SME,
Registered Member number RM 260700) and a Fellow of the Australasian Institute of
Mining and Metallurgy (AusIMM, member number 209622).
5. I have practiced mining and exploration geology for over 38 years.
6. I have worked on projects and mines that are similar to the Property.
7. From February 2004 through September 2013, I was Senior Vice President of
Exploration for Coeur Mining, Inc. and consultant to Coeur Mining from October 2013
through December 2013.
8. I am independent of the Issuer and the Vendor, as described in Section 1.5 of NI 43‐101.
9. I visited the Property and facilities December 17, 18 and 19, 2016 and May 9, 10 and 11,
2017 and have not had any prior involvement with the property.
10. I have read the definition of “qualified person” set out in National Instrument 43‐101
and certify that by reason of my education, affiliation with a professional association (as
defined in NI 43‐101) and past relevant work experience, I am a “qualified person” for
the purposes of NI 43‐101.
11. I am responsible for the complete Technical Report.
12. I have read NI 43‐101 including Form 43‐101F1 and the Technical Report has been
prepared in compliance with that instrument and form.
13. At the effective date of the Technical Report, to the best of my knowledge, information
and belief, this Technical Report contains all scientific and technical information that is
required to be disclosed to make this Technical Report not misleading.

Dated this 15st day of August, 2017.

___________________ [Seal or Stamp]
Signature of Qualified Person

Donald J. Birak
___________________
Print name of Qualified Person
80

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On Juuly 20, 2017 7, New Pacific Holding C Corporation announced its name ch hange to New w

4694 503‐01271 La Sombra 66

4695 503‐01275 San Marcos Evangelista 16

4696 503‐02424 El Carmen 6

4697 503‐01276 Escuadra 35

4698 503‐02423 Perfecta 16

4699 503‐01270 Reintegrante 3

4700 503‐01269 Félix 10

4702 503‐02425 Olvidada 15

4703 503‐01267 Moria 20

4704 503‐01268 El Rodero 37

4705 503‐01272 Kirigin 10

4706 503‐02426 San Antonio 8

4707 503‐02427 Nieves 8

4708 503‐02428 Londres 8

4709 503‐01273 Santa Micaela 31

4710 503‐01274 Bertha 20

17 TOTALS 315

Drill Distance Mineralized Interval

Original Data vs. Assay Difference (% Diff)

% Differnce NPHC Rel a ve to Alcira

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