Shares in the Vancouver-headquartered firm closed over 14.5% higher at $2.99 in Toronto on Tuesday.
The company's latest statement - released after the market close on Tuesday - comes after New Pacific earlier this month reported a second batch of 31 holes from the program, which started in April this year, showing positive assays.
The latest assays come from a further 20 holes, which were sunk to infill the drill grid to a density of 25 metres by 25 metres to confirm continuity of mineralization in selected areas, which were drilled in 2018.
Standout results include 165.5 metres (m) at 204 grams per ton (g/t) silver in one hole, which also included 93.5m at 336 g/t of the precious metal.
Another hole was home to an intercept of 75.8m at 128g/t silver, while another had 68.68 meters at 153g/t silver.
Another hole showed 109.75m at 96g/t silver, which included 14.15m at 250 g/t silver.
All holes continuously intercept significant wide silver mineralization in fractures developed in bleached quartz sandstones, the firm noted in the statement.
Good metallurgical results
Last week, New Pacific released "good" results from preliminary metallurgical test work at Silver Sand.
“This preliminary metallurgical program has demonstrated that good silver extraction rates are possible using these simple extraction methods and that further improvements and refinements should be possible in future programs after fine-tuning the various test parameters," it said then.
New Pacific Metals is exploring and developing precious and base metals properties in South America, Canada and China. Its flagship property is the Silver Sand project in the Potosí Department of Bolivia. New Pacific's largest shareholders are Silvercorp Metals Inc (TSE:SVM) and Pan American Silver Corp. (TSE:PAAS) (NASDAQ:PAAS).
Shares shed 1.67% to $2.94 in Toronto.
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