Highlights included 1,865g/t silver and 0.96% lead over 2m from a surface outcrop at the CP zone; and 2m at 1,665g/t silver, 0.43% lead, 0.36% zinc and 1.42% copper over 2m from a surface mine dump at the former Lourdes Ines mine.

"The results to date indicate good to excellent exploration potential for hosting narrow high-grade and near-surface broad zones of silver mineralisation," New Pacific said.

"Following integration of the geochemical sample results and geological data, the company will generate drill targets for testing upon receipt of required drill permits which is tentatively anticipated in Q4 2020."

It had acquired 98% of Silverstrike in December 2019, northwest of its flagship Silver Sand project in Bolivia where it had announced a maiden resource in April.

Rio Tinto had extensively sampled Silverstrike's mining dumps in 1995 and had drilled four holes at Silverstrike North.

New Pacific is honing its focus on its silver assets and recently transferred its Tagish Lake gold project in Canada's Yukon to its subsidiary Whitehorse Gold Corp as part of a planned spin-out.

It had a treasury position of C$66.9 million at June 30.

TSX-listed producers Silvercorp Metals and Pan American Silver are its largest shareholders.

New Pacific graduated from the Venture Exchange to the TSX last month.

Its shares (TSX: NUAG) closed up 9.6% to C$6.95 yesterday, capitalising it about $1 billion (US$0.75 billion).