South Pacific Intersects 5 Metres at 12.84 g/t AuEq (Including 2 Metres at 28.06 g/t AuEq) and 12.2 Metres at 6.24 g/t AuEq (Including 2 Metres at 16.65 g/t AuEq) in Three Mineralised Zones Within One Drill Hole at Recently
South Pacific Intersects 5 Metres at 12.84 g/t
AuEq (Including 2 Metres at 28.06 g/t AuEq)
and 12.2 Metres at 6.24 g/t AuEq (Including 2
Metres at 16.65 g/t AuEq) in Three Mineralised
Zones Within One Drill Hole at Recently
Discovered Structure at Ontenu
Vancouver, British Columbia--(Newsfile Corp. - July 6, 2026) -
South Pacific Metals Corp.
(TSXV:
SPMC) (OTCQB: SPMEF) (FSE: 6J00) ("
SPMC
" or the "
Company
") is pleased to announce
outstanding assay results from drill hole ONED26-009 at its 100%-owned Ontenu Project, located
adjacent to K92 Mining's Kainantu gold-copper mine in Papua New Guinea. The results represent a
significant step forward to confirming the Company's hypothesis that Ontenu hosts high-grade epithermal
gold-copper veins.
Highlights
Drill hole ONED26-009 successfully targeted the Megabe structure (Figure 1), a NW-trending
mineralised corridor located between the Jorkol and Onki zones in the Ontenu NE prospect, and
intersected multiple gold-bearing veins across a wide zone of mineralisation.
Three intersections stand out for their grade and thickness:
Table 1
-
Summary Drill Results from ONED26-009
From
To
Length
Au
Cu
Cu
Ag
AuEq
(m)
(m)
(m)
(g/t)
(ppm)
(%)
(g/t)
(g/t)
Zone 1
157.0
165.0
8.0
8.95
952
0.10
16.00
9.28
including
160.0
165.0
5.0
12.46
1221
0.12
17.00
12.84
including
161.0
163.0
2.0
27.45
2131
0.21
27.00
28.06
Zone 2
210.0
212.0
2.0
3.26
2053
0.21
45.00
4.13
Zone 3
324.0
336.2
12.2
4.93
4952
0.50
55.00
6.24
including
324.0
328.7
4.7
6.13
6631
0.66
44.00
7.44
including
330.8
336.2
5.4
5.65
5361
0.54
84.00
7.44
330.8
331.6
2.0
12.31
12554
1.26
206.00
16.65
*Zones 2 and 3 returned elevated silver assays (up to 262 ppm Ag in Zone 3). [Au Eq based on 100% equal co-recoveries of Au, Ag & Cu using Au
price of US$4,180 per ounce, Ag price of US$62 per ounce and Cu price of $6.20 per lb. Intervals are reported as downhole length. True widths
have not yet been determined pending further structural interpretation.]
Octavio Garcia, Exploration Manager of the Company, commented
,
"The results from hole
ONED26-009 are highly encouraging because they demonstrate that the Megabe structure is not an
isolated occurrence, but part of a broader mineralised system with clear continuity and scale potential.
What is particularly exciting is that we are still in the early stages of testing Ontenu, and each drill hole
is helping us refine our geological model and vector towards higher-grade zones. Our team's
methodical approach is beginning to reveal a much larger field of veins than initially recognised, with
significant exploration upside remaining across the project."
The high-grade intersections in Zones 1 and 2 are interpreted as the along-strike continuation of
previously announced, "hanging wall" mineralisation intersected in hole ONED26-007 (see news
release dated
June 16, 2026
), providing early evidence of grade and structural continuity along the
Megabe vein system.
Hole ONED26-009 intersected this "hanging wall" mineralisation about 75m along strike to the
southeast from the ONED26-007 intersection.
Zone 3 forms the Megabe structure and confirms significant width and high-grade mineralisation.
These results support a vectoring model pointing towards higher-grade zones to the southeast and
at depth.
Figure 1 - Ontenu NE Targets and Drill Holes
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10890/304012_9130ab9f344ecacb_001full.jpg
CEO Timo Jauristo commented
,
"These results from hole ONED26-009 are a major validation of
our exploration model at Ontenu. Our goal is to demonstrate that Ontenu has the potential to host high
grade Au-Cu veins similar to those being mined by K92 at their nearby world-class mining operation.
Hitting over 28 g/t gold over 2m within a broader mineralised envelope, one of three significant
intercepts in drill hole ONED26-009, demonstrates continuity with hole ONED26-007, and tells us that
we may be on the edge of something significant at Megabe. Importantly, this is just one of at least
eight known mineralised structures across a five-kilometre trend at Ontenu that have been discovered
so far. Only a small part of these have been tested by drilling to date. This story has evolved rapidly
over a short time, and we are learning a lot from every drill hole. The entire team is excited about
following up these results as well as starting to test the other structures in the Ontenu project area."
Figure 2 - Cross Section 3 mineralised zones in Drill Hole ONED26-009, Megabe
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10890/304012_9130ab9f344ecacb_002full.jpg
Significance of Results
The Company considers these results significant for several reasons:
They confirm the Company's geological hypothesis that the Ontenu project hosts high-grade
epithermal Au-Cu veins comparable in style to those being mined at the neighbouring world-class
Kainantu operation.
They provide the good evidence for along-strike continuity of one of the high-grade veins between
holes ONED26-007 and ONED26-009.
Two of the three zones (Zones 1 and 2) contain a higher-grade gold core (Figure 2).
The distribution of grade within hole ONED26-009 and comparison with results from other holes
will help the Company vector towards higher-grade mineralisation. Results to date suggest the
priority direction for follow-up drilling is to the southeast and at greater depth.
The Megabe structure is only one of multiple NW-trending mineralised structures identified at
Ontenu NE, with similar structures also recently identified at Ontenu Central.
The Company has now identified mineralised structures over a five-kilometre trend at Ontenu, of
which only small portions of three structures, Jorkol, Onki and Megabe, have been drill-tested to
date. At least five further known structures remain entirely undrilled.
Finally, the mapping and drilling are starting to show that there are more mineralised structures in
this area than previously thought.
Next Steps
Drill holes ONED26-010 (a separate structure 150 metres SW of Megabe) and ONED26-011 (75 metre
step-out to SE from ONED26-009) have been completed and are being logged and sampled in
preparation for assays.
Holes ONED26-012 (150 metre step-out SE from ONED26-011) and ONED26-013 (100 metre step-out
NW from ONED26-009) are being drilled.
Drilling at Ontenu will continue, with one more hole planned to test the Megabe structure further along
strike to the NW. Subsequently the Company will commence testing of additional undrilled structures
identified across the broader project area, including Ontenu Central.
Table 2
-
All Individual Assay Results Used in Intercept Calculations
Hole ID
From (m)
To (m)
Au (g/t)
Cu (ppm)
Ag (ppm)
ONED26-009
157
158
7.54
993
20.2
ONED26-009
158
159
1.61
364
13.1
ONED26-009
159
160
0.16
154
5.3
ONED26-009
160
161
1.00
317
8.1
ONED26-009
161
162
38.72
1237
22.1
ONED26-009
162
163
16.18
3025
31
ONED26-009
163
164
4.83
1279
21.4
ONED26-009
164
165
1.59
247
4.2
ONED26-009
210
211
4.39
1971
39.2
ONED26-009
211
212
2.14
2135
49.8
ONED26-009
324
324.7
2.94
10600
44.2
ONED26-009
324.7
325.7
6.79
5800
47
ONED26-009
325.7
326.7
7.54
3428
31.9
ONED26-009
326.7
327.7
1.04
696
9.5
ONED26-009
327.7
328.7
11.37
13820
85.9
ONED26-009
328.7
330
0.26
131
3.1
ONED26-009
330
330.8
0.54
169
4
ONED26-009
330.8
331.6
8.41
15980
237.2
ONED26-009
331.6
332.3
2.77
5454
131.1
ONED26-009
332.3
332.8
31.91
17014
262.1
ONED26-009
332.8
333.8
1.02
724
7.4
ONED26-009
333.8
334.7
2.20
2468
27.1
ONED26-009
334.7
335.3
1.06
503
7.6
ONED26-009
335.3
336.2
2.52
661
7.2
Hole ID
From (m)
To (m)
Au (g/t)
Cu (ppm)
Ag (ppm)
Table 3
-
Drill Hole Details (Coordinates in WGS 84, Zone 55)
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Total Depth
ONED26-009
366160
9295800
1889
219.9
-59
371
Quality Assurance and Quality Control
All drill holes are logged on site by the Company's geology team. Drill core (PQ or HQ) is half-cut, with
samples secured and shipped to Intertek Laboratory in Lae, Papua New Guinea. Gold is assayed by 50
g fire assay with AAS finish (FA50/AA); copper and silver are assayed by 3-acid digest with AAS finish
(PGGA03) at Intertek Lae. Sample pulps are subsequently sent to Intertek in Perth, Western Australia,
for multi-element ICP-MS analysis using a 4-acid digest (4A/MS) (hole ONED26-009 is pending the
multi-element ICP-MS work). Two certified reference materials (standards), one blank and one duplicate
are inserted within each batch of 100 samples to monitor laboratory performance.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Dr.
Darren Holden, B.Sc. (Hons), Ph.D., FAusIMM, a technical advisor and consultant to the Company and a
"Qualified Person" as defined under National Instrument 43-101. Resource information is drawn from the
independent technical report dated November 18, 2022, prepared by Graeme J. Fleming, B.App.Sc.,
MAIG, and available under the Company's profile on SEDAR+ at
www.sedarplus.ca
.
About South Pacific Metals Corp.
South Pacific Metals Corp. is an emerging gold-copper exploration company operating in the heart of
Papua New Guinea's proven gold and copper production corridors. SPMC has four exploration
properties:
Ontenu (Osena)
- Bordering K92 to the southwest. Drilling underway on K92-style targets with
surface assays up to
21% Cu, 13.9 g/t Au, 645 g/t Ag
and
73 g/t Au
defining kilometre-scale
corridors.
Anga
- Bordering K92 to the northeast, along strike from K92's Arakompa discovery; soils to
1,080 ppb Au
,
3,397 ppm Cu
and stream samples up to
281.8 g/t Au
.
Kili Teke
-
4.2 Moz AuEq
* NI 43-101 Inferred Resource (effective 18 November 2022) containing
1.81 Moz Au, 802 kt Cu, & 40 kt Mo; results outside of resource include drilling
7.8 m @ 12.98%
Cu plus 11.75 g/t Au
, surface samples up to
27.5% Cu
.
May River
- District-scale system beside Frieda River; high-grade drilling includes
19 m @
11.47% Cu, 2.17 g/t Au
and
109 m @ 1.53 g/t Au
.
* Au-equivalent contained ounces based on equal recoveries of Au and Cu only and prices of US$3,300/oz Au and US$4.45/lb Cu. Preliminary
metallurgical testwork by Harmony Gold shows gold reporting to copper minerals, indicating the two can be co-recovered. Molybdenum is not
included in the Au-equivalent figure.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10890/304012_9130ab9f344ecacb_003full.jpg
SPMC common shares are listed on the TSX Venture Exchange (TSXV: SPMC), the OTCQB
Marketplace (OTCQB: SPMEF) and Frankfurt Stock Exchange (FSE: 6J00).
For further information, please contact:
Michael Murphy, Executive Chairman
Tel: +1-604-260-0309
Email:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian
securities laws. Forward-looking information is based on the Company's current expectations,
estimates, forecasts, projections and assumptions and is often, but not always, identified by words and
phrases such as "anticipates", "expects", "intends", "plans", "believes", "estimates", "potential", "target",
"prospective", "could", "may", "will", "would", "should", "continue", "ongoing", "vector", "follow-up", "step-
out", "upside" and similar expressions, or statements that certain actions, events or results may, could,
would, should or will occur or be achieved.
Forward-looking information in this news release includes, but is not limited to, statements regarding: the
Company's exploration plans and objectives at the Ontenu Project and its other mineral properties; the
timing, scope and completion of current and future drilling, sampling, mapping, logging and assaying
programs; the timing and receipt of assay results; the interpretation of drill results, geological,
geochemical and structural data; the potential continuity, scale, grade, width, orientation and depth extent
of mineralisation at Ontenu; the potential for Ontenu to host high-grade epithermal gold-copper veins or
K92-style mineralisation; the significance of the Megabe structure and other mineralised structures
identified at Ontenu; the Company's ability to vector toward higher-grade zones; the potential for
additional discoveries or mineralised zones across the Ontenu trend or broader project area; the
prospective nature of the Company's mineral properties; and the Company's ability to advance its
exploration programs, maintain access to its properties, obtain or maintain required permits and
approvals, secure personnel, equipment, services and financing, and otherwise execute its business
plans.
Forward-looking information is based on assumptions that management considers reasonable as of the
date of this news release, including assumptions regarding: the accuracy and reliability of assay results,
geological observations, geochemical data, geophysical data, drilling data and other technical
information; the continuity and interpretation of mineralised structures; the presence, extent, grade and
orientation of mineralisation; the availability and performance of drilling contractors, laboratories,
equipment, personnel, consultants and service providers; the timely receipt of assay results and
technical information; the Company's ability to complete planned exploration activities on expected
timelines and within expected budgets; the Company's ability to obtain, maintain and comply with
required permits, licences and regulatory approvals; the continued support of local communities,
landowners and government authorities in Papua New Guinea; continued access to the Company's
project areas; the absence of material adverse changes in applicable laws, regulations, permitting
requirements, fiscal regimes, community relations, security conditions, infrastructure access, capital
markets, commodity prices, exchange rates and general economic conditions; and the Company's
ability to raise additional capital as required.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that
may cause actual results, performance, achievements or developments to differ materially from those
expressed or implied by such forward-looking information. Such risks and uncertainties include, among
others: risks inherent in mineral exploration and development; the risk that exploration results may not be
indicative of future results, continuity, grade, width, tonnage or economic viability; the risk that
mineralisation may not be continuous or may not extend as interpreted or expected; the risk that
additional drilling, sampling, assaying or interpretation may materially change the Company's geological
model; the risk that true widths of reported intervals may differ from downhole lengths; risks relating to the
use of metal-equivalent calculations, including assumptions regarding metal prices, recoveries and
payability; risks relating to the accuracy, reliability and verification of historical results, third-party data
and technical information; risks relating to mineral resource estimates, including the Kili Teke Inferred
Mineral Resource, and the uncertainty that any mineral resources will be converted to mineral reserves;
the risk that planned exploration programs may be delayed, modified, suspended or terminated; delays
in receiving assay results or obtaining permits, approvals, equipment, personnel, consultants or services;
title, access, surface rights, landowner, community-relations and permitting risks; political, legal,
regulatory, tax, security, infrastructure, weather, logistical and operating risks associated with mineral
exploration in Papua New Guinea; environmental and social risks; health and safety risks; commodity
price volatility; foreign exchange fluctuations; inflationary pressures; increased costs; competition for
labour, equipment and services; market volatility; the availability of financing on acceptable terms or at
all; dilution from future equity financings; risks associated with the Company's status as an exploration-
stage issuer with no current mineral production or revenue from operations; and the other risks
described in the Company's public disclosure documents filed under its profile on SEDAR+ at
www.sedarplus.ca
.
Readers are cautioned that forward-looking information is not a guarantee of future performance and
that actual results, events or developments may differ materially from those expressed or implied by
forward-looking information. Readers should not place undue reliance on forward-looking information.
The forward-looking information contained in this news release is made as of the date of this news
release, and the Company does not undertake any obligation to update or revise such forward-looking
information, whether as a result of new information, future events or otherwise, except as required by
applicable securities laws.
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