South Pacific Metals Commences New Anga Project Exploration Program Targeting Irinke Extension Gold Prospects Along K92 Border
South Pacific Metals Commences New Anga
Project Exploration Program Targeting Irinke
Extension Gold Prospects Along K92 Border
Highlights:
Irinke Extension Gold Prospects, a potential extension of K92's Arakompa gold system,
is
a new cluster of four priority gold exploration targets revealed within a broad 4 km by 4 km area by
advanced lithogeochemistry;
Arakompa-like geochemical signature of the Irinke Prospect now confirmed
;
Sampling underway across prospects,
with assay results expected in May/June timeframe to
help refine growing target pipeline; and
Newly purchased diamond drill rig
scheduled to arrive in-country mid-June, with year-round
drilling to begin soon after.
Vancouver, British Columbia--(Newsfile Corp. - April 30, 2025) -
South Pacific Metals Corp.
(TSXV:
SPMC) (OTCQB: SPMEF) (FSE: 6J00)
("
SPMC
" or the "
Company
") is pleased to announce new
exploration work programs are underway at the Anga Project, following surface geochemistry targeting
results confirming the Irinke Prospect's priority nature and identifying several new gold prospects
extensional to Irinke. Surface sampling will assist with prioritized drill targeting.
Cathy Fitzgerald, President and Chief Geologist of the Company, stated,
"As the Company awaits
delivery of its brand-new drill rig, we are accelerating exploration across our highly prospective
Kainantu Gold District projects. In particular, the new study of all surface samples collected to date at
the Anga Project has revealed further exciting targets near our Irinke Prospect, where mineralization of
the same nature as K92's Arakompa system returned rock samples up to 3.68 g/t Au. We will be very
active sampling across this broad area of gold-mineralization."
ALS Geoanalytics Advanced Technology Targeting Results
The Company engaged ALS Geoanalytics to complete a geochemical study of all soil, stream sediment
and rock samples (including historic data) to provide a deeper understanding of geochemical indicators
for discovery at the Anga Project. This work has confirmed the K92 Mining Arakompa-like geochemical
signature of the Irinke target, providing vectors to further mineralized areas as well as identifying new
prospects warranting on-the-ground follow up now underway.
Figure 1: Regional Location Map of SPMC Projects Relative to K92 Mining Projects
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Irinke Prospect
The Irinke Prospect is located only 1,500 m east of K92 Mining's processing plant and is approximately
three km along strike from the Arakompa discovery. Previous work by the Company has identified gold
in soil anomalism along with rock chips, from early-stage reconnaissance up to
3.68 g/t Au
(see news
release dated
November 13, 2024
). The Irinke Prospect is hosted in metasediments intruded by diorite,
making it a comparable setting to K92 Mining's operations. Analyses of the geophysics indicates
alteration and major structures are also similar. The results of this work provide additional confidence
that the surface anomalism at Irinke is linked to a significant target (refer to Figure 2, target areas A, B, &
C in the Irinke prospect region). Upcoming surface work will include closely spaced soil sampling and
structural mapping.
Figure 2: Target Areas at Irinke and Extensions on the Anga Project
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Binano North (Irinke Extension to NE)
The Binano North Prospect is located approximately 1 km east of Irinke. Both metasediments and series
of intrusive dykes are mapped in this area and there are strong indicators of hydrothermal activity.
Previous work has been reconnaissance rock sampling with modest anomalous rock chips of up to
0.8
g/t Au
. The pathfinder elements through this area (Bi-Sb-Te-Ag-Mo-Cu-Zn-Pb) are strong.
A review of aerial imagery indicated several disturbed areas which may be artisanal or alluvial gold
workings, to be determined pending on-ground investigation. This target area incorporates three targets
covering an area of
2.5 km by 1 km
, from which the Company has collected approximately 250 grid soil
samples at 50x50 m spacing to advance this large system to potentially drill ready Upcoming surface
work will include closely-spaced soil sampling, and structural mapping (refer to Figure 2, target areas H,
G & M).
Golkona and Golkona South (Irinke Extensions East)
The Golkona Prospect is located approximately 4 km east of Irinke. The area includes a large altered
intrusive complex anomalous in gold in soils
(>10 ppb Au, up to 70 ppb Au
) over an area
approximately 750 x 750 m (refer to Figure 2). The prospect area is located on a major NE-SW structure
that can be linked through geophysical and topography analyses through to the Maniape vein system
owned by K92 Mining. The work by ALS Geoanalytics indicates the Golkona area is near a mineral
system with structural indicators to the south and a strong association to Cu-Mo pathfinder elements
(refer to Figure 2).
The Golkona South area consists of a strong magnetic anomaly coincident with an apparent conductivity
anomaly (referred to as the N1 anomaly in news release dated
June 9, 2022
), identified in the 2021
MobileMT survey. This area has been largely unsampled. Anomalous stream sediment sample results
and alluvial gold in this area has not been followed up since sampling was initially completed in 2022.
With the results of analysis at Golkona indicating that mineral indicators point southward, the Company is
embarking on a ridge and spur soil sampling and rock chip sampling program in this region.
Other Targets
A number of other targets have been identified that warrant upcoming surface work which will include
closely spaced soil sampling and structural mapping. These include:
North Ridge Target
(L) - has Au soil results
up to 90 ppb
and rock results up to
0.85 g/t Au
.
Prior to infill sampling, the area is going to have reconnaissance to check several unsampled
outcrops.
East Skarn Target
(P) - An area of very high gold in soils (
up to 330 ppb Au and 270pb Au
) in
an area mapped as metamorphosed carbonates. The geology and geochemical data suggest a
possible gold-rich skarn target. Further reconnaissance work with mapping and rock sampling is
planned in the short-term.
About the Anga Project
The Anga Gold-Copper Project comprises 461 km² of 100%-owned exploration licenses in the highly
gold-copper mineralized Kainantu Gold District. The project is located immediately northeast of, and
adjacent to, K92's Kainantu Gold Mine Project (see Figure 3), and its southwestern project boundary is
only 3 km from where K92 is currently drilling on the Arakompa lode-gold vein system, where multiple
wide and high-grade gold zones have been intercepted. Access to the Anga Project is via the Ramu-
Markham highway to the northeast.
About South Pacific Metals Corp
.
South Pacific Metals Corp. is an emerging gold-copper exploration company operating across Papua
New Guinea's proven gold and copper production corridors. With an expansive 3,100 km² land package
and four transformative gold-copper projects contiguous with major producers K92 Mining, PanAust and
neighbouring Barrick/Zijin, new leadership and experienced in-country teams are prioritizing thoughtful
and rigorous technical programs focused on boots-on-the-ground exploration to prioritize discovery
across its portfolio projects: Osena, Anga, Kili Teke, and May River.
Immediately flanking K92's active drilling and gold producing operations to the northeast and southwest,
SPMC's Osena and Anga Projects are located within the high-grade Kainantu Gold District - each
having the potential to host similar-style lode-gold and porphyry copper-gold mineralization as that
present within K92's tenements. Kili Teke is an advanced exploration project situated only 40 km from
the world-class Porgera Gold Mine and hosts an existing Inferred Mineral Resource with multiple
opportunities for expansion and further discovery. The May River Project is located adjacent to the world-
renowned Frieda River copper-gold project, with historical drilling indicating potential for a significant,
untapped-gold mineralized system. SPMC common shares are listed on the TSX Venture Exchange
(TSXV: SPMC), the OTCQB Marketplace (OTCQB: SPMEF) and Frankfurt Stock Exchange (FSE:
6J00).
Quality Assurance and Quality Control
Rock Sampling
Rock samples are selected and collected by a Company geologist in the field. Samples were sent to the
ITS (PNG) Ltd (Intertek) Laboratory in Port Moresby. Gold assays were conducted using 30 g charge
Fire Assay with Atomic Absorption Spectra finish (Intertek Code FA25/OES), with a detection limit of
0.01ppm. Samples >1 ppm (1 g/t) Au were re-assayed as a check with no significant difference noted.
Multi-element assays were determined using 4-acid digestion with Induced Coupled Optical Emission
(ICPOS) (Intertek code 4A/OE33). Certified reference material, duplicates and blanks were inserted into
the rock sample to monitor laboratory performance, with no significant variations from expected results.
Soil Sampling
Soil sampling involves sieving a c-horizon soil to a <2 mm in the field. Soil samples were sent to the ITS
(PNG) Ltd. (Intertek) Laboratory in Port Moresby for assay. Assaying for gold and other elements is
determined by aqua regia digestion with a mass-spectrometry finish (Intertek code AR01/MS). Certified
Reference Material, duplicates and blanks are inserted in the soil sample to monitor laboratory
performance, with no significant variations from expected results.
Stream Sediment sampling
Stream sediment sampling involves collecting and sieving a sediment from a naturally occurring trap site
(no pan-concentrates reported in this release) from selected streams. Samples were sent to the ITS
(PNG) Ltd. (Intertek) Laboratory in Port Moresby. Gold assays were conducted using 30 g charge Fire
Assay with Atomic Absorption Spectra finish (Intertek Code FA25/OES), with a detection limit of
0.01ppm. Samples >1 ppm (1 g/t) Au were re-assayed as a check with no significant difference noted.
Qualified Person
The scientific and technical information disclosed in this release has been compiled by Company
geologists and reviewed and approved by Darren Holden, Ph.D., FAusIMM, a "Qualified Person" as
defined under the Canadian Institute of Mining National Instrument 43-101, 2014 Standards of
Disclosure for Mineral Projects. Dr. Holden is a Technical Advisor to the Company.
For further information please contact:
Michael Murphy, Executive Chair
or
Investor Relations
South Pacific Metals Corp.
Tel: +1-604-653-9464
Email:
Disclaimer and Forward-Looking Information
Statements contained in this release that are not historical facts are forward-looking statements that
involve various risks and uncertainty affecting the business of SPMC. In making the forward-looking
statements, SPMC has applied certain assumptions that are based on information available to the
Company, including SPMC's strategic plan for the near and mid-term. There is no assurance that
such information will prove to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Forward-Looking statements may involve various risks and
uncertainty affecting the business of the Company. These forward-looking statements can generally
be identified as such because of the context of the statements, including such words as "believes",
"anticipates", "expects", "plans", "may", "estimates", or words of a similar nature. Forward-Looking
statements or information in this news release relate to, among other things, future exploration or
development programs, and any results therefrom and effect thereof. These forward-looking
statements and information reflect the Company's current views with respect to future events and are
necessarily based upon a number of assumptions that, while considered reasonable by the
Company, are inherently subject to significant operational, business, economic, regulatory or other
unforeseen uncertainties and contingencies. These assumptions include, without limitation: success
of the Company's projects, prices for metals remaining as estimated, currency exchange rates
remaining as estimated, availability of funds for the Company's projects, capital, decommissioning
and reclamation estimates, prices for energy inputs, labour, materials, supplies and services
(including transportation), no labour-related disruptions, no unplanned delays or interruptions in
scheduled construction and production, all necessary permits, licenses and regulatory approvals are
received in a timely manner, and the ability to comply with environmental, health and safety laws. The
foregoing list of assumptions is not exhaustive. The Company cautions the reader that forward-looking
statements and information involve known and unknown risks, uncertainties and other factors that may
cause actual results and developments to differ materially from those expressed or implied by such
forward-looking statements or information contained in this news release and the Company has made
assumptions and estimates based on or related to many of these factors. Accordingly, readers should
not place undue reliance on forward-looking information. Such factors include, without limitation:
fluctuations in gold prices, fluctuations in prices for energy inputs, labour, materials, supplies and
services (including transportation), fluctuations in currency markets (such as the Canadian dollar
versus the U.S. dollar), operational risks and hazards inherent with the business of mineral
exploration, inadequate insurance, or inability to obtain insurance, to cover these risks and hazards,
the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely
manner, changes in laws, regulations and government practices, including environmental, export and
import laws and regulations, legal restrictions relating to mineral exploration, increased competition in
the mining industry for equipment and qualified personnel, the availability of additional capital, title
matters and the additional risks identified in the Company's filings with Canadian securities regulators
on SEDAR+ (available at
www.sedarplus.ca
). Although the Company has attempted to identify
important factors that could cause actual results to differ materially, there may be other factors that
cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned
against undue reliance on forward-looking statements or information. These forward-looking
statements are made as of the date hereof and, except as required under applicable securities
legislation, the Company does not assume any obligation to update or revise them to reflect new
events or circumstances. Mineralization hosted on adjacent and/or nearby properties is not
necessarily indicative of mineralization hosted on the Company's property.
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