South Pacific Metals Completes Anga Gold-Copper Project Field Exploration Program; New Shear Zone of Interest Discovered with Assays Pending
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South Pacific Metals Completes Anga Gold-Copper Project Field Exploration
Program;
New Shear Zone of Interest Discovered with Assays Pending
Highlights:
• New Shear Zone Discovery - newly identified sulfide-bearing shear zone exposed over 17
metres x 2 metres (“m”), with geological similarities to K92’s Arakompa lode gold-copper-
silver vein, situated just 4 kilometers (“km”) away along strike;
• High-Grade Gold-Carbonate Base-Metal Vein Extension - a 30 centimetre (“cm”) wide
structure hosting quartz -carbonate vein s and breccia s, which returned 2.28 g rams per
tonne (“g/t”) Au in a rock sample from 2022 sampling, has been exposed 24 m upstream
from the original sample site;
• New Surface Samples Sent for Assay - 169 soil samples and 68 rock chip samples collected
and sent for assay; and
• Drill Target Identification and Regional Exploration - results of the Program will be used
to assess possible drill targets and additional regional exploration programs being
considered.
Vancouver, B.C. – September 5, 2024 – South Pacific Metals Corp. (TSX-V: SPMC; FSE: 6J00)
(“SPMC” or the “ Company”) is pleased to announce the successful completion of the Irinke
Prospect exploration program at its Anga Gold-Copper Project, situated just 4 km northeast along
strike of K92 Mining’s Arakompa lode-gold vein system and ongoing drilling.
“The Irinke exploration program successfully identified significant structural features that could
host gold and/or base-metal rich mineralization , similar to that which exists on K92’s adjacent
property,” commented Cathy Fitzgerald, President and Chief Geologist. “The ongoing drilling at
the Arakompa vein is returning excellent intercepts , such as 94.40 m @ 3.06 g/t Au . There are
indications that similar vein systems extend onto the Anga property, which is an exciting
opportunity. Specifically, a broad shear zone discovery with geological similarities and
comparable orientation to Arakompa has the team’s interest. Assays are now pending, and we
are looking forward to the forthcoming results.”
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Figure 1: Map illustrating the focus area of the Irinke Prospect exploration program and newly identified shear zone
in relation to large footprint gold in soils and other prospects at the Anga Project.
Irinke Prospect Exploration Program Results
A comprehensive grid soil and rock outcrop sampling program, along with structural/geological
mapping, was completed in August 2024 to better understand the geological and structural
setting of previously identified gold mineralization, (see news release dated July 25, 2024, and
December 15, 2022 ), notably, a high -grade gold-carbonate base -metal vein was sampled that
returned 2.28 g/t Au, 9.4 g/t Ag, 418 ppm Pb and 1,254 ppm Zn. Further, the new program aimed
to expand the 4 km x 3 km mineralized Au -Cu footprint in soils defined by previous work. This
anomalous footprint hosts multiple porphyry and vein-style prospects and suggests that a buried
porphyry system is a viable target at Anga . An area of 3.5 km2 was mapped and 169 soil and 68
rock chip samples of outcrop were collected (see Figure 1).
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The Program was successful in identifying and mapping a large North-South striking shear zone,
exposed over more than 17 m along strike and 2 m in width (see Figure 2). This zone shows similar
geological similarities to Arakompa, including similar host rock (diorite) and intense alteration
(quartz-sericite-pyrite with chlorite-clay), with sulfides (pyrite and minor chalcopyrite ). The
Arakompa vein is interpreted to be an intrusive related gold-copper-silver epithermal vein system
(see K92 Mining news release dated June 10, 2024).
Figure 2: Newly identified Irinke Prospect Shear Zone exposed for mapping and sampling. Similarly styled host
rock, alteration and sulfide mineralization as K92’s Arakompa lode-gold vein, currently being drilled. Strong phyllic
(sericite, quartz, pyrite) altered brecciated diorite exposed over 17 m length, 2 m width.
Additionally, a 30 cm quartz-carbonate vein breccia that returned 2.28 g/t Au in 2022 sampling
(see news release dated December 15, 2022) has been extended 24 m upstream from the original
sample site (see Figure 3).
Altogether, a total of 169 soil samples and 68 rock chip samples were collected and have been
sent to Intertek Laboratory, in Lae, Papua New Guinea for assay. While assay results are pending,
all Project data is being evaluated with a better understanding of regional mineralization styles
to consider additional regional exploration work programs, including the review of more than 15
porphyry targets identified from historical work in the region by Barrick Gold.
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Figure 3: 30 cm wide quartz-carbonate vein breccia that returned 2.28 g/t Au in 2022, now extended 24 m to the
NNE from original sample site.
Geology and Mineralization at the Anga Project
The western portion of Anga Project is along strike of projections of two significant mineralized
gold vein systems, Maniape and Arakompa, located 2 km to 4 km to the SW. These, along with
veins currently being mined by K92, have been interpreted to be associated with mineralized
porphyry sources. Highly conductive (‘apparent conductivity’) airborne geophysical anomalies
are spatially associated with the se large gold -copper mineralized vein systems. The strong NE
trending conductivity anomalies coincident with K92’s deposits trend towards the SW corner of
Anga, possibly indicatin g underlying sulphide-rich ore bodies. In this same region at Anga, gold
hosted in carbonate base -metal veins have been identified. SPMC had carried out an airborne
Mobile Magnetotelluric (Mobile MT) geophysical survey in early 2022, in cooperation with other
operators in the area , the results of which show NE -SW striking highly conductive zones of
comparable size and orientation to mineralized structures at K92’s deposits (refer news release,
under Kainantu Resources Ltd, dated March 10, 2022).
Previous surface sampling and mapping work completed in 2021 -2022 at Anga (under previous
management as Kainantu Resources Ltd.) indicates that the Project hosts similar geology
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(basement phyllites and diorites intruded by mineralized Miocene porphyries), surface
geochemical soil metal signatures (Au -Te-Bi and Cu -Au-Mo-Hg), structurally controlled highly -
conductive geophysical anomalies and structural features as that associated w ith mineralized
gold veins and porphyry copper deposits at K92.
About the Anga Gold-Copper 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 and its southwestern project
boundary is only 3 km from where K92 is currently drilling on the Arakompa lode-gold vein
system, where wide and multiple high-grade gold zones have been intercepted. Access to the
Anga Project is via the Ramu-Markham highway to the northeast.
Across the broader 60 km by 40 km sized Kainantu Gold District there are multiple gold and
copper occurrences, prospects, and targets. Mineralization is interpreted to be associated with
mid to late-Miocene intrusive rock, the NNE oriented Kainantu Transfer Structural Zone and NNW
oriented arc-parallel structures, all of which are present at Anga. Since 2020, the Company has
been actively engaged with local communities on the Project to ensure consent is gained and
maintained to undertake field work programs.
Investor Relations Contract with Zinger Ventures Inc.
The Company has entered into a consulting agreement (the “Consulting Agreement”) with Zinger
Ventures Inc. (the “Consultant”), based in Vancouver, British Columbia, pursuant to which the
Consultant will provide the Company with investor relations services (the “Services”). The
Consulting Agreement was entered into on September 4, 2024, and has a term of 3 months,
unless terminated earlier in accordance with the Consulting Agreement that may be extended
for ensuing one month terms by agreement in writing between the Consultant and the Company.
The Services provided by the Consultant will include, but not be limited to, consulting with the
Company’s management concerning marketing and investor relations services, building
relationships with the Company’s investors, and attending conferences while representing the
Company.
As consideration for the provision of the Services and in accordance with the terms and
provisions of the Consulting Agreement, the Company will (i) pay the Consultant a monthly fee
of $6,000 plus GST, (ii) grant the Consultant 150,000 stock options (the “Options”) at an exercise
price of $0.60 per share , and (iii) reimburse the Consultant for pre -approved out of pocket
expenses actually and properly incurred by the Consultant in connection with the Services. The
Options will vest in stages over a 12 -month period with 50,000 Options vesting immediately
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following the grant date (September 4, 2024), and the remainder of the Options will vest after 6
and then 12 months.
The Consultant and its principal, Dustin Zinger, are arm's length from the Company and do not
hold common shares of the Company. The Company’s engagement of the Consultant and the
issuance of the Options are subject to the acceptance of the TSX Venture Exchange.
Qualified Person
The scientific and technical information disclosed in this release has been 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.
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. With an expansive
3,000 km² land package and four transformative gold -copper projects contiguous with major
producers K92 Mining, PanAust and neighbouring Barrick Gold, new leadership and experienced
in-country teams are prioritizing thoughtful and rigorous technical programs focused on boots -
on-the-ground exploration to prioritize discovery acro ss its portfolio projects: Anga, Osena, Kili
Teke and May River.
Immediately flanking K92’s active drilling and gold producing operations to the northeast and
southwest, SPMC’s Anga and Osena 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 K 92’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 p roject, with
historical drilling indicating potential for a significant, untapped-gold mineralized system. SPMC
common shares are listed on the TSX Venture Exchange (TSX.V: SPMC) and Frankfurt Stock
Exchange (FSE: 6J00).
For further information please contact:
Michael Murphy, Executive Chairman and CEO
South Pacific Metals Corp.
Tel: +1 604-428-6128
Email: [email protected]
Neither the TSX -V nor its Regulation Services Provider (as that term is defined in the policies of the TSX -V) accepts responsibility for the
adequacy or accuracy of this release.
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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: formulation of plans for drill testing;
and the s uccess related to any future exploration or development programs. 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 uncerta inties and
contingencies. These assumptions include, without limitation: success of the Company's projects, prices fo r metals remaining as estimated,
currency exchange rates remaining as estimated, availability of funds for the Company's projects, capital, decommissioning an d 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 explorati on, 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 restrict ions 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 revi se 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.