South Pacific Metals Identifies Multiple Copper-Gold Mineralized Districts at May River Project Historical Drill Highlights Include:
South Pacific Metals Identifies Multiple
Copper-Gold Mineralized Districts at May
River Project
Historical Drill Highlights Include:
19 m @11.47% Cu, 2.17g/t Au from 13 m Depth at Ufuo Massive Sulfide Prospect
109 m at 1.53 g/t Au from Surface at Skygate Cu-Au Porphyry Prospect
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2024) -
South Pacific Metals Corp.
(TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) ("
SPMC
" or the "
Company
") is pleased to announce
that two significant mineralized districts - the Skygate Cu-Au Porphyry-Epithermal District and the Ufuo
Polymetallic Massive Sulfide District - have been identified by the Company following a thorough
evaluation data from decades of historical work.
Project Highlights:
Ufuo Polymetallic Massive Sulfide District:
hosts a complex of
five massive sulfide bodies,
hosted in volcanics with a clear structural control. Two have been drilled with historical results
returning high-grade Cu (+Au, Zn, Pb, Ag) near surface:
19 m @11.47% Cu, 2.17g/t Au
from 13
m depth
1
and
11 m @ 10.07% Cu, 2.03g/t Au
from 13 m depth
1
. Multiple other undrilled
geophysical targets remain in this prospect area;
Skygate Cu-Au Trend:
a 7-km long gold-copper mineralized trend lying 15 km west of the giant
Frieda River Cu-Au deposit, which hosts
12 Mt Cu and 20 Moz Au
2
. This trend features
confirmed Cu-Au porphyry exposures and historically drilled gold-bearing diatreme breccias. New,
advanced review, reprocessing and modeling of historic data has illustrated the potential for sub-
surface porphyry targets. This trend lies within similar host rocks and structural setting to that of
Frieda River.
Historical drilling intercepts include
109 m at 1.53 g/t Au
from surface
1
and
54 m at 1.83 g/t
Au
from 106 m depth
1
, with holes ending in +1 g/t Au mineralization; and
Expansive Copper-Gold Exploration Package:
district-scale tenement package (~1,700 km²) ,
hosting multiple styles of mineralization with more than 20 identified prospects ranging from high
grade polymetallic massive sulfide, epithermal Au and porphyry Cu-Au-Mo
1
.
As a result, the Company is currently evaluating various non-dilutive, project-level financing options to
advance exploration efforts which may include surface sampling, mapping and drilling. Refer to Figure 1
for an overview of prospects at May River.
"A
s we continue to evaluate and integrate over 25 years of exploration data with regional known
geology, our efforts to delineate May River's full mineralized potential continue to expand,"
stated
Cathy Fitzgerald, President and Chief Geologist
. "Our recent 3D advanced geological and geophysical
modeling, combined with prior surface sampling and drill results, have already defined high-priority
targets at Skygate and Ufuo for drilling. This district-scale approach to early-stage deposit evaluation
underscores the prolific nature of May River's land package and further growth opportunities with
multiple additional anomalies warranting follow-up. Our near-term goal is to advance our existing
drilled prospects and test the remaining tenement package to qualify additional targets.
"
Figure 1: May River Project, mineralized prospects and infrastructure.
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Two Significant Mineralized Districts Prioritized
Ufuo Polymetallic Massive Sulfide District:
in the northern region of the May River tenement package
lies the Ufuo District, which hosts a cluster of five massive sulfide bodies occurring over a 3 km by 5 km
area within a NW trending mineralized corridor. These were
discovered outcropping in 1993 by
Highlands Gold, who completed several surface mapping, trenching and drilling campaigns, along with
electromagnetic geophysical surveys. Four of the five bodies have been drilled (in 1993, 1997 and
1998), with one lens returning intercepts of
11 m @ 10.07% Cu and 2.03 g/t Au
from 13 m
1
and
19 m
@ 11.47% Cu and 2.17 g/t Au
from 13 m
1
. Both holes have up to
4 % Zn, 3 % Pb and 115 g/t Ag
(over 1 m intervals) suggesting a polymetallic system
1
. A total of 39 holes were completed (3,026 m) at
Ufuo. Trenching at one body also returning exceptional results that warrant follow up, including
40 m @
2.5 g/t Au and 28 m @ 2.5% Cu, 1.1 g/t Au
at surface
1
. Refer to Figure 2 for geology and drill intercept
information and Appendix 1 for more drill hole and quality assurance and quality control information.
Historic reporting by Highlands Gold suggested the systems represent Volcanic Hosted Massive Sulfide
("VHMS" or "VMS") style deposits, however they, and several outside researchers also note that there is
a) clear structural control on the bodies; b) notable high gold content b) a clear magmatic input into
mineralization, i.e., possibly related to a porphyry Cu-Au intrusive. Only 5 km to the NE, outcropping
chalcopyrite bearing diorite was mapped and it is towards this body that the gold content increases
across the prospect area.
The recent comprehensive data review completed by the Company shows that the deposit model
applicable to these bodies should not be restricted to classifying these as "VMS" deposits. Further, the
Company has completed new interpretation of the high-quality historical airborne magnetic data
collected in 1990's and 2010's. Advanced 3-D magnetic modelling has identified a prominent target
beneath the exposed massive sulfide mineralization at one Ufuo prospect, along with other proximal
targets (refer to Figure 3).
Figure 2: One of five prospects within the Ufuo Polymetallic Massive Sulfide District.
To view an enhanced version of this graphic, please visit:
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Figure 3: 3D magnetic model of the subsurface at Ufuo highlights a highly magnetic target that
represents a possible mineralized intrusive target.
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Skygate Cu-Au Porphyry-Epithermal Trend
: a 7-kilometer-long zone of Cu-Au mineralization,
containing both porphyry and epithermal mineralization. It lies within the same geological and structural
setting as the Frieda River Cu-Au system, which hosts 20 Moz Au and 29 Blbs Cu (refer to Figure 1)
2
. At
the northern end of the Skygate Cu-Au Trend, there is confirmed Cu-mineralized breccias and
stockworks at surface (the Company, under previous management, sampled this Mountain Gate
prospect in 2022, see news release dated February 15, 2023). At the southern end, is the
Skiraisa
Gold Breccia
, a historically drilled diatreme breccia hosts high-sulfidation gold mineralization (refer to
Figure 4).
Historical drilling at the
Skiraisa Gold Breccia
has returned exceptional gold intercepts, including
109
m at 1.53 g/t Au
from surface
1
and
54 meters at 1.83 g/t Au
from 106 m depth
1
. Both holes ended in
mineralization above 1 g/t Au and remain open, suggesting a larger Au system, possibly related to a
porphyry intrusive, may be present. Drilling was completed
by Highlands Gold (1990-1994) and
Niuminco (2011). Refer to Appendix 1 for more drill hole information.
The recent comprehensive data review completed by the Company interprets that Skiraisa represents a
shallow expression of a mineralized porphyry system, and historic drilling defines a gold mineralized
body more than 150 m wide and open to the east and to depth. There are several lines of evidence that
a significant porphyry target underlies Skiraisa:
Historic reports note porphyry-style mineralization (quartz-sulfide (chalcopyrite) was noted in felsic
intrusive clasts within the diatreme breccia suggest a deeper Cu mineralized target; and
Analysis of drilling and surface data, combined with new advanced 3-D magnetic and geological
modelling has identified a strong magnetic feature down plunge of the near-surface gold
mineralization at Skiraisa (refer to Figure 5).
Figure 4: Cross section of the Skiraisa gold diatreme breccia, showing historical drilling and
mineralization open to depth and to the east.
To view an enhanced version of this graphic, please visit:
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Figure 5: 3D magnetic model of the subsurface at Skiraisa highlights a highly magnetic target
that represents a possible mineralized intrusive target.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10890/228311_6276f6419426695c_005full.jpg
Cautionary Note
1
Historical assay data acquired by and reported on by previous operators has not been confirmed, with
the exception of surface Cu-Au porphyry-style mineralization within the Skygate Cu-Au trend, hosted at
the Mtn Gate prospect (see news release dated February 15, 2023). Extensive geophysical datasets
over a vast expanse of the property have been acquired by the Company from previous operators,
reviewed and interpreted. All historic data is interpreted to be reliable for the current interpretive use.
2
Potentially economic or economic mineralization on adjacent properties are not necessarily indicative
of the mineralization potential of the May River Project.
Also refer to
Appendix 1
for further details.
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
National Instrument 43-101,
2014 Standards of Disclosure for Mineral Projects. Dr. Holden is a Technical Advisor to the Company.
About the May River Project
The May River Project covers an expansive mineralized district covering almost 1,700 km
2
and is
located less than 15 km from, and immediately west of, PanAust's giant Frieda River Cu-Au Deposit.
The Project hosts two historically drilled Cu-Au mineralized districts, the Ufuo Polymetallic Massive
Sulfide District and the Skygate Cu-Au Porphyry-Epithermal Trend. Recent geological and geophysical
modeling has identified priority geophysical targets directly beneath these mineralized systems that
warrant future drilling. Regional work has also identified more than 20 other prospective areas at May
River, representing several deposit styles including polymetallic (VMS), epithermal Au and porphyry Cu-
Au. The Project, which was acquired by the Company in April 2023 (see news release dated April 3,
2023) encompasses a large, highly mineralized district in East Sepik Province in Papua New Guinea.
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: 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 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).
For further information please contact:
Michael Murphy, Executive Chair
or
Investor Relations
South Pacific Metals Corp.
Tel: +1-604-653-9464
Email:
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.
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 success 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 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.
Appendix 1
Historical Data Sources, Data Verification and QA/QC
The Company has made considerable effort in reviewing historic reports and compiling validated
databases cross-checked against multiple sources. Whilst historic results cannot be currently verified
using field checking and assaying, the consistency of reporting between various sources and, at the
time, external validation by consultants, the information presented is considered acceptable within the
context in which it appears. SPMC have compiled a database of drilling and cross-checked against the
original Highlands Gold reports and validation also conducted by Mincor Ltd. All historic grid coordinate
systems have been standardized to WGS UTM84 Zone 54.
Data Sources:
1991-2001: Highlands Gold Ltd (HGL). Annual reports submitted to Department of Mines and
Petroleum PNG for PA880/EL880 (Ufuo Project)
1991-1999: HGL. Annual reports submitted to Department of Mines and Petroleum PNG for
PA944/EL955 (Skygate Project)
2012-2020: Niuminco Ltd / Mincor Ltd. Annual reports submitted to the Department of Mines and
Petroleum PNG for EL1441 (both Ufuo and Skygate)
2011: Geotech Ltd Geophysics reports and original contractor data: sourced from Mincor Ltd
(successor).
Project History
1991 - HGL reports high tenor stream sediment samples (Ufuo and Skygate) and massive sulfide
boulders in creeks in the Ufuo region
1992-1997 - HGL identifies massive sulfide in outcrop at Ufuo and conducts trenching