South Pacific Metals Identifies Multiple New Copper-Gold Targets at the Kili Teke Project
South Pacific Metals Identifies Multiple New
Copper-Gold Targets at the Kili Teke Project
Vancouver, British Columbia--(Newsfile Corp. - October 1, 2024) -
South Pacific Metals Corp.
(TSXV:
SPMC) (OTCQB: SPMEF) (FSE: 6J00) ("
SPMC
" or the "
Company
"), an emerging gold-copper
exploration company operating across Papua New Guinea's proven production corridors, is pleased to
announce that multiple new Copper-Gold targets have been identified within the Kili Teke Copper-Gold
Porphyry Complex. Results from a recently completed targeting exercise using ALS GoldSpot
Discoveries Ltd.'s, ("
ALS Geoanalytics
") advanced technologies including geochemical analysis, 3D
modelling and machine learning, have revealed 10 new exploration targets proximal to Kili Teke's
Central Porphyry ("
CP
") which currently hosts an Inferred Mineral Resource of
1.81 Moz Au, 802 kt Cu
& 40 kt Mo
1
(see January 12, 2023, press release and NI 43-101 published report on SEDAR+).
Targeting Highlights:
New Porphyry Targets:
Identified at depth beneath the current resource;
The Ieru Porphyry,
now confirmed as a distinct separate system. Previous trenching
returned
132 m at 0.5% Cu and 0.6 g/t Au
;
New Skarn Targets
identified adjacent to the current resource with potential to host high-grade
Cu-Au, as evidenced by historically drilled skarns that returned
12.98 % Cu, 11.75 g/t Au and
21.07 g/t Ag over 7.8 m
within 54 m @ 2.1% Cu, 1.82 g/t Au, 3.87 g/t Ag (from 878 m depth down
hole)
2
;
and
"Porgera-Style" Au Targets:
this style of mineralization is commonly associated with strong
gold-tellurium-arsenic metal associations. Near to the current resource, the
Ridge Gold Area
("RGA") demonstrates these associations. Additionally, soil Au values of
up to 9.3 g/t Au occur
over a broad region (900 m by 300 m)
.
As a result, the Company is currently evaluating various non-dilutive, project-level financing options to
advance exploration efforts.
"This work has identified several targets that complement the known mineralized zones at Kili Teke,"
said Cathy Fitzgerald, President and Chief Geologist. "
Results show support for not only additional
porphyry and skarn mineralization, but alkalic-style gold at the Ridge Gold Area. This latter style of
mineralization is associated with a strong Au-Te-As signature as is observed at Porgera. We are very
excited about Kili Teke as an exceptional, yet underexplored mineral system with potential for a
'Porgera-like' gold overprint. We know what we're after, and these results show us where to focus."
The Company engaged ALS Geoanalytics to undertake a comprehensive work program using all
available geoscience data for the Kili Teke Cu-Au Porphyry Complex to identify new drill targets for
potential resource expansion. The Complex not only hosts a current Inferred Mineral Resource of 1.81
Moz Au, 802 kt Cu & 40 kt Mo at the CP, but also shows multiple lines of evidence that other mineralized
bodies are present proximal to the resource that remain incompletely tested or have yet to be drilled.
There remains significant potential for further discovery at Kili Teke both within the Complex and across
the broader tenement.
Figure 1:
Map illustrating the Kili Teke Cu-Au Porphyry Complex, newly identified sub-surface targets
and the 2.5 km x 1.5 km Au-Te-As surface geochemical footprint.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10890/225160_79fe79d2b4f82a19_001full.jpg
Advanced Technology Targeting Results
The work has identified 10 new exploration targets proximal to the current resource. Targets were
identified using a number of new technologies including Litholens™, a proprietary technique that
leverages artificial intelligence/machine learning and predictive analytics on core photography and
downhole geochemistry, in conjunction with the property's vast drilling database (more than 36,000 m),
surface geochemical data and geophysical data assembled over many years of exploration by previous
operator Harmony Gold (PNG) Exploration Limited, a wholly-owned subsidiary of Harmony Gold Mining
Company Limited ("Harmony"). Targets comprise multiple mineralization styles including:
Porphyry Copper-Gold Targets
Results demonstrate that the CP is an upper-level system which vectors towards potential
higher grade targets at depth. In addition, this work confirmed that the
Ieru Porphyry
,
located approximately 700 m west of the CP (previous results include trenching which
returned
132 m at 0.55% Cu and 0.6 g/t Au
), potentially consists of two N-S elongate
targets (potentially porphyry dykes) and is a distinct system with possibly higher tenor gold
mineralization than the CP.
Skarn Cu-Au Targets
Results highlight multiple skarn targets, with the potential to host high-grade Cu-Au,
immediately peripheral to the CP. Targets are near surface and at depth with potential for
high grades indicated by previous skarn intercepts encountered in and around the CMP.
Intercepts previously reported include
7.8 m @ 12.98 % Cu, 11.75 g/t Au within 54 m
@
2.1 % Cu, 1.82 g/t Au, 3.87 g/t Ag (from 878 m depth down hole).
2
Porgera-Style Alkalic Gold Targets
The Porgera gold deposit is a world-class mineral system located approximately 40 km east
of Kili Teke. Porgera is classified as an alkalic style epithermal deposit characterised by
high gold grades, large vertical extent and a close association of Au-Te-Bi-As chemistry.
Geochemistry work demonstrated that there are two distinct populations of gold mineralization at Kili
Teke: an early Cu-Au-Mo association (porphyry-style), that has been potentially overprinted by later Au-
Te-As alkalic related style. The later Au-Te-As mineralization is manifest in association with E-W striking
collapse normal faults. Of particular interest is the Ridge Gold Area, a 900 m by 300 m gold in soil
anomaly with a very high tenor of Au-Te-As. Previous drilling in this area (two holes) were drilled from the
north but did not intersect the main structures of interest. Proximity analysis indicates previous drill
results showed alteration indices peripheral to the main target. Alkalic intrusions have been mapped at
surface at the RGA but were not intersected by previous drilling.
About the Kili Teke Project
The Kili Teke Project consists of a 253 km
2
land package located approximately 40 km west of the
Porgera Gold Mine, in the Western Highlands of Papua New Guinea. The Project is 100% owned by the
Company and was acquired from Harmony in late 2023. The majority of the exploration work at Harmony
was focused on advancing the Central Porphyry to resource stage. This deposit hosts an Inferred
Mineral Resource estimate of 235 Mt at 0.34% Cu, 0.24 g/t Au, 168 ppm Mo (1.81 Moz Au, 802 kt Cu &
40 kt Mo)
1
. Harmony also conducted regional exploration on the wider intrusive complex including
mapping, rock chips, soil geochemistry, airborne geophysics (magnetics and radiometrics) and a small
amount of trenching and drilling. There remains exciting potential for further Cu-Au porphyry, skarn and
epithermal mineralization on the Project.
About South Pacific Metals Corp.
South Pacific Metals 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/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's common shares are listed on the TSX Venture Exchange
(TSXV: SPMC), the OTCQB Marketplace (OTCQB: SPMEF) and Frankfurt Stock Exchange (FSE:
6J00).
About ALS Geoanalytics
ALS Geoanalytics is the data analytics and consulting arm of ALS Global which leverages Data
Analytics, Machine Learning, and numerical modelling to assist mining and exploration clients. ALS
Geoanalytics offers unique processes to focus exploration efforts, minimize client risk related to
exploration targeting, and optimize aspects of conventional resource exploration workflows.
Qualified Person
The scientific and technical information disclosed in this release has been compiled by the Company
and analysed from data collected by Harmony Gold (PNG) Exploration Limited. This work 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.
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.
1
Refer NI 43-101 Technical Report for the Kili Teke Cu-Au Project, Papua New Guinea, dated 18 November 2022.
2
Refer to Harmony Gold news release dated April 13, 2016.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/225160