South Pacific Metals Reports Exceptional Surface Trenching Results at Osena Gold-Copper Project, Including 8.82g/t Gold Sample at Ontenu Prospect, Kainantu District Assays Confirm Mineralization Across Entire 79 m trench, Including 4 m Averaging 4.52g/t Au
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South Pacific Metals Reports Exceptional Surface Trenching Results at Osena Gold-Copper
Project, Including 8.82g/t Gold Sample at Ontenu Prospect, Kainantu District
Assays Confirm Mineralization Across Entire 79 m trench, Including 4 m Averaging 4.52g/t Au
Vancouver, B.C. – August 27, 2024 – South Pacific Metals Corp. (TSX-V: SPMC; FSE: 6J00) (“SPMC” or the
“Company”), an emerging gold -copper exploration company operating in the heart of Papua New
Guinea’s proven production corridors , is pleased to announce initial assay results from its Osena Gold-
Copper Project surface exploration program, completed September 2023 at the Ontenu Prospect and
surrounding areas.
Highlights:
• Trench 1 returned significant results including a peak trench rock sample value of 8.82 g/t Au,
13.8 g/t Ag, 0.25% Cu, 580 ppm Mo, 0.93% Zn.
o 79 m averaging 0.75 g/t Au, 981 ppm Cu, 1.73 g/t Ag, 1877 ppm Zn, including:
▪ 16 m averaging 1.25 g/t Au, 0.15% Cu, 0.18% Zn; and
▪ 4 m averaging 4.52 g/t Au, 0.13% Cu, 0.23% Zn.
• Trench 1 mineralization occurs across the entire 79 m trench and is expected to extend to the
east and west over more than 200 m width.
• Regional rock samples returned up to 2.69 g/t Au, 71.3 g/t Ag, 0.26% Cu, 5.3% Zn.
• The Ontenu Prospect is part of an interpreted multi-intrusive, large-scale gold-copper porphyry
system spanning an area of at least 2.5 km by 1 km. Metal signatures (Au-Te-Bi) in assayed soils
and rocks suggest a later metal-bearing event overprinting an earlier porphyry Cu-Au-Mo event,
similar to that observed at other major deposits such as at the Kainantu and Porgera Mines.
“We are thrilled to see Ontenu results as high as 8.82 g/t gold within a broad alteration halo, confirming
the significance of this prospect that remains open in all directions,” commented Cathy Fitzgerald,
President and Chief Geologist . “We are also highly encouraged by the continuity of gold mineralization
found in Trench 1 assays, demonstrating excellent gold endowment potential that bodes well for future
exploration efforts. These results, along with Ontenu’s location at the southwestern end of the Kainantu
Transfer Zone, make this a high-priority prospect for the Company. A comprehensive review of all historical
and modern data for the Ontenu Prospect and broader area is underway, with the aim to fully characterize
the scale and size of this mineralized system, identify additional targets and inform further exploration.”
Ontenu Prospect Exploration Program
From July to September 2023, the Company (then operating as Kainantu Resources Ltd. under previous
management), conducted surface sampling and detailed geological, alteration and structural mapping
over the core area of the Ontenu Prospect. A total of 118 reconnaissance rock samples, 150 trench
samples from five trenches and 116 soil samples were collected and secured in storage until being sent
for assay this year (see news release dated July 3, 2024). These samples have now been assayed by
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Intertek Laboratory, Port Moresby, Papua New Guinea, with preliminary results discussed in this news
release.
Initial Surface Trenching Results
The Company interprets that the Ontenu Prospect at surface is the upper part of a significant gold-copper
porphyry system.
Trench 1 is a 79 m long, east -west oriented channel excavated to a depth of 1 to 1.5 metres (see Figure
1). This trench targeted an area associated with high tenor gold in soils (between 80 -360 ppb Au) over a
line-length of 260 m. The exposed rocks in the trench revealed weathered gossanous material and was
mapped as a combination of microdiorite, diorite porphyry and diorite breccia. The trench was oriented
E-W and is proximal to mapped silica ledges and feldspar -hornblende porphyries intruding the sampled
microdiorite. Stockwork veins and gossanous material (iron oxides from weathering of sulphide material)
were mapped in the trench. The area has not been previously drilled , and based on regional
interpretation, may link along a WNW -ESE striking structural corridor to a gold -in-soil anomaly (80 to
210ppb Au) located 300m to the ESE. The area to the north (and northwest) of Trench 1 has not yet been
soil sampled by the Company. Further, many rock samples peripheral to Ontenu’s core area returned high
grade results that warrant following: Regional rock samples returned up to 2.69 g/t Au, 71.3 g/t Ag, 0.26
%Cu, and 5.3 %Zn.
Soil sampling was designed to complement two soil lines previously collected by the Company in 2022
(see news release dated March 23, 2023). Soils were collected at a nominal 50 m spacing along E-W lines
with 100 metres spacing between lines. Nearly the en tire area sampled, over 1 km by 800 m has highly
anomalous gold in soils. The peak soil assay result returned was 1,560 ppb Au (1.56 g/t Au). As evidenced
by high tenor gold in soils on the last lines of the soil survey, the soil anomaly is likely to continue farther
to the west, north and south of the current area sampled.
The Company anticipates reporting f ull results, including review and interpretation of all assays and
historical data in September 2024.
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Figure 1: Ontenu Porphyry Prospect Geology and Recent Soil and Rock Results
Figure 2: Ontenu Porphyry Prospect Trench 1 Gold Assay Results
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About the Osena Project
Covering 626 km² of strategic ground, the Osena Project is located southwest of and adjacent to K92’s
tenements that host the Kainantu Gold Mine. Priority prospects include Ontenu, a porphyry copper-gold
and epigenetic gold prospect with exposed porphyritic diorite intrusive phases hosting supergene copper
minerals, and overprinted by a later gold mineralized event associated. The Ontenu Prospect is one of
many occurring within a highly mineralized corridor that extends more than 40 km northeast across the
Kainantu District.
Figure 3: Osena Project Location in the Kainantu Gold District
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Quality Assurance and Quality Control
All Ontenu samples were collected under previous management, with the samples securely stored in the
Kainantu office of the Company for the past year, prior to being sent to the laboratory for assaying.
Trenching and Rock Sampling
Trench samples are collected from a hand-excavated trench to a depth of approximately 1 m. The trench
wall and floor is mapped and a representative sample is collected each metre along the length of the
trench. Rock samples are collected from in-situ outcrops during reconnaissance work.
Trench and rock 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 Mass-Spectrometry
(ICPMS) (Intertek code 4A/MS48). Certified reference material, duplicates and blanks were inserted into
the sample stream 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 with the sample secured on site
before being staged. 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). C ertified Reference Material, duplicates and blanks are
inserted in the sample stream to monitor laboratory performance.
Qualified Person
The scientific and technical information disclosed in this release has been compiled by Company geologists
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 Met als Corp (“SPMC”) 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 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-
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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 (TSX.V: SPMC) an d
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.
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.
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Appendix 1
Table 1: Results from Trench 1 (coordinates WGS84 UTM Zone 55)
TrenchID Grid Easting Northing From To Length Rock Type
Gold
(g/t)
Silver
(g/t)
Copper
(ppm)
Zinc
(ppm)
Mo
(ppm)
Trench 1 SUTM55 364554.8 9294562.6 0 1 1 Gossan 1.57 5.2 868 490 133
Trench 1 SUTM55 364555.6 9294562.2 1 2 1 Gossan 1.1 0.9 687 493 40
Trench 1 SUTM55 364556.5 9294561.8 2 3 1 Gossan 0.39 1.4 682 454 48
Trench 1 SUTM55 364557.3 9294561.4 3 4 1 Porphyry 0.34 2.1 1045 539 33
Trench 1 SUTM55 364558.2 9294561.1 4 5 1 Porphyry 0.79 1.9 1563 587 99
Trench 1 SUTM55 364559.0 9294560.9 5 6 1 Porphyry 0.25 0.25 610 359 25
Trench 1 SUTM55 364559.9 9294560.6 6 7 1 Porphyry 0.31 1.3 667 428 48
Trench 1 SUTM55 364560.8 9294560.4 7 8 1 Porphyry 0.51 0.25 725 525 33
Trench 1 SUTM55 364561.7 9294560.1 8 9 1 Porphyry 0.11 4.2 556 428 40
Trench 1 SUTM55 364562.6 9294559.8 9 10 1 Porphyry 0.2 2.6 761 696 55
Trench 1 SUTM55 364563.5 9294559.5 10 11 1 Porphyry 0.15 1.1 595 755 27
Trench 1 SUTM55 364564.4 9294559.1 11 12 1 Porphyry 0.12 0.8 609 958 35
Trench 1 SUTM55 364565.3 9294558.8 12 13 1 Porphyry 0.1 0.25 456 744 24
Trench 1 SUTM55 364566.3 9294558.7 13 14 1 Microdiorite 0.09 0.25 271 501 29
Trench 1 SUTM55 364567.2 9294558.6 14 15 1 Microdiorite 0.1 0.25 184 595 107
Trench 1 SUTM55 364568.1 9294558.4 15 16 1 Microdiorite 0.13 0.25 340 1268 38
Trench 1 SUTM55 364569.1 9294558.3 16 17 1 Microdiorite 0.94 0.25 310 1352 24
Trench 1 SUTM55 364570.0 9294558.2 17 18 1 Microdiorite 1.92 0.25 426 2825 16
Trench 1 SUTM55 364570.9 9294558.0 18 19 1 Microdiorite 0.17 1 1484 2760 32
Trench 1 SUTM55 364571.9 9294557.9 19 20 1 Microdiorite 2.44 0.25 2048 2722 76
Trench 1 SUTM55 364572.8 9294557.8 20 21 1 Microdiorite 0.28 0.25 2271 2106 118
Trench 1 SUTM55 364573.8 9294557.5 21 22 1 Microdiorite 1.91 0.25 2142 2086 218
Trench 1 SUTM55 364574.7 9294557.2 22 23 1 Microdiorite 0.24 0.6 2040 2787 91
Trench 1 SUTM55 364575.7 9294557.0 23 24 1 Microdiorite 0.5 0.6 1549 2865 77
Trench 1 SUTM55 364576.6 9294556.7 24 25 1 Microdiorite 0.17 1.2 1769 2532 88
Trench 1 SUTM55 364577.6 9294556.4 25 26 1 Microdiorite 1.5 1 2485 849 172
Trench 1 SUTM55 364578.5 9294556.1 26 27 1 Microdiorite 3.36 0.5 1668 951 136
Trench 1 SUTM55 364579.5 9294555.9 27 28 1 Microdiorite 2.31 0.9 1390 1491 250
Trench 1 SUTM55 364580.4 9294555.6 28 29 1 Volcanic Dike 0.54 0.25 910 1009 155
Trench 1 SUTM55 364581.4 9294555.6 29 30 1 Volcanic Dike 0.94 0.8 1365 550 580
Trench 1 SUTM55 364582.4 9294555.6 30 31 1 Volcanic Dike 1.32 0.25 954 1255 195
Trench 1 SUTM55 364583.3 9294555.5 31 32 1 Volcanic Dike 1.41 0.25 1251 886 106
Trench 1 SUTM55 364584.3 9294555.5 32 33 1
Hornblende
Diorite 0.41 0.25 1246 2872 44
Trench 1 SUTM55 364585.3 9294555.5 33 34 1
Hornblende
Diorite 0.13 1 794 3193 59
Trench 1 SUTM55 364586.2 9294555.5 34 35 1
Hornblende
Diorite 0.15 0.7 742 5380 32
Trench 1 SUTM55 364587.2 9294555.5 35 36 1
Hornblende
Diorite 0.22 0.7 947 4653 48
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Table 1: Results from Trench 1 (coordinates WGS84 UTM Zone 55) continued
TrenchID Grid Easting Northing From To Length Rock Type
Gold
(g/t)
Silver
(g/t)
Copper
(ppm)
Zinc
(ppm)
Mo
(ppm)
Trench 1 SUTM55 364588.2 9294555.5 36 37 1
Hornblende
Diorite 0.21 0.25 780 7674 24
Trench 1 SUTM55 364589.1 9294555.4 37 38 1
Hornblende
Diorite 0.19 0.25 920 8055 17
Trench 1 SUTM55 364590.1 9294555.5 38 39 1
Hornblende
Diorite 0.2 1.7 719 5578 30
Trench 1 SUTM55 364591.1 9294555.6 39 40 1
Hornblende
Diorite 0.08 0.25 595 5782 10
Trench 1 SUTM55 364592.1 9294555.7 40 41 1
Hornblende
Diorite 0.1 0.8 332 5226 8
Trench 1 SUTM55 364593.1 9294555.7 41 42 1 Breccia 0.26 0.25 386 9289 24
Trench 1 SUTM55 364594.1 9294555.9 42 43 1 Breccia 0.08 0.25 289 0.01 20
Trench 1 SUTM55 364595.1 9294556.0 43 44 1 Breccia 0.13 1.6 312 8476 48
Trench 1 SUTM55 364596.1 9294556.2 44 45 1 Porphyry 8.82 1.6 1661 4242 71
Trench 1 SUTM55 364597.1 9294556.4 45 46 1 Porphyry 3.91 2.5 1043 1662 26
Trench 1 SUTM55 364598.1 9294556.5 46 47 1 Porphyry 0.78 0.25 409 1314 4
Trench 1 SUTM55 364599.1 9294556.7 47 48 1 Porphyry 4.74 5.2 1978 2039 30
Trench 1 SUTM55 364600.0 9294557.1 48 49 1 Porphyry 0.17 1.6 962 2204 36
Trench 1 SUTM55 364600.9 9294557.5 49 50 1 Porphyry 0.14 1.7 1148 2286 37
Trench 1 SUTM55 364601.8 9294557.9 50 51 1 Porphyry 0.16 0.25 842 1918 49
Trench 1 SUTM55 364602.7 9294558.2 51 52 1 Porphyry 0.13 0.25 688 1720 32
Trench 1 SUTM55 364603.6 9294558.3 52 53 1 Porphyry 0.12 0.25 774 1512 57
Trench 1 SUTM55 364604.6 9294558.4 53 54 1 Porphyry 0.25 3.3 1200 1794 32
Trench 1 SUTM55 364605.5 9294558.4 54 55 1 Porphyry 0.17 1 1065 1766 30
Trench 1 SUTM55 364606.5 9294558.5 55 56 1 Porphyry 0.13 1.1 1148 1716 37
Trench 1 SUTM55 364607.4 9294558.6 56 57 1 Porphyry 0.19 3.5 1642 1327 24
Trench 1 SUTM55 364608.4 9294558.6 57 58 1 Porphyry 0.24 1 1236 1075 59
Trench 1 SUTM55 364609.3 9294558.7 58 59 1 Porphyry 0.12 1.1 941 1276 11
Trench 1 SUTM55 364610.3 9294558.8 59 60 1 Porphyry 0.11 0.9 1064 1315 6
Trench 1 SUTM55 364611.2 9294558.8 60 61 1 Porphyry 0.12 0.7 573 842 26
Trench 1 SUTM55 364612.1 9294558.7 61 62 1 Porphyry 0.35 2.8 1085 747 33
Trench 1 SUTM55 364613.1 9294558.7 62 63 1 Porphyry 0.12 2 752 955 22
Trench 1 SUTM55 364614.0 9294558.6 63 64 1 Porphyry 0.19 0.6 743 889 26
Trench 1 SUTM55 364614.9 9294558.5 64 65 1 Porphyry 0.27 0.25 947 767 27
Trench 1 SUTM55 364615.9 9294558.4 65 66 1 Porphyry 0.64 0.25 766 267 36
Trench 1 SUTM55 364616.8 9294558.3 66 67 1 Porphyry 0.22 10 1306 842 48
Trench 1 SUTM55 364617.7 9294558.2 67 68 1 Porphyry 2.15 9.1 1561 597 62
Trench 1 SUTM55 364618.6 9294558.1 68 69 1 Porphyry 0.12 3 636 782 36
Trench 1 SUTM55 364619.6 9294558.0 69 70 1 Porphyry 0.22 0.8 724 663 53
Trench 1 SUTM55 364620.6 9294558.0 70 71 1 Porphyry 0.08 1.4 730 648 72
Trench 1 SUTM55 364621.5 9294558.0 71 72 1 Porphyry 0.23 1.2 667 864 36
Trench 1 SUTM55 364622.5 9294558.1 72 73 1 Porphyry 0.33 1 712 712 82
Trench 1 SUTM55 364623.5 9294558.1 73 74 1 Porphyry 0.68 12.7 1480 795 43