South Pacific Metals Taps K92 Exploration Veteran to Lead Anga and Osena Project Drilling in PNG's Kainantu Gold District
South Pacific Metals Taps K92 Exploration
Veteran to Lead Anga and Osena Project
Drilling in PNG's Kainantu Gold District
Highlights:
Dean Williamson Joins to Execute Drill Program Mandate
- Former K92 exploration
operator/manager with extensive experience and knowledge of Kainantu area mineralization and
operations;
Irinke Prospect Assays
- Surface program results have defined a 2 km-wide mineralized NE
trending corridor at SW Anga Project, with orientation and strike continuations comparable to
K92's Arakompa Discovery and lode-gold drill program, less than 3 km away;
Anga and Osena Project Drill Planning Nearing Completion
- Additional exploration programs
set to kick off at both Anga and Osena / K92 border areas, with a new Anga anomaly discovery at
Binano less than 1,500 metres from K92 Mining's Plant Site, an expanded Irinke Prospect, and the
recently identified Ontenu Northeast lode-gold target at Osena; and
Positioned for Discovery Success
- Leveraging a shared 45 km mineralized corridor that runs
through both Anga and Osena Projects, the close proximity to K92's active exploration and
infrastructure positions projects for near-term discovery and development scenarios.
Vancouver, British Columbia--(Newsfile Corp. - November 13, 2024) -
South Pacific Metals Corp.
(TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00)
("
SPMC
" or the "
Company
") is pleased to announce
Dean Williamson has joined the Company as Exploration Manager in Papua New Guinea. Mr.
Williamson brings extensive experience gained from his +30 year exploration career, which most
recently includes a five-year tenure at K92 Mining, where he led critical exploration initiatives that
delivered significant gold-copper discoveries. His geological and operational expertise will play a key
role in advancing forthcoming Anga and Osena Project drill programs within the Kainantu Gold District.
Previously, Mr. Williamson was principal leader of the K92 Mining exploration team that discovered the
Blue Lake Copper-Gold Porphyry and yielded a major maiden inferred resource estimate, as well as
acting as a key leader in managing the infill and extensional drilling of the Kora and Judd lodes. With a
demonstrated ability to drive results in complex terrains, Mr. Williamson's leadership and desire to be in
the field will accelerate exploration on SPMC's adjacent properties.
The Anga and Osena Projects
hold substantial promise as K92-adjacent properties with geology and
mineralization similar to the prolific Kainantu deposits. Extensive geological work by the Company has
indicated potential for lode-gold and large-scale copper-gold porphyry, vein and skarn systems at both
Anga and Osena. Recent surface sampling programs have already identified high-priority targets,
setting the stage for targeted drilling efforts under Williamson's direction.
Michael Murphy, Executive Chair of South Pacific Metals, commented, "
Dean Williamson's track record
in achieving high-impact discoveries at K92 Mining aligns perfectly with our mission to unlock district-
scale potential in Papua New Guinea. His insights and proven exploration acumen will be
instrumental as we advance Anga and Osena, two of our most prospective properties adjacent to
K92's operations.
"
K92 is targeting a maiden mineral resource estimate for Arakompa by Q1 2025, and reports
mineralization is open in both directions along strike, at depth and only approximately 40% of the +1.7
km mineralized corridor strike length has been drill tested to date.
Anga Gold-Copper Project Update
The Company is pleased to announce promising results of its preliminary surface sampling program
conducted in July-August 2024 at its Anga Gold-Copper Project, located in the gold-copper-producing
Kainantu District (see news releases dated July 25, 2024 and September 5, 2024). The exploration
program at the Irinke Prospect was designed to target lode-gold and base-metal rich mineralization
known to exist on the adjacent property, only 3 km to the southwest at the Arakompa lode-gold drill
program and nearby Kainantu Gold Mine.
Recent Project Highlights:
Multiple occurrences of gold mineralized veins and structurally hosted breccias, and Au-Be-Ti-Cu
anomalous soils has helped to define a 2 km-wide mineralized NE trending corridor 3 km along
strike from Arakompa;
Recent surface sampling at Irinke returned notable gold assays in rock chip samples, including
3.28 g/t Au, and 1,292ppm Cu;
New and expanded gold in soil anomalies - coincident Au-Be-Ti-Cu (important district pathfinders),
with an expanded anomaly at Irinke now over 1000 x 300 meters and a new anomaly at Binano
over 700 x 300 metres;
Surface results to date show similar style host rocks, alteration and metal associations to that of
Arakompa, in particular, the recently identified 17 x 2 metre shear zone; and
The total anomalous Au-Cu in soil and rock footprint at Anga is 4 by 3 km - suggesting a possible
large sub-surface mineralized system present at Anga.
The SW Anga Project and new anomalies are located within 1.5 km of K92 Mining's processing plant
(Figure 1). The project area consists of meta-sediments (phyllites) and porphyry intrusions, both of which
are coincident and proximal to mineralization on the adjacent Kainantu Mine Area.
The structures are
generally oriented N-S to NNE-SSW and provide strike continuations to the impressive Arakompa
discovery located less than 3 kilometres along strike from the project area.
As previously reported (see
news release dated March 10, 2022) a Mobile MT geophysical survey presents
conductivity anomalies
also comparable to those anomalies the Kainantu deposits currently being mined.
2024 Irinke Expanded Exploration Program
The ongoing 2024 Irinke Exploration Program comprised comprehensive surface sampling and
structural and geological mapping program on the western-most portion of the Project (refer to Figure 2).
The program is designed to follow up on positive preliminary surface sampling results from previous
work in 2022 (under previous management as Kainantu Resources Ltd., see news release dated
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, 418ppm Pb and 1254 ppm Zn.
New results include an expanded gold anomaly which is coincident with elevated pathfinders of copper,
bismuth and tellurium.
The pathfinder suite, gold rock chips up to 3.28 g/t Au, and the dominant NNE-
SSW trend orientation set this area as priority for follow up work (refer Figure 2).
Binano Prospect - New Anomaly Discovered
Approximately 1.5 km to the east of Irinke is the Binano area (Figure 2). Previously a rock float sample
returned 0.27% Cu from a sample described as a quartz veined intrusive with disseminated pyrite-
chalcopyrite. Follow up work included a soil sampling grid which has now identified a coincident gold
and pathfinder anomaly over 700 x 300 metres. Similarly to Irinke, Binano contains structural fabrics of a
similar orientation to Arakompa. The area between Irinke and Binano is through a valley floor with
minimal outcrop. It is possible these prospects connect or there are further as yet undiscovered
anomalies and targets in areas under shallow cover.
Figure 1: Anga Project Au in rock chip and Bi in soils results and recently updated mineralization
halo of the Arakompa vein system only 3 km to the southwest.* The northeast striking zone of
elevated Bi in soils, which is an important element associated with gold mineralization, is 700
metres in length.*
*Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10890/229696_69b91eadc43efac5_002full.jpg
Figure 2: Au-Te-Cu-Bi soil results zoomed into the SW Anga region showing anomalous
pathfinder suite at the Irinke and Binano Creek regions.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10890/229696_69b91eadc43efac5_004full.jpg
Next Steps
The Company is planning further surface exploration work at Anga, including more detailed soil grid
sampling in the Irinke area to fill in regions of encouraging results from the recent coarse (50 m spaced)
sampling. Locations for drill placement will also be assessed. Additionally, a preliminary ridge and spur
and stream sampling program is being designed to explore other exciting targets at Anga that have not
yet been ground truthed.
Stock Options Grant
SPMC also announces that it has granted 75,000 incentive stock options (the "Options") at an exercise
price of $0.58 per share to Mr. Williamson. The Options will vest in stages, with 38,000 vesting upon
completion of a drill program and the remainder vesting after 12 months following the drill program
completion date.
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.
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.
Figure 3: Regional location map*
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10890/229696_69b91eadc43efac5_005full.jpg
QA/QC
Soil samples were collected on a nominal grid pattern of 50m x 100m, where access allowed, and by
field teams using sieved B-Horizon soils. All samples were assayed by Intertek Laboratory in Lae,
Papua New Guinea using Aqua Regia analysis (code AR01/MS OES) with detection limits 0.1 ppb Au,
0.02 ppm Bi, 0.05 ppm Cu and 0.02 ppm Te.
Rock samples were collected selectively from natural outcrop, or small hand-dug excavations. Samples
were assayed by Intertek Laboratory in Lae, Papua New Guinea using Fire Assay (code FA25) for gold
with a detection limit of 0.01 ppm; and 4-acid ICP analysis for multi-element including copper with a
detection limit of 1 ppm. Standards (certified reference material), duplicates and blanks are inserted into
the sample submission to monitor laboratory performance.
Recently received rock sample results > 0.05ppm Au (Coordinates, WGS84 Zone 55).
Sample_id
Easting
Northing
Elevation
Gold (g/t)
Silver (g/t)
Arsenic
(ppm)
Copper
(ppm)
Pb (ppm)
Sulphur
(ppm)
Zinc (ppm)
D03061
378492
9323871
574
3.680
8.8
10951
65
152
14426
364
D03018
379070
9323824
526
0.906
6.4
6153
30
39
9863
50
D03034
379594
9324575
535
0.814
3.0
4495
35
34
11850
69
D03036
379592
9324574
536
0.601
4.2
14939
26
49
12088
84
D03068
378486
9324074
557
0.429
7.7
391
1282
51
160700
72
D03048
378964
9323794
580
0.303
6.4
253
166
206
48056
474
D03035
379593
9324572
535
0.265
2.1
2929
67
34
9143
60
D03052
378494
9323835
570
0.251
7.7
557
35
36
84332
25
D03012
379020
9323806
556
0.129
0.9
3079
332
39
65676
43
D03063
378485
9324074
557
0.126
1.6
40
44
15
79260
11
D03040
379567
9324569
534
0.081
0.7
2239
43
14
7520
31
D03051
378489
9323824
585
0.079
4.6
2914
5
24
6045
19
D03066
378487
9324077
557
0.071
3.9
122
42
33
5104
16
D03067
378487
9324075
557
0.054
1.8
104
67
11
9961
17
D03065
378487
9324078
557
0.052
1.7
188
70
12
9466
21
Qualified Person
The scientific and technical information disclosed in this release has been reviewed and approved by
Darren Holden, BSc.(Hons), 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.
*Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
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 3,100 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
South Pacific Metals Corp.
Tel: +1 604-428-6128
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.
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