South Pacific Metals Congratulates K92 Mining on Significant Strike Extension at Arakompa and Discovery of Potential Thick High-Grade Zone
South Pacific Metals Corp. (SPMEF) acknowledges K92 Mining's recent drilling success at Arakompa, which is located just 3 km from SPMC's Anga Gold-Copper Project boundary. SPMC recently completed its Irinke Prospect exploration program at Anga, positioned 4 km northeast along strike of the Arakompa lode-gold vein system. The program revealed a broad shear zone with geological similarities to Arakompa. The Anga Project, spanning 461 km², is situated in the Kainantu Gold District, adjacent to K92's Kainantu Gold Mine Project. Surface sample assays are pending, and potential drill targets are being evaluated, including over 15 porphyry targets from historical Barrick Gold work.
South Pacific Metals Corp. (SPMEF) riconosce il recente successo di perforazione di K92 Mining ad Arakompa, situato a solo 3 km dal confine del progetto Anga Gold-Copper di SPMC. SPMC ha recentemente completato il suo programma di esplorazione del Prospect Irinke ad Anga, posizionato 4 km a nord-est lungo la continuazione del sistema di venature d'oro lode di Arakompa. Il programma ha rivelato una vasta zona di frattura con somiglianze geologiche ad Arakompa. Il progetto Anga, che si estende su 461 km², è situato nel distritto aurifero di Kainantu, adiacente al progetto minerario d'oro di K92 a Kainantu. Sono in attesa i risultati delle analisi dei campioni superficiali e si stanno valutando potenziali obiettivi di perforazione, inclusi oltre 15 obiettivi di porfido derivanti dal lavoro storico di Barrick Gold.
South Pacific Metals Corp. (SPMEF) reconoce el reciente éxito de perforación de K92 Mining en Arakompa, que se encuentra a solo 3 km del límite del Proyecto Anga de Oro y Cobre de SPMC. SPMC completó recientemente su programa de exploración del Prospecto Irinke en Anga, situado a 4 km al noreste a lo largo de la estructura del sistema de veta de oro lode de Arakompa. El programa reveló una amplia zona de cizalla con similitudes geológicas a Arakompa. El Proyecto Anga, que abarca 461 km², se encuentra en el Distrito de Oro de Kainantu, adyacente al Proyecto de Mina de Oro de K92 en Kainantu. Se están esperando los resultados de los análisis de las muestras de superficie y se están evaluando posibles objetivos de perforación, incluyendo más de 15 objetivos de pórfido de trabajos históricos de Barrick Gold.
South Pacific Metals Corp. (SPMEF)는 SPMC의 Anga 금-구리 프로젝트 경계에서 불과 3km 떨어진 Arakompa에서 K92 Mining의 최근 드릴링 성공을 인정합니다. SPMC는 최근 Arakompa 금맥 시스템을 따라 북동쪽으로 4km 떨어진 Anga에서 Irinke Prospect 탐사 프로그램을 완료했습니다. 이 프로그램은 Arakompa와 지질학적 유사성을 가진 넓은 전단대를 드러냈습니다. Anga 프로젝트는 461 km²에 걸쳐 있으며, Kainantu 금 지구에 위치하고 K92의 Kainantu 금광 프로젝트에 인접해 있습니다. 표면 샘플 분석 결과를 기다리고 있으며, Barrick Gold의 역사적인 작업에서 발생한 15개 이상의 포르피리 대상 포함하여 잠재적인 드릴링 대상을 평가하고 있습니다.
South Pacific Metals Corp. (SPMEF) reconnaît le récent succès de forage de K92 Mining à Arakompa, qui se trouve à seulement 3 km de la limite du projet Anga Or-Cuivre de SPMC. SPMC a récemment achevé son programme d'exploration du Prospect Irinke à Anga, situé à 4 km au nord-est le long de la suite du système de veine d'or lode d'Arakompa. Le programme a révélé une large zone de cisaillement avec des similitudes géologiques à celles d'Arakompa. Le projet Anga, s'étendant sur 461 km², est situé dans le district aurifère de Kainantu, adjacent au projet de mine d'or Kainantu de K92. Les résultats des analyses des échantillons de surface sont en attente, et des cibles de forage potentielles sont en cours d'évaluation, y compris plus de 15 cibles de porphyre issues des travaux historiques de Barrick Gold.
South Pacific Metals Corp. (SPMEF) erkennt den jüngsten Bohr-Erfolg von K92 Mining in Arakompa an, das sich nur 3 km von der Grenze des Anga Gold-Copper Projekts von SPMC befindet. SPMC hat kürzlich sein Erkundungsprogramm für das Irinke-Projekt in Anga abgeschlossen, das 4 km nordöstlich entlang des Erzganges des Arakompa-Lode-Gold-Venus-Systems liegt. Das Programm offenbarte eine breite Scherzonen mit geologischen Ähnlichkeiten zu Arakompa. Das Anga-Projekt, das sich über 461 km² erstreckt, liegt im Kainantu Golddistrikt, angrenzend an das K92 Kainantu Goldminenprojekt. Die Ergebnisse der Oberflächenproben werden noch erwartet, und es werden potenzielle Bohrziele bewertet, darunter über 15 Porphyrziele aus historischen Arbeiten von Barrick Gold.
- Strategic location adjacent to K92's successful Kainantu Gold Mine Project
- Discovery of broad shear zone with geological similarities to Arakompa
- 15+ potential porphyry targets identified from historical work
- No drilling program currently initiated
- Surface sample assays still pending
Vancouver, British Columbia--(Newsfile Corp. - October 24, 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, is pleased to extend congratulations to K92 Mining Inc. (TSX: KNT) (OTCQX: KNTNF) ("K92") on its latest drilling results at Arakompa, including reports of a significant strike extension and discovery of a potential thick high-grade zone. K92's maiden drill program at Arakompa is located just 3 km from SPMC's Anga Gold-Copper Project boundary.
Comprised of 461 km², the Anga Gold-Copper Project ("Anga") is situated in the highly mineralized Kainantu Gold District, immediately adjacent and northeast of K92's Kainantu Gold Mine Project. Earlier in October, SPMC announced the successful completion of its Irinke Prospect exploration program at Anga, strategically positioned just 4 km northeast along strike of the Arakompa lode-gold vein system and current drill program.
Figure 1: Map illustrating the focus area of the Irinke Prospect exploration program and newly identified shear zone in relation to potential for Arakompa and Maniape vein systems to extend into the Anga Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10890/227598_2c766658042fab52_001full.jpg
The Irinke exploration program successfully identified significant structural features including a broad shear zone discovery with geological similarities and comparable orientation to Arakompa. Surface sample assays are pending and potential drill targets are being assessed, including the review of more than 15 porphyry targets identified from historical work in the region by Barrick Gold.
Michael Murphy, Executive Chair, South Pacific Metals commented: "K92 has matured into a significant mid-tier gold producer by consistently expanding its resource base and production capacity. This growth comes from continuous exploration efforts near its existing operations, including the newly discovered Arakompa target. I congratulate John [Lewins] and his team. K92's continued success not only underscores the significant potential for our two projects operating in the direct vicinity and along a shared 45 km mineralized corridor, but also helps to inform our own plans of capitalizing on geological discoveries, similar exploration strategies, and shared strategic location in the Kainantu Gold District. Exploration efforts at both Anga and Osena continue, and we look forward to following a comparable exploration trajectory and introducing our own maiden drill programs in due course."
Figure 2: Map illustrating Anga and Osena prospects and proximity to K92's Kainantu Gold Mine, Arakompa Vein System, and shared mineralized corridor in the Kainantu Gold District.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10890/227598_2c766658042fab52_002full.jpg
At Arakompa, exploration expanded from one drill rig at the beginning of 2024, to four drill rigs currently. Mineralization is open in both directions along strike, at depth and only approximately
K92 is targeting a maiden mineral resource estimate for Arakompa by Q1 2025.
About the Anga Gold-Copper Project
The Anga Gold-Copper Project comprises 461 km² of
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.
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 3,100 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: info@southpacificmetals.ca
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227598
FAQ
What is the size of South Pacific Metals' (SPMEF) Anga Gold-Copper Project?
How far is SPMEF's Irinke Prospect from K92's Arakompa discovery?
What did South Pacific Metals (SPMEF) discover in their recent Irinke exploration program?
