Northwire Canada EditionMonday, November 2, 2026
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Gold 3,898.90 −3.3% Silver 49.28 −5.9% Copper 6.48 −1.8% Oil 104.12 +2.1% Palladium 987.70 −1.7% HCH 1.25 −3.9% CRD 0.040 −20.0% ENEV 0.005 +0.0% MOON 5.23 −7.9% ORE 2.56 −4.8% ASE 0.620 −14.5% LKY 0.005 + SOI 0.165 −5.7% ECR 0.190 −5.0% OZ 0.240 −9.4% ELEC 0.110 +4.8% WHY 0.260 −3.7% PHD 0.030 −33.3% OMI 0.220 −10.2% EML 0.105 +0.0% TECT 1.37 −2.8% Gold 3,898.90 −3.3% Silver 49.28 −5.9% Copper 6.48 −1.8% Oil 104.12 +2.1% Palladium 987.70 −1.7% HCH 1.25 −3.9% CRD 0.040 −20.0% ENEV 0.005 +0.0% MOON 5.23 −7.9% ORE 2.56 −4.8% ASE 0.620 −14.5% LKY 0.005 + SOI 0.165 −5.7% ECR 0.190 −5.0% OZ 0.240 −9.4% ELEC 0.110 +4.8% WHY 0.260 −3.7% PHD 0.030 −33.3% OMI 0.220 −10.2% EML 0.105 +0.0% TECT 1.37 −2.8%
Drill Results Routine +

South Pacific Metals Intersects 12 m at 3.1 g/t Gold, Including 1 m at 18.1 g/t Gold, at New Megabe Target, Ontenu NE; Provides Corporate Update Across Its Multi-Asset PNG Gold-Copper Portfolio

South Pacific drills high-grade gold at Ontenu NE as the exploration phase continues without near-term production catalysts.

By The Northwire Desk — AI Analysis Jun 16, 2026 · 07:31 SPMC · 0.35 South Pacific Metals Corp.
Executive Summary
  • South Pacific Metals Corp. (SPMC) reported drill results from its first hole at the new Megabe target at the Ontenu NE project in Papua New Guinea.
  • Hole ONED26-007 intersected 12 m @ 3.1 g/t Au and 15.4 g/t Ag from 185 m downhole, including 1 m @ 18.1 g/t Au and 84 g/t Ag.
  • Mineralization is hosted in NW-SE-striking fault breccia within metasediments, analogous to K92 Mining's Kora-Judd system. True width is preliminarily estimated at ~30% of downhole length.
  • Two diamond rigs are actively drilling at Ontenu NE. Holes ONED26-008 (Jorkol) and ONED26-009B (Megabe) are completed and pending assay. Holes ONED26-010 and ONED26-011 are in progress.
  • Portfolio update provided for Ontenu Central (porphyry target), Anga (surface exploration), Kili Teke (4.2 Moz AuEq Inferred Resource), and May River (community consent and site access secured).
  • Supplemental disclosure of a US$300,000 corporate marketing agreement with i2i Marketing Group, amended to comply with TSX Venture Exchange policies.
Material Impact
  • The drill results are consistent with the company's previously announced high-grade rock chip assays and maiden drilling program at Ontenu NE.
  • The intercepts confirm the presence of high-grade gold and silver in fault breccia settings, supporting the geological model of K92-style epithermal mineralization.
  • The news is expected and incremental to prior announcements. It does not alter the company's exploration timeline or provide a path to near-term production.
  • The stock price has declined significantly from a 52-week high of $0.87 to $0.35. The market has already priced in the exploration phase, and this update does not provide a catalyst for a reversal.
  • The $300,000 marketing agreement represents an additional cash burn item with no immediate financial return, further diluting shareholder value in the absence of resource definition.
SPMC · Price
Company Overview
  • South Pacific Metals Corp. is an exploration and development company focused on building a high-grade copper-gold portfolio in Papua New Guinea.
  • The company's strategy centers on a district-scale land package surrounding the K92 Mining operation, leveraging the known mineralization trends of the Kainantu Transfer Zone.
  • Flagship projects include:
  • Ontenu NE: Epithermal Au-Cu veins, currently in active drilling.
  • Kili Teke: Holds an NI 43-101 Inferred Mineral Resource of 4.2 Moz AuEq (1.81 Moz Au, 802 kt Cu, 40 kt Mo).
  • Ontenu Central: Porphyry Cu-Au target with extensive soil anomalies.
  • Anga and May River: Exploration projects with historical high-grade copper and gold intercepts.
Read the original news release →

More from South Pacific Metals Corp.

Sep 23, 2026 · 08:30

South Pacific raises c$20m to fund png exploration, offsetting dilution from near-term catalysts.

Financings Sep 09, 2026 · 16:23

South Pacific raises C$15m to fund high-grade Ontenu and Kili Teke exploration through 2027.

Financings Aug 31, 2026 · 07:01

South Pacific’s Kili Teke outcrop assays validate district-scale porphyry potential beyond the 4.2 moz AuEq resource.

Drill Results Aug 24, 2026 · 07:31

South Pacific’s step-out assays at the Megabe deposit extend the strike but fail to intersect the high-grade anchor zone already priced into the market.

Drill Results Jul 29, 2026 · 07:31

South Pacific advances field work at the Kili Teke project, targeting district-scale upside potential across the deposit.

Drill Results Jul 06, 2026 · 07:31

South Pacific’s megabe step-out delivered multiple high-grade hits, though missing true widths and qualified parameters limited the results.

Drill Results