South Pacific to add second drill rig at Ontenu

Executive Summary

• South Pacific Metals Corp. is adding a second drill rig to its Ontenu project in Papua New Guinea to accelerate testing of multiple high-grade targets, with the rig expected to arrive within two weeks.
• The new rig will initially target the Onki fault area in Ontenu NE, where previous surface rock chip sampling has returned significant high-grade copper and gold intercepts.
• The company aims to complete 5,000 meters of drilling across multiple targets in 2026, focusing on prioritizing the many identified mineralized structures.

Key Details

• Drilling Expansion: A second drill rig has been contracted from an experienced Papua New Guinea-based drilling company to operate alongside the existing company-owned rig.
• Target Area: Initial drilling will focus on the Onki fault area within the Ontenu NE project area.
• Previous Surface Results (Rock Chip Samples):
  • 21.2% Cu, 214 g/t Ag, 0.41 g/t Au
  • 18.1% Cu, 310 g/t Ag, 0.32 g/t Au
  • 12.4% Cu, 131 g/t Ag, 1.21 g/t Au
  • 0.2% Cu, 32 g/t Ag, 8.6 g/t Au
• Geological Context: The Onki fault consists of a mineralized fault zone striking north/northeast-south/southwest with various north-south splay structures. The main fault is up to five meters wide, indicating target zones of five to 20 meters wide when combined with closely spaced splay structures.
• Drilling Goals: The company is aiming for 5,000 meters of drilling to be completed across multiple targets in 2026.
• Project Location: The Ontenu project is part of the wider Osena project in the Kainantu district of Papua New Guinea, located on the southwestern border of K92 Mining Inc.'s Kainantu gold mine property.
• Mineralization Style: The observed gold and base metal association is characteristic of intermediate sulphidation epithermal deposits, similar to those being mined by K92 Mining.

Notable Quotes

• "Ontenu, and especially Ontenu NE, has revealed multiple targets from surface exploration across a number of mineralized structures and zones over a broad area," said Timo Jauristo, chief executive officer of the company. "In order to accelerate testing of these high-grade epithermal targets, the company is adding a second drill rig to the campaign. Our challenge is prioritizing the many targets. The observed gold and base metal association is characteristic of intermediate sulphidation epithermal deposits, similar to those being mined by K92 Mining to the north of Ontenu."