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NMI 0.195 +0.0% TKO 9.87 +4.4% ELD 45.89 +2.2% DG 0.045 +12.5% TNGD 6.33 +3.4% DPM 52.30 +6.1% EPL 0.180 +2.9% NTH 0.160 +3.2% GGM 0.035 +0.0% ITR 3.01 +4.9% CS 13.25 +3.5% EMO 0.325 +1.6% CAN 0.050 −9.1% MOON 7.40 +3.4% FG 0.035 +0.0% SBMI 0.125 +0.0% NMI 0.195 +0.0% TKO 9.87 +4.4% ELD 45.89 +2.2% DG 0.045 +12.5% TNGD 6.33 +3.4% DPM 52.30 +6.1% EPL 0.180 +2.9% NTH 0.160 +3.2% GGM 0.035 +0.0% ITR 3.01 +4.9% CS 13.25 +3.5% EMO 0.325 +1.6% CAN 0.050 −9.1% MOON 7.40 +3.4% FG 0.035 +0.0% SBMI 0.125 +0.0%
Drill Results Routine +

South Pacific Metals Adds Second Drill Rig to Ontenu Campaign

South Pacific doubles down on drilling while investors await the missing link: actual assay results.

By The Northwire Desk — AI Analysis Feb 18, 2026 · 07:01 SPMC · 0.45 South Pacific Metals Corp.
Executive Summary

The most recent news release (February 18, 2026) announces the addition of a second drill rig to the Ontenu campaign within the Osena Project, Papua New Guinea. The company aims to accelerate testing of multiple targets, specifically focusing on the Onki Fault area, while the first rig continues at Ontenu NE. Management has set a 5,000-meter drilling goal for 2026. CEO Timo Jauristo highlights the "intermediate sulfidation epithermal" characteristics of the site, drawing parallels to the neighboring K92 Mining operations.

Material Impact

The news is a positive operational milestone but lacks immediate material impact on the fundamental value of the company. While adding a second rig indicates a well-funded treasury (following the C$9.2M raise in December 2025) and management's confidence, it does not provide the "proof of concept" that only drill core assays can deliver.

Critically, the company announced the start of its maiden 1,500m (6-hole) drill program at Ontenu NE on October 30, 2025. As of February 18, 2026—nearly four months later—no results from those initial holes have been released. In the mining exploration sector, a delay in reporting results from a maiden program while simultaneously doubling the rig count can be interpreted by a critical analyst as either extreme logistical delays or a "smoke and mirrors" strategy to maintain momentum in the absence of high-grade intercepts. Until the first 1,500m of drilling is quantified, the 5,000m expansion is merely an increase in the burn rate.

SPMC · Price
Company Overview

South Pacific Metals Corp. (formerly Kainantu Resources) is a PNG-focused explorer. - Flagship Project: Osena Project (738 sq km), specifically the Ontenu prospect. It is located in the Kainantu District, adjacent to K92 Mining’s high-grade operations. - Secondary Projects: Anga (bordering K92), Kili Teke (1.81 Moz Au / 802 kt Cu inferred resource), and May River. - Strategy: Utilizing "K92-style" exploration models to identify high-grade epithermal veins and porphyry targets in a prolific gold-copper corridor.

Read the original news release →

More from South Pacific Metals Corp.

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 Jun 25, 2026 · 18:09

South Pacific Metals advances Kili Teke exploration in Papua New Guinea as part of a broader portfolio drilling initiative.

Drill Results Jun 25, 2026 · 07:31

South Pacific continues high-grade gold drilling at Ontenu NE, intersecting district-scale Kili Teke resource zones with significant widths and grades.

Drill Results Jun 16, 2026 · 07:31

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

Drill Results Jun 05, 2026 · 19:28

South Pacific Metals secured marketing services and grants options to support its ongoing exploration activities in Papua New Guinea.

Drill Results