Author: Date

(MENAFN– Newsfile Corp)
Historical Drill Highlights Include:
19 m @11.47% Cu, 2.17g/t Au from 13 m Depth at Ufuo Massive Sulfide Prospect
109 m at 1.53 g/t Au from Surface at Skygate Cu-Au Porphyry Prospect

Vancouver, British Columbia–(Newsfile Corp. – October 30, 2024) – South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) (” SPMC ” or the ” Company “) is pleased to announce that two significant mineralized districts – the Skygate Cu-Au Porphyry-Epithermal District and the Ufuo Polymetallic Massive Sulfide District – have been identified by the Company following a thorough evaluation data from decades of historical work.

Project Highlights:

Ufuo Polymetallic Massive Sulfide District: hosts a complex of five massive sulfide bodies, hosted in volcanics with a clear structural control. Two have been drilled with historical results returning high-grade Cu (+Au, Zn, Pb, Ag) near surface: 19 m @11.47% Cu, 2.17g/t Au from 13 m depth1 and 11 m @ 10.07% Cu, 2.03g/t Au from 13 m depth1. Multiple other undrilled geophysical targets remain in this prospect area;

Skygate Cu-Au Trend: a 7-km long gold-copper mineralized trend lying 15 km west of the giant Frieda River Cu-Au deposit, which hosts 12 Mt Cu and 20 Moz Au 2. This trend features confirmed Cu-Au porphyry exposures and historically drilled gold-bearing diatreme breccias. New, advanced review, reprocessing and modeling of historic data has illustrated the potential for sub-surface porphyry targets. This trend lies within similar host rocks and structural setting to that of Frieda River.

Historical drilling intercepts include 109 m at 1.53 g/t Au from surface1 and 54 m at 1.83 g/t Au from 106 m depth1, with holes ending in +1 g/t Au mineralization; and

Expansive Copper-Gold Exploration Package: district-scale tenement package (~1,700 km2) , hosting multiple styles of mineralization with more than 20 identified prospects ranging from high grade polymetallic massive sulfide, epithermal Au and porphyry Cu-Au-Mo1.

As a result, the Company is currently evaluating various non-dilutive, project-level financing options to advance exploration efforts which may include surface sampling, mapping and drilling. Refer to Figure 1 for an overview of prospects at May River.

“As we continue to evaluate and integrate over 25 years of exploration data with regional known geology, our efforts to delineate May River’s full mineralized potential continue to expand,” stated Cathy Fitzgerald, President and Chief Geologist. “Our recent 3D advanced geological and geophysical modeling, combined with prior surface sampling and drill results, have already defined high-priority targets at Skygate and Ufuo for drilling. This district-scale approach to early-stage deposit evaluation underscores the prolific nature of May River’s land package and further growth opportunities with multiple additional anomalies warranting follow-up. Our near-term goal is to advance our existing drilled prospects and test the remaining tenement package to qualify additional targets.”

Figure 1: May River Project, mineralized prospects and infrastructure.

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Two Significant Mineralized Districts Prioritized

Ufuo Polymetallic Massive Sulfide District: in the northern region of the May River tenement package lies the Ufuo District, which hosts a cluster of five massive sulfide bodies occurring over a 3 km by 5 km area within a NW trending mineralized corridor. These were discovered outcropping in 1993 by Highlands Gold, who completed several surface mapping, trenching and drilling campaigns, along with electromagnetic geophysical surveys. Four of the five bodies have been drilled (in 1993, 1997 and 1998), with one lens returning intercepts of 11 m @ 10.07% Cu and 2.03 g/t Au from 13 m1 and 19 m @ 11.47% Cu and 2.17 g/t Au from 13 m1. Both holes have up to 4 % Zn, 3 % Pb and 115 g/t Ag (over 1 m intervals) suggesting a polymetallic system1. A total of 39 holes were completed (3,026 m) at Ufuo. Trenching at one body also returning exceptional results that warrant follow up, including 40 m @ 2.5 g/t Au and 28 m @ 2.5% Cu, 1.1 g/t Au at surface1. Refer to Figure 2 for geology and drill intercept information and Appendix 1 for more drill hole and quality assurance and quality control information.

Historic reporting by Highlands Gold suggested the systems represent Volcanic Hosted Massive Sulfide (“VHMS” or “VMS”) style deposits, however they, and several outside researchers also note that there is a) clear structural control on the bodies; b) notable high gold content b) a clear magmatic input into mineralization, i.e., possibly related to a porphyry Cu-Au intrusive. Only 5 km to the NE, outcropping chalcopyrite bearing diorite was mapped and it is towards this body that the gold content increases across the prospect area.

The recent comprehensive data review completed by the Company shows that the deposit model applicable to these bodies should not be restricted to classifying these as “VMS” deposits. Further, the Company has completed new interpretation of the high-quality historical airborne magnetic data collected in 1990’s and 2010’s. Advanced 3-D magnetic modelling has identified a prominent target beneath the exposed massive sulfide mineralization at one Ufuo prospect, along with other proximal targets (refer to Figure 3).

Figure 2: One of five prospects within the Ufuo Polymetallic Massive Sulfide District.

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Figure 3: 3D magnetic model of the subsurface at Ufuo highlights a highly magnetic target that represents a possible mineralized intrusive target.

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Skygate Cu-Au Porphyry-Epithermal Trend : a 7-kilometer-long zone of Cu-Au mineralization, containing both porphyry and epithermal mineralization. It lies within the same geological and structural setting as the Frieda River Cu-Au system, which hosts 20 Moz Au and 29 Blbs Cu (refer to Figure 1)2. At the northern end of the Skygate Cu-Au Trend, there is confirmed Cu-mineralized breccias and stockworks at surface (the Company, under previous management, sampled this Mountain Gate prospect in 2022, see news release dated February 15, 2023). At the southern end, is the Skiraisa Gold Breccia , a historically drilled diatreme breccia hosts high-sulfidation gold mineralization (refer to Figure 4).

Historical drilling at the Skiraisa Gold Breccia has returned exceptional gold intercepts, including 109 m at 1.53 g/t Au from surface1 and 54 meters at 1.83 g/t Au from 106 m depth1. Both holes ended in mineralization above 1 g/t Au and remain open, suggesting a larger Au system, possibly related to a porphyry intrusive, may be present. Drilling was completed by Highlands Gold (1990-1994) and Niuminco (2011). Refer to Appendix 1 for more drill hole information.

The recent comprehensive data review completed by the Company interprets that Skiraisa represents a shallow expression of a mineralized porphyry system, and historic drilling defines a gold mineralized body more than 150 m wide and open to the east and to depth. There are several lines of evidence that a significant porphyry target underlies Skiraisa:

Historic reports note porphyry-style mineralization (quartz-sulfide (chalcopyrite) was noted in felsic intrusive clasts within the diatreme breccia suggest a deeper Cu mineralized target; and

Analysis of drilling and surface data, combined with new advanced 3-D magnetic and geological modelling has identified a strong magnetic feature down plunge of the near-surface gold mineralization at Skiraisa (refer to Figure 5).

Figure 4: Cross section of the Skiraisa gold diatreme breccia, showing historical drilling and mineralization open to depth and to the east.

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Figure 5: 3D magnetic model of the subsurface at Skiraisa highlights a highly magnetic target that represents a possible mineralized intrusive target.

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Cautionary Note

1 Historical assay data acquired by and reported on by previous operators has not been confirmed, with the exception of surface Cu-Au porphyry-style mineralization within the Skygate Cu-Au trend, hosted at the Mtn Gate prospect (see news release dated February 15, 2023). Extensive geophysical datasets over a vast expanse of the property have been acquired by the Company from previous operators, reviewed and interpreted. All historic data is interpreted to be reliable for the current interpretive use.
2 Potentially economic or economic mineralization on adjacent properties are not necessarily indicative of the mineralization potential of the May River Project.
Also refer to Appendix 1 for further details.

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 National Instrument 43-101, 2014 Standards of Disclosure for Mineral Projects. Dr. Holden is a Technical Advisor to the Company.

About the May River Project

The May River Project covers an expansive mineralized district covering almost 1,700 km2 and is located less than 15 km from, and immediately west of, PanAust’s giant Frieda River Cu-Au Deposit. The Project hosts two historically drilled Cu-Au mineralized districts, the Ufuo Polymetallic Massive Sulfide District and the Skygate Cu-Au Porphyry-Epithermal Trend. Recent geological and geophysical modeling has identified priority geophysical targets directly beneath these mineralized systems that warrant future drilling. Regional work has also identified more than 20 other prospective areas at May River, representing several deposit styles including polymetallic (VMS), epithermal Au and porphyry Cu-Au. The Project, which was acquired by the Company in April 2023 (see news release dated April 3, 2023) encompasses a large, highly mineralized district in East Sepik Province in Papua New Guinea.

About South Pacific Metals Corp.

South Pacific Metals Corp. is an emerging gold-copper exploration company operating across 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).

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(MENAFN– GlobeNewsWire – Nasdaq) TORONTO, Oct. 28, 2024 (GLOBE NEWSWIRE) — NexGold mining Corp. ( TSXV: NEXG; OTCQX: NXGCF) (“ NexGold ” or the“ Company ”) is pleased to announce that recent drilling has intersected significant visible Gold located below the current mineral resource on the eastern end of the C Zone at the Goliath deposit at the Goliath gold Complex (the“ Project ”). This was intersected approximately 70 metres below a past mineral occurrence of 65.2 g/t Au over 3.0 metres including 193 g/t Au over 1.0 metres.

Figure 1: Visible Gold in TL24-678

Goliath Mineral Resource Expansion Drilling Program

The visible gold found in drillhole TL24-678 (Figure 1) was encountered approximately 70 metres down dip of previously-released hole TL20-520 (Company news release dated March 5, 2020) which intersected 1.35 g/t Au over 14.7 metres including 6.00 g/t Au over 2.0 metres and, 15 metres further down the hole, 65.2 g/t Au over 3.0 metres including 193 g/t Au over 1.0 metres.

This drilling is part of the 25,000-metre drill program initiated in August which has focused on opportunities for growth, expansion and discoveries within the Project’s 65-kilometre strike and 330-kilometres2 property package. This phase of the program has targeted the down-dip extensions of known high-grade mineralization with the intent of adding mineral resources to the future mining plan. The drill initially targeted the C Zone East area, which is a pocket of mineralization located in the C Zone on the eastern end of the deposit area. Future mineral resource expansion drilling at Goliath will also target the Main Zone’s Central and East high-grade shoots, as well as explore for potential high-grade shoots along strike to the west.

Morgan Lekstrom, President of NexGold, commented:“Extending what is showing to be another high-grade zone at the Goliath deposit is just another example of the great continuity of the deposit, but also shows that there is visible gold present to guide our program. We believe we have just touched the surface at the Goliath deposit and that there is significant potential for more in the deeper holes aiming to find the higher grades.”

Figure 2 : Cross section view showing the location of visible gold in drillhole TL24-678

Figure 3 : Intersection location of drillhole TL24-678 in the C Zone East area (mineral resource pit and stopes shown from the Project Prefeasibility Study dated March 27, 2023)

Interlakes Drill Program Update

The Company has completed the Interlakes drill program with a total of 4,550 metres in 13 drillholes. The drillholes investigated several favourable targets identified in recent desktop studies and reconnaissance traverses. Results are pending and will be announced alongside the results from the C Zone East when available.

QA / QC

The Company has implemented a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration Best Practices Guidelines. The drill core is sawn in half with one-half of the core sample dispatched to Activation Laboratories Ltd. facility located in Dryden, Ontario. The other half of the core is retained for future assay verification and/or metallurgical testing. Other QA/QC procedures include the insertion of blanks and Canadian Reference Standards for every tenth sample in the sample stream. A quarter core duplicate is assayed every 20th sample. The laboratory has its own QA/QC protocols running standards and blanks with duplicate samples in each batch stream. Additional checks are routinely run on anomalous values including gravimetric analysis and pulp metallic screen fire assays. Gold analysis is conducted by lead collection, fire assay with atomic absorption and/or gravimetric finish on a 50-gram sample. Check assays are conducted at a secondary ISO certified laboratory (in this case AGAT Laboratories located in Mississauga, Ontario) following the completion of a program.

Qualified Person

Adam Larsen, B.Sc., P. Geo., Director of Exploration, is considered a“Qualified Person” for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and approved the scientific and technical disclosure contained in this news release on behalf of NexGold.

About NexGold Mining Corp.
NexGold Mining Corp. is a gold-focused company with assets in Canada. NexGold’s Goliath Gold Complex (which includes the Goliath, Goldlund and Miller deposits) is located in Northwestern Ontario. The deposits benefit substantially from excellent access to the Trans-Canada Highway, related power and rail infrastructure and close proximity to several communities including Dryden, Ontario. For information on the Goliath Gold Complex, please refer to the technical report, prepared in accordance with NI 43–101, entitled“Goliath Gold Complex – NI 43–101 Technical Report and Prefeasibility Study” and dated March 27, 2023 with an effective date of February 22, 2023, led by independent consultants Ausenco Engineering Canada Inc. The technical report is available on SEDAR+ at , on the OTCQX at and on the Company website at .

The Company also owns several other projects throughout Canada, including the Weebigee-Sandy Lake Gold Project JV, and grassroots gold exploration property Gold Rock. In addition, NexGold holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska. NexGold is committed to inclusive, informed and meaningful dialogue with regional communities and Indigenous Nations throughout the life of all our Projects and on all aspects, including creating sustainable economic opportunities, providing safe workplaces, enhancing of social value, and promoting community well-being. For further details about NexGold, please visit the Company’s website at .

Contact :
Morgan Lekstrom President & Director C: +1 250-574-7350 Toll-free: +1-855-664-4654 Email: …	Orin Baranowsky Chief Financial Officer C: +1 647-697-2625

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Cautionary Note Regarding Forward-Looking Information

This news release contains or incorporates by reference“forward-looking information” within the meaning of applicable Canadian securities legislation and“forward-looking statements” within the meaning of applicable U.S. securities laws. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking information including, but not limited to information as to the Company’s strategic objectives and plans, timing of exploration activities and expected initiatives to be undertaken by management of the Company in identifying exploration opportunities. Generally, forward-looking information is characterized by the use of forward-looking terminology such as“plans”,“expects” or“does not expect”,“is expected”,“budget”,“scheduled”,“estimates”,“forecasts”,“intends”,“is projected”,“anticipates” or“does not anticipate”,“believes”,“targets”, or variations of such words and phrases. Forward-looking information may also be identified in statements where certain actions, events or results“may”,“could”,“should”,“would”,“might”,“will be taken”,“occur” or“be achieved”.

Forward-looking information involve known or unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those projected by such forward-looking statements. Such factors include, among others: the plan for, and actual results of, current exploration activities; risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; reliance on third-parties, including governmental entities, for mining activities; the ability of NexGold to complete further exploration activities, including drilling at the Goliath Gold Complex deposits; the ability of the Company to obtain required approvals; the results of exploration activities; risks relating to mining activities; and those factors described in the Company’s Annual Information Form for the year ended December 31, 2023 and in the Company’s most recent disclosure documents filed under the Company’s SEDAR+ profile at . Although management of the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented to assist shareholders in understanding the Company’s the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information contained herein, except in accordance with applicable securities laws.

Photos accompanying this announcement are available at:

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(MENAFN– Newsfile Corp)
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.

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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.

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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 40% of the +1.7 km mineralized corridor strike length has been drill tested to date by K92, defined from rock chips, historic drilling and local workings.

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 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 and its southwestern project boundary is only 3 km from where K92 is currently drilling on the Arakompa lode-gold vein system, where wide and multiple 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.

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).

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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.