South Pacific Metals Corp. (SPMC.v SPMEF) Advances District-Scale Gold–Copper Exploration in Papua New Guinea’s Kainantu Belt Following Upsized C$9.2M Financing Near K92 Mining
Posted on behalf of South Pacific Metals Corp. – South Pacific Metals Corp. (Ticker: SPMC.v or SPMEF for US investors) is a Papua New Guinea–focused gold and copper exploration company working to advance the Osena and Anga Projects in the Kainantu belt, a well-known geological corridor that also hosts K92 Mining’s gold-copper operations.
A key focus area is the Osena Project, which covers a large and structurally complex land package. The project is situated within the prominent NE–SW-trending Kainantu Transfer Zone, a regional corridor that also hosts the Kainantu Gold-Copper mine operated by K92 Mining Ltd.
Within Osena, the company is evaluating multiple prospects for epithermal and porphyry-style mineralization, with recent efforts concentrated on the Ontenu NE prospect.
Rock chip sampling reported in late November returned several high-grade results, including:
- 21.2% Cu, 214 g/t Ag and 0.41 g/t Au over 0.25m
- 18.1% Cu with 310 g/t Ag over 0.7m
The company also reported a second mineralized area roughly 700m west of Ontenu NE, where a quartz vein sample graded 1.2% Cu, 258 g/t Ag, 8.65% Zn and 9.34 g/t Au, highlighting additional complexity and potential within the broader corridor.
Drilling has begun at the southern end of Ontenu NE, targeting several structural zones linked to the Onki Fault and its splays. This program follows detailed structural mapping and geochemical work aimed at refining priority targets across the wider copper-silver-gold system.
To support continued advancement, South Pacific Metals recently closed its previously announced best-efforts private placement for gross proceeds of C$9,199,494, surpassing its original C$8 million target.
The net proceeds will be directed toward expanded exploration, including further work at Ontenu NE and ongoing technical programs across the broader Osena Project.
Full details here: https://southpacificmetals.ca/south-pacific-metals-announces-closing-of-c9-2-million-marketed-equity-offering/
Posted Jan 13, 2026, 11:58 PM UTC