South Pacific Metals Announces Expansion of Osena Gold-Copper Project Land Package Bordering K92 Mining Operations in Papua New Guinea

Vancouver, British Columbia–(Newsfile Corp. – October 23, 2024) – South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) (“SPMC” or the “company“), an emerging gold and copper exploration company operating in Papua New Guinea, is pleased to announce the expansion of key holdings in the Kainantu Gold District by an additional 112 km² at its Osena Gold Project -Copper immediately south of K92.

Key aspects of the expansion:

• Exploration License Application 2850 (“ELA 2850”) acquired covering 112 km² of potential ground, extending the Osena Gold-Copper Project to the east immediately south of K92 Mining, which operates the gold mine of Kainantu;
• NW-SE trending copper-gold mineralized trends may extend into the new ELA; i
• The total land area of ​​the Osena project rises to 738 km² as neighboring K92 Mining announces a significant economic upturn and the improved Kainantu Gold Mine Integrated Development Plan.

“We are delighted to be in a position to introduce ELA 2850 into our larger plans for Osena. The property presents a unique and timely opportunity for South Pacific Metals to add to our dominant position on land at the core of a of the world’s best regions for gold and copper exploration,” said Cathy Fitzgerald, president and chief geologist. “The company has meticulously consolidated over two decades of historical geological data from multiple sources to strategically focus on near-term opportunities, and our goal is to follow Osena’s mineralized corridors and advance targets through community relations and work of comprehensive field. Due to these efforts, we will soon be in a position to finalize the first phase drilling plans and put them into operation.”

About ELA 2850

Located immediately south of the K92 Mining houses, ELA 2850 is directly east of the Ontenu Cu-Au Prospect and west of the Mt. Victor, home to the former gold mine Mt. victor Mt. Victor operated from 1987 to 1990, producing 21,000 ounces of gold at a grade of 3.53 g/t Au¹. This district also hosts several epithermal gold porphyry and copper-gold prospects. The new ELA remains largely unexplored, but has geological and geophysical signatures that indicate potential for mineralization.

News of the Osena project expansion follows K92 Mining introducing a new Integrated Development Plan and a significant improvement in the economic outlook for its Kainantu gold mine, as well as the recent announcement of South Pacific Metals detailing the identification of multiple Copper-Gold on a large scale. objectives at its Ontenu Cu-Au Prospect in Osena.

Figure 1: Osena ELA 2850 project – a 13 km by 9 km region that has seen little historical exploration but hosts intrusive rocks of similar age to the gold district of Mt. Victor and interpreted NE structures that parallel the Kainantu Transfer Zone, a major control on mineralization in the district.

“Papua New Guinea is a world-class geological treasure trove and home to one of the most mineral-rich regions on the planet. As evidenced by our neighbors’ latest announcement of K92, which includes numerous expansions and gold reserve estimates improved, it is clear that production in the area is about to reach significantly higher levels,” said Michael Murphy, executive chairman. “PNG’s undeniable mineral potential is increasingly well known, and right at the heart of it all are our Osena and Anga projects, essentially sandwiching the K92 operations along our shared 45km mineralized corridor. Given the proximity not only to our own exploration through Osena, but also to K92’s high-grade gold production program, ELA 2850 is a smart addition to the district.”

¹ See The Mount Victor Gold Mine, Eastern Highlands Province, Papua New Guinea, PNG Geology, Exploration and Mining Conference, Rabaul, Summary of Conference Proceedings June 1991.

About the Osena project

With 738 km² of strategic land, the Osena project is located in the southwest and adjacent to the K92 houses that host the Kainantu gold mine. Priority prospects include Ontenu, a copper-gold porphyry and an epigenetic gold prospect with exposed porphyritic diorite intrusive phases that host supergene copper minerals overprinted by an associated later gold mineralized event. The Ontenu prospect is one of several occurring within a highly mineralized corridor that extends more than 40 km northeast through the Kainantu district.

Qualified person

The scientific and technical information disclosed in this release has been compiled by company geologists reviewed and approved by Darren Holden, Ph.D., FAusIMM, a “Qualified Person” as defined in 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 and copper exploration company operating in the heart of Papua New Guinea’s proven gold and copper production corridors. With a vast land package of 3,100km² and four transformative gold and copper projects contiguous with major producers K92 Mining, PanAust and neighbors Barrick/Zijin, the new leadership and experienced teams in the country are prioritizing rigorous and thoughtful technical programs focused on walking boots. -land exploration to prioritize discovery in its portfolio projects: Anga, Osena, Kili Teke and May River.

Immediately flanking K92’s active drilling and gold production operations to the northeast and southwest, SPMC’s Anga and Osena projects are located within the high-grade Kainantu gold district, each with the potential of hosting gold and copper-gold mineralization of similar style porphyry. which are found in the houses of K92. Kili Teke is an advanced exploration project located just 40 km from the world-class Porgera gold mine and hosts an existing inferred mineral resource with multiple opportunities for further expansion and discovery. The May River project is adjacent to the famous Frieda River copper-gold project, with historical drilling indicating the potential for a significant untapped gold mineralized system. SPMC common stock is traded on the TSX Venture Exchange (TSX.V: SPMC), the OTCQB Marketplace (OTCQB: SPMEF) and the Frankfurt Stock Exchange (FSE: 6J00).

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer and forward-looking information

Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainties affecting SPMC’s business. In making forward-looking statements, SPMC has applied certain assumptions that are based on information available to the company, including SPMC’s short- and medium-term strategic plan. There can be no assurance that this information is accurate, as actual results and future events could differ materially from those anticipated in these statements. Forward-looking statements may involve various risks and uncertainties that affect the Company’s business. These forward-looking statements generally can be identified as such because of the context of the statements, including words such as “believes”, “anticipates”, “expects”, “plans”, “may”, “estimates” or words of a similar nature . Forward-looking statements or information in this press release relate to, among other things: the formulation of plans for drilling tests; and the success related to any future exploration or development programs. These statements and forward-looking information reflect the company’s current views regarding future events and are necessarily based on a number of assumptions that, although the company believes to be reasonable, are inherently subject to significant operational, commercial, economic, regulatory or other unforeseen events. uncertainties and contingencies. These assumptions include, but are not limited to: the success of the Company’s projects, metal prices remaining as estimated, currency exchange rates remaining as estimated, availability of funds for company projects, capital, dismantling and recovery estimates, input prices for energy, labor, materials, supplies and services (including transportation), without work-related interruptions, without delays or unplanned interruptions in scheduled construction and production, all necessary permits, licenses and regulatory approvals are received in a timely manner and the ability to comply with environmental and health. and safety laws. The above list of assumptions is not exhaustive. The company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this press release. and the Company has made assumptions and estimates based on or related to many of these factors. Accordingly, readers should not place undue reliance on forward-looking information. These factors include, without limitation: fluctuations in gold prices, fluctuations in the prices of energy inputs, labor, materials, supplies and services (including transportation), fluctuations in currency markets (such as the dollar Canadian versus the US dollar), operational risks and risks inherent in the mineral exploration business, inadequate insurance or inability to obtain insurance to cover such risks and hazards, the Company’s ability to obtain all permits, licenses and regulatory approvals required in a timely manner, changes in laws, regulations and governments. practices, including environmental, export and import laws and regulations, legal restrictions related to mineral exploration, increased competition in the mining industry for equipment and skilled personnel, the availability of additional capital, issues of title and the additional risks identified in the company’s filings with Canada. securities regulators on SEDAR+ (available at www.sedarplus.ca). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results to differ from those anticipated, estimated, described or anticipated. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required by applicable securities legislation, the Company undertakes no obligation to update or revise them to reflect new events or circumstances. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.