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South Pacific Metals Reports Drilling Results and Extends Mineralized Structures At Megabe
South Pacific Metals Corp. announced assay results from five drill holes, ONED26-010 to ONED26-014, at its 100%-owned Osena Project, located immediately southwest of K92 Mining's Kainantu gold-copper mine in Papua New Guinea. The program involved step-out drilling along the Megabe structures, and a first test of an adjacent structure to the southwest. All five holes intersected mineralised structures. The four holes on Megabe mapping strike extension to more than 300 metres, and the structures remain open along strike in both directions and at depth; ONED26-010 confirmed that mineralisation extends beyond the Megabe corridor. More than 300 metres of confirmed mineralised strike at Megabe. Step-out drilling has traced continuous mineralised structures from ONED26-014 in the northwest to ONED26-012 in the southeast. ONED26-011 intersects a potential fourth mineralized zone at Megabe. The hole returned 5.1 m at 1.79 g/t AuEq from 313.3 m, including 3 m at 2.66 g/t AuEq beyond the window predicted by the Company's interpretation. Information to date indicates the Company is above a significant intermediate-sulphidation epithermal vein system. Every reported hole targeting Megabe has intersected mineralised structures, from the first intercept in ONED26-007 (12 m at 3.1 g/t Au, including 1 m at 18.1 g/t Au); through the ONED26-009 discovery; four of the five step-out holes reported cut Megabe in the upper part of the system, above the high-grade target zone. Megabe is one of eight identified mineralised structures at Ontenu — most remain undrilled. Only small portions of three of the eight NW-trending structures — Jorkol, Onki and Megabe — have been drill-tested across the five-kilometre Ontenu trend. The step-out program has delivered the structural framework to drill the high-grade target at depth and down-plunge to the southeast of discovery hole ONED26-009 — 5 m at 12.84 g/t AuEq (including 2 m at 28.06 g/t AuEq) and 12.2 m at 6.24 g/t AuEq (including 2 m at 16.65 g/t AuEq). Four of the five holes in this program were designed to define the geometry and strike continuity of the Megabe NW trending structures. Every hole intersected the targeted structures, confirming that the Megabe trend is continuous over more than 300 metres of strike. The structures remain open along strike in both directions and at depth: ONED26-012 and ONED26-014 support the interpreted geometry of the structures, marked by the current limits of drilling, not the limits of the structures. The step out drill program intercepted the top of the system, cutting the Megabe structures above the interpreted productive high-grade zone and within the leached horizon, an area that extends to at least 100 metres below surface. Follow-up hole ONED26-011, drilled up-dip of previously released discovery hole ONED26-009, cut the Megabe structures within the window expected in the Company's interpretation, returning 5.1 m at 1.79 g/t AuEq in a potential fourth mineralised zone. The result of this drilling supports vectoring towards stronger grades. ONED26-010, tested a separate set of structures southwest of Megabe, intersected 18 m at 0.25 g/t AuEq — confirming that mineralised structures extend beyond the Megabe corridor. The objective of this step-out drilling program was to define the key geological parameters of the system, including its geometry, continuity, size, mineralisation controls and others required to validate the geological model. The results have confirmed several key parameters. Mineralised structures remain open in both directions, while geochemistry indicates strong potential for continuity over more than 300 metres of strike. Subparallel minor mineralised structures and a local leaching effect, similar to that observed in the Kora vein, have been identified. The data provide clear evidence of an intermediate-sulfidation epithermal (ISE) system, comparable to neighbouring deposits. Recent drilling intersected the upper zone of this hydrothermal system, while also expanding the mineralised envelope. Further drilling is required to validate the geological model and determine the full extent of the system. The next phase will test vertical variability by drilling below the current mineralisation, helping establish the system's position within the hydrothermal system and guide targeting of higher-grade mineralisation. Table 1: Summary of significant drill results, ONED26-010 to ONED26-014: Hole ID: ONED26-010, From (m): 81, To (m): 84, Length (m): 3, Intercept Grade (weighted average): 0.25 g/t AuEq; ONED26-011, From (m): 313.3, To (m): 318.4, Length (m): 5.1, Intercept Grade (weighted average): 1.79 g/t AuEq; ONED26-012, From (m): 79.3, To (m): 85, Length (m): 5.7, Intercept Grade (weighted average): 0.41 g/t AuEq; ONED26-013, From (m): 177, To (m): 186, Length (m): 9, Intercept Grade (weighted average): 0.25 g/t AuEq; ONED26-014, From (m): 77, To (m): 87.1, Length (m): 10.1, Intercept Grade (weighted average): 0.37 g/t AuEq.