South Pacific Metals Batting for the Fence

Bob Moriarty
Archives
Sep 24, 2024

South Pacific Metals Corp (SPMC-V) is a young company with four major projects in Papua New Guinea that shot out of the gate in 2020. The shares reached a high of $3.95 before tumbling the same way as the rest of the juniors have to a low of $.20 in late 2023 and early 2024 before coming back to life in late August with outstanding assay results from their Ontenu property in PNG. The shares rocketed higher from $.33 to $.78 before reality set in and the stock price settled to a more moderate $.48 lately.

The company has a new experienced management team in PNG that replaced the prior management after a ten for one rollback. They have put together a package of four highly potential gold and copper projects in PNG including two bordering and nearby the Kainantu project operated by K92. The shares are exceptionally tightly held with insiders and institutions owning over 70% of the shares.

On September 5th the company announced completion of a small exploration program at their Anga gold/copper property. The geological team collected 169 soil samples and 68 rock chip samples. Those were sent out three weeks ago and could be released at any time. The team identified a new sulfide-bearing shear zone similar in geology to the K92 Arakompa gold/copper/silver vein system on strike only four kilometers away.

In addition, the test program also discovered a high-grade gold with a carbonate/base metals vein system. Samples taken in 2022 showed 2.28 g/t Au. The quartz carbonate vein system was exposed 24 meters from the site of the original gold location. Obviously the purpose of this surface exploration program is to generate targets for an upcoming drill program. As of the end of August South Pacific had about $1.4 million in the bank so based on meaningful assays coming back, the company is in a position to begin a drill program.

Any time a company has multiple projects even when they are in the same jurisdiction, it can be confusing for a potential investor to measure what is meaningful and what is not. I will say the company has an excellent website. Their current presentation is good and has a lot of answers for anyone interested in their story. Read it here.

South Pacific Metals is an advertiser on 321gold. That makes me biased. Do your own due diligence.

South Pacific Metals Corp
SPMC-V $.50 (Sep 23, 2024)
SPMEF-OTCQB 38.7 million shares 
South Pacific Metals website

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Bob Moriarty
President: 321gold
Archives

321gold Ltd