South Pacific Metals (TSX-V:SPMC) has returned ‘high-grade’ gold intercepts from its Ontenu Project in Papua New Guinea, adjacent to K92 Mining’s (TSX:KNT) Kainantu operation.
Drill hole ONED26-009 at the Megabe structure returned three mineralised zones, including 5m @ 12.84 grams per tonne gold equivalent (AuEq), containing 2m @ 28.06g/t AuEq.
The same hole also intersected 12.2m @ 6.24g/t AuEq, including 2m @ 16.65g/t AuEq, and 4.5m @ 4.38g/t AuEq.
Zones two and three returned elevated silver assays up to 262 parts per million.
“Our goal is to demonstrate that Ontenu has the potential to host high-grade gold-copper veins similar to those being mined by K92 at their nearby world-class mining operation,” CEO Timo Jauristo says.
“Hitting over 28g/t gold over 2m within a broader mineralised envelope demonstrates continuity with hole ONED26-007 and tells us that we may be on the edge of something significant at Megabe.”
The results demonstrate continuity between drill holes spaced 75m apart, showing multiple stacked mineralised zones within a single structure.
Exploration Manager Octavio Garcia says each drill hole is helping refine the geological model and ‘vector towards higher-grade zones’.
The company has identified at least eight mineralised structures across a 5km trend at Ontenu, with only a small portion tested by drilling to date.
Drill holes ONED26-010 and ONED26-011 have been completed and are being logged and sampled. The company is currently drilling holes ONED26-012 and ONED26-013.
South Pacific plans one additional hole to test the Megabe structure along strike to the northwest before moving to other undrilled structures across the project area, including Ontenu Central.
Write to JC Villarba at Mining.com.au
Images: South Pacific Metals
