Papua New Guinea Explorer Rises 8% After Triple-Zone Hit

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Monday, July 6, 2026

Step-out assays that repeat grade along strike, rather than in a single fence, are what investors look for when testing epithermal camps beside producing mines. In Papua New Guinea, K92 Mining's (TSX: KNT) Kainantu operation has already validated high-grade Au-Cu vein mining in the district, so adjacent explorers that intersect comparable widths and grades tend to re-rate on continuity evidence before resource scale is established.

South Pacific Metals Corp. (TSX-Venture: SPMC) (OTCQB: SPMEF) moved higher after assays from drill hole ONED26-009 at its 100%-owned Ontenu project, located adjacent to Kainantu. The hole targeted the Megabe structure between the Jorkol and Onki zones and returned three mineralized zones, including 5.0m at 12.84 g/t AuEq, including 2.0m at 28.06 g/t AuEq in Zone 1, and 12.2m at 6.24 g/t AuEq, including 2.0m at 16.65 g/t AuEq in Zone.

For reference, only small portions of three structures across a 5km Ontenu trend have been drill-tested to date, with at least five additional known corridors still undrilled, so Megabe is early proof of concept rather than a fully tested system.

Exploration Manager Octavio Garcia said the results support a broader mineralized field than initially recognized, and Chief Executive Officer Timo Jauristo framed the story against Kainantu-style high-grade Au-Cu veins as the geological analog. Completed holes ONED26-010 (150m southwest of Megabe) and ONED26-011 (75m southeast step-out from ONED26-009) are logged and awaiting assays; ONED26-012 and ONED26-013 are in progress, with a further Megabe step-out northwest planned before drilling shifts to Ontenu Central and other undrilled structures.

Shares of SPMC / SPMEF have increased 18.5% and 17.0% to $0.64 and US$0.44, respectively.

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