Commencement Of New Anga Project Exploration Program

VANCOUVER - South Pacific Metals Corp.(SPMC) announced new exploration work programs are underway at the Anga Project, following surface geochemistry targeting results confirming the Irinke Prospect's priority nature and identifying several new gold prospects extensional to Irinke. Surface sampling will assist with prioritized drill targeting.

Cathy Fitzgerald, President and Chief Geologist, said, "As the Company awaits delivery of its brand-new drill rig, we are accelerating exploration across our highly prospective Kainantu Gold District projects. In particular, the new study of all surface samples collected to date at the Anga Project has revealed further exciting targets near our Irinke Prospect, where mineralization of the same nature as K92's Arakompa system returned rock samples up to 3.68 g/t Au. We will be very active sampling across this broad area of gold-mineralization."

The Irinke Prospect previous work has identified gold in soil anomalism along with rock chips, from early-stage reconnaissance up to 3.68 g/t Au. The Irinke Prospect is hosted in metasediments intruded by diorite, making it a comparable setting to K92 Mining's operations. Analyses of the geophysics indicates alteration and major structures are also similar. The results of this work provide additional confidence that the surface anomalism at Irinke is linked to a significant target. Upcoming surface work will include closely spaced soil sampling and structural mapping.

The Binano North Prospect is located approximately 1 km east of Irinke. Both metasediments and series of intrusive dykes are mapped in this area and there are strong indicators of hydrothermal activity. Previous work has been reconnaissance rock sampling with modest anomalous rock chips of up to 0.8 g/t Au. The pathfinder elements through this area (Bi-Sb-Te-Ag-Mo-Cu-Zn-Pb) are strong.

A review of aerial imagery indicated several disturbed areas which may be artisanal or alluvial gold workings, to be determined pending on-ground investigation. This target area incorporates three targets covering an area of 2.5 km by 1 km, from which the Company has collected approximately 250 grid soil samples at 50x50 m spacing to advance this large system to potentially drill ready Upcoming surface work will include closely-spaced soil sampling, and structural mapping.

The Golkona Prospect is located approximately 4 km east of Irinke. The area includes a large altered intrusive complex anomalous in gold in soils (>10 ppb Au, up to 70 ppb Au) over an area approximately 750 x 750 m.  The Golkona South area consists of a strong magnetic anomaly coincident with an apparent conductivity anomaly (referred to as the N1 anomaly in news release dated June 9, 2022), identified in the 2021 MobileMT survey. This area has been largely unsampled. Anomalous stream sediment sample results and alluvial gold in this area has not been followed up since sampling was initially completed in 2022. With the results of analysis at Golkona indicating that mineral indicators point southward, the Company is embarking on a ridge and spur soil sampling and rock chip sampling program in this region.

A number of other targets have been identified that warrant upcoming surface work which will include closely spaced soil sampling and structural mapping. These include: North Ridge Target (L) - has Au soil results up to 90 ppb and rock results up to 0.85 g/t Au. Prior to infill sampling, the area is going to have reconnaissance to check several unsampled outcrops. East Skarn Target (P) - An area of very high gold in soils (up to 330 ppb Au and 270pb Au) in an area mapped as metamorphosed carbonates. The geology and geochemical data suggest a possible gold-rich skarn target. Further reconnaissance work with mapping and rock sampling is planned in the short-term.