South Pacific Metals Identifies Multiple Copper-Gold Mineralized Districts at May River Project

Historical Drill Highlights Include:
19 m @11.47% Cu, 2.17g/t Au from 13 m Depth at Ufuo Massive Sulfide Prospect
109 m at 1.53 g/t Au from Surface at Skygate Cu-Au Porphyry Prospect

Vancouver, October 30, 2024 - South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) ("SPMC" or the "Company") is pleased to announce that two significant mineralized districts - the Skygate Cu-Au Porphyry-Epithermal District and the Ufuo Polymetallic Massive Sulfide District - have been identified by the Company following a thorough evaluation data from decades of historical work.

Project Highlights:

• Ufuo Polymetallic Massive Sulfide District: hosts a complex of five massive sulfide bodies, hosted in volcanics with a clear structural control. Two have been drilled with historical results returning high-grade Cu (+Au, Zn, Pb, Ag) near surface: 19 m @11.47% Cu, 2.17g/t Au from 13 m depth¹ and 11 m @ 10.07% Cu, 2.03g/t Au from 13 m depth¹. Multiple other undrilled geophysical targets remain in this prospect area;
  
  
• Skygate Cu-Au Trend: a 7-km long gold-copper mineralized trend lying 15 km west of the giant Frieda River Cu-Au deposit, which hosts 12 Mt Cu and 20 Moz Au². This trend features confirmed Cu-Au porphyry exposures and historically drilled gold-bearing diatreme breccias. New, advanced review, reprocessing and modeling of historic data has illustrated the potential for sub-surface porphyry targets. This trend lies within similar host rocks and structural setting to that of Frieda River.
  
  
  • Historical drilling intercepts include 109 m at 1.53 g/t Au from surface¹ and 54 m at 1.83 g/t Au from 106 m depth¹, with holes ending in +1 g/t Au mineralization; and
    
    
• Expansive Copper-Gold Exploration Package: district-scale tenement package (~1,700 km²) , hosting multiple styles of mineralization with more than 20 identified prospects ranging from high grade polymetallic massive sulfide, epithermal Au and porphyry Cu-Au-Mo¹.

As a result, the Company is currently evaluating various non-dilutive, project-level financing options to advance exploration efforts which may include surface sampling, mapping and drilling. Refer to Figure 1 for an overview of prospects at May River.

"As we continue to evaluate and integrate over 25 years of exploration data with regional known geology, our efforts to delineate May River's full mineralized potential continue to expand," stated Cathy Fitzgerald, President and Chief Geologist. "Our recent 3D advanced geological and geophysical modeling, combined with prior surface sampling and drill results, have already defined high-priority targets at Skygate and Ufuo for drilling. This district-scale approach to early-stage deposit evaluation underscores the prolific nature of May River's land package and further growth opportunities with multiple additional anomalies warranting follow-up. Our near-term goal is to advance our existing drilled prospects and test the remaining tenement package to qualify additional targets."

Figure 1: May River Project, mineralized prospects and infrastructure.

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Two Significant Mineralized Districts Prioritized

Ufuo Polymetallic Massive Sulfide District: in the northern region of the May River tenement package lies the Ufuo District, which hosts a cluster of five massive sulfide bodies occurring over a 3 km by 5 km area within a NW trending mineralized corridor. These were discovered outcropping in 1993 by Highlands Gold, who completed several surface mapping, trenching and drilling campaigns, along with electromagnetic geophysical surveys. Four of the five bodies have been drilled (in 1993, 1997 and 1998), with one lens returning intercepts of 11 m @ 10.07% Cu and 2.03 g/t Au from 13 m¹ and 19 m @ 11.47% Cu and 2.17 g/t Au from 13 m¹. Both holes have up to 4 % Zn, 3 % Pb and 115 g/t Ag (over 1 m intervals) suggesting a polymetallic system¹. A total of 39 holes were completed (3,026 m) at Ufuo. Trenching at one body also returning exceptional results that warrant follow up, including 40 m @ 2.5 g/t Au and 28 m @ 2.5% Cu, 1.1 g/t Au at surface¹. Refer to Figure 2 for geology and drill intercept information and Appendix 1 for more drill hole and quality assurance and quality control information.

Historic reporting by Highlands Gold suggested the systems represent Volcanic Hosted Massive Sulfide ("VHMS" or "VMS") style deposits, however they, and several outside researchers also note that there is a) clear structural control on the bodies; b) notable high gold content b) a clear magmatic input into mineralization, i.e., possibly related to a porphyry Cu-Au intrusive. Only 5 km to the NE, outcropping chalcopyrite bearing diorite was mapped and it is towards this body that the gold content increases across the prospect area.

The recent comprehensive data review completed by the Company shows that the deposit model applicable to these bodies should not be restricted to classifying these as "VMS" deposits. Further, the Company has completed new interpretation of the high-quality historical airborne magnetic data collected in 1990's and 2010's. Advanced 3-D magnetic modelling has identified a prominent target beneath the exposed massive sulfide mineralization at one Ufuo prospect, along with other proximal targets (refer to Figure 3).

Figure 2: One of five prospects within the Ufuo Polymetallic Massive Sulfide District.

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Figure 3: 3D magnetic model of the subsurface at Ufuo highlights a highly magnetic target that represents a possible mineralized intrusive target.

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Skygate Cu-Au Porphyry-Epithermal Trend: a 7-kilometer-long zone of Cu-Au mineralization, containing both porphyry and epithermal mineralization. It lies within the same geological and structural setting as the Frieda River Cu-Au system, which hosts 20 Moz Au and 29 Blbs Cu (refer to Figure 1)². At the northern end of the Skygate Cu-Au Trend, there is confirmed Cu-mineralized breccias and stockworks at surface (the Company, under previous management, sampled this Mountain Gate prospect in 2022, see news release dated February 15, 2023). At the southern end, is the Skiraisa Gold Breccia, a historically drilled diatreme breccia hosts high-sulfidation gold mineralization (refer to Figure 4).

Historical drilling at the Skiraisa Gold Breccia has returned exceptional gold intercepts, including 109 m at 1.53 g/t Au from surface¹ and 54 meters at 1.83 g/t Au from 106 m depth¹. Both holes ended in mineralization above 1 g/t Au and remain open, suggesting a larger Au system, possibly related to a porphyry intrusive, may be present. Drilling was completed by Highlands Gold (1990-1994) and Niuminco (2011). Refer to Appendix 1 for more drill hole information.

The recent comprehensive data review completed by the Company interprets that Skiraisa represents a shallow expression of a mineralized porphyry system, and historic drilling defines a gold mineralized body more than 150 m wide and open to the east and to depth. There are several lines of evidence that a significant porphyry target underlies Skiraisa:

• Historic reports note porphyry-style mineralization (quartz-sulfide (chalcopyrite) was noted in felsic intrusive clasts within the diatreme breccia suggest a deeper Cu mineralized target; and
• Analysis of drilling and surface data, combined with new advanced 3-D magnetic and geological modelling has identified a strong magnetic feature down plunge of the near-surface gold mineralization at Skiraisa (refer to Figure 5).

Figure 4: Cross section of the Skiraisa gold diatreme breccia, showing historical drilling and mineralization open to depth and to the east.

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Figure 5: 3D magnetic model of the subsurface at Skiraisa highlights a highly magnetic target that represents a possible mineralized intrusive target.

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Cautionary Note

¹ Historical assay data acquired by and reported on by previous operators has not been confirmed, with the exception of surface Cu-Au porphyry-style mineralization within the Skygate Cu-Au trend, hosted at the Mtn Gate prospect (see news release dated February 15, 2023). Extensive geophysical datasets over a vast expanse of the property have been acquired by the Company from previous operators, reviewed and interpreted. All historic data is interpreted to be reliable for the current interpretive use.
² Potentially economic or economic mineralization on adjacent properties are not necessarily indicative of the mineralization potential of the May River Project.
Also refer to Appendix 1 for further details.

Qualified Person

The scientific and technical information disclosed in this release has been reviewed and approved by Darren Holden, Ph.D., FAusIMM, a "Qualified Person" as defined under National Instrument 43-101, 2014 Standards of Disclosure for Mineral Projects. Dr. Holden is a Technical Advisor to the Company.

About the May River Project

The May River Project covers an expansive mineralized district covering almost 1,700 km² and is located less than 15 km from, and immediately west of, PanAust's giant Frieda River Cu-Au Deposit. The Project hosts two historically drilled Cu-Au mineralized districts, the Ufuo Polymetallic Massive Sulfide District and the Skygate Cu-Au Porphyry-Epithermal Trend. Recent geological and geophysical modeling has identified priority geophysical targets directly beneath these mineralized systems that warrant future drilling. Regional work has also identified more than 20 other prospective areas at May River, representing several deposit styles including polymetallic (VMS), epithermal Au and porphyry Cu-Au. The Project, which was acquired by the Company in April 2023 (see news release dated April 3, 2023) encompasses a large, highly mineralized district in East Sepik Province in Papua New Guinea.

About South Pacific Metals Corp.

South Pacific Metals Corp. is an emerging gold-copper exploration company operating across Papua New Guinea's proven gold and copper production corridors. With an expansive 3,100 km² land package and four transformative gold-copper projects contiguous with major producers K92 Mining, PanAust and neighbouring Barrick/Zijin, new leadership and experienced in-country teams are prioritizing thoughtful and rigorous technical programs focused on boots-on-the-ground exploration to prioritize discovery across its portfolio projects: Anga, Osena, Kili Teke and May River.

Immediately flanking K92's active drilling and gold producing operations to the northeast and southwest, SPMC's Anga and Osena Projects are located within the high-grade Kainantu Gold District - each having the potential to host similar-style lode-gold and porphyry copper-gold mineralization as that present within K92's tenements. Kili Teke is an advanced exploration project situated only 40 km from the world-class Porgera Gold Mine and hosts an existing Inferred Mineral Resource with multiple opportunities for expansion and further discovery. The May River Project is located adjacent to the world-renowned Frieda River copper-gold project, with historical drilling indicating potential for a significant, untapped-gold mineralized system. SPMC common shares are listed on the TSX Venture Exchange (TSXV: SPMC), the OTCQB Marketplace (OTCQB: SPMEF) and Frankfurt Stock Exchange (FSE: 6J00).

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer and Forward-Looking Information

Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of SPMC. In making the forward-looking statements, SPMC has applied certain assumptions that are based on information available to the Company, including SPMC's strategic plan for the near and mid-term. There is no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements may involve various risks and uncertainty affecting the business of the Company. These forward-looking statements can generally be identified as such because of the context of the statements, including such words as "believes", "anticipates", "expects", "plans", "may", "estimates", or words of a similar nature. Forward-looking statements or information in this news release relate to, among other things: formulation of plans for drill testing; and the success related to any future exploration or development programs. These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic, regulatory or other unforeseen uncertainties and contingencies. These assumptions include, without limitation: success of the Company's projects, prices for metals remaining as estimated, currency exchange rates remaining as estimated, availability of funds for the Company's projects, capital, decommissioning and reclamation estimates, prices for energy inputs, labour, materials, supplies and services (including transportation), no labour-related disruptions, no unplanned delays or interruptions in scheduled construction and production, all necessary permits, licenses and regulatory approvals are received in a timely manner, and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Accordingly, readers should not place undue reliance on forward-looking information. Such factors include, without limitation: fluctuations in gold prices, fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation), fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar), operational risks and hazards inherent with the business of mineral exploration, inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner, changes in laws, regulations and government practices, including environmental, export and import laws and regulations, legal restrictions relating to mineral exploration, increased competition in the mining industry for equipment and qualified personnel, the availability of additional capital, title matters and the additional risks identified in the Company's filings with Canadian securities regulators on SEDAR+ (available at www.sedarplus.ca). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property.

Appendix 1

Historical Data Sources, Data Verification and QA/QC

The Company has made considerable effort in reviewing historic reports and compiling validated databases cross-checked against multiple sources. Whilst historic results cannot be currently verified using field checking and assaying, the consistency of reporting between various sources and, at the time, external validation by consultants, the information presented is considered acceptable within the context in which it appears. SPMC have compiled a database of drilling and cross-checked against the original Highlands Gold reports and validation also conducted by Mincor Ltd. All historic grid coordinate systems have been standardized to WGS UTM84 Zone 54.

Data Sources:

• 1991-2001: Highlands Gold Ltd (HGL). Annual reports submitted to Department of Mines and Petroleum PNG for PA880/EL880 (Ufuo Project)
• 1991-1999: HGL. Annual reports submitted to Department of Mines and Petroleum PNG for PA944/EL955 (Skygate Project)
• 2012-2020: NiumInco Ltd. / Mincor Ltd. Annual reports submitted to the Department of Mines and Petroleum PNG for EL1441 (both Ufuo and Skygate)
• 2011: Geotech Ltd Geophysics reports and original contractor data: sourced from Mincor Ltd (successor).

Project History

• 1991 - HGL reports high tenor stream sediment samples (Ufuo and Skygate) and massive sulfide boulders in creeks in the Ufuo region
• 1992-1997 - HGL identifies massive sulfide in outcrop at Ufuo and conducts trenching (costeaning) across the property, identifying multiple zones of mineralization
• 1993 - Dr Terry Leach of CSM Ltd in Auckland independently verifies copper bearing minerals from Ufuo with textures typical of VMS systems with chalcopyrite dominant; along with zinc and lead sulfides
• 1992-1997 - HGL conducts reconnaissance surface sampling and mapping.
• 1997-1998 - HGL drills 39 diamond core holes for 3,076 m with maximum depth 120.4 m and average depth of 78m at Ufuo. All core sampled on 1m intervals
• 1998 - HGL drills 13 holes for 1,620 m with a maximum depth of 270 m and average depth of 124 m at Skygate. All core sampled on 2 m intervals.
• 2011-2020: Niuminco Ltd (in JV with Mincor 2011-2013) conducts regional geophysics including 200 m spaced VTEM (Ufuo) and ZTEM (Skygate) and magnetics. Drills three confirmation drill holes are Skiraisa totaling 900 m.

Laboratory Results

All results presented in this release were from work completed by HGL and submitted to Astrolabe Laboratories Pty Ltd of Madang, PNG. Astrolabe was a PNG Accredited laboratory. All gold assays conducted using fire assay techniques with a detection limit of 0.01 ppm Au. In addition, using the laboratory code G3, assays were conducted for Ag (detection limit 0.5 ppm) and Cu, Pb, Zn, As and Sb (detection limit 5 ppm). Laboratory standards were utilized and certified.

May River Project Historical Drill Hole Details (WGS84, Zone 54 (South).

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