South Pacific Metals (SPMC.V) has announced it has acquired its first man-portable diamond drill rig, which will allow the company to do core drilling to depths of up to 500 meters. Running its own drill rig should reduce the costs on a per meter basis, and ensure the continuous availability of a drill rig.
The company remains focused on the Ontenu copper-gold prospect, part of the Osena project, where the company is targeting the same lode-gold style mineralization that K92 Mining is currently mining. The company will be following up on previously released trenching results which returned 79 meters of 0.75 g/t gold including 4 meters containing 4.52 g/t gold (disclosed in a Q4 2024 update).
Disclosure: The author has a long position in South Pacific Metals. Please read the disclaimer.
