South Pacific Identifies New Mineralized Zones at Golkona South, Anga Project

South Pacific Metals Corp. (TSXV: SPMC,OTC:SPMEF) (OTCQB: SPMEF) (FSE: 6J00) ("SPMC" or the "Company is pleased to announce the discovery of a new gold-copper mineralized zones at Golkona South, part of the Company's Anga Project in Papua New Guinea. The Anga Project lies immediately northeast of, and contiguous with, K92 Mining's tenements in the Kainantu District — a highly prospective gold-copper district in PNG.

Highlights — Golkona South:

• 2.2 × 1.1 km gold in soil anomaly identified, with high soil assays (peak value 1080 ppb Au) the highest soil gold values reported on the Anga project to date.

• Two zones of high copper (over 1000pm Cu) and silver (over 250 ppb Ag) in soil samples with peak results up to 3,397 ppm Cu and 2160 ppb Ag - within the broader gold in soil anomaly mentioned above.

• Panned concentrate samples from streams draining Golkona South contain up to 282 ppm Au, indicating a local source.

• The anomalous area is coincident with mobile MT conductivity features, which correlate with known deposits in the Kainantu region.

• Regional interpretation reveals a northeasterly trend to the geophysical and structural features, with K92's Arakompa deposit along that trend to the southwest.

Next Steps:

• Geochemical sampling will continue at Golkona South, the adjacent Golkona prospect and the broader Anga tenement. Geological reconnaissance and mapping at Golkona South and Golkona prospect will help to understand the nature of the mineralisation and its prospectivity.

• This information, together with past geochemistry and geophysics, will be used to help define initial drill targets.

"We are very pleased with these latest soil geochemical results at Golkona South," said Timo Jauristo, CEO of South Pacific Metals Corp. "The potential of Golkona South and the Anga tenements are highlighted by these results and their location along the northeasterly trend from K92's large and growing Arakompa project. We look forward to continuing to advance this project, although our immediate priority is the imminent start of drilling to test the exciting epithermal vein targets at Ontenu NE."

Figure 1 Golkona to Golkona South target areas with gold in soil and stream sediment (pan concentrate) results.

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Figure 2 Golkona to Golkona South target areas with Cu-As-Ag in soil and Au in stream sediment (pan concentrate) results.

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Figure 3 Irinke, Golkona and Golkona South Areas in relation to K92's Arakoma deposit. The structures are inferred from public domain data include interpretation of Digital Elevation Models and geophysical data. Background image = Mobile MT, apparent conductivity including georeferenced image from public release by K92 Mining Ltd. 

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Figure 4 Regional location map in the Kainantu Transfer Zone and proximity to infrastructure, in eastern Papua New Guinea

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About South Pacific Metals Corp.

South Pacific Metals Corp. is an emerging gold-copper exploration company operating in the heart of 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 Mining'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 Mining'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,OTC:SPMEF), the OTCQB Marketplace (OTCQB: SPMEF) and Frankfurt Stock Exchange (FSE: 6J00).

Quality Assurance and Quality Control

Soil Sampling
Soil sampling involves augur or dig to the c-horizon and sieving to a

Stream sediment / pan concentrate
Pan concentrate soil samples are collected from stream sediment trap sites above the confluence of individual streams. A field technician places approximately 2 to 4kg of wet sediment into a gold pan, and pans to concentrate between 50g and 100g of heavy minerals, which typically include magnetite and other iron oxides, sulphides and native metals including gold. By its nature, this form of sampling concentrates gold and can provide information to potential gold sources upstream. The Company considers >10ppm Au as indicative of a potential source and >100ppm Au as very encouraging. Further work is required, conducting reconnaissance in the stream catchment, to identify the source. Samples presented in this release were assayed at ITS (PNG) Ltd (Intertek) Laboratory in Lae, using fire assay / 50g charge (FA50). No CRMs were inserted, though the laboratory conducted its own standard checks. Refer Table 2 in appendix for full results.

Qualified Person

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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 uncertainties 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: ongoing exploration and future exploration programs, including results therefrom and impact thereof. 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 exploration, 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+ (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: Results reported in this release.

Table 1. Golkona South soil samples >10ppb. Coordinates in WGS84 Zone 55 south. Ordered highest to lowest by Au.

Table 2. Golkona South stream sediment results. Coordinates in WGS84 Zone 55 south. Ordered highest to lowest by Au

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