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The latest update is out from Kainantu Resources Ltd ( (TSE:SPMC) ).
South Pacific Metals Corp. has acquired a man-portable diamond drill rig to accelerate exploration across its gold and copper projects in Papua New Guinea, following a successful C$6.3 million financing. This acquisition is expected to enhance the company’s operational efficiency and reduce drilling costs by nearly half, allowing for aggressive advancement of their projects. The company is focusing on several key projects, including the Ontenu, Anga, and Kili Teke projects, each with promising mineralization potential. The Ontenu project targets high-grade gold structures, while the Anga project has identified a mineralized corridor similar to nearby successful discoveries. The Kili Teke project, located near a major gold mine, is set to commence exploration for high-grade copper and gold targets.
More about Kainantu Resources Ltd
South Pacific Metals Corp. operates in the mining industry, focusing on the exploration and development of gold and copper projects. The company holds a portfolio of four projects spanning 3,100 km² in Papua New Guinea, targeting high-grade gold and copper deposits.
YTD Price Performance: -11.11%
Average Trading Volume: 45,484
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$21M
For an in-depth examination of SPMC stock, go to TipRanks’ Stock Analysis page.