Oh, then we're probably safe - he was only worried about the Antarctic:

"I am forced into speech because men of science have refused to follow my advice without knowing why. It is altogether against my will that I tell my reasons for opposing this contemplated invasion of the antarctic — with its vast fossil-hunt and its wholesale boring and melting of the ancient ice-cap — and I am the more reluctant because my warning may be in vain. Doubt of the real facts, as I must reveal them, is inevitable; yet if I suppressed what will seem extravagant and incredible there would be nothing left."

Whatever, drill away!

Penguin is also an old name for an auk or puffin; it didn't become a name for what are now called penguins until after Europeans got down there to see them, and didn't become exclusively the name for them until quite recently. So no reason, really, not to be afraid. Lovecraft would have preferred it that way.

Oh, the Arctic penguins were frozen under the ice too.

False, penguins now roam the Arctic as well after being introduced.