Eastport Critical Metals Corp. Announces New Uranium Discovery at Foley Uranium Project, Botswana
Eastport Strikes Uranium Adjacent to Giant Letlhakane; Early Grades Open the Door but Bulk-Tonnage Reality Looms
Eastport reported the first assay results from its Phase 1 RC drilling at the Foley Uranium Project, Botswana. Uranium mineralization was intersected in 6 of the first 10 holes over a 1.4 km strike length, with intercepts including 8 m @ 553 ppm U₃O₈ (incl. 2 m @ 1 272 ppm) and 6 m @ 500.7 ppm U₃O₈. The drill fence sits only 350 m north of Lotus Resources’ Letlhakane deposit, one of Africa’s largest undeveloped uranium resources (Indicated 71.6 Mt @ 360 ppm; Inferred 70.6 Mt @ 366 ppm). Results remain open along strike and at depth; 5 more holes are pending from this 24-hole program.
This is the first factual grade confirmation at Foley. Previous updates (March 12, May 7) described gamma anomalies and an expanded exploration model, but the market had no hard assay numbers. The new results show that uranium is indeed present at grades that are often ≥200 ppm and include higher‑grade lenses (e.g., 2 m @ 1 272 ppm; 1 m @ 2 333 ppm). Continuity over 1.4 km and proximity to Letlhakane strengthen the prospect that Foley could be part of the same paleo‑channel system.
However, the bulk of the mineralization appears broadly similar to Letlhakane’s low‑grade (307‑366 ppm) resource. Such grades require immense tonnage and very low costs to be economic – a reality Eastport has yet to prove. The results are genuinely new and market‑moving for a micro‑cap explorer, but they do not yet constitute a “game changer”. I assess the release as Material – Positive.
Eastport Critical Metals (formerly Penbar Capital) is a TSXV‑listed explorer with five early‑stage projects in Botswana. Its flagship is the Matsitama Copper Project, which hosts the historical Nakalakwana (NAK) copper deposit (non‑43‑101 estimate of >100 M lbs Cu) and several reconnaissance targets. Parallel drilling is also active at the Foley Uranium Project (adjacent to Letlhakane), the Semarule REE Project (carbonatite‑hosted rare earths), and the Selebi‑East Project (Ni‑Cu‑PGE). The company’s strategy is multi‑commodity with an emphasis on copper as the anchor asset, while using a “develop and distribute” approach to manage risk and capital.