Penbar Capital begins phase 1 drilling at Foley

Executive Summary

• Eastport Critical Minerals Corp. (formerly Penbar Capital Ltd.) has commenced Phase 1 reverse circulation (RC) drilling at its Foley uranium project in Botswana, located immediately north of the world-class Letlhakane uranium deposit.
• The initial campaign involves 5,000 metres of drilling designed to test a continuous 15-plus-kilometre radiometric anomaly trending into the Foley property, targeting shallow, redox-controlled mineralization in heap-leach amenable sandstones.
• This marks the third concurrent critical metals drill program launched by the company within one month of its admission to the TSX Venture Exchange, alongside active programs for copper (Matsitama) and rare earth elements (Semarule).

Key Details

• Drilling Campaign: Phase 1 RC drilling program initiated immediately north of the Lotus Resources Letlhakane deposit.
• Drill Program Scope: 5,000-metre (m) RC drilling campaign.
• Target Area: Northern extension of the Foley project, testing a continuous 15-plus-kilometre (km) radiometric anomaly trending directly into the Foley licence.
• Geological Context: The project borders the Lotus Resources Letlhakane deposit, described as one of the world's largest undeveloped uranium resources (365 million tonnes at 307 ppm U3O8).
• Deposit Style: Targeting Langer Heinrich-style paleo-channel uranium deposits, specifically shallow (40 to 80 m) redox-controlled mineralization in heap-leach amenable sandstones.
• Strategic Positioning: The Foley licence (PL113/2020) is located approximately 75 kilometres south of Francistown, directly abutting Lotus Resources' licences along the proven Karoo palaeo-channel fairway.
• Infrastructure: The site has access to sealed highways (A14), the national power grid, abundant groundwater, and nearby mining hubs for contractors and equipment.
• Portfolio Context: The company is simultaneously running three drill programs:
  • Foley (Uranium)
  • Matsitama (Copper)
  • Semarule (Rare Earth Elements)
• Company Status: The company recently changed its name from Penbar Capital Ltd. to Eastport Critical Minerals Corp. and was admitted to the TSX Venture Exchange less than one month prior to this announcement.
• Qualified Person: Liz de Klerk, PriSciNat, FIMM, of Micon International.

Notable Quotes

• Rick Bonner, Director and Vice-President of Exploration: "The best place to look for a deposit is adjacent to an existing one in the same geological terrane... Our first drill fence [...] immediately north of the Lotus licence will give us crucial information on the geological controls determining direction, depth and grade within this extensive paleo-channel system."
• Burns Singh Tennent-Bhohi, Chief Executive Officer: "With our licence positioned directly along strike of the same mineralized paleo-channel system, we are confident that our exploration program will demonstrate comparable potential for Foley to host the northern extension of Letlhakane, creating significant value for our shareholders."