Penbar Capital starts phase 1 drilling at Semarule

Executive Summary

• Eastport Ventures Inc. (formerly Penbar Capital Ltd.) has commenced Phase 1 drilling at its Semarule Rare Earth Element (REE) project in Botswana.
• The initial drilling campaign consists of seven diamond drill holes targeting three specific areas: Semarule Hill, Semarule South, and Semarule East.
• The company highlights the strategic importance of the project, citing its proximity to Gaborone, existing infrastructure, and the global push for critical mineral supply chains, including recent U.S. Export-Import Bank investments.

Key Details

• Drilling Campaign: Phase 1 drilling has begun with seven diamond drill holes.
• Target Areas:
  • Semarule Hill: A 3km x 5km intrusion outcropping at surface, testing a multiphase syenite with carbonatite dikes hosting REE. Previous 2023 rock chip sampling returned encouraging TREO (total rare-earth oxides) plus Y2O3 results.
  • Semarule South: A covered intrusion identified via geophysics, with an aerial extent estimated to be two to three times larger than the Semarule Hill target.
  • Semarule East: Also targeted for drilling, though specific geological details are less defined than South.
• Geological Context: Semarule Hill is described as an intrusive plug with rare-earth enriched syenite and occasional carbonatite dykes outcropping over 15 square km and up to 75m above the surrounding plane.
• Location & Infrastructure: The project is located approximately 40 km west of Gaborone (Botswana's capital) and near Molepolole. It benefits from established infrastructure including reliable road access (A12 highway), proximity to the national power grid, consistent water availability, and access to drilling contractors and skilled labor.
• Company Strategy: This is one of two drill projects commenced within the first week of Eastport Ventures operating as a publicly traded company. The company has developed a portfolio of five projects in Botswana with cumulative expenditures approaching $20 million.
• Market Context: CEO Burns Singh Tennent-Bhohi referenced the U.S. Export-Import Bank's announcement of a $100-billion investment to secure critical mineral supply chains as a driver for the strategic importance of the Semarule project.

Notable Quotes

• Rick Bonner (Director and Vice-President of Exploration): "Semarule Hill is an intrusive plug with rare-earth enriched syenite and occasional carbonatite dykes outcropping over 15 square km and up to 75 m above the surrounding plane. The Semarule South and East areas have not been drill tested to date, however, geophysical interpretation suggests they may represent intrusive bodies with footprints two to three times larger than Semarule Hill. Collectively, the three target areas create a compelling target for the potential discovery of a rare-earth deposit with the capacity for new strategic supply of critical minerals from a Western-facing, stable African jurisdiction."
• Burns Singh Tennent-Bhohi (CEO): "We are delighted to have commenced drilling at the Semarule project, one of a portfolio of drill-ready critical mineral projects we have developed over six years of operations as a private company... With two drill projects commenced within the first week as a publicly traded company, we look forward to keeping the market updated as we continue our aggressive exploration campaign, and continue to invest meaningfully in the development of the company's projects through dollars into the ground."