Evrima Plc - Investee Update: Eastport Ventures Launch Selebi Project

23 August 2022

Evrima plc

("Evrima" or the "Company")

Investee Update: Eastport Launch Exploration Campaign at its 100%-owned Selebi Copper Nickel Project to the southeast of Premium Nickel Resources Ltd (TSX-V: PNRL)

Evrima is pleased to provide an update on its position in investee company, Eastport Ventures Inc. (“EPV” or “Eastport”) with respect the commencement of an exploration campaign at its 100%-owned Selebi Copper Project, the project is located to the southeast of Premium Nickel Resources Ltd (“PNRL”)(TSX-V: PNRL) Selebi mines for which Evrima and Eastport both maintain investment interest. The Company currently holds 3,377,888 ordinary shares of Eastport representing approximately, 6.85% of Eastport’s current issued share capital. In addition to the Company’s equity interest, Evrima holds a further 1,500,000 warrants with a strike price of $0.30c (CAD) and a life to expiry of 5-years from grant (17 June 2027). Should Evrima elect to exercise its warrants, the Company would have an interest of approximately 10% of Eastport.

Eastport Launch Exploration Campaign at its 100%-owned Selebi Coper Project to the southeast of Premium Nickel Resources Ltd

Following Eastport’s investment in PNRL, in early 2020 Eastport evaluated the potential nickel-copper opportunities in the Selebi-Pikwe district to generate enhanced optionality across the company. Subsequent to a period of analysis, EPV acquired four prospecting licences (PL’s) covering approximately 2,100 km² to the southeast of the PNRL mines.

The new Selebi project PL’s cover extensive areas of folded mafic/ultramafic geology of similar age to the PNRL mine area. Historical reports feature nickel and copper soil anomalies, both extensive and isolated airborne conductors, and anomalous drill hole intersections. Together, these works indicate opportunities for hidden sulphide mineralisation, similar to the very large PNRL massive sulphide deposit, under the widespread relatively thin sand cover.

Airborne Re-Processing

Following the receipt of the four licences, Eastport acquired the historic airborne magnetic, electromagnetic, radiometric surveys as well as several satellite layers. Re-processing, and in particular the use of the high-quality radiometric data, successfully overcame the significant interference caused by the Limpopo Dyke swarm cutting the licence area. Extensive areas of mafic/ultramafic geology were outlined, and a number of exploration target areas were identified.

Selebi Exploration Campaign

The Eastport programme will initially focus on soil sampling in areas deemed favourable for mineral deposits recognized during the first phase of exploration; airborne re-processing and archive research. A regional stream sampling survey is also planned.

The programme, scheduled for Q3-4 of this year, will focus on with areas of coincident historic soil and electromagnetic (“EM”) signatures for example in the Tuni area (“Tuni”). There, the targets are associated with coincident folded mafic/ultramafic geology, anomalous copper and/or nickel in soils and weak to moderate airborne conductors. A historic drill result in the Tuni area (Tsetsejwe East target) reported: 1.1% Cu in brecciated ultramafic.

In the Kwena area, an EM anomaly is associated with a 2.4km long nickel and copper soil anomaly. Drilling within this anomaly intersected 18m of copper and nickel mineralized mafic/ultramafic rock grading up to 0.9% Cu and 0.24% Ni.

Many other anomalous areas were revealed in the research. The map locates a number of these and each will be considered for follow up during the next six to twelve months.

Social Requirements

Eastport has also established good relationships with a number of the local communities within the PL’s. Each has committed to assisting Eastport with logistical and field staffing requirements. Our group values these relationships, and we are looking forward to mutually beneficial operations.

Related Party Disclosure

Burns Singh Tennent-Bhohi (CEO & Director & Shareholder of Evrima plc) is Founder, Shareholder, Executive Chairman, and CEO of Eastport Ventures Inc. Guy Miller (Director & Shareholder of Evrima plc) is a shareholder of Eastport Ventures Inc.

The Directors of Evrima accept responsibility for this announcement.

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

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Enquiries  : 

Company: 
Burns Singh Tennent-Bhohi (CEO & Director): burns@evrimaplc.com
             
Simon Grant-Rennick (Executive Chairman): simon@evrimaplc.com

Novum Securities Limited (AQSE Corporate Adviser):

David Coffman / Lucy Bowden: + 44 (0) 20 7399 9400