Evrima Plc Investee Update: Eastport Ventures Launch Selebi Project
August 23 2022 - 2:00AM
UK Regulatory
TIDMEVA
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).
Ends -
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
END
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