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Eastport Critical Metals Corp. has announced a new uranium discovery at its Foley Uranium Project, with laboratory assay results from its Phase 1 reverse circulation drilling program revealing significant uranium mineralisation across a 1.4-kilometre strike length.
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Assays from the first 10 drill holes returned encouraging results, with standout intercepts including 8.0 metres at 553 parts per million (ppm) U₃O₈ from 84 metres depth in hole RC006, and 6.0 metres at 500.7 ppm from 92 metres in RC003. A further hole, RC005, returned 1.0 metre at 2,333 ppm, a notably high-grade intercept for a maiden program. Results from an additional five holes remain pending, out of a total 24 RC drill holes completed.
The company says the discovery's location is particularly significant, with the Foley drill fence sitting approximately 350 metres north of the Letlhakane uranium deposit, owned by Lotus Resources Limited, one of the largest undeveloped uranium deposits on the African continent, hosting a reported mineral resource of over 113 million tonnes.
CEO Burns Singh Tennent-Bhohi called the results exceptional for a first drill campaign.
"Returning strong uranium intercepts and making a discovery on our first drill fence at Foley represents an exceptional outcome for a maiden drill campaign," he said. "The proximity, combined with the continuity and grade of the results, suggests that Foley may form part of the same highly prospective paleo-channel system that hosts the Letlhakane deposit."
Tennent-Bhohi was careful to note that while the proximity to Letlhakane is encouraging, mineralisation on adjacent properties is not necessarily indicative of what lies on Foley. The historical and technical data regarding Letlhakane has not been independently verified by Eastport's qualified person.
Sample analysis was carried out by SGS Group, an accredited laboratory in Johannesburg, using a pressed pellet WD-X-ray fluorescence technique. Eastport says it has implemented standard quality assurance and quality control procedures throughout the analytical process.
The company, which is advancing five projects across Botswana with nearly $20 million in cumulative expenditure, describes the country as one of Africa's premier mining jurisdictions, consistently rated among the top performers globally on the Fraser Institute's Investment Attractiveness Index.
Assay results from the remainder of the 24-hole program are awaited, with the company saying it looks forward to reporting further findings as it works to unlock the scale potential of this exciting new uranium discovery.
Full announcement at https://www.newsfilecorp.com/release/299217