Eastport Critical Metals Corp. announced the first batch of laboratory assay results for the Phase 1 reverse circulation (RC) drilling program at the Foley Uranium Project in Botswana.
Assays from the first 10 RC holes of the program have been received. The results, obtained using the pressed pellet analytical technique, demonstrate potential for large-scale uranium mineralisation (>200ppm U3O8), with uranium intersected in 6 holes over a 1.4 km strike length. Assay results are pending for an additional 5 holes [Total RC Drill Holes: 24].
The reported drill fence is located approximately ~350 metres north of the Letlhakane deposit, a project owned by Lotus Resources Limited. According to publicly available disclosure by Lotus Resources Limited, the Letlhakane project hosts a reported Mineral Resource Estimate consisting of Indicated Mineral Resources of 71.6Mt grading 360 ppm U₃O₈ for 56.8 Mlb contained U3O8, and Inferred Mineral Resources of 70.6Mt at 366 ppm U₃O₈ for 56.9 Mlb contained U3O8, based on a 200ppm U3O8 cut-off grade.1
Furthermore, Lotus Resources concluded a Scoping Study for the Letlhakane Uranium deposit in 2025. The study outlined a 10-year open-pit mining operation producing approximately 3.0 million pounds of U₃O₈ annually, with estimated initial capital costs of US$465 million and all-in sustaining costs ranging from US$35 to US$41 per pound U₃O₈.2
The Company advises that mineralization hosted on adjacent, nearby or geologically similar properties, including the Letlhakane Project, is not necessarily indicative of mineralization on the Foley Project. The historical and technical information regarding the Letlhakane project has been sourced from publicly available disclosure by Lotus Resources Limited and has not been independently verified by the Company’s Qualified Person.
CEO, Burns Singh Tennent-Bhohi commented, “Returning strong uranium intercepts and making a discovery on our first drill fence at Foley represents an exceptional outcome for a maiden drill campaign.
The drilling intersected continuous mineralization over a 1.4-kilometre strike length beginning approximately ~350 metres north of Lotus Resources’ Letlhakane Uranium Project, one of the largest undeveloped uranium deposits in Africa. This proximity, combined with the continuity and grade of the results, suggests Foley may form part of the same highly prospective paleo-channel system that hosts the Letlhakane deposit.
With these encouraging results in hand, we now await assay results from the remainder of the program.
This ambitious drill campaign reflects exactly what Eastport was built to pursue: district-scale discovery potential in one of the world’s premier mining jurisdictions, supported by a technical team with more than 100 years of combined experience operating in Botswana.
The team and I look forward to reporting additional assay results from Foley as we continue to unlock the scale potential of this exciting new uranium discovery.”
