Vancouver, British Columbia--(Newsfile Corp. - November 24, 2025) - Penbar Capital Ltd., to be renamed "Eastport Ventures Inc." (TSXV: EVI) ("Eastport" or the "Company") following the Company's first day of dealings announces the launch of the first of a multi-asset drill program, with commencement of drilling at Eastport's Qualifying Property and Flagship Project, the Matsitama Copper Project.
Matsitama Highlights:
Launch of a multi-phase, multi-project drilling campaign grounded in six years of private development
Exploration drilling commenced at NAK Deposit with the objective of delineating mineralization for future resource estimation[refer to figure 1 for map]
Reconnaissance Drilling commenced at Copper-Cobra and Kopano South to test Geology & Structure [refer to figure 1 for map]
[Diamond Drilling at NAK deposit]
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8324/275696_db2ea324e4dee954_001full.jpg
Burns Singh Tennent-Bhohi, CEO, commented
"Although a new issuer, it is important to emphasise that Eastport has been proactively developing its critical metals projects for the past 6-years. Our listing is a continuation of many years of preparation rather than a 'commencement' of operational activity. This allows the Company to seamlessly transition from private critical metal developer to a Public Reporting Issuer with a well-planned active exploration programs."
"Our anchor Qualifying Property is the Matsitama Copper project. Matsitama is an advanced Copper exploration project hosting three strategic development targets at varying stages of maturity;
- The NAK-Deposit (Drilling Commenced): Advanced project with extensive drilling over 1.3km strike and historical resource with over 100-million lbs of contained copper*.
- The Copper-Cobra Target (Reconnaissance Drilling Commenced): An estimated 25km copper-in-soil anomaly, potential IOCG target with outcropping gossan and historic RC drilling including results of up to 2.5% Cu.
- The Kopano South Target (Reconnaissance Drilling Commenced): Testing the southern extension of the Kopano Mine (72Mt @ 0.94% Cu) along the Bushman Fault**.
Each of these strategic areas within our Prospecting Licenses will be subject to drill advancement with three independent objectives."
"Eastport is well positioned to provide exposure to a Copper project that is rich in data, development and opportunity. The initial drilling and reconnaissance drilling campaigns are expected to be complete by the second half of December with Phase 2 drilling to commence in the New Year. The Company will continue to provide updates on the status of the drilling programs with associated assay results throughout 2026."
Qualified Person
The information in this news release has been reviewed and approved by Liz de Klerk Pri.Sci.Nat.,FIMM, of Micon International, a Qualified Persons as that term is defined in National Instrument 43-101.
* The historical resource is not compliant with current CIM Definition Standards. The historical resource was completed by SRK Consulting South Africa Pty Limited ("SRK") in 2013 to SAMREC (2007) standards as the Project was held privately until recently. The historical resources were reported in a report titled "Mineral Resource update for the Nakalakwana Hill copper deposit Botswana, Johannesburg, South Africa." was authored by Senzeni Mandava and Victor Simposya. The historical estimate was modelled using ordinary kriging and a data set comprised of 179 drill holes.
The QPs and Eastport have been unable to conduct sufficient work to verify or classify this historical estimate as a current mineral resource in accordance with NI 43-101. Therefore, Eastport does not treat the historical estimate as a current mineral resource. There are no further resource estimates for Matsitama or the Nakalakwena Hill deposit. Eastport are conducting a drilling programme with the objective of upgrading/verifying the historical estimate.
**The information on the Kopano Mine is sourced from publicly available information (Mining Technology, 2008). The QP and Eastport have been unable to verify this information, which is not necessarily indicative of the mineralization on Eastport's property.
Figure 1: Matsitama Copper Project Prospecting Licenses & Drill Targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8324/275696_db2ea324e4dee954_002full.jpg
On behalf of the Board of Directors
"Burns Singh Tennent-Bhohi"
Burns Singh Tennent-Bhohi, CEO
Penbar Capital Ltd. (to be renamed "Eastport Ventures Inc.")
For more information please contact:
Eastport Ventures Inc.
burns@eastportventures.com
info@eastportventures.com
Investor Relations:
KIN Communications Inc.
604-684-6730
EVI@kincommunications.com
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements including but not limited to statements regarding the Company's business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275696
SOURCE: Penbar Capital Ltd.