New Prospecting Licences & Financing Agreement
Award of Prospecting Licences in Botswana and Conditional Project Investment Agreement with Evrima plc. 1. Selebi North & The Keng Ni-Cu-PGM Projects, 2. Conditional Project Investment Agreement, 3. Managing Director & Founder, Rick Bonner statement. 1. The Selebi North & The Keng Nickel-Copper-PGM Projects Selebi North Project (Ni-Cu-PGM) Eastport’s subsidiary Current Exploration Solutions (CES) was awarded four contiguous prospecting licences (PL’s) to the immediate south and east of the BCL mining licence. The PL’s cover 2,091.8 km2 and were issued for an initial period of three years. The PL’s are located within the Pikwe Complex of the Limpopo Zone of north-east Botswana. The licence geology comprises structurally complex sequences of the Precambrian banded gneiss formation; the host rocks of the former BCL Selebi-Pikwe massive nickel-copper sulphide mine. Historical work within the PL’s located a number of sequence-specific nickel-in-soil anomalies. Recently, Premium Nickel Resources (PNR) was awarded a six-month exclusive right to undertake detailed due diligence and purchase agreements for the assets of the former BCL mine now in liquidation: PNR Awarded Exclusivity to Acquire BCL Assets. Eastport and Evrima are both shareholders of PNR providing a complimentary risk off-set to the CES programme. Please refer to the announcement Evrima plc made in respect of Premium Nickel Resources on 19th February 2021. The Keng Nickel-Copper Project Eastport’s subsidiary Current Exploration Solutions (CES) was awarded two contiguous PL’s covering a major part of the northern margin of the Molopo Farms Complex (MFC). The PL’s cover 1,345 km2 and were issued for an initial period of three years. The PL’s are located on the northern margin of the MFC, a large mafic-ultramafic intrusive sequence, in a structurally complex area featuring major Limpopo faults, folding, and reactive host rock sequences at the contact with the MFC. Historical drilling within the PL’s reported narrow widths with up to 14.6% Ni. Elsewhere in the MFC intersections of low-grade nickel-copper-PGE’s and gold characterize the MFC as metal-rich. The project will pursue a Norl’sk-Talnakh or Voisey’s Bay style feeder systems featuring massive sulphides. Recent drilling by Kalahari Key Minerals, a share holding in the Evrima investment portfolio, reported several nickel-rich intersections: 9th April 2021. Kalahari Key is also in pursuit of a feeder style massive sulphide deposit.
2. Conditional Project Investment Agreement Evrima plc and Eastport Ventures Inc. have been in frequent and ongoing commercial discussions surrounding a partnership to advance a number of prospective mineral opportunities in Botswana and an equity investment in Eastport Ventures Pre-IPO financing round. Eastport is pleased to announce that the company has entered a Conditional Project Investment Agreement (“The Agreement”) with Evrima plc over the Selebi North and the Keng Nickel-Copper-PGM Projects (“The Projects”).
Terms of the Project Investment Agreement
Evrima plc to conduct a 45-day Due Diligence Period, over the Selebi North & Keng Nickel-Copper Projects (Together, “The Projects”)
During this period the companies will evaluate a proposed schedule of works that will commence in conjunction with the closing of the Agreement.
Eastport Ventures Inc., have confirmed that they have completed considerable technical evaluation and are planning a number of active exploration programs that will de-risk the project to a point of drill-ready status
Should Evrima plc wish to proceed the company shall have the right to earn an investment interest equating to 25% of both projects subject to certain of the conditions of the Agreement being satisfied;
> Evrima plc to fund, $400,000 of qualifying exploration expenditures over the projects within 24-months of executing the Agreement
> Evrima plc shall commit to a minimum of $150,000 in exploration expenditures within 6-months of execution of the Agreement
> Upon completion of the requisite exploration expenditures, Evrima plc (subject to all approvals) maintain a 25% Investment Interest in the projects; Selebi North & Keng Nickel-Copper-PGM
> On execution of the Agreement, Evrima plc, shall be awarded, 1,000,0000 warrants over Eastport Ventures Inc. with a strike price reflecting the Pre-IPO Investment Subscription Price, a life to expiry of 3-years, 500,000 warrants shall vest upon the company satisfying the first 6-months of minimum exploration expenditures, the balance (500,000 warrants) shall vest on completion of the $350,000 qualifying expenditures under the terms of the Agreement
> Upon satisfaction of the Agreement, Evrima plc shall have the right to maintain their investment interest in the Projects on a standard fund or dilute basis
> Upon satisfaction of the Agreement, Evrima plc shall be awarded a 1% NSR over the PLs that form, the Projects.
3. Managing Director & Founder, Rick Bonner statement,
“The awarding of the Selebi-Pikwe & Keng Nickel-Copper-PGM Prospecting Licences is an important milestone in the development of Eastport Ventures and its relationship with Evrima plc.
One year ago, Eastport announced its investment in Premium Nickel Resources (PNR) in support of their efforts to resurrect and re-develop the Selebi-Pikwe Mining project. The PL’s recently awarded to Eastport in the immediate vicinity adds to our direct investment exposure in a world-renowned Nickel-Copper mining district. Evrima plc, also a shareholder of PNR, nicely compliments our own holdings and brings their considerable professional financial skills to Eastport Ventures. I am looking forward to the involvement of Evrima in both the Selebi-Pikwe and Keng projects.”
4. About Eastport Ventures Inc.
Eastport Ventures is a company incorporated and registered in Ontario, Canada, which was formed by seasoned explorers and corporates for the purpose of identifying and evaluating mineral opportunities in southern Africa, with a specific geologic focus on Botswana. The commercial objective of the company has been to patiently acquire and build a portfolio of advanced exploration and investment opportunities at junctures in the resources demand cycle when commodity markets were depressed. This covered a range of commodities that the Eastport Ventures’ team believed would attract capital investment upon an upturn in global capital markets, coupled with a renewed appetite for undervalued mining and exploration assets.
Eastport Ventures has hitherto amassed a portfolio of interests covering copper, nickel, uranium, and diamonds; it has additionally created an internal investment division that currently has a value in excess of C$1,000,000. The mineral assets within Eastport Ventures have attracted an aggregate of over USD$15,000,000 in both historic and current capital expenditure.