Europacific Metals Inc. announced that it has awarded a drilling contract to SPI, Sondeos Y Perforaciones Industrialales del Bierzo, SA, one of the most active drilling companies in Spain and Portugal with a vast working experience. The Company is planning for the immediate commencement of drilling and is preparing the drill pad locations. The campaign will be initially focused on Miguel Vacas Copper advanced copper project which is located approximately 180 km east by road from Lisbon and approximately 70 km east from Evora, the Alentejo region capital.

Miguel Vacas open pit copper deposit which produced 1.9 million lbs of copper from the oxide zone of a shear zone in schists at least 2,000 meters along strike and 10 to 20 meters in width. Drilling priority will be focused in this phase on the evaluation of the shallow (80m to 250m over a drilled strike length of approximately 1.1km. The mineralized system extends on at least 2 km along l strike and is open at depth.

These drilling data has been compiled from reports from a Portuguese private company, EMIL-Empresa de Mineracao S.A. in the seventies of the previous century and Colt Resources, a Canadian junior, during the period 2014-2015. Highlights of these results are depicted in the table below: The plan includes a total of 11 shallow holes to confirm previous results and detail the morphology of the oxidized blanket in order to outline an initial resource estimation. A deep undercut hole is also planned to confirm the deeper sulphide zone for further follow-up.

All relevant authorizations from the public authorities and landowners have all been cleared and drilling platforms have been concluded. Work is scheduled to start effectively in the first week of April 2024. Borba 2 projects have a well-documented potential to host precious and base metals mineralization often enhanced by the presence of abundant Au and /or Cu mineral occurrences in shear zones hosted in Devonian and Silurian metasediments and in epithermal systems associated with intra-Ordovician volcanics.