Europacific Metals Inc. announced drill program expansion with an additional hole down to 350 meters targeting the high grade zone below the fourth hole where the Company intersected a mineralized section (results pending) and at approximately 80m to the north where the Company recently announced the results of the first hole comprising 22.8 m grading 2.76% Cu, including 9.0 m grading 7.49%. The initial program tested the section on the supergene blanket which is thought to extend down to 80m below surface and represents an immediate target for a shallow open cut operation with a non-expansive hydrometallurgical Copper plant. Miguel Vacas mine area located approximately 180 kmeast by road from Lisbon and approximately 70 km east from Évora, the Alentejo region capital.

A decision was made to extend the drilling program with an undercut inclined 350m hole to test the "fresh" mineralization below the oxidized rich material in the same section of hole EBMV004 which shows a wide mineralized section (results are pending). The mineralized system extends at least 2 km along strike and is open at depth. It includes an 80m supergene blanket with a suite of copper carbonates, phosphates and oxides, and changes gradually to a sulphide assemblage including chalcopyrite and pyrite, mainly.

The surficial part of this system includes essentially oxidized ore minerals, including copper carbonates, sulphates and oxides down to 80 meters. Below this depth primary sulphides (chalcopyrite and pyrite) are the main metallic-mineral constituents of the mineralized system. Mineralization is hosted on a polymict breccia with a quartz-carbonate matrix and quartz, grey shales and graphitic phyllite clasts, which extends on at least 2 km along strike on a NNE-SSW direction.

The Company has completed 10 holes at the Miguel Vacas copper deposit totaling 1,060 meters. Most of the holes intercepted a wide quartz-breccia zone varying from approximately 5 meters up to more than 25 meters thick. An undercut > 350m hole is in progress in addition to the initial plan.

Results have been received for only two of the ten holes drilled. The first hole (EBMV001), confirmed previous drill core intercepts and returned better than expected results including a continuous intercept of 22.8m grading 2.76 % Cu, including 9.0 meters grading 7.49 % Cu with these high-grade results strongly influenced by a 1-meter section grading 45.6 % Cu and an adjacent 1m interval grading 4.45% Cu. The second hole (EBMV002) projected to test the northern extensions of the known deposit has been successful in intersecting the mineralized zone which although showing modest assay results, clearly indicates the mineralized system is also open to the north.

This encourages further drilling which is planned in the near future. The hole intersected two zones with anomalous copper values, one including 7.3 m grading 0.26% Cu from 121.60 m and another with 8.45m grading 0.18 % Cu from 132.4o m. Assays from the remaining holes are awaited from ALS Laboratories. However, based on the visual observation of the core it is now confirmed the presence of the mineralized breccia in all holes drilled which shows good indications for further follow-up drilling.

Based on these good results, a decision was made to drill a deeper hole to investigate the primary ore at depth and to compare it with shallow intercepts regarding mineralogy, grades and thickness. Detailed core sampling is in progress and all samples taken have been sent to ALS Laboratories for assaying. Core samples are cut in half on site and dispatched to ALS Laboratories for analysis (Gold by Fire Assay and multielement ME-MS for 48 elements).

Certified blanks/standards (CDN-BL10 and CDN-CM41) are inserted approximately every 20 samples for quality control. The 2024 drill program is now in the middle of the 1,500 meters campaign with the objective of further defining a shallow open pit resource of oxide Copper mineralization recoverable by hydrometallurgical methods. Step out drilling will be undertaken on a later stage focused on the assessment of the sulphide rich (> 80m) part of the deposit below the oxidized blanket.

Below this depth sulphides include mainly chalcopyrite and pyrite as the most abundant ore minerals.