Mr. Karim Rayani reports

EUROPACIFIC PLANS 1,000 METER DRILL PROGRAM AT MIGUEL VACAS COPPER PROJECT, IN SOUTHERN PORTUGAL

Europacific Metals Inc. is planning a 1,000-metre drilling program at its advanced Miguel Vacas copper project. It lies approximately 180 kilometres east by road from Lisbon and approximately 70 km east from Evora, the Alentejo region capital. It is close (less than 10 km) to the small towns of Estremoz, Borba, Vila Vicosa and Alandroal.

European Electric Metals Inc. (EVX), a Europacific company, owns a 100-per-cent interest in EVX Portugal, a private Portugal-based company that holds the legal exploration rights with the Portugal government on the Borba 2 exploration properties, covering approximately 328 square kilometres in the Alentejo region in southern Portugal. Miguel Vacas is the most advanced prospect within the Borba 2 licence.

The Miguel Vacas open-pit copper deposit produced 1.9 million pounds of copper from the oxide zone of a shear zone in schists at least 2,000 metres along strike and 10 to 20 metres in width. Drilling priority has been put into this prospect and preparations have been made for initiation of a 1,000 m campaign in 11 holes in early 2024. All relevant authorizations from the public authorities are currently being acquired.

Borba 2 projects have a well-documented potential to host precious and base metals mineralization often enhanced by the presence of abundant gold and/or Cu mineral occurrences in shear zones hosted in Devonian and Silurian metasediments and in epithermal systems associated with intra-Ordovician volcanics.

Karim Rayani, chief executive officer, commented: "The reinterpretation and geological modelling along with sampling from last year's exploration program generated a very compelling drill model target at Miguel Vacas. Eleven holes are now being planned to confirm the extensions and quality of the oxidized blanket amenable for an open-pit heap leaching operation. The immediate goal is to come to market with an initial resource estimation -- which if confirmed may enable a successful operation in the short term while the sulphide parts of the system are assessed by deeper drilling at a later stage. We look forward to reporting back on the start date of drill operations early 2024."

Miguel Vacas -- past-producing copper mine

The Rio Tinto group explored the area for epithermal gold deposits during the early 1980s. They were followed by Carnon Holdings Ltd. in the early 1990s, by Auvista Minerals during the period 1996 to 1998, by Rio Narcea Gold Mines in a joint venture with Kernow Resources (2005 to 2007) and more recently by Colt Resources until 2017.

The Miguel Vacas mine was an open-pit copper mine last operated in 1986 by heap leaching methods. Records show that between the 1920s and 1990, 346,068 tonnes of oxide copper mineralization were reportedly mined but due to poor recovery only 895 tonnes of copper metal were produced. Copper grades ranged from 0.6 to 0.7 per cent in the early years of the operation but later reached up to 1.4 per cent. The immediate objective is to drill test the overall potential of the vein system so a minimum economic resource can be outlined which could be put into production quickly in a small/medium-size operation.

Historical near-surface drilling (60 to 71.63 m) intercepted 1.79 per cent Cu over 10.54 m, including 2.29 per cent Cu over 7.30 m. An in-house resource estimation based on 20 historical holes carried out by Rio Narceia came up with a total of 1.2 million tonnes at 1.23 per cent Cu for the supergene blanket and 4.4 Mt at 1.24 per cent Cu for the sulphide ore, respectively, from zero to 80 m and greater than 80 m to 250 m over a drilled strike length of approximately 1.1 kilometres. The mineralized system extends on at least two km along strike and is open at depth. The mineralization consists of polyphase copper mineralization hosted by an epithermal breccia and vein-type structures in a major shear zone. It includes shallow (above 80 m) supergene blanket with ,alachite (CuCo3Cu(OH)), libethenite (Cu2OHPO4), crisocola (CuSiO3,2H2O), atacamite (Cu2OHCl) and covelite (CuS). Below this zone is the primary sulphide ore consisting of chalcopyrite and pyrite essentially.

Highlights of the mineralized intercepts are depicted in the attached table.

During the next two seasons, Europacific Metals plans to conduct a robust exploration project on the concession. This will include geological mapping and rock-soil sampling, as well as induced polarization and/or electromagnetic over selected areas. Miguel Vacas will be a primary target and a plan has been made to start a drill program involving 1,000 m of drilling.

The current drilling program will be focused on the investigation of the copper corridor envisages an initial, surgical drilling program with the following objectives:

• Confirmation drilling (two to three holes) of high-grade zones from old reports and expand the mining widths to a more substantial target size of the main drilled area covering a strike length of 1.1 km of the mineralized shear zone;
• Infill drilling with a 100 by 100 m grid to produce an initial reliable mineral resource estimation (inferred category) of the supergene heap leachable copper blanket (zero to 80 m depth) over the same mineralized length.

This campaign will enable a more ambitious planning for a larger drilling program, should the results be positive, aiming for both the expansion of the resource fort the whole of the strike extension of the mineralized system of the supergene ore along with the strike (greater than two km), and depth extensions of the sulphide ore.

Granting of incentive stock options

The company also announces that pursuant to its stock option plan, it has granted incentive stock options to purchase up to two million common shares of the company to certain directors, officers and consultants. Each stock option is exercisable at a price of five cents a share for a period of five years. The stock options will vest immediately.

Qualified person

Jose Mario Castelo Branco, PGeo, vice-president, exploration, is a qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the scientific and technical disclosure contained in this news release. Technical information in this press release has been prepared in accordance with National Instrument 43-101 and approved for inclusion by Mr. Castelo Branco, EuroGeol, who is a qualified person with over 35 years experience in the exploration and mining geology industry. Mr. Castelo Branco holds a BSc in geology from the University of Porto in Portugal. He is also a member of the Portuguese Association of Geologists, the European Federation of Geologists, member of the Prospectors and Developers of Canada, the Society of Economic Geologists, and the Society for Geology Applied to Mineral Deposits.

About Europacific Metals Inc.

Europacific Metals is a Canadian public company listed on the TSX Venture Exchange and in the United States on OTCQB. The company holds brownfield gold, and copper-gold projects located in Portugal. The company is focused on exploration in highly prospective geological settings in Europe and Eurasian jurisdictions.

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