Mr. Karim Rayani reports

EUROPACIFIC ANNOUNCES START OF 2024 DRILL PROGRAM TARGETING SHALLOW HIGH-GRADE COPPER DEPOSIT AT MIGUEL VACAS

Europacific Metals Inc. has started the 2024 exploration drill program at the Miguel Vacas mine area, located approximately 180 kilometres east by road from Lisbon and approximately 70 kilometres east from Evora, the Alentejo region capital. The 2024 drill program encompasses a minimum of 1,500 metres of ore drilling with the objective of further defining initially a shallow open-pit resource of oxide copper mineralization, which will be followed by stepout drilling on the deeper (more than 80 metres) sulphide ore. Crews are on site and drilling began on April 6, 2024.

Karim Rayani, chief executive officer, stated: "We are pleased to announce the commencement of drilling at the Miguel Vacas copper project, located in Portugal. This program is designed to test structural framework while confirming the mineralization zone while expanding its potential. We are proceeding initially for 11 drill holes to confirm the extensions and quality of the oxidized blanket amenable for an open-pit heap leaching operation. We look forward to reporting back as operations continue."

The Miguel Vacas target is located within a large, 328-square-kilometre exploration licence, Borba 2, which has a well-documented potential to host precious and base metals mineralization. The mineralized systems are enhanced by the presence of abundant Au (gold) and/or Cu (copper) mineral occurrences in shear zones hosted in Devonian and Silurian metasediments, and in epithermal systems associated with intra-Ordovician volcanics.

The mine is surrounded by extensive marble exploitations that do not interfere with the exploration areas. On the contrary, the presence of these operations is considered to be a positive factor because of the excellent acceptance by the local marble operators of a mining group like EuroPacific and by their logistical support always available both in infrastructures and potentially mining equipment.

Drill program details

The actual campaign will be driven based on previous drilling and analysis that showed significant high-grade copper mineralization that has continuity with historical drilling, over wide intervals (up to 6.7 metres grading 2.57 per cent Cu in hole BOMV-4001). Please refer to Europacific's news release dated March 28, 2024, for more detailed assay results.

The mineralized system extends on at least two kilometres along one strike and is open at depth. 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 a resource estimation over an initial segment of approximately 1,200 metres. A deep undercut hole is also planned to test the deeper sulphide zone for further follow-up.

About Europacific Metals Inc.

Europacific is a Canadian public company listed on the TSX Venture Exchange and in United States on the 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 jurisdictions. Europacific owns a 100-per-cent equity interest in EVX Portugal, a private Portugal-based company that holds the legal exploration rights from 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.

Qualified person

Technical information in this news release has been prepared in accordance with National Instrument 43-101 and approved for inclusion by Jose Mario Castelo Branco, EuroGeol, who is a qualified person with over 35 years of 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 and the European Federation of Geologists, and a member of the Prospectors and Developers of Canada, the Society of Economic Geologists, and the Society for Geology Applied to Mineral Deposits.

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