Rig mobilised to site - Toral Project

RNS Number : 7286Y

Europa Metals Ltd

13 May 2019

 

13 May 2019

Europa Metals Ltd

("Europa Metals", the "Company" or the "Group") (AIM, AltX: EUZ)

Rig mobilised to site for commencement of drilling at the Toral Project

Europa Metals, the European lead-zinc explorer, is pleased to announce that a diamond drilling rig (the "Rig") has been mobilised to site at the Toral lead-zinc-silver project ("Toral" or "the Project") located in the Province of Leόn, northern Spain. The drilling campaign is expected to commence in the next five days.

The core objectives of the drilling campaign commence are as follows:

1.   Drill into the high grade core of the Project, as defined within the existing inferred JORC (2012) resource;

2.   Target high grade areas within the defined resource to further the Company's understanding of the Project, with the aim of increasing confidence in the resource estimate and attain the indicated resource category; and

3.   Obtain a significant sample for metallurgical testwork by independent consultants to determine the potential Zn, Pb and Ag concentrate composition from Toral. It will provide additional data to assist process plant design and discussions with potential offtake parties.

Rig mobilisation

The Rig and associated operating crew is being supplied by Sondeos y Perforaciones Industriales de Bierzo SA and will be overseen by the Company's on-site exploration team. The campaign will be conducted using a single drilling rig with assays sent for independent analysis on a rolling basis.

Addison Mining Services Limited ("AMS") has been retained to carry out a revised independent resource update in accordance with JORC (2012) once the campaign has been concluded.

Wardell Armstrong LLP has been engaged to conduct the metallurgical testwork from a representative sample taken from the drilling.

Commenting today Myles Campion, Executive Director of Europa Metals said:

"We look forward to taking this step towards increasing our knowledge of the high grade portion of Toral over the coming months. This drilling programme is designed to obtain a portion of the core in order to provide a sample for the first metallurgical testwork, and to elevate the resource estimate to the indicated category."

Commenting today Laurence Read, Executive Director of Europa Metals said:

"The aim of the diamond drilling into the high grade core of Toral is to upgrade the resource from its existing inferred categorisation and to determine the metallurgical characteristics of Toral. Over the next two quarters  we are expecting to announce the results from the drilling, an updated JORC resource, and details of the likely product types that can be produced from Toral. Taken together, we believe that these key milestones will allow us to advance the processing design and commence discussions with potential offtakers."

For further information on the Company, please visit www.europametals.com or contact:

Europa Metals Ltd

Dan Smith, Non-Executive Director and Company Secretary (Australia)

T: [phone]

Laurence Read, Executive Director (UK)

T: [phone]

Strand Hanson Limited (Nominated Adviser)

Rory Murphy/Matthew Chandler

T: [phone]

Turner Pope Investments (TPI) Limited (Joint Broker)

Andy Thacker

T: [phone]

Brandon Hill Capital (Joint Broker)

Jonathan Evans/Oliver Stansfield

T: [phone]

Sasfin Capital Proprietary Limited (a member of the Sasfin group)

Sharon Owens
T (direct): [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.

 

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