19th Jul 2021 10:16
(Alliance News) - Europa Metals Ltd on Monday said it has completed all the required work and submitted the relevant documents to the Spanish Government Centre, in relation to the stage one milestone of its EUR466,801 innovation grant.
The lead-zinc and silver developer had first received the grant from the Centre for the Development of Industrial Technology. The grant is a partly refundable loan and will go towards the development of research & development technologies relating to the recording and correction of drillhole deviation at the wholly owned Toral Project in north-west Spain.
Europa Metals has gained an initial tranche of EUR163,380, and since then has worked with its partners to record and analyse data from the pre-feasibility study drilling campaign.
Now that the company has made its submission to the CDTI, it will now go through a formal review process, following which Europa Metals will draw down the stage two tranche of EUR158,628.
"The work conducted with our Innovation Partners, the University of Salamanca and SPI, has been outstanding, and we are delighted to have completed and submitted the necessary documentation on schedule, in respect of the Stage 1 milestone requirements as outlined under the EUR466,801 grant, awarded to us by the CDTI. I would like to thank CDTI and the Spanish Ministry of Science and Innovation for backing this exciting project as we continue to support the University of Salamanca's investigation into new, commercial, deviational correction algorithms for potential application to diamond drilling campaigns," said Chief Executive Officer Laurence Read.
Shares in Europa Metals were up 1.5% at 9.39 pence on Monday in London, while its Johannesburg shares remained untraded at ZAR2.18.
By Dayo Laniyan; [email protected]
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