7th Sep 2021 09:27
(Alliance News) - Europa Metals Ltd on Tuesday commissioned a new and updated resource estimate from Addison Mining Services Ltd following the discovery of significant intersections at the Toral project in Spain following an infill drilling campaign.
The metals explorer said that all drilling in 2021 had been focused on the upper zones of the Toral project in order to determine the early years' production profile for pre-feasibility study, and the ability to enhance payback and establish the most profitable mining route into Toral's higher grade areas.
The drilling campaign is said to have exceeded initial expectations, with the most significant result coming from drill hole TOD-032, with 2.7 metres at 0.93% of copper, as well as 11% zinc-equivalent.
As well as commissioning a new resource estimate, Europa Metals will also conclude the findings from an independent hydrogeological report on bore hole pump testing, and progress metallurgical test work.
"The results from this latest round of drilling in terms of grades and widths of lead, zinc and silver are in our view exceptional and exceed our initial expectations for the upper zone of the Toral project, an area that we have always viewed as being the 'path' towards the lower, high-grade production zones," said Chief Executive Officer Laurence Read.
"The company has decided to conclude drilling and is assessing the potentially positive impact these intersections could have on the existing resource model and the potential future economics for the Toral project," Read added.
Shares in Europa Metals were 9.4% higher at 8.75 pence on Tuesday in London, while its Johannesburg shares were 1.6% higher at 1.93 cents.
By Dayo Laniyan; [email protected]
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