Europa Metals said it had agreed an initial budget for planned expenditure on the company's wholly-owned Toral project in Spain with partner, Denarius Metals.
The US$1.8mln budget will principally be applied to a combination of confirmatory and infill drilling at Toral utilising up to two rigs for twelve months and covering 7,000m.
Europa said work is also underway on a mining licence application, which is now at an advanced stage with methods and sites chosen and heritage and environmental studies moving ahead,
Myles Campion, Europa’s executive chairman, commented: "Denarius recently completed a financing round which has triggered the payment of an additional US$550,000 to EMI further to the initial US$100,000 received late last year.
“Accordingly, we can now proceed aggressively with an initial 12-month work programme for Toral alongside the MLA.”