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Europa Metals heads onto phase 2 at Toral in Spain after fund raise

The explorer has raised £563,000 to finance work towards a feasibility study
drill core
More drilling is on the way at Toral

Europa Metals Limited (LON:EUZ) has completed a fund raise of £563,000 to finance work towards a feasibility study at its Toral project in Spain.

The shares were placed at 0.0775p.

WATCH: Lead-zinc story is 'amazing' currently and Toral stacks up very well says Europa Metals

In July, Laurence Read, an executive director, said: "Work on our existing phase 1 work programme, encompassing an initial scoping study, metallurgical analysis and extension drilling at Toral, is progressing on schedule.

"We have secured these additional funds to facilitate the planned phase 2 drilling directly within the higher-grade resource areas, on a cost-effective basis, as soon as the phase 1 extension drilling has been concluded.

“Phase 2 activities will ultimately lead to the company concluding a proposed feasibility study on our promising Toral Project."

In the quarter just ended, Europa also instigated a scoping study to delineate the first economic parameters at Toral.

“The exploration team has been significantly enhanced with personnel from the experienced Mining Sense team and a combination rig has been secured for mobilisation to site shortly.

The maiden JORC resource at Toral contained 16mln tonnes of ore grading 6.9% zinc equivalent, including lead credits, and 25 grams per tonne silver.

In terms of metal in the ground, that amounts to 670,000 tonnes of zinc, 540,000 tonnes of lead and 13mln ounces of silver.

The deposit remains open along strike to the east and down dip

Phase 2

Phase 2 activities at the Toral Project will be centred around a new diamond infill drill programme, focused distinctly within the existing inferred ore body.

The aim is to increase and enhance the understanding of its resource estimate and complete certain key components required for a planned full feasibility study in due course.

The current phase 1 work programme underway at Toral is focused on:

  • Completion of an initial scoping study including establishing first economic parameters;
  • Extension drilling to the east of the main defined ore resource area seeking to identify further mineralisation along strike, with the combination rig and associated operating crew scheduled to be mobilised to site during August 2018; and
  • Metallurgical and mineralogical analysis to progress the company's understanding of likely saleable concentrates from a full future mining operation.

Shares are trading at 0.1p, valuing the company at about £5.6mln.

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