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Europa Metals Ltd

Europa Metals surges as recent drilling programme confirms extension of the Toral deposit

Since June, the company has achieved an increase in the Toral project's inferred resource estimate, completion of the Phase 1 RC drilling programme and commencement of a Phase 2 diamond infill drill programme, a successful re-logging exercise of historic core to provide valuable additional data and sustained progress on the preparation of the initial scoping study

The Toral project
Glory Toral, hallelujah!

Europa Metals Limited (LON:EUZ) has hailed the results of the said Phase I drilling programme at its Toral project in Spain.

The reverse circulation (RC) drilling programme performed at the eastern end of the Toral deposit successfully confirmed both the extension of the deposit and the continuity of the mineralised structure at the eastern margin of the resource.

WATCH: Four hits out of four illustrates potential at Europa Metals' Toral project

The shares rose 4.8% to 0.11p in the first hour of trading after the release of the drilling update.

Significant intersections were returned from each of the four RC drill holes, as detailed below:

Hole ID

Northing

Easting

RL (m)

Azi

Dip

Depth

(m)

From

To

Width (m)*

Pb %

Zn %

Ag (ppm)

Zn Equiv (PbAg)%

TOR-14

4708695

683496

530

29

-45

290

251

253

2

2.39

8.66

34.9

11.72

TOR-15

4708701

683643

532

25

-44

242

220

221

1

1.06

2.95

7.4

4.13

TOR-16

4709127

683390

664

208

-47

310

278

279

1

1.3

0.28

4.3

1.62

TOR-17

4709146

683299

649

209

-45

267

249

250

1

0.39

1.12

9.3

1.69


Europa Metal's geological team appears to be particularly intrigued with the results of the TOR-14 drill hole, which returned two metres at 11.72% zinc equivalent from 251-253 metres below the surface. This level of grade was not anticipated within 300 metres of surface and the company is analysing how this assay result affects its understanding of the new eastern extension of the mineralised zone.

Management very happy with the outcome of the drilling programme

"Our RC drilling programme has efficiently and effectively increased the footprint of the Toral Project by an additional 200m to the east and has further delineated the contact zone in an under drilled area. The programme has also been a very useful exercise in bedding down and refining operating procedures and systems as we proceed with our Phase II diamond drilling programme,” declared Myles Campion, the technical director of Europa Metals.

"This new assay data and geological data will add to our growing geological understanding of the deposit, and when combined with our recent re-logging exercise and ongoing mapping, will further direct our focus on maximising value for our promising Toral Project," he added.

Laurence Read, the executive director of Europa Metals, was similarly effusive.

"The first full drill campaign to be undertaken by the company's new geological team outside of the pre-existing defined resource area has successfully achieved a 100% strike rate for lead, zinc and silver mineralisation at the Toral project confirming continuity of prospective metal along strike,” he said.

“The drilling conducted outside of the known pre-existing JORC (2012) resource area demonstrates that the future potential for the project is not just in relation to its comparatively high grade (6.9% zinc equivalent), currently defined across the 19Mt [million tonnes] inferred resource estimate, but also in respect of the on-going delineation of an underlying ore body present within the licence area," Read added.

Meanwhile, the company relinquished all rights to the Lago lead-zinc licences located in the province of Galicia, Spain.

The company continues to believe that the area is highly prospective for lead-zinc but both the size and location of the Lago licence areas does not justify and support incurring maintenance and exploration expenditure at this time.

Quick facts: Europa Metals Ltd

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Market: AIM
Market Cap: £8.38 m
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