Europa Metals makes progress at one of Europe’s most under-appreciated lead-zinc deposits
Last updated: 07:51 01 Nov 2023 GMT, First published: 10:13 24 Aug 2023 BST
Snapshot
- Europa Metals says Toral derisking to continue
- Europa Metals has 'real prospect' of becoming a producing miner, says broker
- Europa Metals achieves milestone with formal licence application for Toral mine in Spain
About the company
Europa Metals Ltd is a lead-zinc exploration company focused exclusively on European projects.
The company believes Europe, and in particular Spain, is an unrealised region for modern mine development and that the opportunity to create new mines within a best practice social and environmental framework, near first class infrastructure, is significant.
Currently, the company is progressing its Toral Lead, Zinc and Silver Project towards the mine development phase.
How it is doing
Europa Metals Ltd (AIM:EUZ, JSE:EUZ) said that the past year had seen it work "diligently and very successfully" on the technical aspects of the Toral project in Spain, increasing both resource size and grade
With a new partner in Denarius and funding in place, the de-risking process at its Toral project in Spain will continue, according to a statement accompanying its annual results for the year to end June 2023.
A Mining Licence Application has been submitted to the relevant authorities with a subsequent Pre-Feasibility Study to follow, it added.
Net losses for the year were US$3.3 million (US$2.5 million).
Europa Metals Ltd (AIM:EUZ, JSE:EUZ) confirmed on Monday that a formal licence application for the Toral mining project in Spain has been submitted.
All necessary documents covering restoration and environmental impact were submitted to the authorities of Castilla and Leon, Europa said in a statement.
Europa Metals Ltd (AIM:EUZ, JSE:EUZ) said assays from the latest drilling at Toral in northwest Spain indicated mineralisation in all seven holes.
Environmental studies are also now nearing completion, it added. These will form part of the formal submission for a mining licence to the Mines Department of Castilla y León.
What the brokers say
Europa Metals has made real progress at Toral in Spain since a PEA in 2020 and is significantly undervalued compared to its peers, according to house broker WH Ireland.
Toral is one of Europe’s most under-appreciated lead-zinc deposits, suggests WHI, with a real prospect of becoming a mine.
“The successful demonstration of ore-sorting introduces potentially huge economic upside and optionality in mine configuration,” the broker adds.
What management says
Europa Metals Ltd (AIM:EUZ, JSE:EUZ) executive chairman Myles Campion joins Proactive's Stephen Gunnion with news that the company has submitted a formal licence application for the Toral mining project in Spain.
Campion said the milestone follows three to four years of dedicated teamwork through the process of exploration, evaluation and the prosecution of planning at Toral.
The application came under an exploration campaign agreement with Denarius Metals Corp and Campion said the company will continue to work with Denarius, which has a two-stage option agreement to earn a 51% stake in the project.