Myles Campion, an executive director at the AIM-listed miner, said updating the resource would take around 4 weeks and inform the next phase of work at Toral.
The plans follow the conclusion of the firm’s latest drilling campaign at the site, which it said had revealed additional mineralisation including copper traces that were currently being analysed by its technical team.
Following the updated estimate, Europa said it would work to build a new geological model for the project and move towards a potential mining licence application.
“By filling in the gaps in the Inferred resource, we can increase confidence in the resource estimate and economic model for the mineralisation we are targeting within the high-grade zone”, said Laurence Read, another of Europa’s executive directors.
“An Indicated resource and initial metallurgical testwork results for Toral should increase surety in the project as we start to progress towards the development phase”, he added.
In late-morning trading on Wednesday, Europa shares were steady at 0.05p.