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Europa Metals targets JORC resource estimate for Toral project

Chairman Colin Bird said results of metallurgical testwork would help the firm make an “initial determination” on potential products from the project

Europa Metals Ltd - Europa Metals targets JORC resource estimate for Toral project
Zinc, lead and silver are the main products expected from Toral

Europa Metals Ltd (LON:EUZ) has its sights firmly on the first indicated resource estimate for its Toral zinc project in Spain as it delivered its results for its latest full year.

Colin Bird, chairman of the AIM-listed explorer, said the results of ongoing metallurgical testwork would help the firm make an “initial determination” on potential products from the project, which could then be used in discussions with third-party buyers.

READ: Europa Metals raises £1mln to fund pre-feasibility study on Spanish lead-zinc-silver project

He added that the company was currently seeing “strong performances” in prices for zinc, lead and silver, the three main products expected form any mining at Toral.

Bird also said the group would be exploring outside the current resource area to identify any “significant” presence of copper in the area following detection of the metal during previous drilling activity.

“The results of our exploration activities will be communicated to all stakeholders within our local area, in addition to the wider community and offtake groups, and our next phase of work for Toral will see us progress our formal stakeholder engagement process and move towards a potential mining licence application and development decision”, the chairman said.

In the figures for the year ended 30 June, Europa reported a pre-tax loss of US$2.4mln, compared to a US$1.9mln loss in 2018, mainly due to higher exploration expenses.

Europa also ended the period with a cash balance of US$1.05mln compared to US$1.27mln a year ago.

In late-morning trading on Tuesday, Europa’s shares were 2% higher at 0.03p.

Quick facts: Europa Metals Ltd

Price: 0.0298 GBX

AIM:EUZ
Market: AIM
Market Cap: £4.98 m
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