Europa Metals Ltd (LON:EUZ) has boosted the indicated resource at its Toral project in Spain to 2.7mln tonnes grading 8.9% zinc equivalent.
The overall resource now stands at approximately 18mln tonnes at 7.4% zinc equivalent.
WATCH: Full interview: Europa Metals significantly boosts size of resource at Toral zinc project in Spain
It all amounts to a 30% increase in contained tonnes of zinc to approximately 830,000 tonnes, a 12% increase in contained tonnes of lead to approximately 570,000 tonnes and an 8% increase in contained ounces of silver to approximately 14 million ounces
The indicated resource and new resource model will be reviewed alongside the metallurgical, geotechnical and hydrogeological work going forward as elements for inclusion in a pre-feasibility study which will build upon the initial scoping study economics.
Modelling suggests that US$33mln in capital expenditure will be required for a proposed 450,000 tonnes per year plant, with a US$25 per tonne OPEX mining cost.
"Today's resource update containing approximately 2.7mln tonnes of indicated resource at 8.9% zinc equivalent, including lead credits, and a 12% increase in the total resource to 18mln tonnes at 7.4%, using a 4% cut-off, is, in our view, the most significant development for the Toral Project to date,” said Europa Metals' executive director Laurence Read.
“The results will form a major part of a first mining plan for a PFS but will also, importantly, inform our approach to enhancing the current mineable area and selectively assessing new prospective areas for future resource upgrade and expansion.”