Europa Metals Ltd (LON:EUZ) has revealed “very encouraging” grades of lead, zinc and silver from first metallurgical tests at its Toral project in north-west Spain.
The AIM-listed miner said on Wednesday that it had received an independent metallurgical report from consultant Wardell Armstrong about locked cycle testwork on a 61.6kg sample taken from the company's 2019 drill programme.
WATCH: Europa Metals team discuss 'really positive' first metallurgical test results from Toral
The testing confirmed the “saleable concentrate quality” of the lead, at 57.5%, and a “higher grade than most [zinc] currently being produced in Europe” at 55.8% zinc, and 1,457 parts per mln, approximately 1.5kg per tonne of silver grades, which is expected to allow for “attractive payment terms on any future production”.
Moreover, locked cycle testing demonstrates good recoveries for each metal, including 84.3% lead recovery, 70.7% zinc recovery, and 90.3% silver recovery.
Laurence Read, executive director of Europa Metals, said: "The lead, zinc and silver grades obtained from Wardell Armstrong's preliminary testwork are, in comparison with the company's peers, very encouraging, particularly in the context of the strong lead recovery."
Based on the findings, Read said the company now expects to complete a second phase of testwork during the first three months of 2020, with the next stage of metallurgy and process design work expected to focus on "optimising zinc retention".