Europa Metals Ltd (AIM:EUZ, JSE:EUZ, OTC:EOPAF) said it received the second tranche of an innovation grant, worth almost €158,630 (£136,185), from the Spanish government.
Following receipt of the first tranche of €163,380.53, Europa Metals and its innovation partners recorded and analysed data generated from a 2021 pre-feasibility study drilling campaign at the company's Toral lead-zinc-silver project in Spain.
"The Spanish government agency tasked with promoting commercial innovation in Spain, the CDTI [Centre for the Development of Industrial Technology], has now approved our partnership's Stage 1 work with respect to developing a corrective drilling algorithm and, consequently, we have now drawn down a further €158,628.60 to progress the live study testing,” said Europa chief executive Laurence Read.
The Stage 2 work is expected to be completed in 2022 and then a third, and final, tranche of €144,792.37 will be available to Europa subject to a review by the CDTI.