Europa Metals Ltd (LON:EUZ) Drilling Update

Commenting today, Myles Campion, Technical Director of Europa Metals, said: This is a great drilling result, currently only visual, but a 12m mineralised intersection supports the theory that the orebody displays a plunging high-grade core, which is currently open at depth.

Drilling Update: Hole TOD-023 Completed, Significant Intersection of Visible Mineralisation, Toral Zn, Pb & Ag Project, Spain

Summary

·    Drill hole 3 (TOD-023) which commenced on 8 July 2019 has now been completed:

–    12m intersection of visible mineralisation identified (approximate true thickness of 8m) in contact zone of the main mineralised horizon at Toral which supports the Company’s theory of a high-grade plunging shoot in the core of the deposit

–    Two further occurrences of visible mineralisation identified in the hanging wall, approximately 20m and 80m respectively uphole from the main contact zone

–    Hole successfully completed at a depth of 713 metres

–    Given the significance of the intersection and mineralised occurrences, a ‘daughter’ hole (wedge) will now be drilled off the parent hole, TOD-023, commencing immediately. This will enable the Company to secure an enlarged sample for metallurgical test work

–    TOD-023 material is being processed and will shortly be sent to an independent laboratory for assay. The assay results from the current drilling campaign will form part of a planned updated mineral resource estimate and technical report aimed at increasing confidence in the Toral Project’s resource estimate to the Indicated category

–    Mineralised samples from both the parent and the daughter holes will be collated and then sent to Wardell Armstrong LLP to determine separation characteristics and the likely potential future concentrate products obtainable from Toral

–    Following the receipt in due course of all assays from holes TOD-21, TOD-22 and TOD-23, results will be reported in accordance with best practice and the JORC Code (2012)

Europa Metals, the European focused lead, zinc and silver developer, is pleased to announce that the third hole (TOD-023) in the ongoing drill campaign at its 100% owned Toral lead-zinc-silver project (“Toral” or the “Toral Project”) has successfully been completed, reaching a total depth of 713 metres, and has intersected significant widths of visible mineralisation.

Toral is located in the Province of León, northern Spain, and hosts an existing JORC (2012) resource estimate comprising 16 million tonnes in the Inferred category @ 7.5% Zn equivalent (Pb, Ag), 3.9% zinc, 3.1% lead and 24g/t silver (equating to 640,000 tonnes of zinc, 510,000 tonnes of lead and 13 million ounces of silver contained).

Hole TOD-023

Hole TOD-023 is part of a drilling campaign designed to target the high-grade zone of the Toral Project as defined by the existing JORC (2012) Inferred resource.  Commenced on 8 July 2019, TOD-023 has subsequently encountered a single significant intersection of 12 metres (downhole width) of visible mineralisation and two additional sub-ordinate hanging wall zones of mineralisation. Images of the core obtained from hole TOD-023 can be viewed at the following link: http://www.rns-pdf.londonstockexchange.com/rns/1097J_1-2019-8-14.pdf.

The Company will now process the core for independent assay by ALS Laboratories Seville and the results of the entire drilling campaign in due course will be utilised for a planned updated mineral resource estimate to be  reported in accordance with JORC (2012). Europa Metal’s objective is to define sufficient Indicated resources at Toral, in accordance with the JORC (2012) reporting code, to assist with potential future full mine development. The Company will also obtain a mineralised sample for metallurgical testwork by Wardell Armstrong LLP, to progress understanding of a likely future production process and identification of potentially saleable concentrate products from Toral.

TOD-023 ‘Daughter’ hole commenced

The Company has now commenced drilling of a ‘daughter hole’ (TOD-023D) by utilising a wedge from the parent hole; this will potentially increase the amount of mineralised samples to be utilised in the planned metallurgical test work programme.

As previously announced, hole TOD-023 aims to replicate the results encountered in a historic Peñarroya-Adaro (“Peñarroya”) drill hole, SJ22, which is proximate to the location of a series of five other historic drill holes which were assayed and reported by Peñarroya as follows:

 Commenting today, Myles Campion, Technical Director of Europa Metals, said:

“This is a great drilling result, currently only visual, but a 12m mineralised intersection supports the theory that the orebody displays a plunging high-grade core, which is currently open at depth. With the daughter hole now underway we will obtain sufficient samples to engage Wardell Armstrong in the first metallurgical testwork on Toral.

“Our technical team will now combine all data to improve our geological model, including the two additional mineralised zones located above the main mineralised contact zone. Once all of the assays are received we plan to obtain an updated independent mineral resource estimate in accordance with JORC (2012).”

Commenting today, Laurence Read, Executive Director of Europa Metals, said:

“We must clearly wait to see the assay results in due course, but at present we are most pleased to have encountered this significant intersection containing highly visible amounts of zinc and lead-silver mineralisation. The new layers of mineralisation were a welcome surprise and we are working hard to develop our understating of the wider potential of Toral above that currently represented by the existing JORC resource. In light of the 12 metre intersection, we are now drilling a daughter hole and look forward to providing a JORC (2012) resource update in due course that ties in the results of these new drill holes with the wider Toral model. Results of this kind from our first drilling campaign into the high-grade core of Toral are extremely important. The anticipated initial Indicated resource estimate and metallurgical testwork are the cornerstones of a viable mine development alongside stakeholder engagement and consultation within the Castilla y León region.”

Competent Person’s Statement

The exploration results and activity reported in this announcement have been reviewed by Mr James Hogg MSc, BSc (Hons), MAIG who is a Member of the Australian Institute of Geoscientists.  Mr Hogg has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to be deemed a qualified person under the AIMNote for Mining and Oil & Gas Companies dated June 2009.  Mr Hogg consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

 

 

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