TIDMEUZ
RNS Number : 7255Y
Europa Metals Ltd
28 August 2018
28 August 2018
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group")(ASX, AIM, JSE:
EUZ)
Drill Rig Mobilised to Site and Priority Relogging Completed -
Toral Project, Spain
Europa Metals, the European lead-zinc explorer, is pleased to
announce that the Reverse Circulation ("RC") and Diamond drilling
rig (the "Combination rig") has now been successfully mobilised to
its Toral lead-zinc-silver project located in the Province of Le n,
northern Spain ("Toral" or the "Toral Project"). As previously
announced on 16 July 2018, the Combination rig and associated
operating crew has been supplied by Sondeos y Perforaciones
Industriales de Bierzo SA and will be overseen by the Company's
on-site exploration team. The Company has also successfully
completed the relogging of certain priority historic drill core
from Toral stored at the National Litoteca in Andalucía Spain and
is currently evaluating the results.
Phase I drill campaign and strategy
Further to the mobilisation and arrival on site of the
Combination rig, drilling will commence shortly to initially
ascertain the potential continuation of the mineralised structure
outside of the current defined JORC (2012) resource area. With a
significant inferred resource estimate already established for the
main Toral project area, the extension drilling to the East will
seek to identify the presence of further mineralisation/hosting
structures.
Subsequent to completion of the extension drilling, the Company
will concentrate on drilling within the upper zone of the
identified JORC (2012) resource area, before moving on to a Phase
II programme, targeting key areas within the high grade zone of the
inferred resource in order to increase resource confidence levels.
Please refer to the Company's announcements of 30 January 2018 and
6 February 2018 for full details of the Company's existing maiden
JORC (2012) resource estimate.
Relogging of Historical Drill Core
Following an intensive process conducted over 6 weeks, our new
geological team has successfully relogged all priority
intersections from the historical drill core stored at the National
Litoteca, located in Andalucía, Spain. In summary, the key work
undertaken was as follows:
- a focus on the highest grade and structurally important drill holes;
- relogging of the entirety of each historic drill hole
incorporating characteristics within the limestones and slates
within the new database (previously the information only covered
the mineralised envelope), which has served to provide valuable
data on weathering profiles, lithology and structural controls;
and
- extensive Specific Gravity measurements taken within the
mineralised envelope and country rock to contrast with those
previously taken, and utilised, within the maiden JORC (2012)
resource estimate.
Our team is currently assessing all of these data sets and we
look forward to announcing a further update(s) from the ongoing
work in due course. Our enhanced understanding of the host
structure is already informing future workflows and targets for the
Company.
Scoping Study
The Toral lead-zinc-silver project's scoping study, being
conducted by Addison Mining Services Limited, as previously
announced on 19 June 2018, remains on schedule and to budget.
Myles Campion, Executive/Technical Director, commenting today,
said:
"The combination drill rig has been mobilised to Toral on
schedule; once all the requisite checks have been completed by the
operators and our on site team, drilling will commence. The first
phase drill programme is highly focused on establishing the
presence of the hosting structure and possible further
mineralisation outside of the main Toral project area. We then plan
to initiate a further campaign to add value to our ongoing scoping
study work by drilling within the known resource envelope.
"In addition, the extensive relogging exercise on historic core
stored at the National Litoteca has provided us with a wealth of
new information, which we are presently reviewing. We look forward
to providing a further update(s) on this work in due course."
Laurence Read, Executive Director, further commented:
"The key work streams on our Toral lead-zinc-silver project are
on schedule and remain within budget. The Europa Metals team has
performed to a very high standard and ensured that we have
delivered on our key milestones to date. Further announcements will
be made in due course as our drilling campaign commences and
workflows from the relogging and scoping study are completed. I
would personally like to thank the National Litoteca for the
valuable and professional services it has provided to the Company
and for affording access to its comprehensive catalogue of
geological data on sub-surface conditions in Spain."
Competent Person's Statement
The Toral maiden inferred resource estimate was prepared by Mr
J.N. Hogg, MSc. MAIG Principal Geologist for Addison Mining
Services Limited ("AMS"), an independent Competent Person within
the meaning of the JORC (2012) code and a qualified person under
the AIM guidance note for mining and oil & gas companies. The
maiden inferred resource estimate was aided by Mr R. J. Siddle,
MSc, MAIG Senior Resource Geologist for AMS, under the guidance of
the competent person. Mr Hogg has reviewed and verified the
technical information that forms the basis of, and has been used in
the preparation of, the current mineral resource estimate,
including all analytical data, diamond drill hole logs, QA/QC data,
density measurements, and sampling, diamond drilling and analytical
techniques. Mr Hogg consents to the inclusion in this announcement
of the matters based on the information, in the form and context in
which it appears. Mr Hogg has also reviewed and approved the
technical information in his capacity as a qualified person under
the AIM Rules for Companies.
Additionally, Mr Hogg confirms that the entity is not aware of
any new information or data that materially affects the information
contained within the Company's previous announcements referred to
herein.
For further information on the Company, please visit
www.europametals.com or contact:
Europa Metals Ltd
Dan Smith, Non-Executive Director and Company Secretary
(Australia)
T: +61 417 978 955
Laurence Read, Executive Director (UK)
T: +44 (0)20 3289 9923
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
Turner Pope Investments (TPI) Limited (Joint Broker)
Andy Thacker
T: +44 (0)20 3621 4120
Sasfin Capital Proprietary Limited (a member of the Sasfin
group) (JSE Sponsor)
Sharon Owens
T (direct): +27 11 809 7762
Peterhouse Corporate Finance Limited (Joint Broker)
Lucy Williams/Duncan Vasey/Heena Karani
T: +44 (0)20 7469 0930
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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