TIDMEUZ
RNS Number : 1245F
Europa Metals Ltd
12 November 2020
12 November 2020
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
Renewal of Investigation Permit for the Toral Project, Spain
Europa Metals , the European focused lead-zinc and silver
developer, further to its announcement of 8 June 2020, is pleased
to announce the successful renewal of the investigation permit
("Investigation Permit") in respect of the Company's wholly owned,
Toral lead, zinc and silver project ("Toral" or the "Toral
Project") situated in the region of Castilla y Leo n, north-west
Spain.
The Investigation Permit has been renewed, following, inter
alia, a consultation process conducted by the relevant bodies of
the Junta of Castilla y Leo n, for a further three years until 15
November 2023.
During the period to 15 November 2023 , Europa Metals will seek
to prioritise the completion of all necessary tasks in order to
enable application to be made for a Mining Licence in respect of
the Toral Project, in pursuit of an appropriate, sustainable,
mining development project at Toral.
The Company expects to shortly be able to announce the findings
of Bara Consulting's independent report containing 'updated
economics for the Toral Project and an outline of the key
parameters for a Pre-Feasibility Study ("PFS "), certain elements
of which are already underway.
Furthermore, Europa Metals' operations team is finalising plans
for a combined resource and metallurgical drilling programme, which
will thereby enable draw-down of the initial EUR163,380 tranche of
the CDTI grant, details of which were announced on 19 October 2020.
The Company is also progressing its hydrogeological programme and
its geotechnical and environmental/waste management
workstreams.
In response to the ongoing COVID-19 pandemic, Europa Metals will
continue to place the safety of its workforce above all other
considerations and closely follow the necessary instructions and
regulations stipulated by the relevant governmental authorities.
Any material changes to the ongoing work programmes will be
reported to the market as appropriate; at this time , all work
streams remain on schedule.
Laurence Read, CEO of Europa Metals, commented :
"The renewal of our Investigation Permit for Toral for a further
three year period follows the successful completion of the
designated application process, and serves to demonstrate the
supportive and cooperative development environment for appropriate
metals projects within the Castilla y Leo n region in Spain.
"With the Investigation Permit secured until late 2023, we shall
now progress the further definition of the intrinsic value of Toral
as a high grade, robust lead, zinc and silver project. It is
anticipated that the independent updated economic study shall be
concluded shortly, bringing together all the significant work
completed at the project since 2018 and providing a detailed
outline of a mine development model and related economics. On the
ground , we shall now look to finalise our plans for our next drill
campaign in order to commence this important element of the PFS
work programme.
"As work progresses at Toral over the next three years , Europa
Metals will seek to make an application for a full mining licence
for the project, at the appropriate time, in accordance with the
laws governing non-energy, sustainable metals projects, jn order to
move the Toral Project towards being permitted for a potential
future full development phase."
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, CEO (UK)
T: +44 (0)20 3289 9923
Linkedin: Europa Metals ltd
Twitter: @ltdeuropa
Vox: Europametals
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
Tavistock (PR and IR)
Emily Fenton, Barney Hayward, Oliver Lamb
T: +44 (0)20 7920 3150 / EuropaMetals@Tavistock.co.uk
Turner Pope Investments (TPI) Limited (Broker)
Andy Thacker
T: +44 (0)20 3657 0050
Sasfin Capital Proprietary Limited (a member of the Sasfin
group)
Sharon Owens
T (direct): +27 11 809 7762
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.
Notes to Editors :
Appendix : Further information on the Toral Project
Mineral Resource Estimate
-- An Indicated resource of approximately 3.8Mt @ 8.3% Zn
Equivalent (including Pb credits), 4.7% Zn, 3.9% Pb and 30g/t Ag,
including:
o 180,000 tonnes of zinc, 150,000 tonnes of lead and 3.7 million
ounces of silver.
-- An Inferred resource of approximately 14Mt @ 6.5% Zn
Equivalent (including Pb credits), 4% Zn, 2.7% Pb and 23 g/t Ag,
including:
o 540,000 tonnes of zinc, 360,000 tonnes of lead and 10 million
ounces of silver.
-- A total resource of approximately 17Mt @ 6.9% Zn Equivalent
(including Pb credits), 4.1% Zn, 2.9% Pb and 24 g/t Ag,
including:
o 720,000 tonnes of zinc, 510,000 tonnes of lead and 14 million
ounces of silver.
Table 1 : Summary of Indicated and Inferred mineral resources
for the Toral property reported at a 4.0% Zn equivalent cut-off
grade (including Pb and Ag credits) and estimated grade and
tonnages at the various cut-off grades. Figures are rounded to
reflect the accuracy of the estimate and, as such, totals may not
cast .
Cut-Off Tonnes Density Zn_Eq Zn Eq Zn % Pb % Ag g/t Contained Contained Ag Troy Oz
Zn Eq (Millions) (Pb)% (PbAg)% Zn Tonnes Pb Tonnes (Millions)
(PbAg)% (000s) (000s)
Indicated
6 2.8 2.9 9.5 10 5.3 4.5 34 150 130 3.1
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
5 3.3 2.9 8.9 9.5 5 4.2 32 170 140 3.4
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
4 3.8 2.9 8.3 8.9 4.7 3.9 30 180 150 3.7
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
3 4.1 2.9 7.9 8.5 4.4 3.7 29 180 150 3.8
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
Inferred
6 8 2.9 7.8 8.3 4.7 3.4 28 370 270 7.2
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
5 10 2.9 7.2 7.7 4.4 3 26 450 310 8.6
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
4 14 2.9 6.5 6.9 4 2.7 23 540 360 10
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
3 17 2.9 5.9 6.3 3.7 2.4 20 610 400 11
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
Total
6 11 2.9 8.2 8.8 4.8 3.7 30 520 390 10
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
5 14 2.9 7.6 8.1 4.5 3.3 27 620 450 12
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
4 17 2.9 6.9 7.3 4.1 2.9 24 720 510 14
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
3 21 2.9 6.3 6.7 3.8 2.7 22 790 560 15
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
Transitional Oxide Material
4 3 2.9 5.2 5.7 2.6 2.9 27 75 83 2.5
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
Unweathered Fresh Rock
4 14 2.9 7.2 7.7 4.5 3 24 650 430 11
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
*Zn Eq % is the calculated Zn equivalent incorporating lead
credits; (Zn Eq (Pb)% = Zn + Pb*0.926). Zn Eq (PbAg)% is the
calculated Zn equivalent incorporating silver credits as well as
lead; (Zn Eq (PbAg)% = Zn + Pb*0.926 + Ag*0.019). Zn equivalent
calculations were based on 3-year trailing average price statistics
obtained from the London Metal Exchange and London Bullion Market
Association giving an average Zn price of US$2,680/t, Pb price of
US$2,100/t and Ag price of US$16.2/oz.
Notes:
1. No mineral reserve calculations have been undertaken. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability.
2. Numbers are rounded to reflect the fact that an Estimate of
Resources is being reported as stipulated by JORC 2012. Rounding of
numbers may result in differences in calculated totals and
averages. All tonnes are metric tonnes.
3. Zn equivalent calculations were based on 3 year trailing
average price statistics obtained from the London Metal Exchange
and London Bullion Market Association giving an average Zn price of
US$2,680/t, Pb price of US$2,100/t and Ag price of US$16.2/Oz.
Recovery and selling factors were incorporated into the calculation
of Zn Eq values. It is the Company's opinion that all the elements
included in the metal equivalents calculation (zinc, lead and
silver) have a reasonable potential to be recovered and sold.
4. Zn Eq (PbAg)% is the calculated Zn equivalent incorporating
silver credits as well as lead and is the parameter used to define
the cut-off grade used for reporting resources (Zn Eq (PbAg)% = Zn
+ Pb*0.926 + Ag*0.019).
5. Zn Eq is the calculated Zn equivalent using lead credits and
does not include silver credits (Zn Eq = Zn + Pb*0.926).
6. The Mineral Resource Estimate set out above for the zinc,
lead and silver mineralisation in the Toral Project area is based
on a 3D geologic model and wireframe restricted block model that
integrated the exploration work on the Toral project up to 21
January 2020. The block model used uniform cell size of 25x10x25m
to best suit the orientation of the mineralisation and sample
spacing. The block model was rotated by 20deg in plan view to best
match the trend of mineralisation. Sub cells were applied to better
fit the wireframe solid models and preserve accurate volume as much
as possible. Cells were interpolated at the parent block scale
using an Ordinary Kriging.
7. Following statistical analysis and assessment of the updated
assay composite database top cuts of 125g/t Ag were applied to the
data. No top cuts were applied for Zn or Pb.
8. The Indicated and Inferred mineral resource category for the
Toral zinc-lead-silver project set out in Table 1 (at cut-off
grades >4% Zn Equivalent) comply with the resource definitions
as described in the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves. The JORC Code, 2012
Edition. Prepared by: The Joint Ore Reserves Committee of The
Australasian Institute of Mining and Metallurgy, Australian
Institute of Geoscientists and Minerals Council of Australia
(JORC).
9. The tonnes and grades reported at a cut-off grade of 3% Zn
equivalent are below the economic cut-off grade of 4% and as such
should not be considered mineral resources, they are shown here for
comparison purposes only.
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END
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