TIDMEUZ
RNS Number : 6165C
Europa Metals Ltd
22 June 2021
22 June 2021
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
Wardell Armstrong Appointed as PFS Manager - Toral Pb, Zn &
Ag Project, Spain
Europa Metals, the European focused lead-zinc and silver
developer, is pleased to announce that it has appointed Wardell
Armstrong International Ltd ("WAI"), Cornwall, operating in the UK
and internationally, as the Pre-Feasibility Study ("PFS") manager
for its wholly owned Toral Lead, Zinc and Silver project,
Spain.
WAI is a leading, globally recognised mining consultancy with a
track record of conducting all levels of technical study required
on projects that have successfully been financed and developed into
full mining operations. The Company has previously been working
with WAI on the project's metallurgical and processing phases
relating to recovery and the assessment of the potential zinc and
lead/silver concentrate products at Toral and, following a
competitive tender process, it will now lead the formal PFS.
As announced on 7 June 2021, work continues in line with the
Company's internal schedule, with further resource drilling
underway. The Company will provide updates as appropriate as the
key component parts of the PFS are undertaken. At all times, the
Company will prioritise the health and safety of its workforce,
especially during the current COVID-19 conditions.
Commenting today, Laurence Read, CEO of Europa Metals said :
"Having worked with WAI over several distinct phases of
metallurgical testwork, looking at recoveries and potential high
grade concentrate products capable of being produced from the Toral
lead, zinc and silver project, today's appointment has been made to
enable us to seamlessly progress to the next stages of the planned
PFS with a leading, global mining consultant. WAI will work
alongside our Europa Iberia team and Spanish contracting groups who
will contribute to the completion of various technical
workstreams.
"The work achieved so far in 2021 on certain of the requisite
PFS workstreams has been to schedule and the results extremely
encouraging. I look forward to announcing updates as the key study
components are progressed based on the recently recovered drilling
data and other ongoing activities."
Commenting today, Phil Newall, Managing Director of Wardell
Armstrong International Ltd said :
" WAI is very pleased to have been appointed as project lead for
the upcoming PFS on the exciting polymetallic Toral Project in
northern Spain .
"Europa Metals has engaged a group of professional and reputable
sub-contractors and WAI looks forward to working with all parties
concerned to deliver a successful PFS on the way towards the
project's potential future development."
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
Turner Pope Investments (TPI) Limited (Broker)
Andy Thacker/James Pope
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 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
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 10.0 5.3 4.5 34 150 130 3.1
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
5 3.3 2.9 8.9 9.5 5.0 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 3.0 26 450 310 8.6
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
4 14 2.9 6.5 6.9 4.0 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 3.0 24 650 430 11
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
* - Zn Eq (Pb)% 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 lead-zinc-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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