TIDMEUZ
RNS Number : 1919Y
Europa Metals Ltd
05 September 2022
5 September 2022
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
High Grade Drilling Results
Europa Metals, the European focused lead, zinc and silver
developer, is pleased to announce initial assay results from its
ongoing diamond drilling programme being conducted by "Sondeos y
Perforaciones Industriales de Bierzo SA" ("SPI Drilling") at the
Company's 100% owned Toral Pb, Zn & Ag project ("Toral" or the
"Toral Project").
Highlights :
-- Significant intersection from drillhole TOD-041 of 3.20m@15.16% ZnEq(PbAg)*, including:
o 1.10m@32.03% ZnEq(PbAg)*
-- Hole TOD-041 has been successful in intersecting high grade mineralisation adjacent to existing, previously
reported, indicated resources.
-- Hole TOD-041 could link together the current indicated resource estimate to a part of the inferred resource at
depth which demonstrates continuity.
The current drilling campaign is seeking to expand on the
existing indicated resource envelope of 5.9Mt @ 7.1% ZnEq
(including Pb credits) and 27 g/t Ag at depth to support future
mine planning which could be incorporated into a pre-feasibility
study. Hole TOD-041 intersected high-grade mineralisation over a
significant width thereby providing support and confidence to the
current resource model and the continuity of the deposit at
depth.
Drilling data is being utilised to progress the Company's
innovation partnership with the University of Salamanca facilitated
by the grant of up to EUR466,801.50 by way of a loan from Spain's "
Centre for the Development of Industrial Technology" (CDTI) of
which EUR322,009.13 has been drawn down to date.
Commenting today, Myles Campion, Executive Chairman and acting
CEO of Europa Metals said :
"The high-grade nature of hole TOD-041 is hugely pleasing and
gives the team confidence in the deposit's tenor and continuity at
depth. We believe that this hole in combination with hole TOD-042
will enable Europa Metals to incrementally add to the existing
indicated resource portion of the deposit, thereby giving
additional scope for utilisation in further studies".
The drilling parameters for the assay results reported for hole
TOD-041 are presented in the table below:
HOLE_ID EASTING NORTHING ELEVATION LENGTH COOR_SYS
TOD-041 681864 4710064 601.504 809.3 ETRS89utm29
-------- --------- ---------- ------- ------------
Hole TOD-041 was drilled with a PQ-HQ diameter, with half of the
core being sent for independent analysis at ALS Laboratories. The
assay results received are set out in the table below:
Hole_ID From To Interval Zn_% Pb_% Ag_ppm Cu_% ZnEq(PbAg)%*
(m)
TOD-041 799.40 802.60 3.20 9.41 5.14 48.1 0.11 15.16
------- ------- --------- ------ ------ ------- ----- -------------
TOD-041
(included) 801.0 802.1 1.1 19.76 10.79 107.9 0.26 32.03
------- ------- --------- ------ ------ ------- ----- -------------
* - ZnEq (PbAg)% is the calculated Zn equivalent incorporating
lead and silver credits; (ZnEq (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.
Image 1 above illustrates the positioning of hole TOD-041. The
high grade nature of the intersection is consistent with the
current resource model and provides further support for extending
the known estimated indicated resource at that depth.
Drilling operations are ongoing, in line with the objective set
out above, and further assay results will be announced once
processed and received. Hole TOD-042 is currently being drilled,
with a targeted depth of approximately 900m.
Competent Person's Statement
The exploration results and activity reported in this
announcement have been compiled and reviewed by Mr Luis J. Pérez
who is a Member of the Australian Institute of Geoscientists (AIG)
and a European Geologist (EurGeol). Mr Pérez has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the
December 2012 edition of the "Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves" ('JORC
Code'). Mr Pérez consents to the inclusion in this announcement of
the matters based on his information in the form and context in
which it appears.
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
Myles Campion, Executive Chairman and acting CEO (UK)
T: +44 (0)20 3289 9923
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
WH Ireland Limited (Broker)
Harry Ansell/Dan Bristowe/Katy Mitchell/Sarah Mather
T: +44 (0)20 7220 1666
Questco Corporate Advisory Proprietary Limited (JSE Sponsor)
Sharon Owens
T: +27 (11) 011 9212
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, as amended.
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END
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