TIDMEUZ
RNS Number : 2793I
Europa Metals Ltd
04 August 2023
4 August 2023
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
Further Drilling Results from Ongoing Validation and Infill
Drill Programme
and Mining Licence Application Update
Europa Metals, the European focused lead, zinc and silver
developer, is pleased to announce the latest assay results from its
ongoing validation and infill diamond drilling programme, being
conducted by Explomin Perforaciones UE S.L. ("Explomin"), at the
Company's 100% owned Toral Pb, Zn & Ag project ("Toral" or the
"Toral Project") in northwest Spain. This drilling programme forms
part of the 2023 exploration campaign agreed between the Company
and Denarius Metals Corp (TSXV:DSLV; OTCQX: DNSRF) ("Denarius")
pursuant to the definitive option agreement dated 22 November 2022,
further details of which are set out in the Company's announcement
of 23 November 2022.
In addition, detailed environmental studies are now nearing
completion which are required to finalise the formal submission of
the Company's mining licence application to the Mines Department of
Castilla y León.
Highlights :
-- Assays received in respect of seven drill holes at Toral each
reporting significant mineralisation
-- Significant intersection from drillhole TOD-044 of 7.95m@4.46% ZnEq(PbAg)*, including:
o 4.25m@6.17% ZnEq(PbAg)*; and
o 1.55m@11.40% ZnEq(PbAg)*
-- Significant intersection from drillhole TOD-045 of 4.95m@22.71% ZnEq(PbAg)*
-- Significant intersection from drillhole TOD-046 of 1.50m@11.64% ZnEq(PbAg)*, including:
o 1.00m@15.84% ZnEq(PbAg)*
-- Two significant intersections from drillhole TOD-047 of
0.6m@18.34% ZnEq(PbAg)* and 2.4m@3.72% ZnEq(PbAg)*
-- Significant intersections from drillhole TOD-048 of 4.7m@6.68% ZnEq(PbAg)*, including:
o 1.65m@14.41% ZnEq(PbAg)*
-- A further significant intersection from drillhole TOD-048 of
6.65m@8.12% ZnEq(PbAg)*, including:
o 3.80m@12.58% ZnEq(PbAg)*
-- Significant intersection from drillhole TOD-049 of 5.00m@6.91% ZnEq(PbAg)*, including:
o 1.25m@20.93% ZnEq(PbAg)*
-- Significant intersections from drillhole TOD-050 of 3.90m@10.30% ZnEq(PbAg)*, including:
o 1.45m@20.69% ZnEq(PbAg)*
-- A further significant intersection from drillhole TOD-050 of 2.4m@4.98% ZnEq(PbAg)*
-- Holes TOD-045 and TOD-046 have both been completed and
reliability of the assay results received re-confirmed:
o High values of silver were identified in one of the holes and
in line with the Company's standard operating procedures (SOP), we
re-submitted the sample for re-testing to confirm its veracity and
also confirmed the accuracy of results for control samples
-- All holes to date have been successful in intersecting
mineralisation adjacent to an existing, previously reported, high
grade intersection within the project's Indicated Resource
block
-- Hole TOD-051 is currently nearing completion and comprises
the final drillhole for this campaign
-- Detailed environmental work is nearing completion in
connection with the Company's forthcoming mining licence
application ("MLA") for Toral.
Commenting today, Myles Campion, Executive Chairman and acting
CEO of Europa Metals said :
"The current drill campaign is nearing its close and pleasingly
all holes have intersected mineralisation as expected, with assays
now received for all of the completed holes. The intersections
reported to date have correlated well with the known existing
resource.
Preparation of our mining licence application has progressed
well with one remaining requisite environmental report due for
completion later this month. We look forward to providing a further
update in due course."
Additional information
The current drilling campaign for a total of up to 7,000m, is
focused on a combination of confirmatory and infill drilling within
the project's known indicated resource area outlined to date, of
approximately 7Mt @ 8.1% Zn Equivalent (including Pb credits), 5%
Zn, 3.7% Pb and 29g/t Ag.
Drilling results
The drilling parameters for the assay results reported for each
hole are presented in the table below:
HOLE_ID EASTING NORTHING ELEVATION LENGTH (m) COOR_SYS
(m)
TOD-044 681197 4710037 531.65 509 ETRS89utm29
-------- --------- ---------- ----------- ------------
TOD-045 681412 4710025 542.29 610.3 ETRS89utm29
-------- --------- ---------- ----------- ------------
TOD-046 681684 4709858 660.80 866.5 ETRS89utm29
-------- --------- ---------- ----------- ------------
TOD-047 681686 4709856 660.88 460.6 ETRS89utm29
-------- --------- ---------- ----------- ------------
TOD-048 681408 4710024 542.29 529 ETRS89utm29
-------- --------- ---------- ----------- ------------
TOD-049 681685 4709857 660.80 763 ETRS89utm29
-------- --------- ---------- ----------- ------------
TOD-050 681916 4709571 634.10 701.3 ETRS89utm29
-------- --------- ---------- ----------- ------------
All holes were drilled to PQ-HQ-NQ 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-044 490.85 498.80 7.95 2.56 1.73 14.65 0.04 4.46
------- ------- --------- ------ ------ ------- ----- -------------
TOD-044 (including) 490.85 495.10 4.25 3.93 2.06 16.79 0.04 6.17
------- ------- --------- ------ ------ ------- ----- -------------
TOD-044 (including) 492.65 494.20 1.55 8.35 2.76 24.31 0.05 11.40
------- ------- --------- ------ ------ ------- ----- -------------
TOD-045 592.00 596.95 4.95 7.31 12.77 160.52 0.10 22.71
------- ------- --------- ------ ------ ------- ----- -------------
TOD-046 845.50 847.00 1.50 8.30 3.45 12.80 0.04 11.64
------- ------- --------- ------ ------ ------- ----- -------------
TOD-046 (including) 845.50 846.50 1.00 11.08 4.91 18.75 0.06 15.84
------- ------- --------- ------ ------ ------- ----- -------------
TOD-047 442.00 442.60 0.60 15.20 3.30 10.50 0.17 18.34
------- ------- --------- ------ ------ ------- ----- -------------
TOD-047 453.10 455.50 2.40 1.61 1.57 27.69 0.20 3.72
------- ------- --------- ------ ------ ------- ----- -------------
TOD-048 505.25 509.95 4.70 3.53 2.81 26.34 0.31 6.68
------- ------- --------- ------ ------ ------- ----- -------------
TOD-048 (including) 508.30 509.95 1.65 7.94 5.78 53.95 0.51 14.41
------- ------- --------- ------ ------ ------- ----- -------------
TOD-048 513.05 519.70 6.65 4.01 2.75 63.60 0.31 8.12
------- ------- --------- ------ ------ ------- ----- -------------
TOD-048 (including) 515.90 519.70 3.80 6.35 4.14 97.92 0.44 12.58
------- ------- --------- ------ ------ ------- ----- -------------
TOD-049 745.00 750.00 5.00 1.17 6.14 15.63 0.07 6.91
------- ------- --------- ------ ------ ------- ----- -------------
TOD-049 (including) 745.85 747.10 1.25 2.01 20.45 43.96 0.23 20.93
------- ------- --------- ------ ------ ------- ----- -------------
TOD-050 675.00 678.90 3.90 2.24 8.05 40.24 0.03 10.30
------- ------- --------- ------ ------ ------- ----- -------------
TOD-050 (including) 677.45 678.9 1.45 5.76 14.39 91.04 0.07 20.69
------- ------- --------- ------ ------ ------- ----- -------------
TOD-050 680.10 682.50 2.40 1.71 2.67 35.44 0.01 4.98
------- ------- --------- ------ ------ ------- ----- -------------
* - 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.
Significant ZnEq intercepts were generated using a 1% ZnEq trigger
value, minimum width of 1m, maximum consecutive waste interval of
1m and minimum average ZnEq grade of >1%.
Image 1: Hole positions
Drilling operations remain ongoing, in line with the Company's
objective set out above, and further assay results will be
announced once processed and received.
The Company had been awaiting re-assays and re-confirmation of
the results for several samples, sent to the laboratory over the
past several months, prior to releasing this announcement. In
particular, one of the holes reported an abnormally high silver
value (hole TOD-045, average grade of 160.52 Ag g/t) and as part of
the Company's standard operating procedures (SOP) when we receive
abnormally high results for either zinc, lead or silver, we
re-submit the relevant sample for re-testing in order to confirm
its veracity. We have now confirmed this value.
In addition, as part of our SOP we regularly insert control
samples into the batches that are submitted to the laboratory, the
results of which form part of our statistical analysis to confirm
the reliability and consistency of the results received. We have
now received confirmation of these results over several holes and
can confirm their accuracy.
Mining Licence Application
The Company's mining licence application process has been
progressing well with 95% of the requisite reports completed and
submitted to the Regional Mining Authority, with currently only one
environmental report outstanding that is in the course of being
finalised. The Company and Denarius will seek to complete this
detailed submission process over the coming weeks.
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/Abigail Wennington
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)
Danielle Christodoulou
T: +27 (11) 011 9216
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 by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
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END
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