TIDMEUZ
RNS Number : 8803Q
Europa Metals Ltd
23 October 2023
23 October 2023
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
Toral Mining Licence Application process completed
Europa Metals, the European focused lead, zinc and silver
developer, is pleased to announce the formal application for a
mining licence has been completed over the Company's 100% owned
Toral Pb, Zn & Ag project ("Toral" or the "Toral Project").
This application forms part of the 2023 exploration campaign
agreed by Europa Metals Ltd ("Europa Metals" or 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.
Highlights :
-- Submission to the "Junta of Castilla and Leon" completed.
-- All necessary documentation covering the exploitation,
restoration and environmental impact study were submitted.
-- The submission envisages a life of mine of 15 years, mining
on average 700,000t of ore per year from underground.
-- Including pre-production and closure plans, Toral's 18 year
operations will create over 360 direct local employment
opportunities and approximately 1,400 indirect jobs in the
region.
-- This submission has been based on the deposit whose
technical, economic and environmental feasibility is in accordance
with the laws and regulations of the region of Castilla y Leon.
-- Such project assessment will be formally reported on in the
expected preliminary economic assessment in accordance with the
Canadian Institute of Mining Metallurgy and Petroleum ("CIM")
Definition Standards incorporated by reference in National
Instrument 43-101 expected to be prepared in 2024.
Commenting today, Myles Campion, Executive Chairman and acting
CEO of Europa Metals said:
"Following the completion of our last report, we are now very
pleased to announce that we have completed the formal submission of
the Mining Licence Application to the Junta of Castille and Leon.
This milestone for the Toral project has been achieved over the
last 3-4 years with the application of dedicated teamwork through
the process of exploration, evaluation and the prosecution of
planning.
The Company has overcome a few hurdles during this period, Covid
being one of them, but all thanks goes to the team on the ground in
Spain in being flexible and adapting to both physical and financial
constraints and being able to achieve this milestone.
We now look forward to continuing our work with Denarius over
the coming years; 2024 will see the recommencement of drilling and
work commence on a preliminary economic assessment."
Mining Licence Application
Formal application for a mining licence has been completed over
the Company's 100% owned Toral Pb, Zn & Ag project. All
necessary studies have now been completed and lodged with the
relevant authorities and departments within the Castille and Leon
regional government. Along with the application, the following
documents were submitted:
Exploitation Plan
Due to the subvertical geometry of the Toral deposit and its
combination of depth and thickness, underground mining is
considered to be the most technically, economically, and
environmentally viable development option.
See pdf at the following link for figure 1
http://www.rns-pdf.londonstockexchange.com/rns/8803Q_1-2023-10-21.pdf
Figure 1 General on surface facilities layout distribution
The basis for the development plan utilised the existing JORC
resource from November 2022; since the beginning of 2023 the
Company's Spanish engineering group, Mining Sense, has applied many
factors to this Resource such as commodity pricing, base load power
costs, dilution factors and tradeoff studies with the objective of
reviewing various development scenarios. Based on the work carried
out, it was determined that the extension, volume and ore grades
have been duly estimated to define a mineable deposit whose
technical, economic and environmental feasibility is supported by
the documentation and in accordance with the laws and regulations
of the region of Castille y Leon. Such project assessment will be
formally reported on in the expected preliminary economic
assessment to national Instrument standards 43-101 expected to be
published in 2024.
See pdf at the following link for figure 2
http://www.rns-pdf.londonstockexchange.com/rns/8803Q_1-2023-10-21.pdf
Figure 2 Underground mine 3D view
This initial assessment, submitted together with the request for
Certified Engineer ("CE") approval, would generate zinc and
lead/silver concentrates over the mine's 15 years of
production.
The mining project is composed of three phases:
1. Construction phase, in which the construction of the main
facilities such as road access, treatment plant and offices will be
carried out, in addition to starting with the development of the
access ramp for mine exploitation. This stage will have a duration
of one and a half years;
2. Exploitation phase, once the construction of the main
facilities has been completed and the first production level has
been reached, the exploitation of the ore will begin. This stage
will last 15 years until the exhaustion of the current delineated
mineralisation; and
3. Restoration phase, once the exploitation is completed, the
area comprising the facilities will be restored with the
dismantling of the buildings, as well as the mine tailings
dump.
The mining method selected is a combination of mechanised cut
and fill (MCAF), in the upper narrower zone, with sublevel mining
method with backfill in the deeper and wider zone. The backfilling
of the void created by the mining of the ore will use part of the
tailings obtained in the mine and the process tailings combined to
form a paste fill. This will have a very positive effect from an
environmental point of view by reducing the amount of waste to be
deposited outside.
The ore will be treated by a first stage of ore sorting
following by conventional flotation of lead and zinc, producing the
corresponding concentrates that carry other elements with economic
value such as silver in the lead concentrate. The ore treatment
plant recirculates almost all its process water.
See pdf at the following link for figure 3
http://www.rns-pdf.londonstockexchange.com/rns/8803Q_1-2023-10-21.pdf
Figure 3 Process plant and administration buildings
It is estimated that the Toral project will generate
approximately 360 direct jobs and approximately 1,400 indirect
jobs.
Restoration Plan
The total area occupied by the project facilities is 33.2
hectares measured in plan, of which about 7 hectares are currently
the disused limestone quarry, La Estrella, which as part of Toral's
restoration plan is to be rehabilitated by back filling with waste
rock from the mine.
This is a focus and main objective of the rehabilitation plan,
the existing quarry has a surface footprint of 7 Ha, with the plan
to restore the quarry to 13.7 hectares utilising the waste rock
from underground mining to back fill and rehabilitate the old
quarry. This will not only remove an eyesore on the landscape but
also provide new viewpoints for El Bierzo landscape.
See pdf at the following link for figure 4
http://www.rns-pdf.londonstockexchange.com/rns/8803Q_1-2023-10-21.pdf
Figure 4 Existing quarry and waste dump limits
The final topography of the backfilled quarry recovers the
continuity of the trend of hills in the area.
See pdf at the following link for figure 5
http://www.rns-pdf.londonstockexchange.com/rns/8803Q_1-2023-10-21.pdf
Figure 5 3D view of the backfilled quarry.
Environmental Impact Study ("EIS")
The EIS includes a detailed characterisation of the area where
the project will be developed. Specific studies have been carried
out, including:
-- Perceptual physical media:
o Atmospheric dispersion study
o Pre-operational acoustic study
o Hydrological-hydrogeological study
o Landscape integration study
-- Natural media:
o Vegetation and community interest habitats study &
survey
o Aquatic animal species study & survey
o Reptiles and amphibious study & survey
o Birds study & survey
o Mammals study & survey
o Specific study and survey on bats
-- Social and economical study
-- Traffic on public roads study
-- Inventory of territory, spatial and urban planning and the cultural environment
The EIS includes the summary of the project, the alternatives
considered before selecting the final project, a detailed flora and
fauna characterisation of the project, the envisaged impacts on the
project and measures put in place for protection, surveillance and
monitoring the ongoing environmental program.
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
Beaumont Cornish (Nominated Adviser/Broker)
James Biddle/ Felicity Geidt
T: +44 (0)20 7628 3396
Questco Corporate Advisory Proprietary Limited (JSE Sponsor)
Danielle Christodoulou
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 by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
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