TIDMEUZ
RNS Number : 9220L
Europa Metals Ltd
18 January 2021
18 January 2021
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
PFS Update : Commencement of Drilling Campaign at the Toral Pb,
Zn & Ag Project, Spain
Europa Metals , the European focused lead-zinc and silver
developer, is pleased to announce that, further to the mobilisation
of a diamond drill rig to site by Sondeos y Perforaciones
Industriales de Bierzo SA ("SPI"), drilling has now commenced at
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.
Objectives of the drilling campaign
This latest drilling campaign forms part of the Group's
Pre-Feasibility Study ("PFS") workstreams initiated at the Toral
Project. The first phase of the drill programme will target areas
above the 600m level, concentrating on increasing Europa Metals'
understanding of the initial four years of potential future
production at Toral and thereby building on the results of the
independent preliminary economic study announced in November 2020.
Core to be recovered and analysed from the drill campaign is
expected to contribute to the following specific workstreams:
- Increasing resource delineation to JORC standards - looking to
'fill-in' gaps from historical drills holes within the upper
siliceous zone.
- Performing further metallurgical testwork including additional
ore sorting analysis within the upper siliceous zone that has
demonstrated potential, before utilisation in the mining
schedule.
- Advancing geotechnical studies around areas of potential future mine development.
In addition, further to the Company's announcement of 19 October
2020, the current drill programme forms part of the Innovation
Partnership with the University of Salamanca and SPI (the
"Partnership"), which helped secure the grant award of
EUR466,801.50 to the Company from the Centre for the Development of
Industrial Technology (CDTI).
Data from the drilling campaign will be recovered and processed
by the Partnership in order to progress the development of a
software package that can correct or reduce deviation within
diamond drilling operations. Europa Metals looks forward to
updating the market on the results from such work to be conducted
by the Partnership as algorithm development progresses.
Drilling operations have commenced to schedule but, in light of
the worldwide Coronavirus health emergency and the need to
prioritise the health and safety of the Group's employees and
consultants, no specific commitments will be made at this time
regarding the duration of ongoing and planned additional fieldwork.
Europa Metals will announce material work/progress on the
achievement of milestones and findings on a timely basis, as
appropriate, and looks forward to updating shareholders on other
workstreams during the course of 2021.
Commenting today, Laurence Read, CEO of Europa Metals, said
:
"Today's drilling campaign will build on the operational work
completed over the last two years that has seen significant
advances in the potential production rate and overall estimated
economics for Toral. This initial phase will concentrate on the
upper zone of Toral in order to focus on refining the planned
design and economics for the early years of the project, which have
become an attractive feature of the recent preliminary economic
study as a result of a comparatively low level of capex, early
mining and breakeven within four years."
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
Toral flythrough: https://youtu.be/qLbiyfItXbY
Presentation with commentary:
http://www.europametals.com/site/content/
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
Tavistock (PR and IR)
Emily Moss /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 :
Toral flythrough: https://youtu.be/qLbiyfItXbY
Toral Pb, Zn & Ag Project, Spain : Comparison of 2020 and
2018 Scoping Study Key Parameters
2020 2018
============ ========================= ======================= =======================
Resource Indicated Tonnes 3.8m -
========================= ======================= =======================
Inferred Tonnes 13m 16m
====================================== ======================= =======================
Total Tonnes 17m 16m
====================================== ======================= =======================
Av. ZnEq.% 7.3 7.5
====================================== ======================= =======================
Av. Zn% 4.2 3.9
====================================== ======================= =======================
Av. Pb% 3 3.1
====================================== ======================= =======================
Av. Ag g/t 24 24
====================================== ======================= =======================
Mining Rate tpa 700,000 450,000
========================= ======================= =======================
Grade ZnEq% 7.6% 7.5%
====================================== ======================= =======================
Method SLOS Cut&Fill
========================= ======================= =======================
Approach Contractor Owner
========================= ======================= =======================
Cost US$36/t US$36/t
========================= ======================= =======================
LOM 12 years 15 years
========================= ======================= =======================
Metallurgy Process Sorting+Flotation Flotation
========================= ======================= =======================
Recovery (Average) 85% Zn, 87% Pb, 86% Ag 93% Zn, 89% Pb, 80% Ag
========================= ======================= =======================
Cost US$22/t US$25/t
========================= ======================= =======================
Capex Mine US$86m US$46m
========================= ======================= =======================
Plant US$30m US$33m
========================= ======================= =======================
Infrastructure US$4m US$5m
========================= ======================= =======================
Other US$11m -
========================= ======================= =======================
LOM Capex US$131m (Y1-12) US$159m (Y1-15)
========================= ======================= =======================
Upfront (to production) US$79m US$94m
========================= ======================= =======================
Financials NPV US$156m US$110m
========================= ======================= =======================
IRR 31.3% 24.4%
====================================== ======================= =======================
Payback Year 4 6
====================================== ======================= =======================
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END
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