TIDMEUZ
RNS Number : 9512C
Europa Metals Ltd
04 October 2018
4 October 2018
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group")(ASX, AIM, JSE:
EUZ)
Infill Drilling Programme Commenced and Scoping Study Update -
Toral Project, Spain
Europa Metals, the European lead-zinc explorer, is pleased to
announce that, further to the Company's announcement of 28 August
2018 regarding, inter alia, the successful mobilisation to site of
the combination drill rig, all of the planned Phase I Reverse
Circulation ("RC") drilling on its wholly owned Toral project,
northern Spain, has now been completed with samples currently being
sent to external laboratories for independent assay. The RC
extension drilling was designed to identify new areas of
mineralisation stepping out from the existing defined JORC (2012)
resource area at the project. A diamond drilling programme will now
commence which will target key areas situated within the existing
resource area.
The objective of the Phase II diamond infill drill programme is
to increase and enhance the Company's understanding and confidence
in the existing resource in areas that currently contain Inferred
mineralisation as defined under the JORC (2012) code. Infill
drilling will ultimately seek to upgrade the existing Inferred
resources to Indicated and will form a key component of a planned
future full feasibility study.
Update regarding Scoping Study Progress
Following sustained work on an initial scoping study for the
Toral project, being undertaken by Addison Mining Services Limited
("AMS"), the following elements have been identified and
established as development options for a potential future mining
operation at the Toral site:
-- adoption of a cut and fill method of mining in order to reduce waste and footwall dilution;
-- decline entry followed by a raised bore production shaft (reduced shaft cost and expenditure on raised bore
commenced only at a time nearer to future production);
-- standard two-stage flotation process - depressing the zinc and floating the lead;
-- fully mechanised utilising an appropriate level of technology for a project of Toral's size; and
-- requisite permitting and environmental pathways determined and/or underway.
The Company is now working closely with AMS to incorporate the
new data from its recent JORC (2012) resource update and other
workflows in order to complete the scoping study and a further
update will be provided in due course.
Laurence Read, Executive Director of Europa Metals,
commented:
"The planned RC drilling has now been completed and we have
commenced the next phase of our drill programme at the Toral
project comprising infill diamond drilling. The majority of the key
elements of the proposed mine design have been assessed and
completed for a potential future mining operation at Toral and new
data sets are currently being inputted to enable AMS to complete
its scoping study."
Myles Campion, Executive/Technical Director of Europa Metals,
further commented:
"Progress on the scoping study to date is narrowing our focus at
Toral and is providing us the incentive to proceed, ahead of
schedule, with our planned Phase II work programme. Accordingly, we
have decided to initiate the diamond infill drilling work and
activities which will provide the first geotechnical information at
Toral."
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, Executive Director (UK)
T: +44 (0)20 3289 9923
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
Turner Pope Investments (TPI) Limited (Joint Broker)
Andy Thacker
T: +44 (0)20 3621 4120
Peterhouse Corporate Finance Limited (Joint Broker)
Lucy Williams/Duncan Vasey/Heena Karani
T: +44 (0)20 7469 0930
Sasfin Capital Proprietary Limited (a member of the Sasfin
group) (JSE Sponsor)
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.
Toral Lead-zinc-silver project located in the region of Castila
y Leon, northern Spain
Summary of updated JORC (2012) Inferred Mineral resource
estimate announced on 20 September 2018:
-- 19Mt @ 6.9% Zn Equivalent (including Pb credits) and 24g/t Ag
-- 720,000 tonnes of Zinc, 570,000 tonnes of Lead and 14 million ounces of Silver
Zn Price Used: US$2,500/t US$c/lb1.13
Pb Price Used: US$2,100/t US$c/lb0.95
Ag Price Used: US$17/oz
The resource update identified potentially economic
mineralisation ranging from surface to approximately 1,100m below
surface. The new block model currently extends for a strike length
of 3,300m and is still open to the east along strike and also at
depth where it has not yet been closed off.
Cut-Off Tonnes Density Zn_Eq Zn Zn Pb Ag Contained Contained Ag Troy
Zn (Millions) (Pb)% Eq % % g/t Zn Tonnes Pb Tonnes Oz (Millions)
Eq (PbAg)% (000s) (000s)
(PbAg)%
Total
6.0 10 2.8 8.7 9.3 4.8 4 30 490 420 10
------------ -------- ------- --------- ---- ---- ----- ----------- ----------- ---------------
5.0 14 2.8 7.7 8.3 4.4 3.5 26 620 490 12
------------ -------- ------- --------- ---- ---- ----- ----------- ----------- ---------------
4.0 19 2.8 6.9 7.4 3.9 3.1 24 720 570 14
------------ -------- ------- --------- ---- ---- ----- ----------- ----------- ---------------
3.0 23 2.8 6.2 6.7 3.5 2.8 22 800 630 16
------------ -------- ------- --------- ---- ---- ----- ----------- ----------- ---------------
Transitional Oxide Material
4 1.8 2.4 5 5.5 2.6 2.5 25 45 44 1.4
------------ -------- ------- --------- ---- ---- ----- ----------- ----------- ---------------
Unweathered Fresh Rock
4 17 2.8 7 7.6 4 3.1 23 680 530 13
------------ -------- ------- --------- ---- ---- ----- ----------- ----------- ---------------
Competent Person's statement
The updated Toral inferred resource estimate was prepared by Mr
J.N. Hogg, MSc. MAIG Principal Geologist for AMS, an independent
Competent Person within the meaning of the JORC (2012) code and a
qualified person under the AIM guidance note for mining and oil
& gas companies. The updated inferred resource estimate was
aided by Mr R. J. Siddle, MSc, MAIG Senior Resource Geologist for
AMS, under the guidance of the competent person. Mr Hogg has
reviewed and verified the technical information that forms the
basis of, and has been used in the preparation of, the updated
mineral resource estimate and this announcement, including all
analytical data, diamond drill hole logs, QA/QC data, density
measurements, and sampling, diamond drilling and analytical
techniques. Mr Hogg consents to the inclusion in this announcement
of the matters based on the information, in the form and context in
which it appears. Mr Hogg has also reviewed and approved the
technical information in his capacity as a qualified person under
the AIM Rules for Companies.
Additionally, Mr Hogg confirms that the entity is not aware of
any new information or data that materially affects the information
contained within the Company's previous announcements referred to
herein.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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