TIDMEUZ
RNS Number : 7524F
Europa Metals Ltd
09 November 2022
9 November 2022
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
Highest Grade Drilling Results by the Company for Toral
Europa Metals, the European focused lead, zinc and silver
developer, is pleased to announce further assay results from its
recently completed diamond drilling programme conducted by "Sondeos
y Perforaciones Industriales del 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-042 of 5.25m@23.24% ZnEq(PbAg)*, including:
o 2.50m@44.55% ZnEq(PbAg)*
-- Hole TOD-042 has been successful in intersecting exceptional
high grade mineralisation adjacent to existing, previously
reported, indicated resources and down dip and along strike from
the previously reported results for hole TOD-041 which intersected
3.20m@15.16% ZnEq(PbAg)*
-- Hole TOD-042 in conjunction with hole TOD-041 could link
together the current indicated resource estimate to a part of the
inferred resource at depth which demonstrates continuity
The drilling campaign aimed to expand on the existing indicated
resource envelope of 5.9Mt @ 7.1% ZnEq (including Pb credits) and
27 g/t Ag at depth. Hole TOD-042 intersected the highest grade
mineralisation to be reported by Europa Metals to date at Toral and
over a significant width. The two holes (TOD-041 and TOD-042) taken
in conjunction with nearby previous drilling provide both support
and confidence to our current resource model and the continuity of
the high grade nature of the deposit at depth.
The latest drilling data continues to be 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 :
"Hole TOD-042 contained the highest grade intersection that the
Company has drilled to date at Toral with over 5m in excess of 20%
Zn equivalent representing a fantastic result. This included some
samples running over 40% primary Zn. We targeted this area of the
deposit in order to increase our confidence in a potential
extension to the indicated resource and also from the concept that
it could be a higher grade "channel" within the resource. Both
concepts have been proven which is an excellent result for the team
and Toral's future".
The drilling parameters for the assay results reported for hole
TOD-042 are presented in the table below:
HOLE_ID EASTING NORTHING ELEVATION LENGTH COOR_SYS
TOD-042 681864 4710064 601.473 876.5 ETRS89utm29
-------- --------- ---------- ------- ------------
Hole TOD-042 was drilled with a 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-042 866.35 871.6 5.25 17.87 4.46 55.69 0.03 23.24
------- ------ --------- ------ ----- ------- ----- -------------
TOD-042
(included) 868.7 871.2 2.50 36.82 5.77 101.01 0.05 44.55
------- ------ --------- ------ ----- ------- ----- -------------
* - 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 Zn Eq intercepts were generated using a 1% Zn Eq
trigger value, minimum width of 1m, maximum consecutive waste
interval of 1m and minimum average Zn Eq grade >2%.
The cross section image above illustrates the positioning of
hole TOD-042. The high grade nature of the intersection is
consistent with our current resource model and provides further
support for extending the known estimated indicated resource at
that depth.
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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