TIDMEUZ
RNS Number : 8976T
Europa Metals Ltd
22 March 2023
22 March 2023
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
Toral JV Update : Initial US$1.8m budget agreed with
Denarius
Europa Metals, the European focused lead, zinc and silver
developer, is pleased to announce that an initial budget for
planned expenditure on the Company's wholly-owned Toral Zn-Pb-Ag
Project (the "Toral Project" or "Toral"), in the León Province,
north-west Spain, of approximately US$1.8m for a 12 month period
has recently been agreed between the Company and its joint-venture
("JV") partner, Denarius Metals Corp. (TSXV:DSLV; OTCQB: DNSRF)
("Denarius"). The budget will principally be applied to a
combination of confirmatory and infill drilling within the
indicated resource block outlined to date at Toral utilising up to
two rigs which is scheduled to commence at the end of this
month.
Further to the receipt of shareholder approval in respect of the
definitive agreements in relation to the JV at a general meeting of
the Company held on 30 December 2022, a sum of US$100k was paid to
its wholly-owned Spanish subsidiary, Europa Metals Iberia S.L.
("EMI"), which facilitated the advancement of the planned mining
licence application ("MLA"). Following a successful capital raising
by Denarius earlier this month, a further US$550k has recently been
advanced to EMI by Denarius to enable timely completion of the
planned initial work programme in accordance with the timeframe set
out under the definitive JV agreements.
Highlights :
-- Initial Budget : Budget of US$1.8m for a 12 month period
agreed with JV partner in respect of Toral which will be utilised
by EMI for:
o Up to 7,000m of additional drilling to cover:
-- confirmatory drilling
-- infill drilling on the known indicated resource area
o Desktop review and preparatory application work on potential
additional surrounding permits
o Resource update
o Ongoing working capital requirements
-- Mining Licence Application : Work on the MLA commenced in
January 2023 and is now at an advanced stage:
o Mining methods selected
o Site location for major facilities and plant site defined
o Heritage and archeological studies underway
o Final environmental studies underway
Commenting today, Myles Campion, Executive Chairman and acting
CEO of Europa Metals said :
"Denarius recently completed a financing round which has
triggered the payment of an additional US$550k to EMI further to
the initial US$100k received following the approval by Europa
Metals' shareholders of the definitive agreements for the JV late
last year.
Accordingly, we can now proceed aggressively with an initial 12
month work programme for Toral alongside the MLA, which will be
conducted by the Europa Metals' team and supervised by Denarius'
technical team. The programme will progress this high-quality base
metals project which benefits from the ongoing support of regional
governments and local communities .
Europa Metals' management team also continues to actively
identify, evaluate and engage with third parties with respect to
its search for suitable additional assets and new project
opportunities with the potential to deliver value for all
shareholders."
Work Programme and Mining Licence Application
Following a recent financing round completed by Denarius,
US$550k has been received by EMI in accordance with the terms of
the definitive option agreement, further to the initial US$100k
payment received from Denarius following approval of the JV by
Europa Metals' shareholders in late 2022.
The Company and Denarius have now approved an initial US$1.8m
budget and work programme for Toral covering a 12 month period
which will incorporate a comprehensive drilling programme and
completion and submission of a MLA to the Junta of Castilla y
León.
A drill campaign of approximately 7,000m is scheduled to
commence by the end of this month with an initial single rig to be
augmented with a second rig in April 2023. The programme will focus
firstly on confirmatory drilling followed by a series of infill
holes designed to corroborate the existing indicated resource
estimate. The results will then be applied to commission an updated
independent mineral resource estimate later in the year.
A desktop review and preparatory application work for securing
potential additional permits close to Toral is underway and will
run for the next three to six months to identify and formulate
suitable exploration permit applications to be submitted to the
Junta of Castilla y León.
Running concurrently, the MLA involves preparation of an
in-depth study which commenced in January 2023 following the
initial payment from Denarius of US$100k. The work carried out by
Europa Metals over the last 12 to 18 months with regards to
resources, hydrogeology, geotechnical measurements, environmental
and social studies on Toral has facilitated the rapid advancement
of this requisite study.
The location for all future major facilities and associated
infrastructure has now been defined which in turn allows for the
finalisation of detailed environmental, heritage and archaeological
surveys on the specified project area. Finalisation of capital
requirements and ongoing cost profiles is underway and will run in
conjunction with formulation of a development schedule following
the trade-off study completed with regard to potential mining
methods. This work is ongoing and is on track to meet internal
timelines for submission of the MLA by the Junta's deadline of 31
July 2023.
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)
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 by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
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END
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