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(Sharecast News) - Europe-focussed lead-zinc and silver developer Europa Metals has now completed the requisite work and collated and submitted all the relevant documentation to the Spanish Government Centre for the Development of Industrial Technology (CDTI) for the first stage milestone of its €0.47m innovation grant, it announced on Monday.
The AIM-traded firm said that, following receipt of an initial tranche of €0.16m, it had worked "closely" with its innovation partners, the University of Salamanca Air Institute and drilling contractors Sondeos y Perforaciones Industriales de Bierzo (SPI), in recording and analysing data from the ongoing 2021 pre-feasibility study drilling campaign at its wholly-owned Toral Project.
Using new downhole monitoring technologies developed by SPI, the University of Salamanca had now compiled a sufficient data set from more than 2,800 metres of diamond drilling at Toral, to create an initial, correctional algorithm to be further researched to move towards potential commerciality.
Any future commercial benefit from an eventual product would be shared by the innovation partnership, comprising Europa Metals, the University of Salamanca and SPI, the board explained.
The CDTI would now undertake its formal review process, following which the company said it intended to draw down second stage funds of €0.16m.
"The work conducted with our innovation partners, the University of Salamanca and SPI, has been outstanding and we are delighted to have completed and submitted the necessary documentation on schedule, in respect of the first stage milestone requirements as outlined under the €0.47m grant, awarded to us by the CDTI," said chief executive officer Laurence Read.
"I would like to thank CDTI and the Spanish Ministry of Science and Innovation for backing this exciting project as we continue to support the University of Salamanca's investigation into new, commercial, deviational correction algorithms for potential application to diamond drilling campaigns.
"I look forward to updating the market further in due course as the CDTI first stage milestone review process is completed alongside other activities on our Toral PFS campaign."
At 1139 BST, shares in Europa Metals were down 1.62% at 9.1p.
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