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(Alliance News) - Europa Metals Ltd shares surged on Monday after the company said its application for a mining licence at its wholly-owned Toral lead, zinc and silver project in Spain has been completed.
Shares in the Europe-focused lead-zinc and silver developer were up 16% to 2.14 pence each in London on Monday morning.
The application forms part of the 2023 exploration campaign agreed with Denarius Metals Corp in November last year, Europa Metals said.
The company said all necessary documentation covering the exploitation, restoration and environmental impact study were submitted.
It envisages a life of mine of 15 years for the Toral project, mining on average 700,000 tonnes of ore per year from underground.
Including pre-production and closure plans, Europa Metals said Toral's 18-year operations will create over 360 direct local employment opportunities and around 1,400 indirect jobs in the region of Castille & Leon.
"Following the completion of our last report, we are now very pleased to announce that we have completed the formal submission of the mining licence application to the junta of Castille & Leon. This milestone for the Toral project has been achieved over the last three-to-four years with the application of dedicated teamwork through the process of exploration, evaluation and the prosecution of planning," said Executive Chair & Acting Chief Executive Officer Myles Campion.
"The company has overcome a few hurdles during this period, Covid being one of them, but all thanks goes to the team on the ground in Spain in being flexible and adapting to both physical and financial constraints and being able to achieve this milestone. We now look forward to continuing our work with Denarius over the coming years; 2024 will see the recommencement of drilling and work commence on a preliminary economic assessment."
On the preliminary economic assessment, Europa Metals said this will be formally reported in accordance with the Canadian Institute of Mining Metallurgy & Petroleum definition standards.
By Greg Rosenvinge, Alliance News reporter
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