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(Alliance News) - Zinc and silver miner Europa Metals Ltd said Wednesday it will no longer continue to drill at its Toral project in north-west Spain, as it believe it offers no value to shareholders.
Shares in Europa Metals were down 8.6% in London on Wednesday at 0.020 pence each. In Johannesburg, the shares were untraded but last closed at ZAR0.01.
Europa said it is going to focus on engineering at the site during the first half of 2020 and review the samples from drilling conducted over the past two years.
"Europa Metals has generated and collated a significant amount of independently verified data over the last two years and the company's efforts will now focus on the completion of the current second phase metallurgical testwork and optimisation of the Toral project's process flow sheet," the miner said.
Its current diamond drill campaign will end following the completion of hole TOD-025.
Samples from holes TOD-024 and TOD-025 will be sent for assay, with results expected later in the first quarter of 2020.
Europa added: "The board believes focusing on specific tasks will best enable the progression of Toral in a cost effective and optimal manner and looks forward to announcing the results of the various workstreams and impact on the project's economics in due course."
Executive Director Laurence Read added: "Europa has generated significant amounts of data on its Toral project over the last two years and, in light of the prevailing challenging market conditions, we believe that further resource delineation drilling will not generate significant incremental value for shareholders at the current time."
Europa said cost saving initiatives are being implemented at the project.
By Paul McGowan; paulmcgowan@alliancenews.com
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