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(Alliance News) - Europa Metals Ltd on Monday reported solid initial assay results from its pre-feasibility study diamond drilling programme at its Toral lead, zinc and silver project.
The European-focused metals developer reported significant intersections from drill holes, TOD-028, 029, 030 and 031, with TOD-029 revealing significant widths over 20 metres suitable for metallurgical ore-sorting test work.
The infill drilling campaign's objective is to improve Europa's understanding of the deposit to assess the potential for increasing future production in the early years of the planned mine life.
The company said the campaign is meeting its objectives in the upper zone of the deposit, with both siliceous and carbonate styles of mineralisation being intersected in line with expectations.
Looking ahead, the hydrogeological campaign is on schedule, following the completion of the main bore hole work to test water levels within the proposed mining area being the next key component.
"Today's assay results are excellent and we look forward to incorporating a new resource zone into the early years of potential future production at Toral. This will clearly be dependent on the results of an independent JORC (2012) resource update to be commissioned in due course, however the campaign's findings to date are supportive of us meeting this objective," said Chief Executive Officer Laurence Read.
"It is particularly pleasing to see the team's decision to initiate daughter holes off TOD-029, pre assay, being supported by today's results. By securing meaningful metallurgical samples for PFS level work, Europa Metals can build on its existing metallurgical testwork findings as well as further assessing the implementation of ore sorting within the upper siliceous zone of the project," Read added.
Shares in Europa Metals were down 4.6% at 10.50 pence on Monday in London, while its Johannesburg shares were 1.3% lower at ZAR2.27.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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