(Sharecast News) - Lead, zinc and silver developer Europa Metals announced the first assay results from its ongoing infill diamond drilling programme at the Toral project on Friday.
The AIM-traded firm said the programme was being conducted by Explomin Perforaciones as part of the 2023 exploration campaign, agreed on by Europa Metals and Denarius Metals.
It said the highlight of the assay results was the significant intersection from drillhole TOD-043, which showed 8.70 metres at 11.03% zinc equivalent.
Within the intersection, there was a notable zone of 3.10 metres at 20.35% zinc equivalent.
The successful drilling of hole TOD-043 had allowed the company to intersect high-grade mineralisation adjacent to an existing, previously-reported high-grade intersection within the project's indicated resource block.
Europa said the ongoing campaign was primarily focussed on around 11 holes, with a total length of up to 7,000 metres.
The holes encompassed both confirmatory and infill drilling within the project's known indicated resource area.
It said the current indicated resource area was estimated to be seven million tonnes at 8.1% zinc equivalent including lead credits, 5% zinc, 3.7% lead, and 29 grams of silver per tonne.
On completion of the drilling campaign, the results would be used to commission an updated independent mineral resource estimate later in the year.
Europa Metals and Denarius Metals entered into a definitive option agreement on 22 November last year, for the exploration campaign at the Toral Project.
"The first drill hole of our infill and confirmatory campaign has illustrated the robust nature of Toral and the current indicated resource. Hole TOD-043 has displayed a thick, well mineralised intersection in keeping with the existing holes in the area," said executive chairman and acting chief executive officer Myles Campion.
"We look forward to providing further updates as we progress through the rest of the drilling programme as results become available."
At 1118 BST, shares in Europa Metals were down 1.94% at 3.04p.
Reporting by Josh White for Sharecast.com.
Europa Metals (EUZ)