LONDON (Alliance News) - Lead-zinc producer Europa Metals Ltd said on Wednesday it has identified the potential to expand the resource at its Toral lead-zinc-silver project in Spain.
The four-hole extension drilling campaign has extended the boundaries of the mineralisation 200 metres to the east of the pre-existing defined mineral resource estimate.
Every drill hole encountered limestone and slate which contained lead, zinc and silver mineralisation.
The phase two diamond drilling programme at Toral is currently being conducted in the pre-existing defined resource areas, with the first holes of infill drilling completed on budget and schedule.
"Our RC drilling programme has efficiently and effectively increased the footprint of the Toral Project by an additional 200 metres to the east and has further delineated the contact zone in an under drilled area. The programme has also been a very useful exercise in bedding down and refining operating procedures and systems as we proceed with our Phase II diamond drilling programme," said Executive Director Myles Campion.
In addition, during the third quarter of 2018 to the end of September, Europa Metals increased the inferred resource estimate for the Toral project to 19 million tonnes, containing 720,000 tonnes of zinc, 570,00 tonnes of lead and 14 million ounces of silver.
Shares in Europa Metals remained flat at ZAR0.03 in Johannesburg on Wednesday, and London shares were up 9.5% at 0.12 pence.
Europa Metals (EUZ)