(Alliance News) - Europa Metals Ltd said Thursday the investigation permit for its Toral lead, zinc and silver project in Spain has been renewed for three more years to November 15, 2023.
The renewal was after a consultation process conducted by the Junta of Castille and Leon, which is the governing and administrative body of the Spanish region.
During the period, the metals developer will look to complete all necessary tasks to enable an application for a mining licences.
Looking ahead, Europa expects to announce the findings of Bara Consulting's independent report containing updated economic data from the project and key parameters for outlining a pre-feasibility study.
In addition, the company is working on a combined resource and metallurgical drilling programme, which will allow the draw down of the initial EUR163,380 tranche of the CDTI grant.
"The renewal of our investigation permit for Toral for a further three year period follows the successful completion of the designated application process, and serves to demonstrate the supportive and cooperative development environment for appropriate metals projects within the Castilla y Leon region in Spain," said Chief Executive Officer Laurence Read.
"With the investigation permit secured until late 2023, we shall now progress the further definition of the intrinsic value of Toral as a high grade, robust lead, zinc and silver project. It is anticipated that the independent updated economic study shall be concluded shortly, bringing together all the significant work completed at the project since 2018 and providing a detailed outline of a mine development model and related economics," Read added.
Shares in Europa Metals were up 4.8% at 11.00 pence on Thursday in London, while Johannesburg shares were 4.7% higher at ZAR2.25.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Europa Metals (EUZ)