(Alliance News) - Europa Metals Ltd said Wednesday it has received its final assay results for four holes drilled on the Toral lead, zinc and silver project in Spain.
The drilling campaign had the objective of filling in gaps within the historic drill spacing for the extending inferred resource between the 400 metre to 1,000 metre horizon, providing further data to inform a possible first indicated resource.
The second objective of the drilling was to retrieve a sample for metallurgical work analysis to determine potential processing routes and concentrate products for potential future sales.
Both objective were achieved through drilling holes TOD-022 and TOD-023, in which new significant intersections of zinc equivalent were discovered.
In particular, holes TOD-023 and TOD-203D identified a faulted breccia above the main mineralised vein in the hanging wall within the zone. The hanging wall zone has shown a broad envelope of 10.5 metres at a grade of 2.23% zinc equivalent.
However, the first hole TOD-021 deviated away significantly from the target location and returned no significant intercepts.
All results have been submitted to the company's independent consultants Addison Mining Services Ltd, allowing for the updating of the mineral resource models and provide a JORC-compliant technical report.
The report has been targeted for completion within the fourth quarter of 2019.
"Following receipt of the final assays, work has begun on an update to the JORC resource estimate for the Toral project, which we anticipate will take 4 weeks. Such update, along with a new geological model, will inform the next phase of work for Toral, in combination with Wardell Armstrong LLP's metallurgical testwork, in order to move the project towards a potential mining licence application," said Executive Director Myles Campion.
Shares in Europa Metals were 12% lower in London at 0.040 pence, while its Johannesburg shares were flat at ZAR0.01 on Wednesday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Europa Metals (EUZ)