(Alliance News) - Europa Metals Ltd on Tuesday said it has drawn down and received EUR137,572 from the Spanish government's Centre for the Development of Industrial Technology.
The Europe-focused lead-zinc and silver developer said the funds are being utilised for the development of research & development technologies relating to the recording and correction of drillhole deviation at its wholly owned Toral lead, zinc and silver project. The Toral project is situated in the region of Castilla y Leon, north-west Spain.
Europa Metals also said that the University of Salamanca and drilling contractors Sondeos y Perforaciones Industriales de Bierzo SA have worked closely with Europa Metals in recording and analysing drilling data from 2020 onwards at Toral.
Utilising new down-hole monitoring technologies with its partners, the University of Salamanca has now gathered a sufficient data set from over 5,000 metres of diamond drilling at Toral, to create "a correctional algorithm to be further researched towards potential future commerciality", it added.
Executive Chairman & Acting Chief Executive Myles Campion said: "We are pleased to have received the final tranche of the CDTI loan towards the R&D project that has been carried out at Toral over the last three years. It has been a most rewarding experience to have collaborated with the University of Salamanca and SPI to integrate existing drilling technology with new algorithms to inform in real time and predict possible problems associated with downhole drilling deviation."
Shares in Europa Metals were down 7.7% to 2.40 pence each in London on Tuesday morning. In Johannesburg, its stock has not traded since July 14, closing at ZAR0.50.
By Sophie Rose, Alliance News reporter
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Europa Metals (EUZ)