(Alliance News) - Europa Metals Ltd on Friday announced a 40% increase in indicated resources estimate at its Toral project in Spain.
Europa Metals shares were 23% higher at 20.05 pence each on Friday morning in London, while its Johannesburg shares were up 16% at ZAR4.25.
The European-focused lead-zinc and silver developer reported an indicated resource estimate of approximately 3.8 million tonnes at 8.3% zinc equivalent and 30 grams per tonne of silver at the Toral lead, zinc and silver project in Spain. This represents a 40% increase in indicated resources tonnes.
The company reported a total resource of approximately 17 million tonnes at 6.9% zinc equivalent, 4.1% zinc, 2.9% lead, and 24 grams per tonne of silver, including 720,000 tonnes of zinc, 510,000 tonnes of lead and 14 million ounces of silver.
Chief Executive Laurence Read said: "Concentrated around the initial mineable area of the Toral project, we have achieved an approximate 40% increase in the indicated resource at an average grade of 8.3% zinc equivalent (including lead credits) and a significant average grade above cut-off that should have a bearing on the overall mining profile once the effects of ore sorting are fully assessed."
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Europa Metals (EUZ)