(Alliance News) - Europa Metals Ltd said on Wednesday it had started the drilling campaign on its Toral lead, zinc and silver project in Spain, together with its partner Denarius Metals Corp.
The Europe-focused lead-zinc and silver developer said also said work on its planned mining licence application was progressing well alongside desk top studies evaluating other potential surrounding exploration permit areas, which are expected to be completed over the next three to six months.
On the project, Europa Metals said the first rig arrived on site and commenced drilling last month, with the second rig expected to arrive on site this week, which will then commence drilling after Easter.
The drill campaign is being conducted by the contractor, Explomin Perforaciones UE SL.
As part of the initial twelve month work programme agreed with Denarius Metals, the current drilling campaign of 11 planned holes for a total of up to 7,000 metres will principally involve a combination of confirmatory and infill drilling within the project's known indicated resource area outlined to date.
The results will then be applied to commission an updated independent mineral resource estimate later in the year.
The company said the initial work programme forms the major part of the EUR1.8 million, or about USD1.95 million twelve month JV budget agreed recently with Denarius Metals.
Chair Myles Campion said:"I am very pleased that our latest drill campaign has commenced so quickly post finalisation of the JV budget; it represents a great first step in our partnership with Denarius Metals. Two rigs onsite will allow us both efficiency and flexibility in our programme of resource infill targeted drilling, the results of which will then flow into an updated resource estimate."
Shares in Europa Metals were unchanged at 3.25 pence on Wednesday morning in London. They also remained unchanged at ZAR0.57 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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Europa Metals (EUZ)