Proactive investors 28th March 202412 Jun 2024 15:10
Europa Metals Ltd (AIM:EUZ, JSE:EUZ) reported a much-reduced interim loss and said detailed environmental studies are now nearing completion to finalise the formal submission of the company's mining licence application for the Toral project in northwest Spain.
For the half-year to 31 December 2023, the group recorded a net loss after tax of A$248,761 compared to A$1.2 million a year earlier.
A drilling campaign is currently for a total of up to 7,000m, focused on a combination of confirmatory and infill drilling within the project's known indicated resource area outlined to date.
All holes to date have been successful in intersecting mineralisation adjacent to an existing high-grade intersection, the company said, with the final drillhole for this campaign, Hole TOD-051, said to be currently nearing completion.
This follows the receipt of assay results from Toral conducted by Explomin Perforaciones, part of the exploration campaign in collaboration with Denarius Metals following the definitive option agreement outlined in late 2022.
These revealed significant mineralisation in seven drill holes, with notable intersections in drillholes TOD-044 to TOD-050, showcasing high percentages of zinc equivalent.
Highlights include a 4.95m section at 22.71% zinc equivalent in drillhole TOD-045 and various sections in other holes demonstrating substantial mineralisation.
Europa said it is finalising detailed environmental studies essential for its mining licence application submission to the Mines Department of Castilla y León, which it said underscored the project's potential and the company's commitment to advancing Toral responsibly.
Re-assays and re-confirmation of the results for several samples sent to the laboratory over the past several months included one hole that reported an abnormally high silver value, with an average grade of 160.52g silver per tonne, which was sent for re-testing as part of standard operating procedures when an abnormally high result is received.
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