RNS19 Jul 2021 08:12
Phase 1 complete
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX: EUZ)
Milestone 1 of the CDTI €466,801.50 Innovation Grant Completed
Toral Pb, Zn & Ag Project, Spain
Europa Metals, the European focused lead-zinc and silver developer, is pleased to announce that it has now completed the requisite work and collated and submitted all the relevant documentation to the Spanish Government Centre for the Development of Industrial Technology ("CDTI") in relation to the Stage 1 milestone of its €466,801.50 innovation grant (the "Grant"), further details of which were announced on 19 October 2020.
Following receipt of an initial tranche of €163,380, Europa Metals has worked closely with its innovation partners, the University of Salamanca (Air Institute) and the drilling contractors Sondeos y Perforaciones Industriales de Bierzo SA ("SPI") in recording and analysing data from the ongoing 2021 Pre-Feasibility Study drilling campaign at the Company's wholly owned Toral Project. Using new down-hole monitoring technologies, developed by SPI, the University of Salamanca has now compiled a sufficient data set from over 2,800m of diamond drilling at Toral, to create an initial, correctional algorithm to be further researched to move towards potential commerciality. Any future commercial benefit from an eventual product will be shared by the Innovation Partnership (comprising Europa Metals, the University of Salamanca and SPI).
Further to the abovementioned submission to the CDTI, it will now undertake its formal review process, following which the Company intends to draw down Stage 2 funds of €158,628.60.
Commenting today, Laurence Read, CEO of Europa Metals said:
"The work conducted with our Innovation Partners, the University of Salamanca and SPI, has been outstanding and we are delighted to have completed and submitted the necessary documentation on schedule, in respect of the Stage 1 milestone requirements as outlined under the €466,801.50 grant, awarded to us by the CDTI. I would like to thank CDTI and the Spanish Ministry of Science and Innovation for backing this exciting project as we continue to support the University of Salamanca's investigation into new, commercial, deviational correction algorithms for potential application to diamond drilling campaigns.
"I look forward to updating the market further in due course as the CDTI Stage 1 milestone review process is completed alongside other activities on our Toral PFS campaign."
About CDTI
The CDTI ("Centro para el Desarrollo Tecnológico Industrial"; https://www.cdti.es/) is a Public Business Entity in Spain, under the auspices of the Ministry of Science and Innovation, which fosters the technological development and innovation of Spanish companies. The Grant made to Europa Metals is categorised as a partly refundable loan (with a nil per cent. interest rate) with the funds received at each stage to be allocated towar
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