RE: RNS - Budget agreed with Denarius22 Mar 2023 14:02
...pect to its search for suitable additional assets and new project opportunities with the potential to deliver value for all shareholders."
Work Programme and Mining Licence Application
Following a recent financing round completed by Denarius, US$550k has been received by EMI in accordance with the terms of the definitive option agreement, further to the initial US$100k payment received from Denarius following approval of the JV by Europa Metals' shareholders in late 2022.
The Company and Denarius have now approved an initial US$1.8m budget and work programme for Toral covering a 12 month period which will incorporate a comprehensive drilling programme and completion and submission of a MLA to the Junta of Castilla y León.
A drill campaign of approximately 7,000m is scheduled to commence by the end of this month with an initial single rig to be augmented with a second rig in April 2023. The programme will focus firstly on confirmatory drilling followed by a series of infill holes designed to corroborate the existing indicated resource estimate. The results will then be applied to commission an updated independent mineral resource estimate later in the year.
A desktop review and preparatory application work for securing potential additional permits close to Toral is underway and will run for the next three to six months to identify and formulate suitable exploration permit applications to be submitted to the Junta of Castilla y León.
Running concurrently, the MLA involves preparation of an in-depth study which commenced in January 2023 following the initial payment from Denarius of US$100k. The work carried out by Europa Metals over the last 12 to 18 months with regards to resources, hydrogeology, geotechnical measurements, environmental and social studies on Toral has facilitated the rapid advancement of this requisite study.
The location for all future major facilities and associated infrastructure has now been defined which in turn allows for the finalisation of detailed environmental, heritage and archaeological surveys on the specified project area. Finalisation of capital requirements and ongoing cost profiles is underway and will run in conjunction with formulation of a development schedule following the trade-off study completed with regard to potential mining methods. This work is ongoing and is on track to meet internal timelines for submission of the MLA by the Junta's deadline of 31 July 2023.
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