RNS18 Dec 2019 07:13
18 December 2019
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX: EUZ)
Preliminary Metallurgical Results Received Confirming Saleable Levels of Concentrate Product, Toral Pb, Zn & Ag Project, Spain
Europa Metals, the European focused lead-zinc and silver developer, is pleased to announce that it has received a preliminary independent metallurgical testwork report (the "Report") from Wardell Armstrong International ("Wardell Armstrong"), in respect of the Company's 100% owned Toral lead, zinc and silver project (the "Toral Project" or "Toral") in the region of Castilla y León, north west Spain.
Highlights:
· First metallurgical testwork results received for the Toral Project.
· 61.6kg sample taken from the Company's 2019 drill programme was submitted to Wardell Armstrong for analysis.
· Locked cycle testing confirms saleable concentrate quality of the lead, zinc and silver, with good grades reported for each concentrate:
o 57.5% lead;
o 55.8% zinc; and
o 1,457 parts per million ("ppm") (approximately 1.5kg/t) silver grade reporting to the lead concentrate.
· Locked cycle testing demonstrates good recoveries for each metal:
o 84.3% lead recovery;
o 70.7% zinc recovery; and
o 90.3% silver recovery reporting to the lead concentrate.
· No testing for deleterious elements or by-products has been undertaken for the purposes of the Report.
Based on the preliminary findings set out herein, the Company will now proceed with the next phase of preliminary metallurgical work, adopting the recommendations made by Wardell Armstrong in the Report. This second phase of testwork is expected to be completed during Q1 2020. Sufficient core remains available for testing and the additional testwork will comprise, inter alia, the following:
· Second phase locked cycle testwork examining an increased depression of zinc during lead flotation, with the aim of increasing zinc recoveries; and
· Full testing for deleterious elements and by-products following such second phase locked cycle testwork.
Today's preliminary metallurgical results follow the Company's announcement of 29 October 2019, which detailed an updated JORC (2012) Mineral resource estimate at the 4% cut-off, including a first Indicated resource of approximately 2.7Mt @ 8.9% Zn Equivalent (including Pb credits), 5% Zn, 4.2% Pb and 32g/t Ag and an Inferred resource of approximately 16Mt @ 7.2% Zn Equivalent (including Pb credits), 4.5% Zn, 2.9% Pb and 22g/t Ag.
Laurence Read, Executive Director of Europa Metals, commented:
"The lead, zinc and silver grades obtained from Wardell Armstrong's preliminary testwork are, in comparison with the Company's peers, very encouraging, particularly in the context of the strong lead recovery. Zinc recovery is in line with the industry average, when compared to producing projects, and the next stage of metallurgy and process design work
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