A very interesting read and with the imminent mets (expected end of Q1) LRs words not mine we should finally see a re-rate of this ridiculously low SP.
I note the mining license should also be about complete now (almost 18 months since application was submitted).
Also great to see copper added to the list! Keep the faith guys, and stay off the Corona!
11 March 2020 Europa Metals Ltd (“Europa Metals”, the “Company” or the “Group”) (AIM, AltX: EUZ) Assay Results for HolesTOD-024 and TOD-025, Toral Pb, Zn & Ag Project, Spain Europa Metals, the European focused lead-zinc and silver developer, is pleased to announce that the assay results for the remaining drill holes TOD-024 and TOD-025 have now been received from ALS Laboratories. These results contain the highest-grade intersection obtained by the Company to date from its drilling campaigns on its wholly owned Toral lead, zinc and silver project (“Toral” or the “Toral Project”) situated in the region of Castilla y León, north-west Spain. Highlights: - Assay results received for the remaining drill holes TOD-024 and TOD-025; - Thick, high-grade zone confirmed outside of the current Indicated resource area in hole TOD025: o 7.70m @ 17.3% ZnEq(PbAg) from 483.6m to 491.3m, including 4.3m @ 25.6% ZnEq(PbAg) from 486.3m to 490.6m; o Highest grade intersection returned by Europa Metals to date from its drilling campaigns at Toral; o Encouraging results that extend the current known high-grade area of the deposit and establish consistency with the historic grades encountered at the Toral Project from third-party drilling activities undertaken in the 1980s; - Mineralisation confirmed above current Indicated resource area in hole TOD-024: o 1.7m @ 5.1% ZnEq(PbAg) from 280.8m to 282.5m; - Copper results identified in hole TOD-024: o 0.9m @ 1.5% Cu from 278.9m to 279.8m; - On conclusion of the current metallurgical testwork (expected during March 2020), the significant material recovered from drill hole TOD-025 will be utilised in a further phase of metallurgical testwork, to be undertaken by Wardell Armstrong International. Laurence Read, Executive Director of Europa Metals, commented: “Today’s high-grade assay results from hole TOD-025 are the highest obtained by Europa Metals since we commenced drilling activities at Toral in 2017 and serve to establish continuity with the results of historic third-party drilling campaigns in the 1980s. The intersections have enabled us to obtain further mineralised core to continue with the metallurgical work programme, once the results from the current testwork are received and reported. As previously announced, we shall not obtain a further resource update at this stage, but will instead focus on establishing recoveries and potential future saleable concentrate product types of zinc, lead and silver from the high-grade mining profile being developed at Toral.” Myles Campion, Technical Director of Europa Metals, further commented: “The drilling of hole TOD-025 was an exciting process as we were able to visually identify coarsegrained mineralisation. It is highly encouraging that this initial visual identification has now been verified via today’s assay results. It represents the most significant hole drilled by the Company to date at Toral and also ranks highly in comparison with the historic higher-grade intersections returned across the deposit. In addition, importantly, the thickness of the high-grade intersection obtained from hole TOD-025 confirms the continuity of thickness evident in the Indicated resource area.” Drill Campaign’s Objective The key objective of the Company’s most recent drilling campaign, which completed in January 2020, was to infill gaps in the resource drilling pattern, around the current known Indicated resource between the 300 - 600 metre horizon. The target area was purposefully located within the high-grade core of the Toral Project in order to provide further data to support the extension of the Indicated resource, when the next update is commissioned, and thereby increase confidence in the underlying project economics. The drilling was conducted using the largest core size possible (PQ) to enable the retrieval of a new sample for metallurgical testwork, with a view to delivering metallurgical data across an increased area of the Toral deposit in order to provide a greater degree of spatial representivity. Key Drilling Data Hole TOD-025 was drilled to intersect an area approximately 120m to the west of the current Indicated resource area, designed to link up the Indicated zone to the east with a further zone of concentrated data points to the west. Hole TOD-025 intersected a significant width of visually highgrade mineralisation with coarse grained sphalerite and galena being present. The intersection encountered in hole TOD-025 is of the highest grade that the Company has obtained from its drilling activities to date, which commenced in 2017. The encouraging assay results extend the current known high-grade area and are consistent with the grades obtained from historic drilling activities by third parties at Toral in the 1980s. Diagram 1, shown below, illustrates the location of holes TOD-024 and TOD-025 within the Toral block model: Hole TOD-024 was drilled higher up in the block model sequence than hole TOD-025 and was designed to infill an area between known data points and possibly extend the current Indicated resource area. Drilling parameters for the 2019/20 diamond drilling campaign, which concluded in January 2020, are presented in Table 1 below. HOLE_ID EASTING NORTHING COOR_SYS RL (m) Depth (m) AZIMUTH DIP TOD-024 681195 4710031 ETRS89utm29 532 302.4 212 -58 TOD-025 681195 4710031 ETRS89utm29 532 497.2 212 -68.5 Drilling Results Core obtained from holes TOD-024 and TOD-025 was sampled and sent to ALS Laboratories in Spain, with initial results confirming the visual mineralisation as high-grade, with certain samples having to be re-assayed due to the Pb content being above the detection limit at the laboratory. Table 2 below shows the intercepts returned from the final assay results for hole TOD-025. Hole ID From (m) To (m) Interval Ag_ppm_Total Pb_%_Total Zn_%_total ZnEq(PbAg)% ZnEq(Pb)% TOD-025 479.9 480.8 0.9 1.9 0.30 1.82 2.12 2.09 TOD-025 480.8 481.3 0.5 0.2 0.02 0.06 0.08 0.07 TOD-025 481.3 482 0.7 0.2 0.01 0.03 0.05 0.04 TOD-025 482 482.5 0.5 0.2 0.01 0.03 0.05 0.04 TOD-025 482.5 483.6 1.1 31.1 0.09 0.11 0.78 0.19 TOD-025 483.6 484.2 0.6 5.6 0.98 4.31 5.30 5.19 TOD-025 484.2 485.2 1 0.2 0.01 0.02 0.03 0.03 TOD-025 485.2 486.3 1.1 13.8 2.81 0.27 3.07 2.81 TOD-025 486.3 487 0.7 228 29.80 16.15 47.42 43.09 TOD-025 487 487.5 0.5 174 12.65 10.60 25.34 22.04 TOD-025 487.5 487.9 0.4 301 32.10 2.51 37.25 31.53 TOD-025 487.9 488.4 0.5 80.2 13.25 0.06 13.56 12.04 TOD-025 488.4 489 0.6 35 3.24 24.50 28.09 27.43 TOD-025 489 489.8 0.8 16.6 2.53 3.35 5.95 5.64 TOD-025 489.8 490.6 0.8 26.8 5.08 16.60 21.70 21.19 TOD-025 490.6 491.3 0.7 4.6 1.01 1.88 2.87 2.78 TOD-025 491.3 492.3 1 0.6 0.17 0.07 0.23 0.22 TOD-025 492.3 493.3 1 0.6 0.01 0.05 0.07 0.05 TOD-025 493.3 494.3 1 0.2 0.00 0.01 0.01 0.01 Table 3 below highlights the significant intercepts returned from the final assay results for hole TOD025: Hole ID From (m) To (m) Interval Ag_ppm_Total Pb_%_Total Zn_%_total ZnEq(PbAg)% TOD-025 483.6 491.3 7.70 80.53 9.40 7.29 17.33 TOD-025 485.2 491.3 6.10 97.78 11.39 8.43 20.58 TOD-025 486.30 491.30 5.00 108.28 12.46 9.46 22.77 TOD-025 486.30 490.60 4.30 123.09 14.09 10.54 25.62 Notes for table 2 and 3: • Significant Zn Eq intercepts were generated using a 2% Zn Eq trigger value, minimum width of 1m, maximum consecutive waste interval of 2m, minimum average Zn Eq grade >2%. • Zn equivalent calculations were based on 3 year trailing average price statistics obtained from the London Metal Exchange and London Bullion Market Association giving an average Zn price of US$2,780/t, Pb price of US$2,200/t and Ag price of US$16.4/Oz. Recovery and selling factors were incorporated into the calculation of Zn Eq values. It is the company’s opinion that all the elements included in the metal equivalents calculation (Zinc, Lead and Silver) have a reasonable potential to be recovered and sold. • Zn Eq (PbAg)% is the calculated Zn equivalent incorporating silver credits as well as lead and is the parameter used to define the cut-off grade used for reporting resources (Zn Eq (PbAg)% = Zn + Pb*0.904 + Ag*0.019). • Zn Eq (PbAg)% is the calculated Zn equivalent incorporating silver credits as well as lead and is the parameter used to define the cut-off grade used for reporting resources (Zn Eq (PbAg)% = Zn + Pb*0.904 + Ag*0.019). • No top cutting was applied to Zn, Pb, Ag or Cu grades. • Interval widths reported are the downhole length and are unlikely to reflect true widths owing to the mineralisation style at the project. True thickness is approximately 70% of the drill thickness. Metallurgical Programme The current second phase of the metallurgical testwork, being undertaken by Wardell Armstrong International, is nearing completion of the final lock cycle testwork and concentrate analysis. Conclusion of this second phase is expected this month, with results expected to be announced shortly thereafter. On conclusion of the second phase, the significant material recovered from hole TOD-025 will be utilised for a third phase of testwork by Wardell Armstrong International in order to provide a greater degree of spatial representivity across the Toral deposit. Competent Person’s Statement The exploration results and activity reported in this announcement have been compiled and reviewed by Mr Luis J. Pérez who is a Member of the Australian Institute of Geoscientists (AIG) and a European Geologist (EurGeol). Mr Pérez has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to be regarded as a qualified person under the AIM Note for Mining and Oil & Gas Companies dated June 2009. Mr Pérez consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. For further information on the Company, please visit www.europametals.com or contact:
EUZ Price at posting:
0.1¢ Sentiment: Buy Disclosure: Held
