Europa Metals upbeat on latest testwork at Toral

Europe-focussed lead-zinc and silver developer Europa Metals announced the results of the phase 3 independent metallurgical testwork conducted by Wardell Armstrong International (WAI), and the findings of a successful ore sorting analysis programme carried out by WAI and TOMRA overseen by Bara Consulting, on its wholly-owned Toral project in northern Spain on Friday.

The AIM-traded firm said that, following completion of the latest programme, it was now working with Bara to complete an independent study to update the preliminary economics for the project.

It said its economic study would incorporate the “significant” amounts of new data obtained from the work conducted on Toral since completion of the 2018 scoping study.

The board said the phase 3 metallurgical testwork, conducted by WAI, tested the grade and recoveries from three distinct sample types - namely TOD-025H, a high-grade sample; TOD-025L, a low-grade sample; and TOD-024, a weathered sample obtained from its last drilling campaign.

Recovery and grade results were believed by the directors to be “significantly” above average compared to concentrates available in the current market, with the lead concentrate grade combined to a cleaner and scavenger product considered to rank “amongst the highest” concentrate grades globally.

Ore sorting analysis demonstrated the potential for implementing an x-ray transmission process at Toral, based on the findings of Bara's independent report, with the samples being processed by WAI and TOMRA.

It reported “excellent” grade and recovery results from metallurgical sample TOD-025H, comprising 83.9% lead recovery to a 79.2% lead concentrate, 87.7% silver recovery to 512 parts per million silver within lead concentrate, and 87.7% sinx recovery to a 60.0% zinc concentrate.

Ore sorting results from sample TOD-025L using x-ray transmission achieved 98% lead, 94% zinc and 82% silver recoveries, with 45% to 50% waste rejected, and an increase in head grade of between three and four times.

Post ore sorting flotation results on sample TOD-025L concentrates were 89.4% and 81.5% lead and silver recoveries to a lead-silver concentrate grading 53.8% lead and 640 grams of silver per tonne respectively, and 84.7% zinc recoveries to a 52.4% zinc concentrate grade.

Ore sorting results for the lower grade sample from TOD-024, an area previously not considered in the 2018 scoping study, using x-ray transmission achieved 98% lead, 97% zinc and 92% silver recoveries, with 45% to 50% waste rejection, and a two times increase in head grade.

Post ore sorting flotation results on sample TOD-024 concentrates saw the analysis indicating that the ore type could be beneficiated through sorting plus flotation of the sorted products.

Recoveries of 73% lead, 84% zinc and 81% silver to 16.0% lead, 18.6% zinc and 165 grams of silver per tonne concentrate grade were achieved.

Europa said the phase 3 metallurgical results and ore sorting analysis would be utilised, alongside all key work conducted since the 2018 scoping study, to update the Toral Project's estimated economics through the independent study being conducted by Bara.

“Today's phase 3 metallurgical results, conducted by Wardell Armstrong International, and ore sorting analysis from TOMRA/Bara demonstrate excellent lead, zinc and silver recovery and grades for the Toral Project in addition to identifying certain economic benefits that could result from the implementation of ore sorting during potential future mining activities,” said chief executive officer Laurence Read.

“While Europa Metals is extremely pleased with the results from the TOD-025, high-grade sample, it is of particular note that ore sorting could well bring new areas of the deposit's overall resource into the mineable area having previously been discounted due to the low-grade nature of the ore.

“We are now progressing work with Bara to determine the impact of the recent metallurgical studies, ore sorting, updated resource estimate and other work conducted since the 2018 scoping study, on the prospective economics for the Toral Project.”

At 1346 BST, shares in Europa Metals were down 2.96% at 13.1p.