Europa Metals pleased with drilling progress at Toral

The AIM-traded firm said the next drill hole - TOD-025 - was started immediately following completion of TOD-024, which it said was made possible by the fact that the same drill pad was being utilised for both holes.

It said it expected that the sequence of drill holes targeted for the drilling campaign would largely use the same drill pad.

Assay results for all of the holes drilled were expected to be announced shortly after completion of the ongoing drill programme.

“As announced by the company on 15 November, the ongoing drilling campaign is initially focusing on a target area to the west of the current Indicated resource area within the existing Inferred zone,” the Europa Metals board said in its statement.

“The overall objective of the drill programme is to increase confidence levels in the resource within the central, proposed future mining area of the Toral project, as set out in the December 2018 Scoping Study.”

Europa said the drilling of hole TOD-025 would continue to mid-December, when the contractors - Sondeos y Perforaciones Industriales del Bierzo - are expected to suspend operations for the Christmas period.

“The drilling of hole TOD-25 is anticipated to recommence in early January, as planned and in line within the company's drilling schedule, with the drilling of further holes thereafter.”

Looking at its metallurgical testwork, the firm said that further to its announcement on 15 November, the locked cycle testwork was now compete and it was looking forward to receiving the independent metallurgical report from Wardell Armstrong before the end of the year.

“Such a report will provide an initial understanding of the potential saleable zinc, lead and silver concentrates obtainable from the Toral project, in addition to data on potential recoveries from a future mining process and identification of any by-products from future production.”

At 1150 GMT, shares in Europa Metals were down 6.1% at 0.03p.