Europa Metals upbeat on completion of third hole in Toral campaign

The AIM-traded firm said a 12 metre intersection of visible mineralisation was identified, with an approximate true thickness of eight metres, in the contact zone of the main mineralised horizon at Toral, which supported its theory of a high-grade plunging shoot in the core of the deposit.

Two further occurrences of visible mineralisation were identified in the hanging wall, which were approximately 20 metres and 80 metres respectively up hole from the main contact zone .

The hole was successfully completed at a depth of 713 metres, the board reported.

It explained that, given the significance of the intersection and mineralised occurrences, a 'daughter' hole - or wedge - would now be drilled off the parent hole, starting immediately.

That would enable the company to secure an enlarged sample for metallurgical test work.

TOD-023 material was currently being processed, Europa confirmed, and would shortly be sent to an independent laboratory for assay.

The assay results from the current drilling campaign would form part of a planned updated mineral resource estimate and technical report, aimed at increasing confidence in the Toral Project's resource estimate to the indicated category.

Mineralised samples from both the parent and the daughter holes would be collated and then sent to Wardell Armstrong to determine separation characteristics, and the likely potential future concentrate products obtainable from Toral, Europa explained.

Following the receipt in due course of all assays from holes TOD-21, TOD-22 and TOD-23, the company said the results would be reported in accordance with best practice and the JORC Code.

“This is a great drilling result, currently only visual, but a 12 metre mineralised intersection supports the theory that the orebody displays a plunging high-grade core, which is currently open at depth,” said Europa Metals technical director Myles Campion.

“With the daughter hole now underway we will obtain sufficient samples to engage Wardell Armstrong in the first metallurgical testwork on Toral.”

Campion said the firm’s technical team would now combine all data to improve its geological model, including the two additional mineralised zones located above the main mineralised contact zone.

“Once all of the assays are received we plan to obtain an updated independent mineral resource estimate in accordance with JORC.”