REG - Europa Metals Ltd - Highest Grade Drilling Results by the Company

Europa MetalsAnnouncement

09/11/2022 07:00

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RNS Number : 7524F  Europa Metals Ltd  09 November 2022

9 November 2022

Europa Metals Ltd

("Europa Metals", the "Company" or the "Group") (AIM, AltX: EUZ)

Highest Grade Drilling Results by the Company for Toral

Europa Metals, the European focused lead, zinc and silver developer, is
pleased to announce further assay results from its recently completed diamond
drilling programme conducted by "Sondeos y Perforaciones Industriales del
Bierzo SA" ("SPI Drilling") at the Company's 100% owned Toral Pb, Zn & Ag
project ("Toral" or the "Toral Project").

 

Highlights:

·    Significant intersection from drillhole TOD-042 of 5.25m@23.24%
ZnEq(PbAg)*, including:

o  2.50m@44.55% ZnEq(PbAg)*

·    Hole TOD-042 has been successful in intersecting exceptional high
grade mineralisation adjacent to existing, previously reported, indicated
resources and down dip and along strike from the previously reported results
for hole TOD-041 which intersected 3.20m@15.16% ZnEq(PbAg)*

·    Hole TOD-042 in conjunction with hole TOD-041 could link together the
current indicated resource estimate to a part of the inferred resource at
depth which demonstrates continuity

The drilling campaign aimed to expand on the existing indicated resource
envelope of 5.9Mt @ 7.1% ZnEq (including Pb credits) and 27 g/t Ag at depth.
Hole TOD-042 intersected the highest grade mineralisation to be reported by
Europa Metals to date at Toral and over a significant width. The two holes
(TOD-041 and TOD-042) taken in conjunction with nearby previous drilling
provide both support and confidence to our current resource model and the
continuity of the high grade nature of the deposit at depth.

The latest drilling data continues to be utilised to progress the Company's
innovation partnership with the University of Salamanca facilitated by the
grant of up to €466,801.50 by way of a loan from Spain's "Centre for the
Development of Industrial Technology" (CDTI), of which €322,009.13 has been
drawn down to date.

Commenting today, Myles Campion, Executive Chairman and acting CEO of Europa
Metals said:

"Hole TOD-042 contained the highest grade intersection that the Company has
drilled to date at Toral with over 5m in excess of 20% Zn equivalent
representing a fantastic result. This included some samples running over 40%
primary Zn. We targeted this area of the deposit in order to increase our
confidence in a potential extension to the indicated resource and also from
the concept that it could be a higher grade "channel" within the resource.
Both concepts have been proven which is an excellent result for the team and
Toral's future".

The drilling parameters for the assay results reported for hole TOD-042 are
presented in the table below:

 HOLE_ID  EASTING  NORTHING  ELEVATION  LENGTH  COOR_SYS
 TOD-042  681864   4710064   601.473    876.5   ETRS89utm29

 

Hole TOD-042 was drilled with a PQ-HQ-NQ diameter, with half of the core being
sent for independent analysis at ALS Laboratories. The assay results received
are set out in the table below:

 

 Hole_ID             From    To     Interval (m)  Zn_%   Pb_%  Ag_ppm  Cu_%  ZnEq(PbAg)%*
 TOD-042             866.35  871.6  5.25          17.87  4.46  55.69   0.03  23.24
 TOD-042 (included)  868.7   871.2  2.50          36.82  5.77  101.01  0.05  44.55

 

* - ZnEq (PbAg)% is the calculated Zn equivalent incorporating lead and silver
credits; (ZnEq (PbAg)% = Zn + Pb*0.926 + Ag*0.019). 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$2,680/t, Pb price of US$2,100/t and Ag price of US$16.2/oz.

 

Significant Zn Eq intercepts were generated using a 1% Zn Eq trigger value,
minimum width of 1m, maximum consecutive waste interval of 1m and minimum
average Zn Eq grade >2%.

 

 

The cross section image above illustrates the positioning of hole TOD-042. The
high grade nature of the intersection is consistent with our current resource
model and provides further support for extending the known estimated indicated
resource at that depth.

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 which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the December 2012
edition of the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves" ('JORC Code'). 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:

 

Europa Metals Ltd

Dan Smith, Non-Executive Director and Company Secretary (Australia)

T: +61 417 978 955

Myles Campion, Executive Chairman and acting CEO (UK)

T: +44 (0)20 3289 9923

 

Strand Hanson Limited (Nominated Adviser)

Rory Murphy/Matthew Chandler

T: +44 (0)20 7409 3494

 

WH Ireland Limited (Broker)

Harry Ansell/Dan Bristowe/Katy Mitchell/Sarah Mather

T: +44 (0)20 7220 1666

Questco Corporate Advisory Proprietary Limited (JSE Sponsor)

Sharon Owens

T: +27 (11) 011 9212

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended.

 

 

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