TIDMEUZ
RNS Number : 9593Z
Europa Metals Ltd
19 May 2023
19 May 2023
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
Drilling Results
Europa Metals, the European focused lead, zinc and silver
developer, is pleased to announce the first assay results from its
ongoing infill diamond drilling programme being conducted by
Explomin Perforaciones UE S.L. ("Explomin"), at the Company's 100%
owned Toral Pb, Zn & Ag project ("Toral" or the "Toral
Project"). This drilling programme forms part of the 2023
exploration campaign agreed by Europa Metals Ltd ("Europa Metals"
or the "Company") and Denarius Metals Corp (TSXV:DSLV; OTCQX:
DNSRF) ("Denarius") pursuant to the definitive option agreement
dated 22 November 2022, further details of which are set out in the
Company's announcement of 23 November 2022.
Highlights :
-- Significant intersection from drillhole TOD-043 of 8.70m@11.03% ZnEq(PbAg)*, including:
o 3.10m@20.35% ZnEq(PbAg)*
-- Hole TOD-043 has been successful in intersecting high grade
mineralisation adjacent to an existing, previously reported, high
grade intersection within the project's Indicated Resource block
outlined to date.
The current focus of the drilling campaign comprises
approximately 11 holes for a total of up to 7,000m, including a
combination of confirmatory and infill drilling within the
project's known indicated resource area outlined to date, of 7Mt @
8.1% Zn Equivalent (including Pb credits), 5% Zn, 3.7% Pb and 29g/t
Ag. Once completed, the campaign's results will then be applied to
commission an updated independent mineral resource estimate later
in the year.
Commenting today, Myles Campion, Executive Chairman and acting
CEO of Europa Metals said :
"The first drill hole of our infill and confirmatory campaign
has illustrated the robust nature of Toral and the current
indicated resource. Hole TOD-043 has displayed a thick, well
mineralised intersection in keeping with the existing holes in the
area. We look forward to providing further updates as we progress
through the rest of the drilling programme as results become
available".
The drilling parameters for the assay results reported for hole
TOD-043 are presented in the table below:
HOLE_ID EASTING NORTHING ELEVATION LENGTH COOR_SYS
(m) (m)
TOD-043 681197 4710037 531.78 491 ETRS89utm29
-------- --------- ---------- ------- ------------
Hole TOD-043 was drilled with a PQ-HQ 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 Zn_% Pb_% Ag_ppm Cu_% ZnEq(PbAg)%*
(m)
TOD-043 472.00 480.70 8.70 1.66 9.43 44.28 0.05 11.03
------- ------- --------- ----- ------ ------- ----- -------------
TOD-043
(included) 475.70 478.80 3.10 1.20 19.47 83.90 0.09 20.35
------- ------- --------- ----- ------ ------- ----- -------------
* - 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, minimum average Zn Eq grade >1%.
Image1: Positioning of hole TOD-043.
Drilling operations are ongoing, in line with the objective set
out above, and further assay results will be announced once
processed and received. Hole TOD-044 has been completed with assays
having already been sent to the labs and TOD-045 and TOD-046 are
currently being drilled with targeted depths of approximately 610m
and 810m respectively.
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/Abigail Wennington
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 by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
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END
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