Europa Metals (AIM:EUZ ) has submitted an application to the Junta of Castilla y León for a new three year investigation permit for its Toral lead, zinc and silver project in North-West Spain.
The AIM-listed company was granted an initial investigation permit for Toral in 2017, which is due to expire in November 2020, following the conclusion of the customary three- year period.
Since acquiring its first investigation permit, which provides the right to pursue exploration activities at a project, Europa has commissioned and conducted significant work at Toral.
Laurence Read, Executive Director of Europa Metals, said “Europa Metals has taken the decision to submit an application for a new, three year, Investigation Permit in order to further progress our assessment of the technical and economic potential of this high grade lead, zinc and silver project.”
The application was prepared in close consultation with the relevant bodies of the Junta of Castilla y León, whose involvement in the submission process served to reinforce the company’s decision to apply.
Shares in Europa Metals were opened flat at 0.0195p on Monday morning.
Europa said it anticipates that a decision in respect of the grant of a new investigation permit will occur prior to the scheduled expiry of the existing permit in November.
The group said it continues to be engaged on a number of work streams at Toral and has identified tasks it intends to undertake before submitting a final development application.
Meanwhile, results in relation to the latest metallurgical testing at the Toral project and updates on other work items are expected over the course of the summer, the group noted.
“The last three years, since receiving our first Investigation Permit, has seen a significant progression in our understanding of Toral and its potential value,” commented Read.
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