Europa Metals (EUZ) on Tuesday announced a 12% increase in the total resource at its Toral project in Spain.
The updated JORC Mineral Resource estimate exceeded expectations, giving an indicated resource of 2.7 million tonnes at 8.9% zinc equivalent.
The new estimates revealed a 30% increase to 830,000 tonnes of zinc, a 12% increase to 570,000 tonnes of lead and an 8% increase to 14 million ounces of silver.
Laurence Read, Executive Director of Europa Metals, commented: "Today's resource update containing approximately 2.7Mt of Indicated Resource at 8.9% ZnEq (including Pb credits) and a 12% increase in the total resource to 18Mt at 7.4%, using a 4% cut-off, is, in our view, the most significant development for the Toral Project to date.”
Shares in Europa Metals were trading 17% higher at 0.04p
The company proposed a 450,000 tonnes per year plant, with a US$33 million capital expenditure and a US$25 per tonne OPEX mining cost.
Mr. Read said: “The results will form a major part of a first mining plan for a PFS but will also, importantly, inform our approach to enhancing the current mineable area and selectively assessing new prospective areas for future resource upgrade and expansion.”
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