Europa Metals EUZ announced an updated independent Mineral Resource Estimate in Spain yesterday, resulting in a resource upgrade.
The work was done through examining previous drill results of historic cores stored at the National Litoteca core complex. The resource estimate was positive, with significantly increased resources of Zinc, Lead and Silver at its 100% owned Toral lead-zinc-silver project.
The findings show a 19% increase in zinc equivalent tonnes, an 8% increase in contained ounces of silver, and a 6% increase in contained tonnes of Lead. Without undertaking additional drilling, the results have been highly cost effective for the company. The team is continuing to analyse the recent information, showing significant results with room for further geological interpretation over the coming months.
This is further positive news for the company, given last week’s announcement of a Change of Land Use application to convert the existing land use designation. While it is currently at the exploration stage, the Company believes “there is sufficient understanding of the asset to justify initiating applications”. A successful application outcome will enable a potential full mine development in the future.
In today's Vox Markets podcast Laurence Read, Executive Director stated that their Scoping Study should be released before October.
Link to the podcast below:
https://www.voxmarkets.co.uk/articles/europa-metals-united-oil-gas-savannah-petroleum-b6da7a1/
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