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Further Drilling Results from Ongoing Validation and Infill Drill Programme and Mining Licence Application Update
Europa Metals Ltd
(Incorporated and registered in Australia and registered as
an external company in the Republic of South Africa)
(Registration number 4459850)
(External company registration number 2011/116305/10)
Share code on the ASX: EUZ
Share code on AIM: EUZ
Share code on the JSE: EUZ
ISIN: AU0000014342
("Europa Metals" or “the Company”)
Further Drilling Results from Ongoing Validation and Infill Drill Programme and
Mining Licence Application Update
Europa Metals, the European focused lead, zinc and silver developer, is pleased to announce the
latest assay results from its ongoing validation and 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”) in northwest Spain. This drilling programme forms
part of the 2023 exploration campaign agreed between 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.
In addition, detailed environmental studies are now nearing completion which are required to finalise
the formal submission of the Company’s mining licence application to the Mines Department of
Castilla y León.
Highlights:
• Assays received in respect of seven drill holes at Toral each reporting significant
mineralisation
• Significant intersection from drillhole TOD-044 of 7.95m@4.46% ZnEq(PbAg)*, including:
o 4.25m@6.17% ZnEq(PbAg)*; and
o 1.55m@11.40% ZnEq(PbAg)*
• Significant intersection from drillhole TOD-045 of 4.95m@22.71% ZnEq(PbAg)*
• Significant intersection from drillhole TOD-046 of 1.50m@11.64% ZnEq(PbAg)*, including:
o 1.00m@15.84% ZnEq(PbAg)*
• Two significant intersections from drillhole TOD-047 of 0.6m@18.34% ZnEq(PbAg)* and
2.4m@3.72% ZnEq(PbAg)*
• Significant intersections from drillhole TOD-048 of 4.7m@6.68% ZnEq(PbAg)*, including:
o 1.65m@14.41% ZnEq(PbAg)*
• A further significant intersection from drillhole TOD-048 of 6.65m@8.12% ZnEq(PbAg)*,
including:
o 3.80m@12.58% ZnEq(PbAg)*
• Significant intersection from drillhole TOD-049 of 5.00m@6.91% ZnEq(PbAg)*, including:
o 1.25m@20.93% ZnEq(PbAg)*
• Significant intersections from drillhole TOD-050 of 3.90m@10.30% ZnEq(PbAg)*, including:
o 1.45m@20.69% ZnEq(PbAg)*
• A further significant intersection from drillhole TOD-050 of 2.4m@4.98% ZnEq(PbAg)*
• Holes TOD-045 and TOD-046 have both been completed and reliability of the assay results
received re-confirmed:
o High values of silver were identified in one of the holes and in line with the Company’s
standard operating procedures (SOP), we re-submitted the sample for re-testing to
confirm its veracity and also confirmed the accuracy of results for control samples
• All holes to date have been successful in intersecting mineralisation adjacent to an existing,
previously reported, high grade intersection within the project’s Indicated Resource block
• Hole TOD-051 is currently nearing completion and comprises the final drillhole for this
campaign
• Detailed environmental work is nearing completion in connection with the Company’s
forthcoming mining licence application (“MLA”) for Toral.
Commenting today, Myles Campion, Executive Chairman and acting CEO of Europa Metals
said:
“The current drill campaign is nearing its close and pleasingly all holes have intersected
mineralisation as expected, with assays now received for all of the completed holes. The
intersections reported to date have correlated well with the known existing resource.
Preparation of our mining licence application has progressed well with one remaining requisite
environmental report due for completion later this month. We look forward to providing a further
update in due course.”
Additional information
The current drilling campaign for a total of up to 7,000m, is focused on a combination of confirmatory
and infill drilling within the project’s known indicated resource area outlined to date, of approximately
7Mt @ 8.1% Zn Equivalent (including Pb credits), 5% Zn, 3.7% Pb and 29g/t Ag.
Drilling results
The drilling parameters for the assay results reported for each hole are presented in the table below:
HOLE_ID EASTING NORTHING ELEVATION (m) LENGTH (m) COOR_SYS
TOD-044 681197 4710037 531.65 509 ETRS89utm29
TOD-045 681412 4710025 542.29 610.3 ETRS89utm29
TOD-046 681684 4709858 660.80 866.5 ETRS89utm29
TOD-047 681686 4709856 660.88 460.6 ETRS89utm29
TOD-048 681408 4710024 542.29 529 ETRS89utm29
TOD-049 681685 4709857 660.80 763 ETRS89utm29
TOD-050 681916 4709571 634.10 701.3 ETRS89utm29
All holes were drilled to 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-044 490.85 498.80 7.95 2.56 1.73 14.65 0.04 4.46
TOD-044 (including) 490.85 495.10 4.25 3.93 2.06 16.79 0.04 6.17
TOD-044 (including) 492.65 494.20 1.55 8.35 2.76 24.31 0.05 11.40
TOD-045 592.00 596.95 4.95 7.31 12.77 160.52 0.10 22.71
TOD-046 845.50 847.00 1.50 8.30 3.45 12.80 0.04 11.64
TOD-046 (including) 845.50 846.50 1.00 11.08 4.91 18.75 0.06 15.84
TOD-047 442.00 442.60 0.60 15.20 3.30 10.50 0.17 18.34
TOD-047 453.10 455.50 2.40 1.61 1.57 27.69 0.20 3.72
TOD-048 505.25 509.95 4.70 3.53 2.81 26.34 0.31 6.68
TOD-048 (including) 508.30 509.95 1.65 7.94 5.78 53.95 0.51 14.41
TOD-048 513.05 519.70 6.65 4.01 2.75 63.60 0.31 8.12
TOD-048 (including) 515.90 519.70 3.80 6.35 4.14 97.92 0.44 12.58
TOD-049 745.00 750.00 5.00 1.17 6.14 15.63 0.07 6.91
TOD-049 (including) 745.85 747.10 1.25 2.01 20.45 43.96 0.23 20.93
TOD-050 675.00 678.90 3.90 2.24 8.05 40.24 0.03 10.30
TOD-050 (including) 677.45 678.9 1.45 5.76 14.39 91.04 0.07 20.69
TOD-050 680.10 682.50 2.40 1.71 2.67 35.44 0.01 4.98
* - 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 ZnEq intercepts were generated using a 1% ZnEq trigger
value, minimum width of 1m, maximum consecutive waste interval of 1m and minimum average ZnEq grade of >1%.
Image 1: Hole positions, which image is available for viewing on the following link:
https://www.londonstockexchange.com/news-article/EUZ/drilling-results-and-mining-licence-
update/16070046
Drilling operations remain ongoing, in line with the Company’s objective set out above, and further
assay results will be announced once processed and received.
The Company had been awaiting re-assays and re-confirmation of the results for several samples,
sent to the laboratory over the past several months, prior to releasing this announcement. In
particular, one of the holes reported an abnormally high silver value (hole TOD-045, average grade
of 160.52 Ag g/t) and as part of the Company’s standard operating procedures (SOP) when we
receive abnormally high results for either zinc, lead or silver, we re-submit the relevant sample for
re-testing in order to confirm its veracity. We have now confirmed this value.
In addition, as part of our SOP we regularly insert control samples into the batches that are submitted
to the laboratory, the results of which form part of our statistical analysis to confirm the reliability and
consistency of the results received. We have now received confirmation of these results over several
holes and can confirm their accuracy.
Mining Licence Application
The Company’s mining licence application process has been progressing well with 95% of the
requisite reports completed and submitted to the Regional Mining Authority, with currently only one
environmental report outstanding that is in the course of being finalised. The Company and Denarius
will seek to complete this detailed submission process over the coming weeks.
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)
Danielle Christodoulou
T: +27 (11) 011 9216
4 August 2023
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.
Date: 04-08-2023 08:23:00
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