Proactive Investors - Europa Metals Ltd (LON:EUZ) announced a 19% rise in indicated mineral resources and a 14% increase in grade for its flagship Toral lead-zinc-silver project in the Castilla y León region, northern Spain.
The project now has 7 million tonnes (Mt) at 8.1% zinc equivalent (including lead credits) at the indicated level, containing 349,000 tonnes (t) of zinc, 260,000t of lead and 6.6 million ounces (mln oz) of silver.
The updated independent mineral resource estimate (MRE) represents a 39% jump in contained tonnes of zinc, a 33% increase in contained lead and a 27% gain in contained silver, all at the indicated level, versus the previous MRE in October 2021.
“This will enable the project team to now utilise a substantial tonnage of independently reported indicated mineral resources in the mine plan for the upcoming mining licence application scheduled to be delivered by 31 July 2023 to the Junta of Castilla y León," said Myles Campion, executive chairman and acting chief executive of Europa Metals.
The AIM-traded company last week announced it had signed a US$6mln farm-in option agreement with Denarius Metals Corp for Toral, which gives the Canadian junior the right to acquire up to 80% of the project, and an equity fundraising at a 61% premium.
READ: Europa Metals sees shares jump on definitive US$6mln farm-in for Toral project, fundraising
Under the new JORC-compliant MRE, Toral has an inferred resource of about 13Mt at 6% zinc equivalent (including lead credits), containing 540,000t of zinc, 300,000t of lead and 8mln oz of silver.
The revised total resource is now approximately 20Mt at 6.8% zinc equivalent (including lead credits), containing 890,000t of zinc, 560,000t of lead and 15mln oz of silver.