Europa Metals Ltd Drill Rig Contracted - Toral Project, Spain (6593U)
16 July 2018 - 4:00PM
UK Regulatory
TIDMEUZ
RNS Number : 6593U
Europa Metals Ltd
16 July 2018
16 July 2018
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group")(ASX, AIM, JSE:
EUZ)
Combination Drill Rig Contracted for Exploration Programme -
Toral Project, Spain
Europa Metals, the European lead-zinc explorer, announces that
it has secured a combined Reverse Circulation ("RC") and Diamond
drilling rig (the "Combination rig") for mobilisation to its Toral
lead-zinc-silver project located in the Province of Le n, northern
Spain, during August 2018. The Combination rig and associated
operating crew is being supplied by Sondeos y Perforaciones
Industriales de Bierzo SA ("SPI") and will be overseen by the
Company's on-site exploration team.
The Combination rig is one of only a few of its type in Spain
and has been deployed on a series of recent, succesfull drilling
programmes. Such rigs, used extensively on Australian drilling
programmes, offer the following advantages for implementation of
the Company's planned exploration programme at Toral:
-- Initial extension drilling to the East of the main ore body, to a
targeted depth range of 150-200 metres below surface, can be undertaken
using more cost effective RC drilling;
-- The ability to switch the rig to Diamond drilling (as per all other
drilling at Toral performed to date) affords the exploration team
flexibility, depending on the initial results achieved, in terms of
depth and the greater deviation control provided by Diamond drilling;
and
-- Following the completion of extension drilling, the same rig can be
utilised for the phase 2 infill drill programme, within the existing
inferred ore body, seeking to increase the existing maiden JORC 2012
compliant resource estimate (please refer to the Company's announcements
of 30 January 2018 and 6 February 2018 for full details of such resource
estimate) and complete geotech holes for a final, full, feasibility
study in due course.
The contract with SPI has been standardised to global norms
incorporating payment terms based on efficient core recovery. All
work will be overseen by Mr Luiz Perez, Europa Metal's new
Exploration Manager, who was previously in charge of the
exploration drill programmes for Berkeley Energia Limited's Spanish
assets.
Myles Campion, Executive/Technical Director, commenting today,
said:
"Earlier this year, we commenced a search in Spain for a
provider of combination rigs as they represent a highly cost
effective and flexible exploration tool for assets such as Toral.
To date, all drilling at Toral has comprised Diamond drilling, but
we believe that RC drilling down to a depth of 150/200 metres will
be just as effective and serve to reduce costs."
Laurence Read, Executive Director, further commented:
"Cost efficencies and having access to the right tools deployed
by the right team is what Europa Metals is all about. I look
forward to our team commencing safe and efficient drilling
operations in August as we also seek to progress our work
re-logging the historic core, undertaking metallurgical testing and
releasing the findings of an initial independent Scoping Study by
Q4 2018. As previously stated, the first phase of our drill
programme will involve drilling to the East of the main ore body
along strike to determine the potential presence of further
mineralisation."
Competent Person's Statement
The Toral maiden inferred resource estimate was prepared by Mr
J.N. Hogg, MSc. MAIG Principal Geologist for Addison Mining
Services Limited ("AMS"), an independent Competent Person within
the meaning of the JORC (2012) code and a qualified person under
the AIM guidance note for mining and oil & gas companies. The
maiden inferred resource estimate was aided by Mr R. J. Siddle,
MSc, MAIG Senior Resource Geologist for AMS, under the guidance of
the competent person. Mr Hogg has reviewed and verified the
technical information that forms the basis of, and has been used in
the preparation of, the current mineral resource estimate,
including all analytical data, diamond drill hole logs, QA/QC data,
density measurements, and sampling, diamond drilling and analytical
techniques. Mr Hogg consents to the inclusion in this announcement
of the matters based on the information, in the form and context in
which it appears. Mr Hogg has also reviewed and approved the
technical information in his capacity as a qualified person under
the AIM Rules for Companies.
Additionally, Mr Hogg confirms that the entity is not aware of
any new information or data that materially affects the information
contained within the Company's previous announcements referred to
herein.
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
Laurence Read, Executive Director (UK)
T: +44 (0)20 3289 9923
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
Turner Pope Investments (TPI) Limited (Joint Broker)
Andy Thacker
T: +44 (0)20 3621 4120
Sasfin Capital Proprietary Limited (a member of the Sasfin
group) (JSE Sponsor)
Sharon Owens
T (direct): +27 11 809 7762
Peterhouse Corporate Finance Limited (Joint Broker)
Lucy Williams/Duncan Vasey/Heena Karani
T: +44 (0)20 7469 0930
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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