Europe-focused lead, zinc and silver developer Europa Metals on Tuesday announced an indicated resource of about 2.7-million tonnes at 8.9% zinc-equivalent for its Toral project, as well as a 12% increase in the total resource to about 18-million tonnes.
The London- and Johannesburg-listed company said that the resource update was a significant step forwards for the overall project programme, from the initial conceptual scoping study based on Europa’s work conducted at Toral in 2017/18 and the previous inferred-only resource estimate announced at the end of 2018.
Europa noted that the size and grade of the indicated resource exceeded management expectations and that it formed a significant cornerstone from which to progress towards a prefeasibility study (PFS), with further mine planning work to incorporate the indicated resource, metallurgical testwork and new engineering components.
The update has also seen a significant reinterpretation of the resource and subsurface conditions at Toral, the company said, adding that new drilling targets within the updated resource area were now being generated.
Europa executive director Laurence Read said that the resource update was the “most significant development for the Toral project to date”.
The project now has contained metal estimates of 830 000 t of zinc, 570 000 t of lead and 14-million ounces of silver, while maintaining highly robust mineable grade.
“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,” said Read.