Business
Drawdown of Final Tranche of CDTI Loan
Drawdown of Final Tranche of CDTI Loan.
About this update from Europa Metals Limited
[{"type":"text","content":"\n\n25 July 2023\nEuropa Metals Ltd\n(\"Europa Metals\", the \"Company\" or the \"Group\") (AIM, AltX: EUZ)\nDrawdown of Final Tranche of CDTI Loan\nEuropa Metals, the European focused lead, zinc and silver developer, is pleased to announce that, further to the completion and submission last year of all relevant documentation to the Spanish Government's Centre for the Development of Industrial Technology (\"CDTI\") in respect of the final Stage 3 milestone, the sum of €137,572.34 has now been drawn down and received by the Company from the CDTI.\nDue to a reduced expenditure during the Stage 3 period, funds received from tranche 3 have been reduced. The final total principal loan amount, by way of a grant, of €459,581.47 (the \"Grant\") is categorised as a partly refundable loan (with a nil per cent. interest rate) with the funds being utilised for the development of R&D technologies relating to the recording and correction of drillhole deviation at the Company's wholly owned Toral lead, zinc and silver project (\"Toral\" or the \"Toral Project\") situated in the region of Castilla y León, north-west Spain.\n \nThe University of Salamanca (AIR Institute) and drilling contractors Sondeos y Perforaciones Industriales de Bierzo SA (\"SPI\") have worked closely with Europa Metals in recording and analysing drilling data from 2020 onwards at Toral. Utilising new down-hole monitoring technologies with its partners, the University of Salamanca has now gathered a sufficient data set from over 5,000m of diamond drilling at Toral, to create a correctional algorithm to be further researched towards potential future commerciality.\n \nCommenting today, Myles Campion, Executive Chairman & acting CEO of Europa Metals, said:\n \n\"We are pleased to have received the final tranche of the CDTI loan towards the R&D project that has been carried out at Toral over the last 3 years. It has been a most rewarding experience to have collaborated with the University of Salamanca and SPI to integrate existing drilling technology with new algorithms to inform in real time and predict possible problems associated with downhole drilling deviation.\"\nAdditional Information\nThe CDTI (\"Centro para el Desarrollo Tecnológico Industrial\", https://www.cdti.es/) is a Public Business Entity in Spain, under the auspices of the Ministry ...