Business
Toral JV Update: Initial budget agreed w/Denarius
Toral JV Update: Initial budget agreed w/Denarius.
About this update from Europa Metals Limited
[{"type":"text","content":"\n \n \n \n 22 March 2023\n \n \n \n \n Europa Metals Ltd\n \n \n \n (\"Europa Metals\", the \"Company\" or the \"Group\") (AIM, AltX: EUZ)\n \n \n \n Toral JV Update\n \n :\n \n Initial US$1.8m budget agreed with Denarius\n \n \n \n Europa Metals, the European focused lead, zinc and silver developer, is pleased to announce that an initial budget for planned expenditure on the Company's wholly-owned Toral Zn-Pb-Ag Project (the \"Toral Project\" or \"Toral\"), in the León Province, north-west Spain, of approximately US$1.8m for a 12 month period has recently been agreed between the Company and its joint-venture (\"JV\") partner, Denarius Metals Corp. (TSXV:DSLV; OTCQB: DNSRF) (\"Denarius\"). The budget will principally be applied to a combination of confirmatory and infill drilling within the indicated resource block outlined to date at Toral utilising up to two rigs which is scheduled to commence at the end of this month.\n \n \n \n \n \n Further to the receipt of shareholder approval in respect of the definitive agreements in relation to the JV at a general meeting of the Company held on 30 December 2022, a sum of US$100k was paid to its wholly-owned Spanish subsidiary, Europa Metals Iberia S.L. (\"EMI\"), which facilitated the advancement of the planned mining licence application (\"MLA\"). Following a successful capital raising by Denarius earlier this month, a further US$550k has recently been advanced to EMI by Denarius to enable timely completion of the planned initial work programme in accordance with the timeframe set out under the definitive JV agreements.\n \n \n \n \n \n Highlights\n :\n \n \n ·\n Initial Budget\n : Budget of US$1.8m for a 12 month period agreed with JV partner in respect of Toral which will be utilised by EMI for:\n \n \n o \n Up to 7,000m of additional drilling to cover:\n \n \n §\n confirmatory drilling\n \n \n §\n infill drilling on the known indicated resource area\n \n \n o \n Desktop review and preparatory application work on potential additional surrounding permits\n \n \n o \n Resource update\n \n \n o \n Ongoing working capital requirements\n \n \n \n \n \n ·\n Mining Licence Application\n : Work on the MLA commenced in January 2023 and is now at an advanced stage:\n \n \n o \n Mining methods selected\n \n \n o \n Site location for major facili...