Business
Tranche 2 of Innovation Grant Drawn Down
Tranche 2 of Innovation Grant Drawn Down.
About this update from Europa Metals Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 5461R\n Europa Metals Ltd\n 08 November 2021\n \n \n \n \n 8 November 2021\n \n \n Europa Metals Ltd\n \n \n (\"Europa Metals\", the \"Company\" or the \"Group\") (AIM, AltX: EUZ)\n \n \n \n €158,628.60 \n \n \n Tranche 2 of Spanish Government's Innovation Grant\n \n \n \n \n \n Drawn Down \n \n \n \n \n \n Toral Pb, Zn & Ag Project, Spain\n \n \n \n Europa Metals, the European focused lead-zinc and silver developer, is pleased to announce that all the requisite work documentation submitted to the Spanish Government \n Centre for the Development of Industrial Technology (\"CDTI\") in relation to the Stage 1 milestone of its €466,801.50 innovation grant (the \"Grant\"), has been approved and the Company has now drawn down and received the second tranche of the Grant being €158,628.60. Further details of the Grant were set out in the Company's announcement of 19 October 2020.\n \n \n Following receipt of the initial tranche of \n €163,380.53, Europa Metals worked closely with its innovation partners, the University of Salamanca (Air Institute), the drilling contractors, Sondeos y Perforaciones Industriales de Bierzo SA (\"SPI\") and Soluciones Generales de Ingenieria S.L. (\"SGI\") in recording and analysing the data generated from the 2021 Pre-Feasibility Study drilling campaign at the Company's wholly owned Toral Project. Using new down-hole monitoring technologies, developed by SPI and SGI, the University of Salamanca has now compiled a sufficient data set from over 2,800m of diamond drilling at Toral, to create an initial, correctional algorithm to be further researched to move towards potential commerciality. Stage 2 work will see Toral continue to be used as a live testing environment by the partnership as the University of Salamanca continues its analysis and any future commercial benefit from an eventual product will be shared by the partners. On completion of the Stage 2 work, currently estimated to occur during 2022, a third, and final, tranche of €\n 144,792.37\n will then be available for draw down subject to a review by the CDTI confirming that the requisite criteria of the innovation programme have been met. \n \n \n \n \n \n \n Commenting today, Laurence Read, CEO of Europa Metals, said\n \n : \n \n \n \n \"The Spanish Government agency tasked wi...