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EUROPA METALS LIMITED - Scoping Study Commencement - Toral Project, Spain

Release Date: 19/06/2018 08:00
Code(s): EUZ     PDF:  
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Scoping Study Commencement - Toral Project, Spain

Europa Metals Ltd
(Formerly Ferrum Crescent Limited)
(Incorporated and registered in Australia
and registered as an external company in
the Republic of South Africa)
(Registration number 4459850)
(External company registration number 2011/116305/10)
Share code on the ASX: EUZ
Share code on AIM: EUZ
Share code on the JSE: EUZ
ISIN: AU0000014342
("the Company")

Scoping Study Commencement - Toral Project, Spain

Europa Metals, the European lead-zinc explorer, today announces that it has engaged the services
of UK based Addison Mining Services Limited ( (“AMS”, “Addison”)
with immediate effect, to commence an initial Scoping Study (the “Study”) on the Company’s 100%
owned Toral lead, zinc and silver project located in the Province of Leon, Spain (the “Toral
Project”). Addison previously compiled the Toral Project’s maiden independent JORC (2012)
mineral resource estimate, announced in January 2018.

The principal objective of the Study will be to determine first economics on the Toral Project,
reported on by a fully accredited and independent mining consultancy group. The findings of the
Study will be disclosed to the market following completion, which is currently anticipated during Q4

Addison’s Principal Geologist, James Hogg, and Associate Principal Mining Engineer, Julian
Bennett, will lead the Study project team dedicated to the Toral Project. The dedicated Study team
will work alongside the Company’s existing in-country management, under the direction of Myles
Campion, Technical Director, and Jesus Montero, principal Mining Engineer from Mining Sense.
The specific workstream headings for the work to be undertaken for the Study are as follows:

   -   Resource optimisation of recently completed JORC 2012 Inferred resource;
   -   Preliminary mine layout;
   -   Mineral inventory estimation;
   -   Preliminary Economic Assessment, DCF and sensitivity analysis;
   -   CAPEX and OPEX parameters; and
   -   Review of environmental, hydrogeological and geotechnical parameters.

Myles Campion, Executive / Technical Director, commenting today, said:
“We are delighted to appoint Addison Mining Services to conduct the initial Scoping Study over the
Toral deposit and look forward to working closely with them to combine their experience with our
on-ground knowledge to move Toral forward as quickly as possible.

On completion of the Study, we will hope to have the first real look at the prospectivity we think
Toral has to offer, providing greater insight into the economics and the potential of the deposit.”
Laurence Read, Executive Director, added:
“Our maiden inferred JORC 2012 resource, announced in January 2018, estimated that Toral has
a metal content of 670,000 tonnes of zinc, 540,000 tonnes of lead and 13 million troy ounces of
silver1. While Europa will be pursuing drilling along strike during 2018 (at present we are
completing the tendering process for drilling), our core focus will be confirming the economic
viability of developing this significant metals resource. The initial Scoping Study, to be undertaken
by an independent consultant, will examine a wide range of sensitivities and report on the viability
of a future mining operations. With an already defined high-grade centre within the block model, I
look forward to the scenarios that might be uncovered by Addison in developing a robust
production model.”

 Cut Off                                                                     Contained     Contained     Ag Troy
             Tonnes                Zn_Eq     Zn Eq       Zn    Pb     Ag
 Zn Eq                   Density                                             Zn Tonnes     Pb Tonnes       Oz
            (Millions)             (Pb)%    (PbAg)%      %     %      g/t
(PbAg)%                                                                        (000s)        (000s)     (Millions)
   6.0          9         2.65      8.8        9.5       5.0   4.3    31         470           400           9
    5.0        12         2.57      7.8        8.4       4.6   3.7    28        580           470           11
    4.0        16         2.52      6.9        7.5       4.0   3.3    25        670           540           13

    3.0        20         2.50      6.2        6.7       3.7   2.9    23        750           600           15

Table 1: Summary of Inferred mineral resources for the Toral property reported at a 4.0% Zn equivalent cut-
off grade and estimated grade and tonnages at the various cut off grades.

Competent Persons Statement
The Toral maiden inferred resource estimate was prepared by Mr J.N. Hogg, MSc. MAIG Principal Geologist
for AMS, who is an independent Competent Person within the meaning of the JORC (2012) code and meets
the criteria of a qualified person under the AIM guidance mote for mining and oil & gas companies. The
maiden 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 and
this announcement, 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.

Additionally, Mr Hogg confirms that the entity is not aware of any new information or data that materially
affects the information contained within the ASX releases referred to in this report.

For further information on the Company, please visit or contact:

Europa Metals Limited
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 / James Dance
T: +44 (0)20 7409 3494

 Refer ASX Announcements 30 January 2018 and 6 February 2018 for full details on the Maiden Lead-Zinc-Silver JORC
Mineral Resource Estimate for the Toral Project, Spain
Turner Pope Investments Limited (Joint Broker)
Andy Thacker
T: +44(0)0203 621 4120

Peterhouse Corporate Finance Limited (Joint Broker)
Lucy Williams / Duncan Vasey / Heena Karani
T: +44 (0)20 7469 0930

Sasfin Capital Proprietary Limited (a member of the Sasfin group) (JSE Sponsor)
Sharon Owens
T (direct): +27 11 809 7762

19 June 2018

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.

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