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Combination Drill Rig Contracted for Exploration Programme - 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")
Combination Drill Rig Contracted for Exploration Programme - Toral Project, Spain
Europa Metals, the European lead-zinc explorer, announces that it has secured a combined
Reverse Circulation (“RC”) and Diamond drilling rig (the “Combination rig”) for mobilisation to its
Toral lead-zinc-silver project located in the Province of Le?n, northern Spain, during August 2018.
The Combination rig and associated operating crew is being supplied by Sondeos y Perforaciones
Industriales de Bierzo SA (“SPI”) and will be overseen by the Company’s on-site exploration team.
The Combination rig is one of only a few of its type in Spain and has been deployed on a series of
recent, succesfull drilling programmes. Such rigs, used exstensively on Australian drilling
programmes, offer the following advantages for implementation of the Company’s planned
exploration programme at Toral:
- Initial extension drilling to the East of the main ore body, to a targeted depth range of 150-
200 metres below surface, can be undertaken using more cost effective RC drilling;
- The ability to switch the rig to Diamond drilling (as per all other drilling at Toral performed to
date) affords the exploration team flexibility, depending on the initial results achieved, in
terms of depth and the greater deviation control provided by Diamond drilling; and
- Following the completion of extension drilling, the same rig can be utilised for the phase 2
infill drill programme, within the existing inferred ore body, seeking to increase the existing
maiden JORC 2012 compliant resource estimate (please refer to the Company’s
announcements of 30 Januray 2018 and 6 February 2018 for full details of such resource
estimate) and complete geotech holes for a final, full, feasibility study in due course.
The contract with SPI has been standardised to global norms incorporating payment terms based
on efficient core recovery. All work will be overseen by Mr Luiz Perez, Europa Metal’s new
Exploration Manager, who was previously in charge of the exploration drill programmes for
Berkeley Energia Limited’s Spanish assets.
Myles Campion, Executive/Technical Director, commenting today, said:
“Earlier this year, we commenced a search in Spain for a provider of combination rigs as they
represent a highly cost effective and flexible exploration tool for assets such as Toral. To date, all
drilling at Toral has comprised Diamond drilling, but we believe that RC drilling down to a depth of
150/200 metres will be just as effective and serve to reduce costs.”
Laurence Read, Executive Director, further commented:
“Cost efficencies and having access to the right tools deployed by the right team is what Europa
Metals is all about. I look forward to our team commencing safe and efficient drilling operations in
August as we also seek to progress our work re-logging the historic core, undertaking metallurgical
testing and releasing the findings of an initial independent Scoping Study by Q4 2018. As
previously stated, the first phase of our drill programme will involve drilling to the East of the main
ore body along strike to determine the potential presence of further mineralisation.”
Competent Person’s Statement
The Toral maiden inferred resource estimate was prepared by Mr J.N. Hogg, MSc. MAIG Principal Geologist
for Addison Mining Services Limited (“AMS”), an independent Competent Person within the meaning of the
JORC (2012) code and a qualified person under the AIM guidance note for mining and oil & gas companies.
The maiden inferred 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, 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 for Companies.
Additionally, Mr Hogg confirms that the entity is not aware of any new information or data that materially
affects the information contained within the Company’s previous announcements referred to herein.
Perth
16 July 2018
For further information on the Company, please visit www.europametals.com or contact:
Europa Metals Ltd
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
T: +44 (0)20 7409 3494
Turner Pope Investments (TPI) Limited (Joint Broker)
Andy Thacker
T: +44 (0)20 3621 4120
Sasfin Capital Proprietary Limited (a member of the Sasfin group) (JSE Sponsor)
Sharon Owens
T (direct): +27 11 809 7762
Peterhouse Corporate Finance Limited (Joint Broker)
Lucy Williams/Duncan Vasey/Heena Karani
T: +44 (0)20 7469 0930
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.
Date: 16/07/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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