Europa Metals (LON: EUZ) have updated shareholders about its operations at the wholly owned Toral exploration project in Spain.
The statement updated shareholders about the potential diamond drilling operations in Spain which will please shareholders.
Shares of Europa Metals trade at 0.027p. 19/11/19 14:11BST.
At the end of October, it was reported that Europa Metals got a boost in its Spanish operations which caused shares to rise.
The new resource that was discovered a few weeks back estimated a 30% increase in contained tonnes of zinc to approximately 830,000 tonnes.
Europa said: “The board views this resource update as being a significant step forwards for the overall project programme from the initial conceptual scoping study based on Europa Metals’ work conducted at Toral in 2017-2018 and the previous inferred-only resource estimate announced on December 10, 2018.
The board also added “The upgraded resource estimate follows the processing of assays from the company’s 2018 and 2019 diamond drilling campaigns into a new resource model. It also reflects the findings from a 2018 surface mapping programme, analysis of faulting structures and increase in bulk density measurements, and incorporated data obtained from the 2018 and 2019 reverse circulation and diamond drilling campaigns, combined with the historic core re-logging.”
The update provided today outlined the plans to focus on a larger area to the west of the current indicted resource area,
The campaign has the overall objective of increasing confidence levels in the resource, Europa said, which is within the central, proposed future mining area of Toral.
Recently, executive director Laurence Read said geotechnical and hydrogeological work at Toral, combined with the metallurgical results, are all “fundamental next steps for de-risking the mine development pathway” for the project.
In the mining sector, competitors have experienced mixed trading periods. Whilst Hochschild Mining (LON: HOC) and Serabi Gold (LON: SRB) have reported positive trading updates, Antofagasta (LON: ANTO) and Thor Mining (LON: THR) have seen their shares slip.