Europa Metals, the European focused lead, zinc and silver developer, is pleased to announce the successful completion and results of an independent hydrogeological study on its wholly owned Toral lead, zinc and silver project, Castilla y Leon, Spain ('Toral' or the 'Toral Project').

The progression of the requisite hydrogeological assessments and monitoring programmes forms a key part of de-risking the Toral Project for the potential future development of an underground lead, zinc and silver mining operation.

Highlights

Independent hydrogeological study commissioned from CRS Ingenieria now concluded following a 5 month programme

Objective was to assess water conditions and drainage relating to the potential future development of the Toral Project

Bore hole and piezometer programme involved a series of pumping tests and live monitoring utilising indicator dyes to assess sub-surface water flows and rates

Results are in line with the hydrogeological conditions assumed within the Company's existing planned development model for a potential underground lead, zinc and silver mine at Toral

Piezometers continue to monitor water levels in line with the Company's ongoing compliance with hydrogeological regulations within the region and Spain

The independent study was commissioned from, and carried out by, CRS Ingenieria (www.crsingenieria.es), and has now been concluded following an extensive testing programme undertaken over a 5 month period encompassing a central bore hole and a series of water monitoring piezometers. Data recovery and logging utilised a series of indicator dyes released into the water system at various points with subsequent monitoring their presence across a network of piezometers across the deposit. Using the hydrogeological software module of Rocscience Inc.'s RS2 software, three levels or horizons have been modelled in the karst system, each being assigned a permeability based on the results obtained from the pumping tests (2021) and utilisation of a conceptual model of the system.

The study's findings allow Europa Metals to establish an initial understanding of the approximate underground connectivity, flow and permeability within the head area and central area of the system.

Key Findings

The pumping tests reinforced the current hydrogeological model for the Toral Project in terms of the variation of permeability at depth from previous tests. Accordingly, it has facilitated the evaluation of, and estimation of a range of permeability for, the epiphreatic zone (non-saturated) and the shallow phreatic (saturated) in a central area of the system, almost 1km from the river (discharge) and approximately 0.8km from the headwaters.

The hydraulic connections (established through dyes released at injection wells) between hole TOD-018 and the wells located along the carbonated outcrop (TOP-026, TOP-027, TOD-023 and P-16) and the Sil River have now been assessed, with a clear flow line between the head area (TOD-018) of the system and its discharge into the river. The hydraulic connection of the P-11 well with the Sil River has also been verified.

These connections establish the entire route of the underground flow, from the head areas to the discharge zone, thereby validating the structure and operation of the proposed conceptual underground mining development model as outlined by Bara Consulting in the Company's announcement of 18 November 2020.

Programme detail

The detection of fluorescein in the TOP-027 well enables Europa Metals to evaluate the flow rate between this well, located in the central area of the system, and the Injection Well (at hole TOD-018), a distance of 785m away.

It took 22 days for the first fluorescein to reach the pumping well (TOP-026) and a further 6 days for it to reach peak concentration. Accordingly, the transit speed of the underground flow is approximately 30-36m/day. Such speed is relatively slow compared to other modelled karst systems and suggests extensive development of functional caverns and flows in free circulation. Consequently, the live well results correspond to the characteristic speeds associated with those of a typical low-medium karstification and corresponding flows within the saturated zone. This supports and reinforces the historical data obtained from previous tests and strengthens the Company's proposed hydrogeological model for Toral.

Commenting today, Laurence Read, CEO of Europa Metals, said: 'Following an extensive hydrogeological campaign, I am delighted to report the findings of CRS Ingenieria's independent study, which fall within the parameters of those previously modelled and established for Toral. This represents a step forward for the project with a responsible and appropriate water strategy, accredited by third parties and adhering to best practice regional regulations and federal Spanish law.

'Our work relating to hydrogeology and the local environment is ongoing, but this study supports our decision to press ahead with the planned 2022 drilling campaign. This campaign will commence in the New Year and involve both resource drilling and a series of shallow geotechnical drilling. The geotechnical component will be designed to assess the suitability of ground conditions for plant site infrastructure as well as the suitability of local disused quarry sites, which in turn could form part of a reclamation strategy following consultation with local community groups, by way of filling in areas with inert waste material from crushing during future production activities and then landscaping the areas concerned.'

Contact:

Dan Smith

Tel: +61 417 978 955

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