(Alliance News) - Europa Metals Ltd on Wednesday said that following a successful drilling campaign, it has seen considerable increases in both the indicated mineral resource and the grade of material at its flagship project in Spain.

Europa Metals is a Perth, Australia-based mining and exploration company. Its flagship licence is the Toral project in Leon, the north-western Spanish province.

The business said that updated indicated and inferred resource estimates by Addison Mining Services Ltd comprised several results, including an indicated resource of approximately 7 million tonnes at 8.1% zinc equivalent, 5% zinc, 3.7% lead equivalent, and 29 grams per tonne of silver.

It also showed an inferred mineral resource of 13 million tonnes at 6% zinc equivalent, 4.1% zinc, 2.3% lead, and 19 grams per tonne of silver, containing 540,000 tonnes of zinc, 300,000 tonnes of lead, and 8 million ounces of silver.

A total of 61,545 metres of drilling has now been included in the drill hole database for the Toral project.

Comparing the results to its previous mineral resource estimate, Europa Metals said the testing had seen significant improvements.

It noted: a 19% increase in the indicated mineral resource tonnes; a 39% increase in indicated contained tonnes of zinc to approximately 349,000 tonnes; a 33% increase in indicated tonnes of lead to 260,000 tonnes; and a 27% increase in indicated contained ounces of silver to 6.6 million ounces.

"Toral's latest resource upgrade is a great achievement for the Europa Metals' team. We have now delineated 7Mt of Indicated resources at a much improved overall grade (approximately 14% increase) following the recently reported success of holes TOD-041 and TOD-042," said Executive Chair Myles Campion.

"This will enable the project team to now utilise a substantial tonnage of independently reported Indicated Mineral Resources in the mine plan for the upcoming mining licence application scheduled to be delivered by 31 July 2023 to the Junta of Castilla y Leon."

Europa Metals shares closed 14% higher at 3.87 pence each in London on Wednesday.

By Holly Beveridge; hollybeveridge@alliancenews.com

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