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Europa Metals moves early to safeguard potential development of Toral

The lead-zinc-copper project is still at a pre-feasibility stage, but Europa has seen enough to want to convert the existing land use designation which would allow the full development of a mine later on
toral project
Local authorities are on board with the plan, Europa said

Europa Metals Limited (LON:EUZ) has moved early to safeguard the potential full mine development of its Toral lead-zinc-copper mine in northern Spain further down the line.

The AIM-quoted explorer is in the first of a three-year investigation permit and is in the process of finishing up a scoping study at Toral.

IN DEPTH: Europa heads to phase II at Toral after fundraise

Despite the project still being at an early stage, Europa said there is “sufficient understanding” to justify filing the necessary applications to convert the existing land use designation to enable the potential future development of a mine.

The local authorities have agreed, Europa added.

“Whilst the Toral lead-zinc-silver project is only within the first year of its renewed investigation licence, we believe that there is sufficient confidence in the asset to begin the change of land use process in order to facilitate potential future full mine development at the appropriate time,” said executive director Laurence Read.

“Working with MAGMA, an independent consultancy with a track record of ensuring resource companies are compliant with the municipal and regional land use processes, we shall work closely with all key stakeholders to determine Toral's ability to ultimately become a safe and beneficial mining operation for the local area.”

Europa shares rose 5.3% to 0.11p in early deals on Thursday.

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