Subject to funding, plans are for an infill drilling campaign targeting the high-grade core of the deposit.
Europa published a scoping study for Toral this week, which put an NPV on the project in Castilla y León, north-west Spain of US$110mln using a discount rate of 8%. The study projected an internal rate of return (IRR) or 24.4% with an estimated capital expenditure requirement of US$33mln for a proposed 450,000 tonnes a year design capacity plant. Total capital expenditure for the project is an estimated US$110mln.
Europa spent A$958,000 on exploration in the last six months, which contributed to interim losses rising to A$1.53mln.