Europa Metals rallies on grant award


Europa Metals rallies on grant award

Published Date: 2020-10-20 | Source: Stephen Gunnion | Author: Stephen Gunnion

Europa Metals rallies on grant award

The grant from the Spanish government will be used for research and development at its Toral lead, zinc and silver project.

Europa Metals' shares gained as much as 24% yesterday after it was given an interest-free grant for its Toral lead, zinc and silver project in north-west Spain. At its best, the stock traded at R2.36.

The Europe-focused exploration and development company, previously called Ferrum Crescent, said the €466,801.50 grant was awarded by the Centre for the Development of Industrial Technology (CDTI) for use towards research and development at Toral in Spain's Castilla y León region. The CDTI falls under the auspices of Spain's Ministry of Science and Innovation, which fosters the technological development and innovation of Spanish companies.

Europa said it would draw the grant down in up to three tranches, with the prior agreement of the CDTI, with the initial tranche of €163,380 to be received straight away.

At Toral, it said it was working towards finalising a new, independent, economic report on the project. Certain elements of a pre-feasibility study were also underway with the bore hole for hydrogeological testing now complete, which would enable monitoring to commence.

Europa's shares retraced some of their gains to close 9% up at R2.08.

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