Europa Metals (LON:EUZ)  has reshuffled its Board with Laurence Read now CEO and Myles Campion, formerly a Technical Director, as Executive Chairman, with immediate effect. 

The European-focused lead-zinc and silver developer also told investors this morning that Colin Bird has resigned as non-executive Chairman of the Company with immediate effect. 

Europa said that given the progress made at the Toral zinc- lead project in Spain over the past 18 months, it is now commissioning an independent JORC (2012) resource update. 

The updated JORC resource, which is to be conducted byAddison Mining Services ("AMS"),  will include the company’s high-grade drilling results from the 2019 programme.  

Europa’s objective is to bring together the results of the ongoing work streams with data generated from previous work, completed by the company since the 2018 scoping study, in order to establish the preliminary economic parameters of an eventual pre-feasibility study. 

Shares in Europa Metals have seen a significant increase since late July where it was trading at 5p a share to open at 14.25p following the announcement. 

The Board said work undertaken to date has demonstrated the potential value and robust economics of Toral which is situated in the region of Castilla y León, north-west Spain. 

Europa is focused on increasing its understanding of the Toral Project with a new, third phase, metallurgical study, which is being conducted by Wardell Armstrong International. 

It believes a pre-feasibility study will enhance Toral’s economics, ‘leveraging the significant amount of work, and positive results, generated over the last two and a half years.’ 

In addition, Europa will undertake a wholly supply chain transparent source of lead/silver and zinc concentrate for sale to the market ‘to demonstrate the potential for Toral as a high grade.’ 

“I would like to thank Colin for his contribution to the Company during its initial period of operations in Spain. The Toral Project is now emerging out of the exploration phase into the feasibility stage,” said Laurence Read, Chief Executive of Europa Metals. 

He added, “The Board believes Toral should be a first-rate source of concentrate that, with high grades and recovery, can be developed through the outlay of relatively low capital expenditure.” 

“The studies we have completed over the preceding 12 months can now be integrated into a new economic plan,” said Myles Campion, Executive Chairman of Europa Metals. 

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