Denarius intends to buy stake in Europa Metals’ Toral project

Photo: Europa Metals

Denarius Metals Corp. as signed a letter of intent for an option and joint-venture arrangement (the  with Europa Metals Ltd. , pursuant to which Europa granted Denarius the right to acquire up to an 80% ownership interest in the Toral Zn-Pb-Ag Project, Leon Province, Northern Spain in two stages.

Serafino Iacono, Executive Chairman and CEO of Denarius, commented, “We are extremely pleased to have agreed the commercial parameters for this proposed farm-in transaction subject, inter alia, to definitive documentation which will enable Denarius to lead the development of this high-grade polymetallic project located in a well-mineralized historic mining area and proactive jurisdiction that also offers potential further exploration opportunities. The high-grade concentrates that could be produced at Toral in the future make this a unique opportunity for Denarius to seek to develop a high-quality base metal project in the heart of western Europe.”

“Surging demand from industry, combined with increasing geopolitical risks, have served to increase raw metals prices over the last year. The production capacity to service the European automotive and lead-acid battery industry is declining and there is an urgent need to develop safer and more sustainable alternative raw material supply systems in the region. The Proposed Transaction could also provide future strategic synergy with our wholly owned Lomero-Poyatos polymetallic project in respect of the commercialization of concentrates from both potential future operations”.

The Proposed Transaction is subject, inter alia, to confirmatory due diligence by Denarius, the finalization and entering into of definitive documentation (the “Definitive Agreement”) and Europa receiving all requisite shareholder and regulatory approvals, as appropriate.


The Toral Project is located approximately 400 km or 4 hours’ drive northwest of Madrid in the province of León, within the autonomous region of Castilla-Leon. The Project area is situated within the administrative subdivision of El Bierzo, the capital of which is the city of Ponferrada, approximately 30 km east of the project area by road. The Toral exploration license 15.199, referred to as a Permiso de Investigacion (the “Permit”), covers an area of 20.29 km². The Toral Project is located next to a main highway and is very well connected to several industrial ports in northern Spain as well as a major zinc smelter in the Asturias region.


The Toral Project is a carbonate hosted, Mississippi Valley Type (“MVT”) Zn-Pb-Ag deposit situated along the contact between middle Cambrian aged slates in the footwall and upper Cambrian aged limestone and dolomite host rocks in the hanging wall. The mineralization is continuous along the contact and has been tested by drilling over at least 1.7 km strike length. It remains open along strike and down dip.