Results included an intersection of 3.2 metres grading 9.4% zinc, 5.1% lead, and 48g/t silver from a depth of 799.4 metres, equating to 15.16% ZnEq.
Also, an intersection of 1.1 metres, grading 19.76% zn, 10.76% Pb, 107.9g/t Ag from 801 metres, equating to 32.03% ZnEq.
WH Ireland Capital Markets said that given the intersections lie outside of the current indicated resource, it bodes well for an increase.
A 2020 updated mineral resource estimate for Toral comprised indicated resources of about 3.8 million tonnes at 8.3% ZnEq, 4.7% zn, 3.9% Pb, and 30g/t Ag and inferred resources of around 14 million tonnes at 6.5% ZnEq, 4% Zn, 2.7% Pb, and 23g/t Ag.
"We are impressed that these high-grades are still open at depth; the Toral deposit still has much to offer in our view," it said.
"Today's news just confirms that the large Toral project could get bigger - with it already one of the largest, highest grade undeveloped zinc-lead projects in Europe.
"The project already benefits from its location with available infrastructure and its position close to one of the biggest zinc processing complexes in the world at Glencore's San Juan de Nieva," it said.
Europa's share price last closed at 3.13p (US$3.63). WH views a fair value of Europa of 11.7p.