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Variscan Mines (ASX:VAR) - CEO & Managing Director, Stewart Dickson - The Market Herald
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  • Variscan Mines (VAR) has delivered more high-grade zinc and lead from underground drilling at the San Jose-Novales mine in Spain
  • Drilling discovered multiple zinc-lead lenses in the La Caseta and 168-177 trends which sit above and below the mine stops in the central zone
  • Grades at La Caseta peaked at 12.5 per cent zinc and 2 per cent lead while grades at the 168-177 trend peaked higher at 16.5 per cent zinc and 5 per cent lead
  • The majority of the mine remains untested which offers potential for more discoveries
  • Variscan is waiting on assays from another 20 drill holes and is planning mapping, sampling and drilling at the mine
  • Company shares are up 135 per cent on the back of this news to trade at 8.7 cents

Variscan Mines (VAR) has discovered mineralised lenses in two separate north-south trends of the Central Zone at the San Jose-Novales mine in Spain.

This mine is part of the Novales-Udias Project which Variscan Mines acquired to develop a zinc production operation.

The company has completed 73 holes, for 2087 metres, of diamond drilling to test for potential extensions of zinc mineralisation in the central and southwestern zones.

Drilling has intersected high-grade zinc mineralisation above and below the mine stopes in the Central Zone of the Spanish mine.

Best results from the La Caseta trend include 16.9 metres at 12.5 per cent zinc and 2 per cent lead, and seven metres at 8.3 per cent zinc and 0.1 per cent lead.

Best assays from the 168-677 trend include five metres at 14.2 per cent zinc and 4.3 per cent lead, five metres at 11.4 per cent zinc and 2.8 per cent lead, and 4.2 metres at 15.4 per cent zinc and 5 per cent lead.

"The discovery of new high-grade mineralised lenses below the main gallery is a major development for Variscan," Managing Director and CEO Stewart Dickson said.

"It suggests significant potential for discovering additional lenses throughout the San Jose mine as the remainder of the mine has had barely any drilling to test for lower lying lenses."

Significantly, the majority of the mine remains undrilled at depth which offers excellent potential exploration upside.

Variscan is waiting on assays from another 20 drill holes at the central zone and is now submitting samples for assaying from the southwest zone.

Additionally, the company is conducting mapping and sampling over the Buenahora licence area and plans to begin surface drilling in the coming months.

Company shares are up 135 per cent on the back of this news to trade at 8.7 cents at 11:07 am AEST.

VAR by the numbers
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