Workers at the Novales-Udias Project. Source: Variscan Mines
Market Herald logo


Be the first with the news that moves the market
  • Variscan Mines (VAR) identifies multiple extensive anomalies at the Buenahora tenement within the Novales-Udias project in Spain
  • The company completed a geophysical survey which aligns with its goal of defining a “regionally significant” mineral resource similar to the historical Reocín mine
  • Variscan is particularly interested in the Line 11 anomaly, which has the potential to be larger than the San Jose mine mineral system
  • Preparations for a 2000-metre drilling program are underway to follow up on the new targets
  • VAR shares are up 2.56 per cent and trading at 4 cents

Variscan Mines (VAR) has completed a geophysical survey at the Buenahora exploration licence, within the Novales-Udias project in northern Spain.

The electrical resistivity tomography (ERT) and direct current induced polarisation (DCIP) survey comprised 12 lines for 17.6 kilometres, and returned “very positive” results.

The survey work identified a number of induced polarisation anomaly targets which will be prioritised for future drill testing.

Of particular interest to Variscan Mines was the Line 11 anomaly which it described as a “large and intense target”. The anomaly is located to the northwest of the survey area and hosts a significant footprint, which has potential to be larger than the San Jose mine mineral system.

The undrilled, chargeability anomalies are near surface and reportedly have potential for additional targets at depth due to the stratabound, vertically-stacked nature of orebodies in the area.

“Following the survey, [Buenahora’s] prospectivity is substantially enhanced. We are excited to see the potential for the discovery of significant mineralisation,” Managing Director and CEO Stewart Dickson said.

Variscan Mines said the survey results support its exploration objective to define a “regionally significant” mineral resource similar to the former producing Reocín Mine.

The company has begun preparations for a 2000-metre diamond drilling program at the Buenahora exploration licence area.

VAR shares were up 2.56 per cent to trade at 4 cents at 12:15 pm AEST.

VAR by the numbers
More From The Market Herald
Countplus (ASX:CUP) - Incoming CEO, Hugh Humphrey

" Hugh Humphrey appointed CEO of Countplus (ASX:CUP)

Investment services company CountPlus (ASX:CUP) has appointed Hugh Humphrey as the company's CEO, effective July 1.

" ASX employee tests positive for Covid-19

The ASX says an employee has contracted Covid-19.

" ASIC launches official investigation into ASX market outage

The ASX has confirmed today it is officially under investigation from the Australian Securities and Investments…

" ASX sheds more light on last week’s market tech failure

The Australian Securities Exchange has shed some more light on the nature of last week's market…