Join our daily newsletter At The Bell to receive exclusive market insights
- Variscan Mines (VAR) enters a trading halt while it plans capital raise
- The company recently extended mineralisation by 400 metres south of the La Caseta trend which is located within the San Jose mine in Spain
- This drilling also returned high-grade zinc and lead results which Variscan plans to follow up with more drilling
- At this stage, it isn’t certain how much Variscan will raise or what the funds will be used for
- The company will remain in the trading halt until Monday, June 21
- Variscan Mines last traded at 9.4 cents on Wednesday, June 16
Variscan Mines (VAR) has entered a trading halt ahead of a proposed capital raise.
The natural resources company will remain in the trading halt until Monday, June 21, at the latest. In the meantime, it isn’t clear how much will be raised or what VAR will use the fresh funding for.
Earlier this week, Variscan Mines extended its discovery at the San Jose mine by 400 metres south of the La Caseta trend.
The underground drilling of the Spanish mine also confirmed high-grade mineralisation. Best results include nine metres at 8.4 per cent zinc and 2.1 per cent lead.
In response to the extension of mineralisation at La Caseta, and the high-grade drill results, Variscan said it would conduct follow-up infill drilling at the trend and was refining additional drilling campaigns.
The company expects this drilling will begin in the upcoming September quarter.
Whether or not the upcoming capital raise will support these plans, is not yet known.
Variscan Mines last traded at 9.4 cents on Wednesday, June 16.
