Variscan Extends High-Grade Zinc Mineralisation at Udías Mine, Spain
JMM
Variscan Extends High-Grade Zinc Mineralisation at Udías Mine, Spain
Variscan Mines Limited (ASX: VAR) has reported a continuation of exceptionally high-grade zinc mineralisation from its ongoing underground drilling campaign at the Udías Mine, part of the Novales-Udías Project in northern Spain.
The latest batch of assays has delivered the highest-grade intercept recorded at the Udías Mine to date, with drilling confirming the continuity of high-grade (>20%) zinc zones along strike from existing mineral resources.
Key Results
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UDDT024: 6.43m @ 20.76% Zn, 2.77% Pb
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UDDT030: 7.40m @ 11.22% Zn, 0.03% Pb
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UDDT022: 7.65m @ 8.59% Zn, 1.77% Pb
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UDDT024: 4.65m @ 13.52% Zn, 0.61% Pb
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UDDT030: 7.00m @ 7.83% Zn, 0.03% Pb
These results, approximately 80 metres from surface, align closely with historical face sampling exceeding 28% Zn, confirming significant unexploited mineralisation within the Udías Mine complex, all outside the current Mineral Resource Estimate (MRE) for the Novales-Udías Project.
Drilling continues to delineate extensions to known high-grade zones, with mineralisation remaining open and displaying strong geological continuity with the nearby San Jose Mine, indicating a single, large mineral system.
Stewart Dickson, Managing Director & CEO, commented
“Our maiden drilling campaign has already delivered some excellent holes from the Udías Mine.
This set of results from the Udías Mine is very exciting: on a grade-thickness basis, drillhole UDDT024 (6.43m @ 20.76% Zn, 2.77% Pb) is our second best yet and best yet in terms of grade, being over 20% Zinc!
The recent 3D survey has been a valuable supplement to our drilling campaign. We can now see, visualise, model and access underground mineralisation, physically and digitally. This enables us to target and execute our drilling with even higher effectiveness and efficiency.
Drilling will continue at Udías for the foreseeable future as we explore, define new zones of mineralisation and seek to link up with our existing high-grade Mineral Resource Estimate. It is pleasing to report continued drilling success and we look forward to reporting further drilling results as they become available.
In parallel with our ongoing drill program we are also advancing the various workstreams in connection with the Mine Re-Start Study and look forward to reporting on some of those outcomes very shortly.
We are delivering on our clear strategy to unlock value via re-starting production and conducting high impact exploration at one of the highest-grade, development stage zinc deposits in Europe, which is continuing to produce excellent results and make substantial progress.”
Ongoing Work and Outlook
Recent 3D laser surveying of the Udías Mine has mapped previously inaccessible mineralised zones, providing new targets for higher-impact drilling and enhanced mineral modelling. These results will underpin an updated Mineral Resource Estimate anticipated in late Q4 2025 / early Q1 2026.
Variscan continues to advance its dual Producer-Explorer strategy, with upcoming catalysts including:
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Results from metallurgical and geotechnical test work for the Mine Re-Start Study
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Publication of the Mine Re-Start (Scoping) Study
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Further assay results from ongoing underground drilling
About us:
About Variscan Mines Limited (ASX: VAR)
The Novales-Udías Project is located in the Basque-Cantabrian Basin, 30km southwest of Santander. The project centres on the former producing San Jose underground mine and surrounding exploration ground with multiple historical workings and strong zinc anomalism. Variscan has delineated a 12km mineralised trend with a sub-parallel 3km trend from historical and new data across both the Buenahora exploration and Novales mining permits.
The San Jose Mine lies near the world-class Reocín Mine (62Mt @ 8.7% Zn, 1.0% Pb) and is within trucking distance (~80km) of the Glencore-owned San Juan de Nieva zinc smelter. The project hosts a JORC-compliant Mineral Resource Estimate of 3.4Mt @ 7.6% Zn and 0.9% Pb (Dec 2024) and remains open for expansion.
Highlights include:
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Near-term zinc production potential (subject to development outcomes)
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Multiple granted mining tenements across 111km²
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Simple mineralogy, excellent infrastructure and community support
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Significant exploration upside across an under-explored, high-grade district
Contact details:
For Further Information
Stewart Dickson – Managing Director & CEO
📧 [email protected] | 📞 +44 (0) 7799 694195
Media & Investor Enquiries
Chloe Hayes
📧 [email protected] | 📞 +61 (0) 458 619 317