Variscan Mines Secures Historic High-Grade Zinc Drill Data Over Newly Granted Licences

Jane Morgan Management

Variscan Mines is pleased to announce the acquisition of 146 historic drillhole records totalling 52,034 metres across its newly granted licences in northern Spain, delivering multiple high-grade zinc and lead intercepts that strengthen the Company’s Novales-Udías Project pipeline.

Highlights

• 146 historic drillholes for 52,034m acquired, adding significant scale and high-grade zinc (Zn) and lead (Pb) results.
  
  

• Outstanding results from the Hipólita licence over the footprint of the world-class Reocín Mine, including:
  
  

  • 24.0m @ 12.3% Zn, 0.4% Pb (S-10)
    
    

  • 20.9m @ 14.0% Zn, 0.8% Pb (S-457)
    
    

  • 17.6m @ 14.7% Zn, 0.7% Pb (S-414)
    
    

  • 9.5m @ 24.7% Zn, 1.2% Pb (S-17)
    
    

  • 2.7m @ 36.3% Zn, 2.2% Pb (S-6)
    
    

  • 12.5m @ 7.0% Zn, 0.4% Pb (S-89)
    
    

• Additional significant intercepts at the Esperanza and Ana Isabel licences, including:
  
  

  • 15.0m @ 6.4% Zn (S-21) and 6.0m @ 9.6% Zn (S-21)
    
    

  • 10.8m @ 4.4% Zn (S-163)
    
    

  • 12.0m @ 3.5% Zn and 5.8m @ 6.0% Zn (S-162)
    
    

  • 7.1m @ 5.6% Zn and 3.2m @ 8.1% Zn (S-161)
    
    

• Drilling data represents a replacement value of ~A$12.9 million, delivering a substantial time and cost saving.
  
  

• Expands the project drilling database to 1,221 drillholes for 138,570 metres.
  
  

• Mineralisation identified lies outside the current Mineral Resource Estimate (MRE), highlighting the potential to grow resources and underpin a district-scale development strategy.
  
  

Strategic Significance

The historic drilling, sourced from the University of Cantabria archives, reinforces the scale of the Novales-Udías Project. The Hipólita licence, which hosts 90 of the 146 drillholes, indicates potential unmined extensions to the Reocín Mine – Spain’s largest known carbonate-hosted zinc-lead deposit and one of the world’s richest Mississippi Valley Type (MVT) deposits.

Reocín ceased operations in 2003 when zinc traded at ~US$791/t. With zinc now averaging ~US$2,789/t (August 2025), the high-grade nature of the mineralisation positions Variscan to unlock a compelling brownfield growth opportunity with near-term production potential at San Jose and district-scale upside.

Comment from the Managing Director & CEO

“The acquisition of this historical drilling data is very valuable. It represents a significant saving in both time and cost. The replacement value of this drilling is estimated to be A$12.9 million. More importantly, the drilling emphasises the high-grade quality and district-scale potential of the Novales-Udias Project.
As the drilling reported is outside of the current Mineral Resource Estimate, there is genuine potential to add significant tonnage and scale to this high-quality project. It is a compelling de-risked, brownfield opportunity with a realistic prospect of near-term production building in scale over the mid-long term.

We are delivering on our clear strategy to unlock value via re-starting production and exploration at one of the highest-grade, development stage zinc deposits in Europe, which is continuing to produce excellent results and make substantial progress.”
— Stewart Dickson, Managing Director & CEO

Next Steps

Upcoming milestones for Variscan include:

• Additional assay results from underground drilling at the Udias Mine.
  
  

• Metallurgical and geotechnical test work for inclusion in the Mine Re-Start (Scoping) Study.
  
  

• Publication of the Mine Re-Start (Scoping) Study.

About Variscan Mines

Variscan Mines Limited (ASX: VAR) is a growth-oriented natural resources company focused on the exploration and development of high-quality zinc projects in Europe. The Company’s principal assets are located in Spain and France, within historically productive mining districts that remain underexplored by modern techniques. Variscan aims to deliver shareholder value through discovery and development of zinc and associated critical minerals, which are essential for Europe’s industrial and energy transition strategies.

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