Back

Variscan Ramps Up Drilling Across High-Grade Spanish Zinc District as Mine Restart Strategy Gains Momentum

JMM

Key Facts:

• Variscan Mines has accelerated exploration at its Novales Zinc Project in northern Spain, with underground drilling underway at the historical Emilia Mine and surface drilling campaigns set to commence later in the month across the San José-Udías zinc trend.
• Historical data at Emilia, which sits outside the current Mineral Resource Estimate, has confirmed multiple high-grade zinc intersections, with channel sampling assays pending and underground drilling targeting extensions to known mineralisation.
• The company controls approximately 111km² of tenure in the Basque-Cantabrian Basin, encompassing over 60 historical zinc mines along a 12km mineralised corridor, located 9km from the world-class Reocín zinc mine and within trucking distance of Glencore's San Juan de Nieva zinc smelter.
• Infrastructure upgrades are progressing at the Udías Mine to support expanded underground drilling, whilst permitting activities for the San José Mine restart are advancing, including a commissioned Hydrogeological Study and Environmental Impact Assessment.
• The activity follows completion of the first tranche of a $5 million capital raising, with a General Meeting scheduled for July to seek shareholder approval for the remaining A$4 million second tranche.

Variscan Ramps Up Drilling Across High-Grade Spanish Zinc District as Mine Restart Strategy Gains Momentum

Underground drilling underway, surface rigs mobilising and multiple high-grade targets advancing across 12km Novales zinc corridor

Variscan Mines (ASX: VAR) has accelerated exploration and development activities across its flagship Novales Zinc Project in northern Spain, with multiple drilling programs now underway as the Company pushes to unlock the broader scale potential of one of Europe’s emerging zinc districts.

The Company has commenced underground drilling at the historical Emilia Mine while preparing to launch an expanded surface drilling campaign later this month across the northern extension of the highly prospective San José-Udías zinc trend.

The aggressive exploration push comes immediately following completion of the first tranche of Variscan’s recent $5 million capital raising and marks the beginning of what the Company expects will be a sustained period of operational newsflow and catalyst-driven activity.

Importantly, Emilia sits outside the current Mineral Resource Estimate and represents a significant high-grade growth opportunity within the broader Novales Project, which already hosts existing underground infrastructure, granted mining licences and a defined 12km mineralised corridor.

Recent historical data compiled by Variscan confirmed multiple standout high-grade zinc intersections at Emilia, including:

• 2.85m @ 33.50% Zn and 0.52% Pb

• 2.75m @ 22.50% Zn and 0.31% Pb

• 2.00m @ 28.00% Zn and 1.52% Pb

Channel sampling at Emilia has now been completed, with assays pending, while underground drilling is already underway targeting extensions to known mineralisation and refining priority targets ahead of surface drilling.

A drilling contractor has been appointed, with mobilisation expected later this month as Variscan begins drill testing a largely underexplored 4km northern extension of the San José-Udías trend containing multiple known occurrences of high-grade zinc mineralisation.

At the same time, infrastructure upgrades are progressing at the Udías Mine to support an expanded underground drilling campaign targeting extensions to high-grade mineralisation outside the current resource model.

Previous drilling at Udías demonstrated mineralisation extending more than 3km southwest from the San José Mine, highlighting the scale potential of the broader mineral system.

Variscan is now integrating historical drilling, underground face sampling and recently completed 3D underground survey data alongside its own drilling results to refine multiple new drill targets across the district-scale project area.

The renewed activity also coincides with continued advancement of the Company’s San José Mine restart strategy. Following publication of its Mine Restart Study, Variscan has commissioned the Hydrogeological Study and Environmental Impact Assessment required as part of the mine approval process, while additional power infrastructure planning is also advancing for the future mine site.

Located in the prolific Basque-Cantabrian Basin of northern Spain, the Novales Project sits within one of Europe’s premier Mississippi Valley Type (MVT) zinc districts, a globally significant geological setting renowned for hosting large-scale, high-grade zinc-lead deposits.

Variscan controls approximately 111km² of tenure across the heart of the basin, including more than 60 historical zinc mines and prospects positioned along the broader Novales mineralised corridor.

The project is also located approximately 9km from the world-class Reocín zinc mine, one of the richest MVT zinc deposits globally and within trucking distance of Glencore’s San Juan de Nieva zinc smelter.

With drilling accelerating across multiple fronts, infrastructure upgrades underway and mine restart studies advancing, Variscan is positioning Novales as a potentially significant European zinc development story at a time of growing strategic focus on critical industrial metals and secure Western supply chains.

Variscan’s Chairman, Tony Wehby, said:

“In May, Variscan received the first tranche of funds from the recently completed capital raising, a General Meeting will be held in July for shareholders to vote on whether to authorise the Company to issue shares for the second tranche of funds (A$4m) from that raising.

This announcement reflects the enthusiasm that the capital raising has given the whole Variscan team, as we embark with renewed vigour on a range of activities to add value to our Novales Project.

With multiple programs underway, we expect a strong flow of operational news over the coming months.”

Next Steps & Way Forward

• Emilia channel sampling assays pending

• Underground drilling advancing at Emilia

• Surface drilling commencing this month

• Expanded underground drilling at Udías

• Ongoing mine restart permitting activities

• Continued target generation across 12km Novales trend

 

About us:

About Variscan Mines Limited (ASX:VAR)

Project Summary

The Novales Project is located in the Basque-Cantabrian Basin, some 30km southwest from the regional capital, Santander. The project is centred around the former producing San Jose underground mine with a large surrounding area of exploration opportunities which include a number of satellite underground and surface workings and areas of zinc anomalism identified from recent and historic geochemical surveys. Variscan has delineated a significant 12km mineralised trend and a sub-parallel 3km trend from contemporary and historical data across both the Buenahora exploration and Novales mining permits.

The San Jose Mine is nearby (~9km) to the world class Reocin Mine which is the largest known strata-bound carbonate-hosted Zn-Pb deposit in Spain and one of the world’s richest MVT deposits. Further it is within trucking distance (~80km) from the San Juan de Nieva zinc smelter operated by Asturiana de Zinc (100% owned by Glencore). Significantly, the Novales Project includes a number of granted mining tenements.

To learn more, please visit: www.variscan.com.au

Contact details:

Media & Investor Enquiries
Jane Morgan Management
Chloe Hayes
E: [email protected]