Variscan retains 49% interest as Chalice enters Callabonna Project to accelerate IOCG exploration
Jane Morgan Management
18 March 2026
Variscan Mines Limited (ASX:VAR) has welcomed the entry of Chalice Mining (ASX:CHN) into the Callabonna Project in South Australia, following a proposed earn-in agreement with joint venture partner Red Metal Limited (ASX:RDM).
The agreement is expected to accelerate exploration at the project, with Chalice committing to fund exploration activities on Exploration Licence EL6318, including a minimum of two basement drill tests within the first 12 months.
Variscan holds a 49% interest in EL6318, which remains unchanged under the proposed transaction. The Company also confirmed that its rights under the existing Heads of Agreement with Red Metal are unaffected.
The Callabonna Project is located on the northern margin of the Curnamona Province, a region considered prospective for large-scale Iron Oxide Copper-Gold (IOCG) mineral systems.
Chalice’s involvement is expected to bring additional funding and technical expertise to the project, supporting the advancement of exploration targeting large geophysical anomalies interpreted to be prospective for IOCG mineralisation.
The earn-in arrangement is subject to Variscan’s consent under the existing agreement with Red Metal.
Variscan said it will continue to keep shareholders informed of material developments as exploration progresses.
About us:
About Variscan Mines Limited (ASX:VAR)
Variscan Mines Limited (ASX:VAR) is a growth oriented, natural resources company focused on the acquisition, exploration and development of high-quality strategic mineral projects. The Company has compiled a portfolio of high-impact base-metal interests in Spain and Australia. Its primary focus is the development of its advanced zinc projects in Spain. The Company’s name is derived from the Variscan orogeny, which was a geologic mountain building event caused by Late Paleozoic continental collision between Euramerica (Laurussia) and Gondwana to form the supercontinent of Pangea.
Contact details:
Jane Morgan
Investor and Media Relations
JMM
[email protected]
+61 405 555 618