Variscan’s Phase 2 diamond drilling program at the San Jose mine in Spain has successfully expanded the footprint of the zinc-lead mineralisation at the project.

The company has discovered an upper level to the 168 trend with unexploited high-grade zinc, including:

  • 4.4m at 22.7%;
  • 6m at 10.2%;
  • 4m at 13.9%; and
  • 4m at 6.8%.

There are also further potential extensions above and below, with future drilling expected to link up to the 168 trend.

Plus, the drilling also identified a southerly extension of the Los Caracoles trend, including:

  • 11m at 4.9%;
  • 3m at 6.1%; and
  • 5m at 2.4%.

Los Caracoles is now twice the size as when it was first discovered and the company believes there’s strong prospectivity for further extensions of stacked lenses above and below the main gallery level.

New opportunities to expand tonnages

Drilling has continued to deliver more high-grade discoveries beyond the historical mine workings,” Variscan Mines (ASX:VAR) MD and CEO Stewart Dickson said.

“Importantly we are expanding zones of mineralisation through drilling success and also seeing new opportunities to expand tonnages by connecting mineralised trends within the deposit.

“Drilling has so far doubled the length of the lower lenses running beneath the Los Caracoles Trend to over 300m.

“It is worth remembering that prior to the commencement of underground exploration drilling by Variscan, the existence of these lower mineralised lenses was completely unknown.

“The continuing occurrences of high-grade zinc mineralisation immediately below the main gallery level in multiple sections of the mine is very important for defining our high-grade inventory and future development scenarios.” 

Variscan Mines
Pic: Plan view of selected mineralised intersections from drilling in the 168 Trend and the Los Caracoles Trend.

Capitalising on zinc prices

The new assay information provides important data that will be included in the estimation of mineral resources that can potentially be exploited by a future resumption of underground operations.

And Dickson said further assay results from underground diamond drilling are pending.

“We note the very favourable performance of the zinc price and believe that the outlook should remain strong,” he said.

“Variscan is currently assessing how to utilise the existing infrastructure and new zones of mineralisation at the San Jose Mine to take advantage of these dynamics.”

The company also plans to underground drill the step-out targets in historic near-surface mines, report the results of the geophysical survey of the Buenahora license area, and to secure municipal approvals to undertake surface drilling of the Buenahora license area.




This article was developed in collaboration with Variscan Mines Limited, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.