Underground drilling continues to highlight the potential for Variscan to find high-grade zinc beyond the historical workings at its San Jose mine in northern Spain.

While visual observations of the core nearly a month back had already hinted that the company had found something special in the previously untested 168 Trend, assays such as 5m grading 24.92% zinc within a broader zone of 8m at 20.17% zinc have really amped up the excitement levels.

To top it off, the full extent of the 168 Trend remains unknown with mineralisation remaining open to the north and South.

The discovery validates Variscan Mines’ (ASX:VAR) belief that San Jose is a multi-layered deposit, consisting of multiple vertically stacked, sub-horizontal high-grade mineralised lenses of variable thickness.

Drilling has also extended high-grade mineralisation at the Los Caracoles Trend in a southerly direction below the main gallery level with assays returning results such as 8m at 5.16% zinc and 6m at 5.02% zinc.

This has indicated the potential for a +400m extension of this trend based on assay results and visual estimates of drilling conducted so far.

Managing director Stewart Dickson said the strong drill assays from the 168 Trend far exceeded the company’s expectations based on visual indications.

“The drill results from the previously un-tested 168 Trend are exceptionally encouraging and represent a genuine exploration success as we had no historical data to work from,” he added.

“The drill results around Los Caracoles further extend the known trend, which remains open.

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

“With strong zinc price performance and a positive outlook for zinc prices, Variscan Mines is well-positioned to take advantage of these dynamics”.

Assays are pending for a further 12 diamond drill holes, most of which exhibit positive visual zinc mineralisation, while the Phase 2 drill program is being ramped up with an additional rig deployed to test step-out targets and extensions as well as upsizing the planned campaign.

Forward plan

Variscan is preparing to carry out a comprehensive exploration program consisting of further drilling and metallurgical testwork on the broader Novales-Udias Project in 2022.

This will allow the company to start technical studies designed to demonstrate the potential for a commercially viable project.

It will focus on further underground drilling at San Jose, which will include the testing of step-out targets in old near-surface mines.

Other work includes carrying out a geophysical survey of surface drill targets over the Buenahora license area, delivering pending municipal approvals to undertake surface drilling at Buenahora, and the delivery of associated environmental, social and governance initiatives.




This article was developed in collaboration with Variscan Mines, 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.