Variscan Mines’ latest assays from Phase 2 underground diamond drilling at its San Jose zinc mine in Spain have continued to expand zones of high-grade mineralisation.

The drilling has extended the 168 trend to link up with the adjacent La Caseta and Los Caracoles trends within the Central Zone

Results include:

  • 6.1m at 15.6% zinc and 0.8% lead (DDH NOVDD105);
  • 17.0m at 5.0% zinc and 0.4% lead (DDH NOVDDT031); and
  • 3.0m at 19.6% zinc and 2.3% lead (DDH NOVDDT028).

Plus, step-out testing of adjacent near-surface mines Eloisa and El Eucaliptal has identified new zones of mineralisation, with results including:

  • 3.0m at 5.5% zinc 0.3% lead (DDH EUDDT02);
  • 7.0m at 2.0% zinc and 0.1% lead (DDH ELODDT01); and
  • 3.0m at 3.7% zinc and 0.0% lead (DDH ELODDT01).

The final set of assay results from the underground diamond drilling is expected this month – and Variscan Mines (ASX:VAR) is confident that everything is moving in the right direction for future development and mining restart scenarios for the historical project.

Strong step-out targets around San Jose

“Our drilling has expanded zones of mineralisation and is also realising the opportunity to expand tonnages by connecting mineralised trends over multiple levels within the deposit,” MD and CEO Stewart Dickson said.

“There is significant upside potential in the areas surrounding San Jose.

“Testing of step-out targets in near-surface mines adjacent to the San Jose Mine has confirmed zinc mineralisation, expanding the footprint of the mineralised system with strong prospectivity for further extensions.

“We intend investigating the potential of these targets in coming months.”

Variscan Mines (asx var)
Pic: Plan view illustrating easterly extension of the San Jose
Mine and drilling results from Eloisa.

Mineral resource pending

The company says the results to date provide important data that will be included in the estimation of a mineral resource that can potentially be exploited by a future resumption of underground operations.

“We are very well advanced in its work on defining the mineral resource potential of the Novales-Udias Project within which both the San Jose Mine and Buenahora Licence Area (currently being drilled) are situated,” Dickson says.

“We look forward to publishing that shortly.

“Meanwhile, we have made significant progress on the surface drilling at Buenahora having completed the first phase of planned drilling.

“We are deploying an underground rig to test lower-lying targets more efficiently and will resume surface drilling in mid-August.

“Everything is moving in the right direction for future development and mining restart scenarios for San Jose move closer to reality.”

 

 

 

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.

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