Variscan Mines has reported high-grade assays from surface diamond drilling on the San Jose zinc mine in Spain, which is interpreted to be a continuation of the same mineral system and on strike along the 7km Novales Trend.

 The step-out holes are around 1,200m north-east along strike from the Main Zone of the underground mine stopes, and returned results of:

  • 22m at 8.16% zinc and 0.23% lead (SB-18);
  • 6m at 16.02% zinc and 0.71% lead (SB-19B); and
  • 9m at 5.45% zinc and 0.07% lead (SB-19B).

The company says these assay results are unprecedented among historic surface drilling conducted in the wider region and confirm significant strike potential of the San Jose mineralised system towards the north-east.

Further expansion drilling warranted

The company believes the step-out drilling indicates that further expansion drilling is strongly warranted.

“When we reported drilling results at Buenahora towards the end of January 2023, I mentioned our expectation for reporting promising assay results from the step-out drill-holes at San Jose Mine,” Variscan (ASX:VAR) MD and CEO Stewart Dickson said.

“These results published less than a month later, strongly indicate continuity of the mine’s mineralisation being part of the same, extensive mineralised system.

“These results have made it clear that additional exploration drilling is merited.”

Mineral resource estimate expected this year

The company is progressing towards publishing a maiden JORC-compliant Mineral Resource Estimate (MRE) for the San Jose Mine in 2023.

Also, this year, VAR plans to complete Phase-3 underground infill and resource definition drilling, finalising the ongoing 3D wireframe model of all historic and present-day drilling at and around the mine.

Once the MRE is complete, the goal is to report a mine restart concept study for the mine.

 

 

 

This article was developed in collaboration with Variscan Mines Limited (ASX:VAR), 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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