Variscan delivers ‘highest grade’ zinc MRE

Variscan Mines (ASX:VAR) has delivered one of the highest grade zinc Mineral Resource Estimates (MREs) for an ASX-listed company from its San Jose Mine – as part of the Novales-Udias Project — in Cantabria, Spain. 

The MRE sits at 1.1 million tonnes (Mt) @ 9% zinc and 1.2% lead at a cut-off grade of 2% zinc and was undertaken by ERM Sustainable Mining Services team (formerly CSA Global).

Variscan says this is one of the ‘highest grade’ zinc MREs owned by an ASX-listed company.  

The MRE covers the San Jose deposit and the adjacent northeastern part of the Udías deposit, both of which were mined for zinc during the 20th century. 

The resources in the indicated category represent 45% of the MRE with grades notably higher (10% zinc) than those in the inferred category (8.2% zinc). 

Varisacan notes these ‘higher grades’, coupled with open mineralisation along strike and at depth, provide the potential for ‘significant’ grade and tonnage increases with follow-up and infill drilling. 

Variscan Mines Managing Director and Chief Executive Officer (CEO) Stewart Dickson says the MRE is not only a ‘significant’ milestone for the company but also validates the company’s approach to exploration activities to date as it advances mine restart assessments. 

“Mineralisation remains open along strike and to depth, which presents the company with a path to potential resource inventory growth through additional exploration drilling as much of the 9km Novales Trend has yet to be incorporated into a formal resource.”

Meanwhile, an additional JORC exploration target has also been estimated for the wider San Jose and Udías deposits, indicating the potential for the initial MRE to grow ‘substantially’. 

The exploration target for San Jose is supplemental to the existing JORC exploration target over the entire Novales-Udias Project published in Q3 2022, which remains in existence. 

The ‘larger’ exploration target currently sits at 3Mt to 6Mt with grade ranges of 7% to 11% zinc and 0.3% to 1.6% lead.   

Variscan Mines is focused on the acquisition, exploration, and development of strategic mineral projects. The company has amassed a portfolio of ‘high-impact’ base metal interests in Spain, Chile, and Australia. 

As of 30 September, Variscan Mines had $1.131 million cash and cash equivalents at hand, according to its latest quarterly report.

Write to Adam Drought at Mining.com.au

Images: Variscan Mines
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.