Variscan Mines (ASX:VAR) remains focused on delivering a Mineral Resource Estimate (MRE) upgrade for its San Jose Mine near Novales, northern Spain later this year.
The $3.03 million market capitalisation company says a planned surface drilling campaign in Q2 2024, coupled with an upscaled underground drilling program, will underpin the MRE upgrade.
Today (4 March 2024), Variscan posted further ‘high-grade’ zinc (Zn) results at San Jose up to 8.93% Zn, with accompanying lead (Pb) grades up to 1.61% Pb.
The existing MRE model is well supported by the results, which also confirm the potential for additional lenses below the existing model and further extensions.
Current upscaled drilling will continue until mid-2024 and has been designed to upgrade the existing indicated and inferred resources, and discover new zones of mineralisation to increase the overall size of current mineral resource tonnage.
Drilling is currently focused on testing new structural targets defined from a recent structural geology study outside of the existing MRE model.
Managing Director and CEO Stewart Dickson says: “The new assay results from drillholes continues to display significant zinc grades over substantial thicknesses as we continue to define and develop one of the highest grade, development stage zinc deposits in Europe.
Using our own portable drill rig and staff enables us to conduct this program efficiently, cost effectively, and with a high degree of flexibility. This is in contrast to the wider junior mining sector which is signalling reduced drilling activity. In short, we are drilling when others aren’t or can’t.
We look forward to reporting our next batch of assays from testing cross-cuttings structures beyond the existing MRE model. Our drilling campaign, together with other exploration activities, continue to support our overarching objective to assess the restart potential of the San Jose Mine.”
Variscan Mines is a natural resources company focused on the acquisition, exploration, and development of high quality strategic mineral projects.
The company has compiled a portfolio of high impact base metal interests in Spain, Chile, and Australia, with a primary focus on the development of its advanced zinc projects in Spain.
Write to Adam Drought at Mining.com.au
Images: Variscan Mines
