Variscan Mines Intersects High-Grade Zinc in Maiden Udias Drilling Campaign
Exceptional Zinc Sulphide Results Highlight Strong Resource Growth Potential
Variscan Mines Limited (ASX: VAR) (“Variscan” or “the Company”) is pleased to announce outstanding assay results from its maiden underground drilling campaign at the Udias Mine, part of the Novales-Udias Project in northern Spain. The results confirm significant high-grade zinc (Zn) and lead (Pb) mineralisation, supporting the Company's strategy to expand its Mineral Resource Estimate (MRE) and advance towards a restart of operations.
Key Highlights
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Exceptional High-Grade Intercepts:
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UDDT004: 20.1m @ 8.22% Zn, 1.72% Pb
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UDDT002: 16.5m @ 6.16% Zn, 0.87% Pb
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UDDT001: 7.8m @ 7.41% Zn, 0.68% Pb
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UDDT005: 11.4m @ 4.76% Zn, 0.24% Pb
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UDDT003: 11.0m @ 4.92% Zn, 0.04% Pb
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First-Ever Drilling at Udias: Initial drilling targets previously untested areas, identifying new zones of mineralisation.
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Expansion Potential:
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Mineralised zones remain open, supporting strong upside potential for future resource growth.
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High geological similarity with the San Jose Mine, confirming Udias as part of the same mineral system.
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Drilling to Continue: The campaign will extend through H1 2025, with additional underground and regional exploratory drilling being planned.
Outstanding Results Validate Growth Strategy
Variscan’s drilling at Udias—a large, underexplored mine complex—has successfully confirmed primary high-grade zinc sulphide mineralisation. The results suggest that historic production at Udias focused only on zinc oxide mineralisation, leaving significant volumes of zinc sulphide untapped.
The drilling campaign has confirmed mineralisation beyond the existing MRE model, with intercepts comparable to high-grade zones at the San Jose Mine, further reinforcing the exploration and production potential of the Novales-Udias Project.
Managing Director & CEO, Stewart Dickson, commented:
"Drilling at the Udias Mine for the first time has certainly yielded fantastic results, with an outstanding set of thick, high-grade zinc intercepts."
"The Udias Mine complex is significantly larger than the San Jose Mine, and with current drilling located outside the existing Mineral Resource Estimate, we see genuine potential for a material increase in resource tonnage and scale. These results continue to reinforce the significant growth prospects at the Novales-Udias Project."
"We are excited about the opportunity to extend the mineralisation footprint over the Udias Mines through this ongoing drilling campaign. Our drill rig will remain active at Udias for the foreseeable future as we explore, define, and expand our high-grade Mineral Resource Estimate."
"Our strategy remains clear: unlock value through restarting production and exploration at one of the highest-grade, development-stage zinc deposits in Europe. These results further validate that approach."
Next Steps
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Further Assay Results: Ongoing drilling at Udias and San Jose will continue to deliver key assay data.
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Metallurgical and Geotechnical Test Work: Advancing towards feasibility studies.
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Geophysical Surveys: Ongoing exploration at the Guajaraz Project.
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Updated Mineral Resource Estimate (MRE): Incorporating new drilling data, anticipated later in 2025.
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Regional Drilling Expansion: Plans for further underground and surface drilling to expand the project footprint.
About us:
About Variscan Mines Limited (ASX: VAR)
Variscan Mines Limited is a growth-oriented natural resources company focused on high-grade zinc exploration and development in Europe. The Company’s Novales-Udias Project in northern Spain includes the San Jose Mine, Udias Mine, and wider regional prospects, positioning Variscan as a future zinc producer in a critical metals market.
For more information, visit www.variscan.com.au.
Contact details:
Investor & Media Enquiries
Jane Morgan Management
Chloe Hayes / Jane Morgan
Email: [email protected] / [email protected]
Phone: +61 (0) 458 619 317 / +61 (0) 405 555 618