Variscan Delivers Further High-Grade Zinc Intercepts at Udías Mine
Variscan Mines Limited (ASX:VAR) (“Variscan” or “the Company”) is pleased to report a second batch of strong assay results from its ongoing underground drilling campaign at the historic Udías Mine, part of the Company’s Novales-Udías Project in northern Spain. The latest drilling confirms significant high-grade zinc and lead mineralisation, reinforcing the project’s growth potential and its alignment with Variscan’s strategy to restart zinc production in Europe.
Key Highlights
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Significant high-grade zinc and lead intercepts returned from underground diamond drilling:
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UDDT016: 8.00m @ 9.60% Zn, 0.02% Pb & 10.00m @ 5.58% Zn, 0.52% Pb
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UDDT009: 7.10m @ 3.85% Zn, 0.47% Pb & 5.00m @ 5.32% Zn, 0.59% Pb
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UDDT010: 5.40m @ 5.06% Zn, 0.20% Pb
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UDDT017: 4.00m @ 4.93% Zn, 0.04% Pb
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Drill intercepts correlate well with historical face sampling and lie outside the current Mineral Resource Estimate (MRE)
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Mineralisation remains open, offering excellent potential for MRE growth
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Drilling progressing along mine development to connect zones within the existing MRE and expand towards the San Jose Mine
Exploration Success and Growth Opportunity
This second phase of assay results confirms the presence of high-grade sulphide mineralisation in previously untested zones of the Udías Mine. These results, combined with strong historical face sampling data, highlight that past mining efforts focused on zinc oxide ores overlooked significant deeper sulphide-hosted mineralisation .
Mapping and sampling confirm the continuity of zinc-rich horizons and their geological similarity to the nearby San Jose Mine. Importantly, the new intercepts lie beyond the current MRE boundaries, signalling genuine upside as Variscan works towards an updated resource estimate later in 2025 .
Comment from Managing Director & CEO, Stewart Dickson
“We have always thought that the Udías Mine had potential to grow the Project significantly. Following on from the first batch of outstanding thick, high grade zinc intercepts, this second batch has continued to deliver high-grade results along mine development. With the current drilling outside of the Mineral Resource Estimate, there is genuine potential to add significant tonnage and scale to this high-quality project.
Drilling will continue at Udías for the foreseeable future as we explore, define new zones of mineralisation and seek to link up with our existing high-grade Mineral Resource Estimate. It is pleasing to report continued drilling success and we look forward to reporting further drilling results as they become available.
We are delivering on our clear strategy to unlock value via re-starting production and exploration at one of the highest-grade, development stage zinc deposits in Europe, which is continuing to produce excellent results and make substantial progress.”
Next Steps
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Ongoing underground drilling to further extend mineralised zones and inform an updated MRE
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Metallurgical and geotechnical test work underway to support a planned Mine Re-Start Scoping Study
Expansion of drilling into untested zones between Udías and the San Jose Mine
About us:
Variscan Mines Limited is a growth-oriented natural resources company focused on acquiring, exploring, and developing high-quality base metal projects. The Company’s primary asset is the Novales-Udías Project in Spain, where it is advancing a strategy to restart zinc production from historically high-grade deposits. Variscan’s portfolio also includes interests in Chile and Australia.
To learn more, visit: www.variscan.com.au
Contact details:
For Further Information:
Stewart Dickson
Managing Director & CEO
E: [email protected]
T: +44 (0) 7799 694 195
Jane Morgan Management
Chloe Hayes / Jane Morgan
E: [email protected] / [email protected]
T: +61 (0) 458 619 317 / +61 (0) 405 555 618
