Variscan Mines Limited (ASX:VAR) has received further positive assay results from the completed Phase 2 underground diamond drilling programme at the San Jose Mine, located in Cantabria, northern Spain.
Highlights
The latest set of assay results from Phase 2 underground drilling at the San Jose Mine have:
▪ Continued to expand zones of high-grade zinc mineralization in the La Caseta and Los Caracoles trends within the Central Zone;
▪ Extended the 168 Trend, now linking it up with the adjacent richly mineralised La Caseta and Los Caracoles trends; and
▪ Identified new zones of mineralisation in adjacent near-surface mines (Eloisa and El Eucaliptal) stepping out up to 600m from the San Jose Mine, increasing scale potential.
Selected drill results from La Caseta and Los Caracoles (Central Zone):
▪ DDH NOVDD105: 6.1m @ 15.6% Zn + 0.8% Pb
▪ DDH NOVDDT031: 17.0m @ 5.0% Zn + 0.4% Pb
▪ DDH NOVDDT028: 3.0m @ 19.6% Zn + 2.3% Pb
▪ DDH NOVDDT020: 4.0m @ 10.4% Zn + 1.0% Pb
Selected drill results from step-out testing of adjacent near-surface mines (Eloisa and El Eucaliptal):
▪ DDH EUDDT02: 3.0m @ 5.5% Zn + 0.3% Pb
▪ DDH ELODDT01: 7.0m @ 2.0% Zn + 0.1% Pb
▪ DDH ELODDT01: 3.0m @ 3.7% Zn + 0.0% Pb
▪ DDH EUDDT02: 3.0m @ 1.5% Zn + 0.2% Pb
“We are pleased to deliver another set of positive drilling results at the San Jose Mine, which continue to confirm the expectations we had on the exploration potential of this former producing asset,” Managing Director and CEO, Stewart Dickson, said.
“Our drilling has expanded zones of mineralization and is also realising the opportunity to expand tonnages by connecting mineralised trends over multiple levels within the deposit. There is significant upside potential in the areas surrounding San Jose.
“Testing of step-out targets in near-surface mines adjacent to the San Jose Mine has confirmed zinc mineralisation, expanding the footprint of the mineralised system with strong prospectivity for further extensions.
“We intend investigating the potential of these targets in coming months. We are very well advanced in our work on defining the mineral resource potential of the Novales-Udias Project within which both the San Jose Mine and Buenahora Licence Area (currently being drilled) are situated.
“We look forward to publishing that shortly. Meanwhile, we have made significant progress on the surface drilling at Buenahora having completed the first phase of planned drilling. We are deploying an underground rig to test lower-lying targets more efficiently and will resume surface drilling in mid-August.
“Looking ahead, we are now eagerly awaiting pending results of further assays from our San Jose and Buenahora drilling campaigns, which we will pass onto the market as soon as practicable. Everything is moving in the right direction for future development and mining restart scenarios for San Jose move closer to reality.”
Variscan’s immediate focus is progressing with the following activities; all of which are expected to be completed by the end of calendar year 2022:
• Reporting final assay results from Phase 2 underground drilling campaign at San Jose Mine
• Publishing mineral resource potential of the Novales-Udias project
• Commencing a Mine Re-start Concept Study
• Returning assay results from the current Buenahora drilling campaign as soon as possible for market reporting
• Delivery of approvals to undertake surface drilling in and around the San Jose Mine to test stepout targets
• In support of the above activities, the delivery of associated environmental, social and governance (ESG) initiatives.
For further information please visit: https://www.variscan.com.au/site/content/
