Variscan Mines (ASX: VAR) has provided an update on its exploration and operations, highlighting progress at the Udias Mine, ongoing metallurgical and geotechnical test work, and completion of a geophysical survey at the Guajaraz Project in Spain.
Drilling at Udias Mine nearing first assay results
The company commenced its maiden underground drilling campaign at the Udias Mine in the fourth quarter of 2024, targeting zinc-rich sulphide mineralisation. Drilling has focused on the A Level in the southern section of the mine, with nine holes completed. Five diamond core samples have been submitted for assay testing, with results expected imminently.
Variscan has now moved drilling to the B Level, an untested horizon that could further expand the project’s mineral resource estimate. The company believes the Udias Mine has significant exploration potential, with mineralisation extending over 2km in a south-west direction from the nearby San Jose Mine.
San Jose Mine assays pending
Assay results are also expected from 16 drillholes at the San Jose Mine, completed before the Udias drilling program. These were designed to test potential feeder zones in the mine’s central zone. The results are expected to provide further insight into the site’s high-grade zinc sulphide mineralisation.
Progress on Mine Re-Start Study
Variscan is advancing multiple workstreams for its Mine Re-Start Study, including:
- Metallurgical testing: Aimed at optimising zinc recovery using ore sorting and pre-concentration methods.
- Geotechnical test work: Evaluating rock strength to refine mine planning and infrastructure needs.
- Mineral Resource Modelling: Updating waste and density calculations to support future mine development.
The company is exploring a phased mining restart strategy, aiming for near-term zinc production while funding further exploration from operational cash flow.
Geophysical survey completed at Guajaraz
Variscan has completed an 8,165m Deep Ground Penetrating Radar (DGPR) survey at the Guajaraz Project in central Spain. The survey covered both the La Union Mine and the Tio Cobos prospect, identifying structural features that will be used to generate drill targets. Results are expected by the end of the current quarter.
Positioning for growth
Variscan’s Managing Director, Stewart Dickson, said the company has made strong progress on multiple fronts and is well-positioned to advance its projects.
“We have hit the ground running in 2025… Our drill campaign at Udias is an exciting growth opportunity, and our ongoing work at San Jose and Guajaraz demonstrates our commitment to unlocking the full potential of our assets,” he said.
