- Variscan Mines Limited (ASX:VAR) has announced positive maiden assay results from the continuing underground drilling programme at the San Jose Mine.
- The assays exhibit intersections of high-quality zinc mineralisation near the mine portal.
- Sulphide mineralisation was also observed in the stopes of the central zone, consistent with the high-grade zones.
Australian exploration and development company Variscan Mines Limited (ASX:VAR) has released encouraging maiden assays from the underground drilling programme at the San Jose-Novales Mine.
Variscan is actively progressing with underground drilling at the San Jose Mine to test the high-quality extensions of zinc mineralisation. In line with expectations, the first batch of assay results have shown intersections of high-quality zinc mineralisation close to the mine portal, as summarised in the below table:
Maiden Assay Results
As part of the underground drilling, a new mineralised area situated about 1km from the central zone of San Jose has been successfully drill-tested, suggesting a substantial step-out target. The mineralised area indicates prior under-explored mineralised systems in between hold discovery potential.
The latest assay results hint that the known mineralised systems possibly have extensions and deserves further exploration work. Furthermore, the results validate the identification of mineralisation near N-S trends, with potential for E-W cross cutting trends and extensions.
Notably, historic surface drill holes situated around 380m to 630m to the southeast logged several high-quality zinc intersections (14% to 23% zinc). The results further indicate that the Brownfield project potential is increasing with consistent high-grade exploration results.
The mineralisation style from the drill core is in accordance with sulphide-rich carbonate hosted lenses (Mississippi Valley Type) recorded in the stopes of the central zone of the San Jose Mine. Besides being easily accessible, this area has observed very little historical mining activity.
Variscan highlighted that this area has the potential for mineralisation to be extended, coupled with positive historical surface drilling data.
Status of Drill Programme
Variscan notified that a second drill rig has been mobilised while constructively working with its local Spanish drilling contractor. This drill rig is already operational, with further news-flow expected in the near-term. The Company believes that this will remarkably accelerate drilling meterage achieved, subject to equipment serviceability.
With a clear plan in hand, the Company intends to drill for the coming five weeks to achieve about 1,000m, drill-testing the southwest and central zones of the San Jose Mine. This drilling focuses on areas showing mineralisation that have never been mined in the past. In particular, the southwestern areas are deemed to be highly prospective and demonstrate discovery potential.
Next Course of Action
While continuing with underground drilling at the San Jose Mine, Variscan intends to conduct the following activities at the San Jose Mine:
- Drilling southwestern and central zones;
- Surface drilling permitting applications; and
- Mapping of drill targets over the Buenahora licence area.
The Company will submit the next batch of drill core samples for assay analysis shortly.
Variscan shares traded at $0.031 mid-day on 10 March 2021.