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Highlights
- Variscan Mines starts drilling at Spain's Udias Mine within the Novales-Udias project.
- Aiming to confirm high-grade lead and zinc beyond known areas.
- In-house equipment and historical data enhance exploration efficiency.
Variscan Mines (ASX:VAR) has initiated a significant underground drilling program at the Udias brownfield mine, a key asset within the company’s expansive Novales-Udias project in northern Spain. The Udias Mine, previously untested by Variscan’s drillers, offers promising potential for mineral discoveries and is strategically located in proximity to the San Jose mine, with a 3-kilometer mineralized strike connecting the two sites.
The decision to begin drilling at Udias builds on historical underground sampling that highlighted exposed rock surfaces with high-grade lead and zinc. This data has guided Variscan’s current drill targets, which aim to explore mineralization outside the boundaries of the company’s existing mineral resource estimates. The initial drill sites are at the southern end of the Udias Mine, which spans three operational levels, creating a robust foundation for further expansion within the project.
This phase of exploration is facilitated by Variscan’s recent acquisition of the Estela license, which enhances the company’s ability to develop and implement a more focused exploration approach at Udias. With new drill targets in place, Variscan is set to leverage in-house drilling rigs, adding both cost efficiency and operational flexibility to its exploration efforts. This approach underscores the company’s strategic direction to maximize value through disciplined, data-driven exploration.
The use of historical data has proven beneficial for Variscan, with the company’s CEO, Stewart Dickson, commenting on the operational advantages gained from their in-depth understanding of the Udias site’s geology. “Our acquisition and interpretation of historical data have certainly been value-accretive,” he stated. According to Dickson, substantial tonnage of high-grade zinc sulfide mineralization likely remains untouched, with the Udias Mine complex being considerably larger and less explored compared to the nearby San Jose site.
The Udias Mine’s potential for high-grade mineralization aligns with Variscan’s objective of expanding its resource base within the Novales-Udias project. Given its larger size and relatively under-explored nature, Udias could play a critical role in Variscan’s exploration portfolio, particularly as the company seeks to unlock further value from the region’s mineral deposits.
Variscan Mines’ stock last traded at 0.7 cents per share, reflecting market interest in the company’s ongoing exploration activities and resource expansion strategies in Spain.
