Join our daily newsletter At The Bell to receive exclusive market insights
- Maiden drilling targeting mineralisation and unexploited structures
- Five priority diamond drill holes for follow-up testing of down-dip extensions
- Imminent drilling campaign satisfies operational requirements
- Site preparation underway for imminent program start
Variscan Mines (ASX:VAR) is set to test a range of high-priority polymetallic targets in its maiden drilling program at the Guajaraz project in central Spain.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
The imminent drilling program follows the company’s extensive geological mapping, geochemical sampling and an 8.5 line-km deep ground penetrating radar (DGPR) survey.
Variscan has now designed a diamond drilling program to test these targets at depth and has engaged experienced contractor Geoplanning to execute the campaign.
This exploration expansion runs parallel to ongoing underground and surface campaigns across the company’s flagship Novales-Udias zinc project in Cantabria.
Chairman, Tony Wehby, said the company is entering this next phase of growth with strong corporate momentum and multiple active exploration fronts across the Novales-Udias project and Guajaraz, backed by a recent capital raising.
“Following our recent capital raising, the Variscan team is moving forward with renewed vigour across our entire Spanish portfolio,” he said.
“While surface and underground drilling campaigns continue to expand our mineralised footprint at Novales, this maiden drilling program at Guajaraz represents an expansion of our regional exploration footprint.
“By deploying a targeted, diamond drilling campaign, we are testing the broader potential of this heavily mineralised, yet underexplored, polymetallic system and simultaneously securing our tenement standing heading into the final stretch of the year.”
Guajaraz comprises seven known mineral occurrences, centred on the historical La Unión underground mine, which was periodically active from 1945 until the mid-1980s. The mining complex is composed of a network of galleries and shafts extending to a depth of 280m over 10 separate levels.
Historical records indicate that the mine produced high-grade silver-rich lead and zinc sulphides with concentrates reportedly averaging 70% lead and 51% zinc, alongside strong silver credits.
VAR was steady at 0.5¢ with a Mkt cap of $6.398M prior to markets opening.
Join the discussion: See what HotCopper users are saying about Variscan Mines and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
-1200x645-380x200.jpg)