Variscan Mines Unveils Promising High-Grade Zinc-Lead Assays at Udias Mine
VARISCAN MINES LIMITED (VAR) Share Update September 2024 Monday 9th
Variscan Mines Announces High-Grade Zinc-Lead Assays at Udias Mine
Variscan Mines Limited (ASX:VAR) has announced exciting assay results from historic underground face-sampling at the Udias Mine, part of the Novales-Udias Project in Cantabria, northern Spain.
Instant Summary:
- High-grade zinc-lead assay results outside the current Mineral Resource Estimate footprint.
- Significant sample results include: 4.50m @ 26.47% Zn, 19.46% Pb; 2.80m @ 35.87% Zn, 0.17% Pb; and 4.00m @ 21.50% Zn, 0.32% Pb.
- A total of 337 samples compiled over a distance of 2.2km.
- High-priority targets identified for forthcoming underground drilling at Udias Mine.
- Drilling at Udias Mine to commence next month, with an updated Mineral Resource Estimate expected by year-end.
Assay Results and Their Significance
Variscan Mines Limited has compiled historic assay results from underground face-sampling at the Udias Mine, revealing very high-grade zinc-lead mineralization outside the current Mineral Resource Estimate (MRE) footprint. These results highlight the potential for significant resource expansion.
Key sample results include:
- Sample UTS-15: 4.50m @ 26.47% Zn, 19.46% Pb
- Sample UTB-65: 2.80m @ 35.87% Zn, 0.17% Pb
- Sample UTB-11: 4.00m @ 21.50% Zn, 0.32% Pb
- Sample B-20: 3.00m @ 28.20% Zn, 5.90% Pb
- Sample UTB-32: 2.00m @ 36.95% Zn, 0.41% Pb
- Sample UTB-132: 2.00m @ 35.39% Zn, 0.07 % Pb
- Sample UTB-86: 4.00m @ 16.39% Zn, 2.18% Pb
- Sample D-5: 1.55m @ 41.00% Zn, 0.22% Pb
Upcoming Drilling and Project Progress
Variscan plans to commence underground drilling at the Udias Mine next month. This will be the first time Variscan has drill-tested this area. The drilling aims to confirm and expand the high-grade zinc-lead mineralization indicated by the historic samples.
The Novales-Udias Project is progressing well, with significant milestones expected in the second half of 2024. These include the commencement of underground drilling at Udias Mine, an updated Mineral Resource Estimate, and the publication of a Mine Re-Start Study.
Historical Context and Future Potential
The Udias Mine, part of the Novales-Udias Project, has not been drilled by Variscan and sits outside the current MRE. The southern part of the Udias Mine, over 1.4 km in length, has never been drilled. The Udias Mine complex is linked underground to the San Jose Mine, both situated on the 12km-long Novales Trend.
Historical data suggests that zinc-lead mineralization extends along strike for over 2.2km, much of which is not included in the existing MRE model. This presents a significant opportunity for resource growth and value creation.
The high-grade assay results and the forthcoming drilling campaign are likely to have a positive impact on Variscan Mines' stock. The potential to expand the Mineral Resource Estimate and re-start production at one of Europe's highest-grade zinc deposits could attract investor interest and boost the company's valuation.
Investor Reaction:
Analysts are likely to react positively to the high-grade assay results and the planned drilling campaign. The confirmation of significant zinc-lead mineralization outside the current MRE footprint could lead to an upward revision of the project's potential and drive investor confidence.
Conclusion:
Investors should closely monitor Variscan Mines' progress with the Udias Mine drilling campaign and the subsequent updates to the Mineral Resource Estimate. The company's strategic efforts to unlock further value from the Novales-Udias Project could present significant opportunities for growth and returns.