Historic drilling results boost Variscan’s Novales-Udias Project development hopes - The Pick Online Magazine

Variscan Mines Limited’s (ASX:VAR) plans to re-open the Novales-Udias Project in Cantabria, northern Spain have been further boosted with the discovery of a further set of very high-grade historic underground drilling results.

The company has now collated a dataset of results from Novales-Udias comprising 267 underground drill-hole collars, for approximately 20,280m and 102 surface drill-hole collars, totalling approximately 18,780.

Variscan’s Managing Director and CEO, Stewart Dickson said the results have highlighted the project’s high-grade nickel potential.

It is pleasing to announce a further set of very positive historic underground drilling results. It is another demonstration of progress as we rapidly understand the quality and scale of the historic work and the future potential of these licence areas,” Mr Dickson said.

“We have achieved the collation of a substantial historic dataset comprising over 39,000m of surface and underground drilling. This is invaluable as a cost-effective exploration tool and provides a head start for geological and resource modelling.

“The data contains a number of high-grade zinc intervals of potentially mineable widths. This is delivering momentum to our stated strategy of exploring the early production potential at the Novales Mine as well as delineating a significant mineral resource over the wider, prospective land package which hosts multiple historic workings.

“Selected field work is currently able to be conducted and will continue in a cost-conscious manner, so far as practicable, whilst maintaining staff safety and compliance with Spanish Government directives regarding COVID-19.”

The substantial historic drilling dataset that has been collated is being used to advance the understanding of the scale and quality of the mineralisation over the tenement areas. Variscan’s two-fold strategy of identifying near term production opportunities at Novales and mineral resource delineation remains unchanged.

1. Variscan’s work in establishing the exploited versus in-situ mineralisation is underway and consists of digitisation of historic mining plans and underground mine investigations and will include a laser survey of the underground workings, when circumstances allow.
2. This historic data, supplemented by new work, will be used to:
   • define the geological model;
   • develop Exploration Targets in accordance with JORC 2012; and
   • define drill targets for a future drilling programme.

Key findings from the underground drill-hole database include:

• Historic high-grade intercepts demonstrate the grade potential of mineralisation on the Novales Trend, with high grade composites demonstrating mineralisation over potentially mineable widths
• Significant results will be further explored to identify mineralisation left in situ at Novales- Andrea and develop exploration plans accordingly
• Data supports the ongoing development of the geological model at Novales and will form the basis for the development of Exploration Targets in accordance with JORC 2012
• Review and analysis of additional historic underground drill-hole data and mining plans both at and along strike from the Novales-Andrea area are underway.

www.variscan.com.au