Variscan Mines' milestone update on zinc resource

Variscan Mines (ASX:VAR) announced a major update to the Mineral Resource Estimate for its Novales-Udias Project in northern Spain. The update triples the high-grade estimate to 3.4 million tonnes at 7.6% zinc and 0.9% lead. This significant growth occurred in just 13 months from the initial estimate, enhancing geological confidence with new measured resources.

Variscan Mines' strategic resource development

The updated Mineral Resource Estimate for Variscan Mines' Novales-Udias Project marks a threefold increase in high-grade zinc resources, positioning it as one of the highest-grade zinc deposits owned by an ASX-listed company. The new estimate includes defined measured resources, which now account for 67% of the contained tonnes at the San Jose Mine, indicating enhanced geological confidence. Looking ahead, Variscan plans to conduct a Mine Re-Start Study focusing on high-confidence resources, aiming for completion by the first half of 2025. Exploration activities, including current drilling, continue to explore the project's significant geological potential. With strategic infrastructure and historical production advantages, Variscan Mines is positioned to advance towards restarting zinc production, while building a substantial high-grade resource inventory.

Executive commentary on resource expansion

The updated Mineral Resource Estimate at Novales-Udias represents a significant milestone for Variscan Mines. It underscores our commitment to rapidly advancing the project and highlights the high-grade potential of the deposit. The incorporation of measured resources for the first time enhances our confidence in the resource's quality and supports our strategy to potentially restart zinc production. We look forward to further defining the resource and exploring additional opportunities within the Novales Trend.