Variscan Mines (ASX: $VAR) announces award of 5 new exploration licences

Variscan Mines Limited (ASX: $VAR) has reported the conditional award of 5 new exploration licences comprising 36.66 km2 in aggregate, from the Consejería de Innovación, Industria, Turismo y Comercio - del Gobierno de Cantabria (the Government of Cantabria) in northern Spain. The new licences substantially increase the size of the Novales-Udias Project, extending the Novales Trend to approximately 12 km in strike length. The award of the licences offers a de-risked exploration opportunity over very prospective areas to increase the scale of the project.

Stewart Dickson, Managing Director & CEO, Variscan Mines Limited, on the new licences

The award of 5 new licence areas is an excellent step forward in the growth of the Novales-Udias project offering the realistic potential to increase scale and tonnage in this proven, high grade zinc district. The licence areas infill and expand our project tenement area by some 70%. The new licences are contiguous and highly prospective. After working to secure these licences over a number of years it is personally satisfying to achieve this objective. Further, it demonstrates the strength of our relationships with the regional government as well as reflecting the high regard of our local team with authorities and communities. We have already submitted drilling permit applications and are looking forward to reporting on the progress of exploring these new licence areas.

Summary of the ASX announcement from Variscan Mines (ASX: $VAR)

Variscan Mines Limited (ASX: $VAR) has secured 5 new exploration licences in northern Spain, substantially increasing the size of the Novales-Udias Project. The new licences, contiguous and highly prospective, offer a de-risked exploration opportunity over very prospective areas to increase the scale of the project. The award of the licences does not carry a minimum financial spending commitment. The enlarged project, located in the Cantabria Region, Northern Spain, is characterized by first world infrastructure including an industrial port and international airport in Santander. Variscan continues to deliver on its stated drilling plan and is pleased to confirm that its upscaled underground drilling program will continue well in 2024. The objective of delivering a Mineral Resource Estimate (MRE) upgrade later this year remains extant.