Variscan Mines is ramping up exploration at its Novales Project in northern Spain, advancing underground and surface drilling with infrastructure upgrades and capital raising support.
- Channel sampling completed at Emilia Mine, assays pending
- Underground drilling expanding mineralised footprint at Emilia and Udías
- Surface drilling to start late June 2026
- Infrastructure upgrades at Udías to support deeper drilling
- Mine restart studies progressing with environmental assessments
Drilling Accelerates at Emilia and Udías Mines
Variscan Mines Limited (ASX:VAR) is intensifying exploration activities across its Novales Project in northern Spain, focusing on the Emilia and Udías mines along a prolific 12-kilometre zinc trend. The company has completed a channel sampling program at the historical Emilia Mine, with assay results awaited, while underground drilling continues to expand the mineralised footprint there. Surface drilling is slated to begin in late June, targeting a 4-kilometre northern extension of the San José-Udías zinc system, which has already yielded multiple high-grade zinc intersections in historical data.
Infrastructure Upgrades to Support Deeper Drilling
At the Udías Mine, Variscan is upgrading power infrastructure to enable a more extensive underground drilling campaign at greater depths. This follows recent underground drilling that uncovered significant high-grade zinc mineralisation beyond the current Mineral Resource Estimate (MRE), suggesting substantial upside potential. The expanded drilling aims to link mineralised zones between Udías and the nearby San José Mine, further delineating the district-scale zinc system.
Capital Raising Fuels Exploration Momentum
The company recently received the first tranche of funds from a $5 million capital raising, with a shareholder meeting planned in July to approve the second tranche of $4 million. Chairman Tony Wehby noted the capital injection has energized the Variscan team, underpinning multiple simultaneous work programs designed to add value to the Novales Project. This financial backing is critical as Variscan advances both drilling and preparatory infrastructure works.
Progress on Mine Restart and Environmental Approvals
Alongside exploration, Variscan is advancing the mine restart plan for the San José Mine by commissioning hydrogeological and environmental impact assessments, key components of the mining approval process. Preparations for additional power infrastructure at the mine site are also underway, aligning with the company’s objective to transition from exploration to production in the coming years.
District-Scale Zinc Opportunity in Cantabria
The Novales Project sits within the Cantabria region, a renowned Mississippi Valley Type (MVT) zinc district hosting numerous historical mines and prospects. Variscan’s extensive tenement package covers over 111 square kilometres, including more than 60 historical zinc workings along a 12-kilometre mineralised corridor. The proximity to the world-class Reocin Mine and the San Juan de Nieva zinc smelter operated by Glencore adds strategic value to the project’s development prospects.
Bottom Line?
Variscan’s coordinated drilling and infrastructure push, backed by fresh capital, positions Novales for potential resource growth and eventual mine restart, but assay results and regulatory approvals remain critical near-term milestones.
Questions in the middle?
- Will assay results from Emilia’s channel sampling confirm extensions to the high-grade zinc system?
- How will infrastructure upgrades at Udías impact the scale and depth of future drilling campaigns?
- What timeline can investors expect for mine restart approvals following environmental and hydrogeological studies?