Variscan Mines is set to begin a 1,430-metre diamond drilling campaign at its Guajaraz polymetallic project in central Spain, aiming to test high-priority zinc and associated base metal targets and secure a tenement extension.
- Five-hole diamond drilling targets zinc-lead-silver-copper mineralisation
- Drilling designed to test down-dip extensions and unexploited structures
- Program supports planned three-year tenement extension
- Guajaraz complements flagship Novales-Udias zinc project
- Recent capital raising fuels exploration momentum
Maiden Drilling Targets Untapped Polymetallic Potential
Variscan Mines Limited (ASX:VAR) is about to embark on its first-ever diamond drilling campaign at the Guajaraz project in central Spain, marking a significant step in exploring this polymetallic zinc-rich asset. The five-hole, 1,430-metre program aims to probe beneath historical workings for deeper zinc, lead, silver, and copper mineralisation identified through extensive geological and geophysical surveys.
Guajaraz, located roughly 60 kilometres southwest of Madrid, is centred on the historical La Unión underground mine, which ceased production in the mid-1980s. Historical records describe high-grade silver-rich lead and zinc sulphides, with concentrates reportedly containing up to 70% lead and 51% zinc alongside strong silver credits. However, previous resource estimates are non-JORC compliant and require modern validation.
Strategic Drilling Design Avoids Historic Mine Hazards
Variscan’s drilling plan is carefully crafted to avoid the flooded and unmapped historical mine workings by sidestepping the principal sub-vertical La Unión vein. Instead, the program targets down-dip extensions and subparallel structures identified through recent deep ground penetrating radar surveys and geological mapping. Each hole is designed to intersect south-dipping mineralised zones, testing conceptual targets such as the Enadmisa conceptual target north of the mine, the northern displacement zone, and deep carbonate-hosted zinc lenses.
This approach not only mitigates operational risks but also aims to unlock mineralisation in underexplored areas, potentially expanding the project’s footprint beyond the known historical workings.
Complementing Novales-Udias and Backed by Capital
The Guajaraz drilling campaign runs alongside Variscan’s ongoing exploration at its flagship Novales-Udias zinc project in Cantabria, northern Spain. Novales-Udias has been the focus of underground and surface drilling, infrastructure upgrades, and mine restart studies, supported by a recent capital raising of $5 million announced in May 2026. This financial boost underpins Variscan’s broader strategy to advance multiple high-impact base metal projects across Spain.
Chairman Tony Wehby emphasised the importance of this expansion: "This maiden drilling programme at Guajaraz represents an expansion of our regional exploration footprint, testing the broader potential of this heavily mineralised, yet underexplored, polymetallic system."
Next Steps Toward Tenement Extension and Resource Growth
Beyond drilling, Variscan plans to file for a three-year extension of the Guajaraz tenement in September 2026, a move contingent on the operational progress made through this program. The company also continues to advance underground drilling and channel sampling at Novales’ Emilia Mine, alongside environmental and hydrogeological studies supporting the San José Mine restart.
While assay results from Guajaraz's maiden campaign remain pending, the drilling represents a crucial test of the project's polymetallic potential and could materially influence Variscan’s resource base and development timeline in central Spain.
Bottom Line?
Guajaraz drilling will reveal whether this underexplored polymetallic system can add meaningful value to Variscan’s Spanish portfolio and justify a tenement extension.
Questions in the middle?
- Will the maiden drilling confirm significant down-dip zinc and polymetallic mineralisation at Guajaraz?
- How will assay results impact Variscan’s resource estimates and development plans in Spain?
- What operational updates will emerge from concurrent drilling and studies at Novales-Udias?