Variscan Mines (ASX:VAR) elevates Novales-Udías to zinc powerhouse status

Variscan Mines (ASX:VAR) has delivered a headline-worthy update: a threefold increase in the high-grade zinc Mineral Resource Estimate (MRE) for its Novales-Udías Project in Cantabria, Spain, bringing the total to 3.4 million tonnes at 7.6% zinc and 0.9% lead.

This update cements Novales-Udías as a standout in the ASX-listed zinc space, combining scale, grade, and growth potential.

Highlights at a Glance

• Resource Boost: Total MRE leaps from the maiden estimate just 13 months ago, marking significant progress.
• High Confidence: Measured and Indicated resources now account for 67% of San Jose Mine’s tonnes, a critical step for feasibility.
• Exceptional Grade: Focused study on 1.7Mt @ 8.6% Zn and 1.4% Pb positions the project among the highest-grade zinc deposits under ASX stewardship.

Stewart Dickson, Variscan Mines Managing Director & CEO, emphasised the impact of this milestone, stating:”We have grown our resources over threefold in a remarkably short period, thanks to efficient use of historical data and in-house drilling capability. This validates our exploration strategy and sets the stage for the Mine Re-Start Study in 2025.”

Why This Matters

High-grade zinc deposits are increasingly rare, and with 60% of the 12km Novales Trend yet to be explored, Variscan’s resource base appears set to expand further.

The project benefits from robust infrastructure, a granted mining licence, and the kind of grade that turns heads in a competitive market.

The zinc-rich lenses at Novales-Udías have long been known for their Mississippi Valley-Type (MVT) mineralisation, characterised by simple processing requirements and high recovery potential.

The project’s location in Cantabria, a region with established mining credentials, only adds to its appeal.

The Growth Path

Dickson is not content with resting on this achievement. He pointed to key future growth drivers:

• Drilling at the larger Udías Mine, which has never been systematically tested, and
• Expanding the resource base beyond the current MRE footprint, leveraging historical workings and recent licence acquisitions.

First assays from Udías are expected in early 2025, with another MRE update likely in the same year.

Strategic Advantage

While the zinc market wrestles with supply pressures, Variscan’s project is poised to meet the demand for high-grade feedstock.

With zinc essential for galvanising steel and growing clean energy applications, the Novales-Udías Project positions itself as a strategic asset in Europe’s critical mineral landscape.

Dickson encapsulated the company’s outlook:”The Novales-Udías Project is not just one of Europe’s highest-grade zinc deposits; it is a development-stage asset ready to deliver substantial value to our stakeholders.”

With a clear pathway to production, Variscan Mines is setting a benchmark for how junior explorers can move quickly and strategically in a resource-intensive market.

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