Variscan Mines (ASX:VAR) unveils historic high-grade zinc-lead results at Udias Mine, Spain

In a significant update, Variscan Mines (ASX:VAR) has compiled high-grade zinc and lead assay results from historic underground face sampling at the Udias Mine in Spain.

These assays indicate mineralisation outside the current Mineral Resource Estimate (MRE) footprint, with the upcoming underground drilling campaign expected to confirm the potential for resource expansion.

Among the most notable assay results are:

• Sample UTS-15: 4.50m @ 26.47% Zn, 19.46% Pb
• Sample UTB-65: 2.80m @ 35.87% Zn, 0.17% Pb
• Sample UTB-132: 2.00m @ 35.39% Zn, 0.07% Pb
• Sample D-5: 1.55m @ 41.00% Zn, 0.22% Pb

The assay results were sourced from historical face sampling conducted in the early 1980s, covering 337 samples across a 2.2km section of the Udias Mine.

This area had not previously been included in the company’s existing Mineral Resource Estimate, but the data suggests that a significant, high-grade zinc sulphide mineralisation remains unmined.

Variscan Mining Managing Director and CEO, Stewart Dickson, said: “These super high-grade zinc-lead sampling results are very exciting ahead of Variscan drill-testing the Udias Mine complex for the first time. The results which derive from historical face sampling show excellent grades outside the existing Mineral Resource Estimate model. With drilling in these areas about to start, we remain on track to update the Mineral Resource Estimate by year-end. We believe that a sizeable tonnage of high-grade zinc sulphide mineralisation remains and has been untouched for nearly a century.”​

The upcoming underground drilling campaign, set to commence next month, aims to validate these results and potentially expand the existing resource at the Udias Mine.

The focus is on the southern section of the mine, a 1.4km stretch that has never been drilled, despite its significant historical mining activity.

Located within the broader Novales-Udias Project, the Udias Mine forms part of a 12km mineralised trend that includes the nearby San Jose Mine.

Both mines were historically major producers of high-grade zinc, yet large sections remain untested by modern drilling methods.

This, combined with the favourable infrastructure in the area—including proximity to a zinc smelter—enhances the project’s potential as a near-term production opportunity.

With the Novales-Udias Project progressing through key milestones, Variscan aims to publish an updated MRE and a Mine Re-Start Study by the end of 2024, positioning itself as a key player in Europe’s zinc mining sector.

As Variscan Mines continues to unearth high-grade mineralisation and lay the groundwork for future drilling, the company is on track to redefine the potential of this historic mining district.