en.Wedoany.com Reported - Variscan Mines Ltd (ASX:VAR) will initiate its first diamond drilling program at the Guajaraz zinc polymetallic project in central Spain, comprising five holes totaling 1,430 meters to test high-priority zinc, lead, silver, and copper targets identified through geological mapping, geochemical sampling, and 8.5 line-kilometers of deep ground penetrating radar surveys. The company has engaged contractor Geoplanning to execute the operation, marking the opening of a new exploration frontier beyond its flagship Novales-Udías zinc project.
The Guajaraz program aims to determine whether polymetallic mineralization identified at surface extends to depth and to refine Variscan's structural model of the Toledo shear zone within the license area. Drilling will target deeper carbonate-hosted replacement zinc mineralization and sub-parallel structures north of the historic ENE-trending La Unión mine, while avoiding flooded historical workings. Historical grab samples from Guajaraz returned up to 0.9% copper and 278 ppm silver, highlighting the potential for lead, silver, and copper mineralization in addition to the primary zinc target.
Guajaraz is a 1,530-hectare brownfield exploration license located in the Central Iberian Zone, approximately 60 km southwest of Madrid and about 20 km from Toledo in Castilla-La Mancha. The license hosts seven known mineralized occurrences centered on the historic La Unión underground mine, which operated intermittently from 1945 to the mid-1980s. The mining complex includes adits and shafts reaching depths of 280 meters across 10 levels. Historical records indicate the mine produced high-grade silver-rich lead and zinc sulfides, with reported concentrate grades averaging approximately 70% lead and 51% zinc, along with significant silver values. A non-JORC compliant zinc-lead-silver resource estimate was prepared in 1990.
Variscan Chairman Tony Wehby stated that the program marks the company's regional exploration expansion following recent financing. He noted that while surface and underground drilling at Novales continues to extend mineralization, the inaugural drilling program at Guajaraz represents an expansion of the regional exploration footprint, testing the greater potential of this highly mineralized yet underexplored polymetallic system through a targeted diamond drilling program, while ensuring license tenure status at year-end.
Site preparation is underway, with drill hole locations determined post-harvest to support immediate and cost-effective rig access. The drilling program is also expected to meet operational requirements for the three-year renewal application of the Guajaraz license in September 2026. At Novales-Udías, the company continues underground drilling, awaiting trench sample assay results from the Emilia mine, and advancing infrastructure and power upgrades to support deeper underground development.
Variscan Mines focuses on zinc and polymetallic opportunities in Spain. Its flagship Novales project is located in the Basque-Cantabrian Basin, approximately 30 km southwest of Santander, centered on the historically producing San Jose underground mine. The company has delineated a 12 km mineralized trend and a sub-parallel 3 km mineralized trend within the Buenahora exploration permit and Novales mining license, with the project located approximately 80 km (trucking distance) from the San Juan de Nieva zinc smelter operated by Glencore subsidiary Asturiana de Zinc.
