VARISCAN MINES LIMITED Variscan Mines Limited reported positive assay results from surface and underground diamond drilling and channel sampling programme on the Buenahora exploration licence, located in Cantabria, northern Spain. Details of visual zinc mineralisation from surface diamond drilling stepping out from the San Jose Mine are also presented. Core logging suggests intervals in excess of 20m of continuous zinc mineralization intersected and appears to be a continuation of the same mineral system Assay results expected imminently Database review and modelling work on San Jose advancing.
1Further to the observations noted above and the details provided in the announcement and in accordance with the Australian Institute of Geoscientists "AIG" guidance, Variscan wishes to advise that, in spite of its familiarity with mineralisation at San Jose, visual estimates of mineralisation should, never be considered a proxy or substitute for laboratory analyses where metal concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding potential impurities or deleterious physical properties relevant to valuations of some mineral commodities. Surface and underground diamond drilling focused on the area between the historic (artisanal) Pepita and Jufresno mines, and was supplemented by vertical channel sampling at various levels of the Pepita mine.
Overall, surface diamond drilling comprised 17 holes (totalling 1556.50 m) together with underground core drilling, which comprised 8 holes (totalling 115.25 m) at the Pepita Mine and 3 holes (totalling 31.60 m) at the Jufresno Mine. A total of 19 vertical channel samples were collected at 14 locations spanning all 5 levels of the historic Pepita mine in order to cover most of the mine's footprint. Confirmation that the Pepita and Jufresno historic mines and their vicinity host high-grade, zinc- dominant, mineralisation, with a vertical extent attaining 20m.
The style of mineralisation at the Buenahora historic mines varies from stratiform to open-space fill, breccia-hosted and vein-like, and is spatially less regular than that from the San Jose mine, making for more complex surface drill targeting. Six of the surface drill holes tested five distinct IP anomalies, occurring in the vicinity of the historic mines. Although zinc mineralisation was intersected in most holes, it was generally modest.
The relative paucity of associated galena and iron sulphides makes the zinc-dominant orebodies poorly chargeable. Because of this, follow-up drill targeting needs to rely more on structural interpretations focusing on feeder structures and favourable lithology and stratigraphy as the vectors to ore. The Buenahora exploration licence remains prospective, as evidenced by drill results reported, albeit more complex.
The most significant development of the surface drilling campaign has come from 3 holes (totalling 322.12 m) stepping-out approximately 1,200m north-east along strike of the San Jose Mine stopes. Initial core logging indicates 2 diamond drillholes have intersected in excess of 20m of continuous zinc mineralization that appears to be a continuation of the same mineral system. The assay results are pending and should be released shortly.
In spite of Variscan's considerable experience in the area and with the appearance of the mineralisation, the observations noted above and in accordance with the Australian Institute of Geoscientists "AIG" guidance, Variscan wishes to advise that, visual estimates of mineralisation should, never be considered a proxy or substitute for laboratory analyses where metal concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding potential impurities or deleterious physical properties relevant to valuations of some mineral commodities. Variscan's immediate focus for H1 of calendar year 2023 is: Publishing assay results from the step-out surface drillholes adjacent to the San Jose Mine Delivery of approvals to undertake further surface drilling in and around the San Jose Mine to test promising step-out targets Phase 3 underground infill and resource definition drilling at the San Jose Mine Finalising the ongoing comprehensive 3D wireframe model of all historic and present-day drilling at and around the San Jose Mine, comprising c. 900 drill holes Publishing a focused JORC-compliant Mineral Resource estimate for the San Jose Mine Reporting a Mine Re-Start Concept Study for San Jose Mine In support of the above activities, the delivery of associated environmental, social and governance ("ESG") initiatives.
