Company
ASX:VAR
Variscan Mines Limited is advancing the high-grade Novales-Udias Project in one of Europe’s most established zinc mining districts, with infrastructure and community support already in place.
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It provides a strong cash balance of around $5 million to execute an aggressive exploration program over the Novales-Udias Project, including follow-up drilling at the San Jose Mine.
There is potential for high-grade mineralisation extending below the former producing mine, as the majority of the mine has not been drill-tested at depth, which would provide a strong scale opportunity for the company.
“We were looking for base metals in the right geographies in the right places with the right infrastructure and Spain ticks a lot of those boxes”.
The company is expecting a second tranche of assay results from its maiden drill program shortly.
The St Pierre gold project, which hosts the Belleville prospect surrounds the historic La Bellière gold mine which produced 334,000 ounces at 12 g/t gold.
Variscan has a portfolio on mineral interests in France.
Variscan is set to increase assay news flow in the near-term.
First assays from the 16 hole program are expected later this month.
The joint venture keeps Variscan leveraged to exploration discoveries.
8 of the 16 planned holes in the 1,000 metre program have been complete.
Drilling is ongoing at Variscan's flagsip St Pierre gold project in France.
Two diamond holes have been completed with assays expected shortly.
Variscan Mines maintains an exploration focus in France.
Variscan will be free-carried at 20% at the Couflens exploration licence.
The halt will remain in place until Tuesday 14th March 2017.
Previous sampling recorded rock chips up to 21.5g/t gold.
Variscan will be drilling along strike from France's third largest gold mine.
Variscan Mines (ASX:VAR) is gearing up to drill for gold by the end of the month at its St Pierre Project in France.
The Salau mine was once one of the world’s highest grade tungsten mines
Variscan Mines Ltd Sydney/Melbourne Investor Luncheon Presentation
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