Variscan Mines Ltd (ASX:VAR) is preparing to begin its maiden diamond drilling program at the Guajaraz zinc-polymetallic project in central Spain, opening a new exploration front alongside its flagship Novales-Udías zinc project in Cantabria.
The five-hole, 1,430-metre program will test high-priority zinc, lead, silver and copper targets defined through geological mapping, geochemical sampling and an 8.5 line-kilometre Deep Ground Penetrating Radar survey. Variscan has engaged experienced contractor Geoplanning to carry out the campaign.
The Guajaraz program is designed to investigate whether polymetallic mineralisation identified at surface continues at depth and to refine Variscan’s structural model of the Toledo Shear Zone within the tenement.
The holes will target deeper carbonate-hosted replacement-style zinc mineralisation, as well as sub-parallel structures north of the historical ENE-trending La Unión mine, while avoiding submerged historical workings.
Historical grab samples from Guajaraz have returned up to 0.9% copper and 278 parts per million silver, highlighting potential for lead, silver and copper mineralisation alongside the main zinc targets.
Guajaraz expands Spanish exploration footprint
Guajaraz is a 1,530-hectare brownfield exploration permit in the Central Zone of the Iberian Massif, about 60 kilometres southwest of Madrid and 20 kilometres from Toledo in Castilla-La Mancha.
The project hosts seven known mineral occurrences centred on the historical La Unión underground mine, which operated periodically from 1945 until the mid-1980s. The mining complex includes galleries and shafts extending to a depth of 280 metres over 10 levels.
Historical records indicate the mine produced high-grade silver-rich lead and zinc sulphides, with concentrates reportedly averaging around 70% lead and 51% zinc, alongside strong silver credits. A historic non-JORC zinc-lead-silver resource estimate was compiled in 1990.
“Renewed vigour” across Spanish portfolio
Variscan chair Tony Wehby said the program marked an expansion of the company’s regional exploration footprint following its recent capital raising.
“Following our recent capital raising, the Variscan team is moving forward with renewed vigour across our entire Spanish portfolio.
“While surface and underground drilling campaigns continue to expand our mineralised footprint at Novales, this maiden drilling programme at Guajaraz represents an expansion of our regional exploration footprint. By deploying a targeted, diamond drilling campaign, we are testing the broader potential of this heavily mineralised, yet underexplored, polymetallic system and simultaneously securing our tenement standing heading into the final stretch of the year.”
Next steps
Site preparation is underway, with drill sites finalised after crop harvests to support immediate and cost-effective rig access. The drilling campaign is also expected to satisfy operational requirements needed to file for a three-year extension of the Guajaraz tenement in September 2026.
At Novales-Udías, the company is continuing underground drilling, awaiting channel sample assays from the Emilia Mine and progressing infrastructure and power upgrades to support deeper underground development.
About Variscan Mines
Variscan Mines is focused on zinc and polymetallic opportunities in Spain. Its flagship Novales project is in the Basque-Cantabrian Basin, around 30 kilometres southwest of Santander, and is centred on the former producing San Jose underground mine.
The company has delineated a 12-kilometre mineralised trend and a sub-parallel 3-kilometre trend across the Buenahora exploration and Novales mining permits, with the project located about 80 kilometres by truck from the San Juan de Nieva zinc smelter operated by Asturiana de Zinc, a Glencore subsidiary.