Variscan Mines (ASX:VAR) has received a change of substantial holder interests from the Singapore-based Kwan Chee Seng, who now holds a 32.57% stake, up from 29.69%.
The increase came from the exercise of listed options.
Variscan has an exploration focus in France, and recently gained a new joint venture partner at the Couflens exploration license.
Variscan is free-carried at 20% until the completion of a definitive feasibility study or the expenditure of €25 million.
Couflens covers the Salau mine, formerly one of the world’s highest grade tungsten mines with average historical production grades of 1.5% tungsten trioxide.
Salau has very good potential to be brought back into production, with initial work aimed at generating a 2012 JORC resource as quickly as possible.
Variscan is also conducting a capital raising to fund exploration activities on other assets.