Variscan Mines (ASX:VAR) has sold its share holding in Silvery City Minerals (ASX:SCI) and Eastern Iron (ASX:EFE) generating A$0.56 million in cash.
The capital generated by the company is non-dilutive as no shares have been issued to raise the funds.
The sale was the result of a portfolio review to focus on project development and capital allocation.
Variscan still holds a significant investment in Thomson Resources (ASX:TMZ) which has large landholdings for copper, gold and tin within the Thomson and Lachlan Fold Belts of New South Wales.
The current value of Variscan’s shareholding in Thomson Resources is circa A$0.85 million.
During mid-July, Variscan received its first set of assay results from the recently completed drill program at the Belleville prospect within the St Pierre Gold Project in France.
The objective of the reverse circulation drill program was to define the hard rock source of a strong gold geochemical anomaly identified from previous rock chip and soil sampling.
Assay results graded up to 4.59 g/t gold, which confirms the potential for high grades at Belleville.
The second tranche of assay results from 473 1-metre samples is expected shortly.