Variscan Advances Novales–Udías Zinc Project, Drilling Resumes and Mine Re-Start Study Near Completion

Variscan Mines Limited provided an exploration, operations and market update for its 100%-owned Novales–Udías Project in northern Spain.

Underground drilling has recommenced at the Udías Mine, with all drilling completed to date located outside the current Mineral Resource Estimate (MRE). Ongoing drilling will target new, untested zones along existing mine development to link with current MRE areas and extend toward the adjacent San José Mine, with results indicating mineralisation remains open and part of the same mineral system.

The San José Mine Re-Start Study is now approximately 95% complete, with publication expected in the coming weeks. The study is based on a low-capex, pragmatic “starter operation” aimed at early cash flow generation, scalable production growth and funding ongoing exploration under Variscan’s Explorer–Producer strategy.

Variscan also confirmed that completion of the earn-in to the Midlands and Waterford zinc projects in Ireland is expected shortly, following shareholder approval and completion of due diligence.

On the market side, Variscan highlighted strong zinc prices, recently around US$3,300/t, supported by tight inventories and low treatment charges. With the Mine Re-Start Study nearing completion, the Company expects to begin zinc concentrate marketing discussions, working with appointed exclusive Marketing Manager Square Resources.