Variscan Mines (ASX:VAR) has significantly increased its landholding at the Novales-Udias Project in Spain, now totaling 111.1km², after securing two new licenses. The Ana Isabel and Hipólita licenses, granted by the Government of Cantabria, are valid for three years with a possible three-year extension upon compliance. CEO Stewart Dickson emphasizes the company’s strategy to develop exploration potential and achieve considerable scale in a proven high-grade zinc district.
Dickson notes the company’s staged approach aims to generate early cash flow from production operations at San Jose and Udias. This strategy reduces risk and ensures attractive financial returns while sustainably funding the overall project’s development. The new licenses, particularly Hipólita which covers part of the former producing Reocin Mine, add to the long-term opportunity for Variscan. The company awaits geotechnical and metallurgical testwork results for its Scoping Study and further assay results from underground drilling at the Udias Mine, leading to a mine restart Scoping Study. Formal ratification of the licenses is pending review of supplementary information and annual work plans by the Cantabria government.
The Novales-Udias Project is situated in the Basque-Cantabrian Basin, known for hosting five mineralized districts, including the Santander district with the Reocin Mine. Variscan Mines, a mineral explorer, holds a portfolio of base metals projects across Spain, Chile, and Australia.
