What did Variscan Mines (ASX:VAR) announce regarding its Novales Project?

Variscan Mines announced that its surface and underground exploration and drilling programmes are advancing rapidly at its flagship Novales Project in northern Spain.

What is Variscan Mines’ long-term strategy for the Novales Zinc trend?

Management is executing a broader mine restart plan by running coordinated exploration activities across multiple strategic sites. These activities span a prospective 12-kilometre Novales Zinc trend.

How is Variscan Mines (ASX:VAR) funding these exploration programmes?

The operations are backed by a recently completed capital raising initiative. Variscan received the first tranche of these funds in May. The company is now waiting on an upcoming shareholder vote to secure the remainder of the planned capital injection.

What does the upcoming July general meeting mean for Variscan Mines shareholders?

Shareholders will vote on whether to authorise the issuance of new shares for the second tranche of the capital raising. If approved, this tranche will bring in an additional four million Australian dollars ($4m) to fund ongoing operations.

What are the main bullish arguments for Variscan Mines (ASX:VAR) after this update?

The main bull points include active underground drilling that continues to expand the mineralised footprint and an upcoming surface drilling campaign to drive asset growth. Financial momentum is also stronger following the receipt of the first capital raising tranche.

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Variscan Mines accelerates drilling at Novales Zinc Project

Written by Heidi Cuthbert Published Jun 3, 2026, 5:59 AM

Variscan Mines (ASX:VAR) recorded progress at its flagship Novales Project in northern Spain, where both surface and underground drilling programmes are advancing rapidly.

The company has completed a channel sampling programme targeting high-grade zones at the historical Emilia Mine, located north of Novales, with assay results currently pending.

An active underground drilling programme at the Emilia site continues to expand the project's mineralised footprint, while a highly anticipated surface drilling campaign is scheduled to commence later this month.

Variscan is progressing vital infrastructure upgrades at Udías. The coordinated exploration activities are currently underway at multiple strategic sites stretching across the prospective 12-kilometre Novales Zinc trend, forming a key component of the company's broader mine restart plan.

Financial momentum backing these operations remains strong; in May, Variscan received the first tranche of funds from its recently completed capital raising initiative.

A general meeting is scheduled for July, during which shareholders will vote on authorising the issuance of shares for the second tranche, representing an additional four million Australian dollars.

Commenting on the developments, Variscan’s Chairman, Tony Wehby, expressed strong optimism, noting that the capital injection has revitalised the team's efforts across the Novales Project.

Wehby emphasised that with multiple exploration programmes now fully active, stakeholders can expect a robust and steady flow of operational news and updates over the coming months as the company systematically unlocks value from its northern Spain zinc portfolio.

At the time of reporting, Variscan Mines’ share price was $0.0050.