Excellent Historic Surface Drilling Results on New Licences
ASX Announcement | 16 September 2025
Variscan Mines Limited (ASX:VAR)
EXCELLENT HISTORIC SURFACE DRILLING RESULTS
OVER NEW GRANTED LICENCES
Highlights
•
Acquisition of 146 historic drillholes for 52,034 metres, delivering multiple high-grade
zinc (Zn) and lead (Pb) intercepts across newly granted licences.
• Outstanding assays from Hipolita Licence over the footprint of former Reocin Mine
and its extensions, including:
o
o
o
o
o
o
•
24.0m @ 12.3% Zn, 0.4% Pb
20.9m @ 14.0% Zn, 0.8% Pb
17.6m @ 14.7% Zn, 0.7% Pb
9.5m @ 24.7% Zn, 1.2% Pb
2.7m @ 36.3% Zn, 2.2% Pb
12.5m @ 7.0% Zn, 0.4% Pb
Esperanza and Ana Isabel licences return significant mineralisation:
o
o
o
o
•
•
•
S-10:
S-457:
S-414:
S-17:
S-6:
S-89:
S-21:
S-163:
S-162:
S-161:
15.0m @ 6.4% Zn, 0.0% Pb, and 6.0m @ 9.6% Zn, 0.0% Pb
10.8m @ 4.4% Zn, 0.0% Pb
12.0m @ 3.5% Zn, 0.1% Pb, and 5.8m @ 6.0% Zn, 0.0% Pb
7.1m @ 5.6%Zn, 0.0%Pb, and 3.2m @ 8.1% Zn, 0.0% Pb
Newly integrated historic drilling data provides significant time and cost saving
Project drilling database now consists of 1,221 drillholes for 138,570 metres
Historic drilling results over the newly acquired licence areas are outside the current
MRE supporting a larger, longer-term, de-risked Zinc district scale exploration and
development opportunity
Variscan Mines Limited (ASX:VAR) (“Variscan” or the “Company”) is pleased to report that 146
historic drillhole records covering the newly acquired licences in 2025, which expanded the Novales
(San Jose)-Udías Project in northern Spain, have been identified in historical archives contained at the
School of Mines & Energy Engineering, University of Cantabria.
Acquisition of Historic Surface Drilling Data Over New Licence Areas
Following the grant of new licence areas in Q2 2025, (refer ASX announcement 13 April 2025), Variscan
has undertaken a significant data collation exercise at the substantial archive hosted at the School of
Mines & Energy Engineering, University of Cantabria located in Torrelavega (~16km from San Jose Mine).
These newly acquired historic drillhole results formed the geological foundation for the Reocin Mine
which was operated by Xstrata until 2003 and now present a valuable resource for future development
planning.
Drilling 52,000m today is estimated to cost in excess of A$12.9 million (€7.3 million) and take several
years. The acquisition of the historic drill database not only represents a significant saving in both time
and money for Variscan but also provides valuable data to support future exploration programmes over
the licence areas more efficiently and effectively.
Figure 1. Map of historic drilling results reported overlain on Variscan Mines land tenure in Cantabria
2
Figure 2. Map of historic drilling results reported and underlying district scale geology
Results from Hipólita licence bring into focus extensions to the Reocín Deposit
The wide, high-grade drilling results recorded over the Hipólita licence are particularly noteworthy. 90
of the 146 drillholes identified are over the Hipólita licence accounting for 39,694 metres and supporting
our exploration interest over possible unmined extensions of mineralization and wider exploration
opportunity around the Reocín Mine.
Whilst our immediate priorities are focused on commencing production from the San Jose Mine, the
Hipólita licence could be very important as a longer-term opportunity, with potential to expand mineral
resources and scale production in the future. The full extent of mine development at the Reocín Mine
3
has to be established. As of this moment, due to a lack of detailed mine plans from the time of mine
closure, it is not known whether the area surrounding the high-grade intercepts in the northeast
quadrant of the license was mined or designated as reserves for future mining. However, it is reported
that Reserves of at least 2.5Mt were remaining at the end of mining operations in 2003, with average
grades of 8.5% Zn and 0.9% Pb 1.
The Reocín Zn-Pb Mine is located within the Santillana syncline in the Basque-Cantabrian basin, about
30km southwest of Santander and 9km southeast from the San Jose Mine. It is the largest known stratabound carbonate-hosted Zn-Pb deposit in Spain2 and one of the world’s largest known Mississippi
Valley Type (MVT) deposits3. The total metal endowment of the deposit, including past production and
remaining reserves, is approximately 62 Mt of ore grading 8.7% Zn and 1.0% Pb4.
Figure 3. Plan view of historical drillholes over the terrain of the Hipólita licence
1
Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., (2003) ‘Geology and Geochemistry of the Reocin Zinc-Lead
Deposit, Basque-Cantabrian Basin, Northern Spain’ Econ. Geol. v.98, pp. 1371-1396.
2
Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., (2003) ‘Geology and Geochemistry of the Reocin Zinc-Lead
Deposit, Basque-Cantabrian Basin, Northern Spain’ Econ. Geol. v.98, pp. 1371-1396.
3
Leach, D.L, Sangster D.F, Kelley, K.D, Large D.D, Garven, G, Allen, C.R, Gutzmer, J, Walters, S, (2005) ‘Sediment-hosted lead zinc deposits:
a global perspective’ Econ. Geol. 100th Anniversary Special Paper pp. 561-607
4
Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., (2003) ‘Geology and Geochemistry of the Reocin Zinc-Lead
Deposit, Basque-Cantabrian Basin, Northern Spain’ Econ. Geol. v.98, pp. 1371-1396.
4
Figure 4. Plan view of drillholes over the Hipólita licence overlain on Reocín Mine workings from 2001.
Figure 5. Zinc Price Performance (1960-August 2025) Source: World Bank Commodity Price Data
5
As noted above, there are indications of reserves remaining in situ at the Reocín Mine at the time of
closure in March 2003. Examining the prevailing price environment may be instructive as a contributing
factor to the decision to cease operations. The zinc price at time of Reocín Mine closure was $791/t5.
Whereas current zinc prices are trading at a 3.5x premium with an average price of $2,789/t during
August 2025.
District Scale Opportunity
The Cantabria region is a proven multi-deposit zinc district. MVT zinc-lead deposits usually occur in
extensive districts consisting of several to as many as 400 deposits6.
The drilling results over the new licence areas add significant scale with mineralisation identified
stepping from the San Jose Mines towards the Reocin Mine over the Santillana syncline, where multiple
zinc ore deposits occur.
This presents a district-scale advanced exploration and development opportunity over multiple mines
and proven mineralized areas which are typically high-grade, as well as very prospective underexplored targets. This supports the company’s Explorer-Producer strategy which aims to scale up
production, initially at the San Jose Mine, to multiple deposits and develop the long-term opportunity
funded by those operations.
Significant archive of historical drilling data
As a former mining district, there has been significant historical drilling activity over the existing and
new licences that comprise the Novales-Udias Project. A large amount of historical archive information
including drillhole data is stored at the School of Mines & Energy Engineering, University of Cantabria in
nearby Torrelavega. This is a significant resource of information that has already contributed to the
Project’s existing Mineral Resource Estimate. The archive is expected to yield further information to
support the Company’s development of the Project.
Next Steps & Way Forward
The San Jose/Novales-Udías Project continues to progress, with the following demonstrable milestones
expected:
•
•
•
•
5
6
Further assay results from underground drilling at the Udias Mine
Results from metallurgical test work for inclusion in the Mine Re-Start (Scoping) Study
Results from geotechnical test work for inclusion in the Mine Re-Start (Scoping) Study
Publication of the Mine Re-Start (Scoping) Study
World Bank Commodity Price Data [https://www.worldbank.org/en/research/commodity-markets]
US Geological Survey (2010) ‘A Deposit Model for Mississippi Valley Type Lead-Zinc Ores’ Scientific Investigations Report 2010-5070-A
6
Variscan’s Managing Director & CEO, Stewart Dickson, said:
“The acquisition of this historical drilling data is very valuable. It represents a significant saving in both
time and cost. The replacement value of this drilling is estimated to be A$12.9 million. More importantly,
the drilling emphasises the high-grade quality and district-scale potential of the Novales-Udias Project.
As the drilling reported is outside of the current Mineral Resource Estimate, there is genuine potential
to add significant tonnage and scale to this high-quality project. It is a compelling de-risked, brownfield
opportunity with a realistic prospect of near-term production building in scale over the mid-long term.
We are delivering on our clear strategy to unlock value via re-starting production and exploration at one
of the highest-grade, development stage zinc deposits in Europe, which is continuing to produce
excellent results and make substantial progress.”
ENDS
To ask questions directly to the Variscan management team and access media content, visit our interactive
investor website at: https://variscan.com.au/s/aa7e61
This ASX announcement has been approved by the Board and authorised for issue by Mr Stewart Dickson,
Managing Director and CEO, Variscan Mines Limited
For further information, please contact:
Variscan Mines Limited (ASX:VAR)
Stewart Dickson
Managing Director & CEO
E: stewart.dickson@variscan.com.au
T: +44 (0) 7799 694195
Media & Investor Enquiries
Jane Morgan Management
Chloe Hayes / Jane Morgan
E: chloe@janemorganmanagement.com.au / jm@janemorganmanagement.com.au
P: + 61 (0) 458619317/ +61 (0) 405 555 618
We encourage all investors to share questions on this announcement via our interactive
investor hub: [https://variscan.com.au/s/8fe6d0]
Or scan the QR code.
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7
About Variscan Mines Limited (ASX:VAR)
To learn more, please visit: www.variscan.com.au
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8
Project Summary
The Novales-Udias Project is located in the Basque-Cantabrian Basin, some 30km southwest from the regional
capital, Santander. The project is centred around the former producing San Jose underground mine with a large
surrounding area of brownfield exploration opportunities which include a number of satellite underground and
surface workings and areas of zinc anomalism identified from recent and historic geochemical surveys. Variscan
has delineated a significant 9km mineralised trend and a sub-parallel 3km trend from contemporary and historical
data across both the Buenahora exploration and Novales mining permits.
The San Jose Mine is nearby (~9km) to the world class Reocin Mine which is the largest known strata-bound
carbonate-hosted Zn-Pb deposit in Spain7 and one of the world’s richest MVT deposits 8. Further, it is within
trucking distance (~172km) from the San Juan de Neiva zinc smelter operated by Asturiana de Zinc (100% owned
by Glencore). Significantly, the Novales-Udias Project includes a number of granted mining tenements 9.
Novales-Udias Project Highlights
•
•
•
•
•
•
•
•
•
•
•
•
Near term zinc production opportunity (subject to positive exploratory & development work)
Updated JORC compliant Mineral Resource Estimate of 3.4Mt @ 7.6% Zn, 0.9 %Pb released in December
202410
Expanded tenement holding of 111 km2 (including a number of granted mining tenements)
Regional exploration potential for another discovery analogous to Reocin Mine (total past production and
remaining resource 62Mt @ 8.7% Zn and 1.0% Pb 11 12)
Trucking distance (~ 171km) from the San Juan de Nieva smelter (Glencore owned)
Classic MVT carbonate-hosted Zn-Pb district
Historic production of high-grade zinc from San Jose Mine; average grade reported as ~7% Zn 13 with super
high grade ‘bolsas’ (mineralised pods and lenses) commonly 10-20% Zn and in some instances +30% Zn14
Maiden drilling at Udias Mine
Simple mineralogy of sphalerite – galena – calamine
Mineralisation is strata-bound, epigenetic, lenticular and sub-horizontal
Access and infrastructure all in place
Local community and government support due to historic mining activity
Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., (2003) ‘Geology and Geochemistry of the Reocin
Zinc-Lead Deposit, Basque-Cantabrian Basin, Northern Spain’ Econ. Geol. v.98, pp. 1371-1396.
8
Leach, D.L., Sangster, D.F., Kelley, K.D., Large, R.R., Garven, G., Allen, C.R., Gutzner, J., Walters, S., (2005) ‘Sedimenthosted lead-zinc deposits: a global perspective’. Econ. Geol. 100th Anniversary Special Paper 561 607
9
Refer to ASX announcement of 29 July 2019
7
10
Refer to ASX announcement of 8 December 2024
Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., 2003 - Geology and Geochemistry of the Reocin Zinc-Lead
Deposit, Basque-Cantabrian Basin, Northern Spain: in Econ. Geol. v.98, pp. 1371-1396.
12
Cautionary Statement: references in this announcement to the publicly quoted resource tonnes and grade of the Project are historical and
foreign in nature and not reported in accordance with the JORC Code 2012, or the categories of mineralisation as defined in the JORC Code
2012. A competent person has not completed sufficient work to classify the resource estimate as mineral resources or ore reserves in
accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further exploration work that the foreign/historic
resource estimates of mineralisation will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code
2012.
13
These figures have been taken from historical production data from the School of Mines in Torrelavega historical archives.
14
Reports of the super high-grade mineralisation are supported with historical production data from the School of Mines in Torrelavega
historical archives. (Refer ASX release 29 July 2019)
11
9
Figure 6. Map of Novales-Udias Project Licence Areas
Figure 7. Map of Novales-Udias Project Licence Areas and local infrastructure
10
Mineral Resource Estimate for Novales-Udias Project
JORC Mineral Resource Estimate for San Jose Mine and north-eastern Udías by deposit and
classification reported above at 2% Zn+Pb cut-off (ASX announcement 9 December 2024)
Competent Person Statement
The information in this document that relates to exploration results is based on and fairly represents information
and supporting documentation compiled and reviewed by Dr. Mike Mlynarczyk, Principal of the Redstone
Exploration Services, a geological consultancy acting as an external consultant for Variscan Mines. Dr. Mlynarczyk
is a Professional Geologist (PGeo) of the Institute of Geologists of Ireland, and European Geologist (EurGeol) of
the European Federation of Geologists, as well as Fellow of the Society of Economic Geologists (SEG). With over
14 years of full-time exploration experience in MVT-style zinc-lead systems in several of the world’s leading MVT
provinces, Dr. Mlynarczyk has sufficient experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as
defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves” (‘JORC Code’). Dr. Mlynarczyk consents to the inclusion in the report of the matters
based upon the information in the form and context in which it appears.
Where reference is made to previous releases of exploration results and mineral resource estimates in this
announcement, the Company confirms that it is not aware of any new information or data that materially affects
the information included in those announcements and all material assumptions and technical parameters
underpinning the exploration results and mineral resource estimates included in those announcements continue
to apply and have not materially changed.
Refer ASX announcements:
- 31 July 2025 June Quarterly Activities Report
- 9 December 2024 Threefold increase in High Grade Mineral Resource Estimate for Novales-Udias Project
Where information in this document relates to previous exploration results that was prepared pre-2012 JORC
code. It is the opinion of Variscan that the exploration data is reliable. Although some of the data is incomplete,
nothing has come to the attention of Variscan that causes it to question the accuracy or reliability of the historic
exploration.
11
Forward Looking Statements
Forward-looking statements are only predictions and are not guaranteed. They are subject to known and unknown
risks, uncertainties and assumptions, some of which are outside the control of the Company. Past performance
is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of
achievement or reasonableness of any forward-looking statements or other forecast. The occurrence of events in
the future are subject to risks, uncertainties and other factors that may cause the Company’s actual results,
performance or achievements to differ from those referred to in this announcement. Given these uncertainties,
recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in
this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations
under applicable law and the ASX Listing Rules, the Company, its directors, officers, employees and agents do
not give any assurance or guarantee that the occurrence of the events referred to in this announcement will occur
as contemplated.
12
JORC Table 1, Sections 1 and 2
Section 1 Sampling Techniques and Data
Criteria
JORC Code explanation
Commentary
Sampling
techniques
• Nature and quality of sampling
(eg cut channels, random chips,
or specific specialised industry
standard measurement tools
appropriate to the minerals
under investigation, such as
down hole gamma sondes, or
handheld XRF instruments, etc).
These examples should not be
taken as limiting the broad
meaning of sampling.
• Include reference to measures
taken to ensure sample
representativity and the
appropriate calibration of any
measurement tools or systems
used.
• Aspects of the determination of
mineralisation that are Material
to the Public Report.
• In cases where ‘industry
standard’ work has been done
this would be relatively simple
(eg ‘reverse circulation drilling
was used to obtain 1 m samples
from which 3 kg was pulverised
to produce a 30 g charge for fire
assay’). In other cases more
explanation may be required,
such as where there is coarse
gold that has inherent sampling
problems. Unusual commodities
or mineralisation types (eg
submarine nodules) may warrant
disclosure of detailed
information.
• Drill type (eg core, reverse
circulation, open-hole hammer,
rotary air blast, auger, Bangka,
sonic, etc) and details (eg core
diameter, triple or standard
tube, depth of diamond tails,
face-sampling bit or other type,
whether core is oriented and if
•
Drilling
techniques
•
•
•
•
•
The data referenced in this report relates to exploration
undertaken by major mining companies operating in
Cantabria from the 1920’s to the late 1990’s, i.e., the Real
Compania Asturiana de Minas (RCAM) and from 1983 the
Asturiana de Zinc (AZSA). This historical data is held at the
School of Mines and Energy Engineering at Torrelavega, a
faculty of the University of Cantabria. The drilling reported
here was surface drilling, and it is understood that all of it
was core drilling, but no drill core was preserved to date.
The data presented here has been compiled from scanned
detailed drill hole logs, historical reports and maps. Some
of these holes have incomplete data and out of a total of 146
drillholes for which drill collar coordinates are available
(Appendix 1), assays are available for only 71 holes
(Appendix 2).
Due to the incomplete nature of the historical drill data and
records, including procedures, a comment on the sample
representativity or calibration of measurement tools or
systems used by historic workers cannot be made. Further
comment regarding specific components of the historic
drilling is provided in subsequent sections of this table. The
data cannot be considered ‘industry standard’ by modern
standards.
It has been assumed that all reported assays are
representative of technology available at the time, but no
reliance has been put on it.
The historic surface drilling reported here is understood to
be all core drilling. No details of the drilling techniques
employed have been identified in the historic data. This
includes reference to core diameter(s), core orientation
methods, nor down hole survey data.
This release relates to 146 historical surface drillholes, 139
of which (52,034m) have sufficient data to be projected in
3D, and of which 71 have downhole assay data. These holes
13
Criteria
JORC Code explanation
Commentary
so, by what method, etc).
Drill sample
recovery
•
•
•
Logging
•
•
•
Subsampling
techniques
and sample
preparation
•
•
•
•
•
Method of recording and
assessing core and chip sample
recoveries and results
assessed.
Measures taken to maximise
sample recovery and ensure
representative nature of the
samples.
Whether a relationship exists
between sample recovery and
grade and whether sample bias
may have occurred due to
preferential loss/gain of
fine/coarse material.
Whether core and chip samples
have been geologically and
geotechnically logged to a level
of detail to support appropriate
Mineral Resource estimation,
mining studies and metallurgical
studies.
Whether logging is qualitative or
quantitative in nature. Core (or
costean, channel, etc)
photography.
The total length and percentage
of the relevant intersections
logged.
If core, whether cut or sawn and
whether quarter, half or all core
taken.
If non-core, whether riffled, tube
sampled, rotary split, etc. and
whether sampled wet or dry.
For all sample types, the nature,
quality and appropriateness of
the sample preparation
technique.
Quality control procedures
adopted for all sub-sampling
stages to maximise
representativity of samples.
Measures taken to ensure that
the sampling is representative of
•
•
•
•
consist of 107 vertical, 34 inclined and 5 holes with no dip
indicated.
No records of the type of drill rig used have been identified.
No records of core recovery have been identified for most of
the historic data. However, recovery data is available for a
small proportion of the newly acquired surface drillhole logs
and exhibits a very wide range from <50% up to >90%,
however, in some cases recoveries have been recorded to be
as low as 20%.
Given the absence of core recovery data, it is not possible to
assess the potential of a relationship between sample
recovery and grade.
The absence of drill recovery data means that reported
grades may be subject to either over or under-reporting. No
assessment or estimation of these effects has been made
due to the lack of data.
• Hardcopy geological logs have been digitized for the
drillholes presented. No geotechnical logs have been
identified. The drill hole information reported here is not of a
sufficient level of detail to support a Mineral Resource
Estimation, mining or metallurgical study.
• In the absence of detailed data, no comment on whether the
logging, where observed, is qualitative or quantitative can be
made. No core photography has been identified.
• The historical geological logs have varying degrees of detail
and most include detailed information including: lithological
logging, stratigraphic column, downhole deviation, collar
XYZ positions, hole orientation and detailed descriptions.
• Historic approach to sampling appears selective, guided by
geological observation and no “apparent” waste was
sampled.
• No details of the sub-sampling or sample preparation
techniques have been identified from the historical records
and no supporting sampling procedures have been
identified. It is believed that in most cases half-core was
submitted for analysis, which in the second half of the 20th
century was carried in-house at the Torres laboratory near
Torrelavega.
• In the absence of this data and other data related to the subsampling techniques and sample preparation, no cannot
comment on the appropriateness of the sample preparation
techniques has been made.
• No evidence of Quality Control procedures nor results have
been identified. This includes evidence of field duplicates or
14
Criteria
JORC Code explanation
•
Quality of
assay data
and
laboratory
tests
•
•
•
Verification
of sampling
and assaying
•
•
•
•
the in-situ material collected,
including for instance results for
field duplicate/second-half
sampling.
Whether sample sizes are
appropriate to the grain size of
the material being sampled.
The nature, quality and
appropriateness of the assaying
and laboratory procedures used
and whether the technique is
considered partial or total.
For geophysical tools,
spectrometers, handheld XRF
instruments, etc, the parameters
used in determining the analysis
including instrument make and
model, reading times,
calibrations factors applied and
their derivation, etc.
Nature of quality control
procedures adopted (eg
standards, blanks, duplicates,
external laboratory checks) and
whether acceptable levels of
accuracy (ie lack of bias) and
precision have been established.
The verification of significant
intersections by either
independent or alternative
company personnel.
The use of twinned holes.
Documentation of primary data,
data entry procedures, data
verification, data storage
(physical and electronic)
protocols.
Discuss any adjustment to assay
data.
Commentary
other current industry standard quality control procedures,
such as Certified Reference Materials and blanks.
• In the absence of sample size data, no comment on whether
the sample size is appropriate to the grain size of the
sampled material has been made.
• No descriptions of the assaying and laboratory procedures
used have been found. It is unknown whether the techniques
used are partial or total, nor the laboratory used in case of
drilling pre-dating WW2.
• No descriptions of quality control procedures adopted by the
laboratory, nor any results of any related Quality Control
data, has been identified. No comment can be made on
whether acceptable accuracy or precision of results has
been established.
• Due to the historic nature of the results reported and drill
core not being preserved, it has not been possible to verify
significant intersections. It is not known whether verification
of intersections was undertaken by previous operators at the
time of drilling.
• The historic data does not include any twinned holes.
Variscan is considering twinning some historic drill holes as
part of the company´s exploration plans.
• No documentation or records of data entry procedures, data
verification, data storage (physical and electronic) protocols
have been identified.
• Historic records consist largely of handwritten drill hole
summaries. This data was identified and transcribed to
Microsoft Excel © and then imported into Leapfrog Geo for
drill hole database validation, significant intersections, and
3D viewing.
• Given the absence of detailed historical information relating
to the assay data, no adjustment to the assay data has been
made. The data has been reported in the Appendices to this
news release as it was recorded in the original
15
Criteria
JORC Code explanation
Commentary
•
Location of
data points
• Accuracy and quality of surveys
used to locate drill holes (collar
and down-hole surveys),
trenches, mine workings and
other locations used in Mineral
Resource estimation.
• Specification of the grid system
used.
• Quality and adequacy of
topographic control.
•
•
•
•
Data spacing
and
distribution
Orientation of
data in
relation to
geological
structure
• Data spacing for reporting of
Exploration Results.
• Whether the data spacing and
distribution is sufficient to
establish the degree of
geological and grade continuity
appropriate for the Mineral
Resource and Ore Reserve
estimation procedure(s) and
classifications applied.
• Whether sample compositing
has been applied.
•
• Whether the orientation of
sampling achieves unbiased
sampling of possible structures
and the extent to which this is
known, considering the deposit
type.
• If the relationship between the
drilling orientation and the
•
•
documentation. Variscan have no reason to disbelieve the
data as presented in the historical logs, however, understand
the limitations of the data for use in reliable and classified
mineral resource estimations going forward until assay
verification has been achieved to a satisfactory standard.
This release relates to all 146 historic surface drill holes
collated to date. Only 71 of these holes include downhole
assay data.
The method of recording collar coordinates by the historic
operating companies has not been identified. It is noted that
much of the drilling was undertaken prior to the ubiquitous
use of modern GPS by industry. The accuracy of reported
drill hole collars has not been determined.
Collar coordinates relating to the historic drill holes reported
were identified in a local grid and transformed to the
European Terrestrial Reference System 1989 (ETRS89), an
earth-centre, earth-fixed geodetic Cartesian reference frame
for GIS work. Thus, 2D maps (Figures) used in this report
have been made with ETRS89.
The quality and adequacy of the topographic control on the
location of collar points has not been assessed.
Collation
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