ASX-listed Variscan Mines has announced a maiden mineral resource estimate (MRE) of 1.1-million tonnes at 9% zinc and 1.2% lead at the San Jose mine, in northern Spain.
The project is centred around the former producing San Jose underground zinc/lead mine with a large surrounding area of exploration opportunities over the 9 km Novales Trend, which includes a number of satellite underground and surface workings.
The maiden resource estimate is one of the highest-grade zinc mineral resources currently owned by an ASX-listed company, said Variscan.
The firm also stated the deposit is considered to be of sufficient grade, quantity and continuity to have reasonable prospects for eventual economic extraction.
An additional exploration target for the wider San Jose and Udias deposits has been estimated, indicating the potential for the initial MRE to grow substantially.