Variscan Mines Limited ('Variscan' or the 'Company' or the 'Group') (ASX: VAR) is pleased to report another set of positive assay results from the completed Phase 2 underground diamond drilling programme at the San Jose Mine, located in Cantabria, northern Spain.

Highlights

The latest set of assay results from the now completed, highly successful Phase 2 underground drilling programme at the San Jose Mine have: Continued to expand and infill zones of high-grade zinc mineralisation in the La Caseta Trend within the Central Zone of the San Jose Mine; Linked new richly mineralised intersections in between known areas of workings (Stopes 200, 191 and 193) indicating continuity within and beyond the La Caseta Trend.

Variscan's Managing Director & CEO, Stewart Dickson said, 'This latest batch of high-grade drilling results adds to the already impressive body of evidence and data confirming this former producing asset hosts significant zinc-lead mineralisation. The success of the drilling at San Jose has now allowed us to focus on drill testing new regional target prospects in the Buenahora Exploration Licence which has already commenced. This work is aimed at demonstrating the value embodied in the overall Novales-Udias Project, as the San Jose Mine covers just 15% of the entire strike length of the mineralised structure of the Novales Trend and the recently published JORC Exploration Target confirms the mid-large scale, high grade potential of the project.

Further drilling at the San Jose Mine is anticipated as we proceed with mineral resource definition and a Mine Re-Start Concept Study to identify the potential economics and work-streams to support a re-start of initial, small-scale mining at San Jose. Strong news flow is expected over the coming months as results from our drilling and field exploration over Buenahora is combined with drilling and studies on San Jose.'

Contact:

Tel: +44 (0) 7799 694195

Variscan Mines Limited (ASX: VAR) is a growth oriented, natural resources company focused on the acquisition, exploration and development of high-quality strategic mineral projects. The Company has compiled a portfolio of high-impact base-metal interests in Spain, Chile and Australia. Its primary focus is the development of its advanced zinc projects in Spain. The Company's name is derived from the Variscan orogeny, which was a geologic mountain building event caused by Late Paleozoic continental collision between Euramerica (Laurussia) and Gondwana to form the supercontinent of Pangea.

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.

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