Variscan Mines Limited reported assay results from the Phase 2 underground diamond drilling programme at its San Jose Mine, located in Cantabria, northern Spain. Key Findings & Activities: While the current drill programme still has a way to run, it has already revealed: the presence of laterally extensive mineralised lenses above and below the main gallery level; mineralised lenses assessed to be more contiguous and wider in some areas; significant areas of the Central Zone are assessed to be under-exploited with potential for further discoveries; Extension of drilling on Los Caracoles Trend has successfully intersected mineralised lenses below the main gallery level increasing the strike length in this area by a further 200m; Continuing validation of the conceptual model of the San Jose Mine as a multi-layered deposit, consisting of multiple vertically stacked, sub-horizontal high-grade mineralised lenses of variable thickness, separated by intervals of dolostone. This is consistent with the generally stratabound character of sulphide orebodies in MVT Pb-Zn districts1; Exploration Potential: The Phase 2 diamond drilling programme was primarily designed to expand the footprint of mineralisation; Significant potential for high-grade mineralisation extending below the former producing mine's lowermost working elevation; majority of the mine has not been drill-tested at depth providing excellent scale opportunity; Increasing probability for resources to be delineated both above and below the main gallery level and extensions of known mineralised trends; this new assay information provides important data that will be included in the estimation of mineral resources.