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

Variscan's Managing Director & CEO, Stewart Dickson said, 'We are pleased to deliver another set of positive drilling results at the San Jose Mine. Drilling has continued to deliver more high-grade discoveries beyond the historical mine workings.

Importantly we are expanding zones of mineralisation through drilling success and also seeing new opportunities to expand tonnages by connecting mineralised trends within the deposit. Drilling has so far doubled the length of the lower lenses running beneath the Los Caracoles Trend to over 300m. It is worth remembering that prior to the commencement of underground exploration drilling by Variscan, the existence of these lower mineralised lenses was completely unknown.

The continuing occurrences of high-grade zinc mineralisation immediately below the main gallery level in multiple sections of the mine is very important for defining our high-grade inventory and future development scenarios. There are further assays that we are awaiting results on and we will update the market on as soon as practicable. We note the very favourable performance of the zinc price and believe that the outlook should remain strong.

Variscan is currently assessing how to utilise the existing infrastructure and new zones of mineralisation at the San Jose Mine to take advantage of these dynamics'. Variscan Mines Limited ('Variscan' or the 'Company' or the 'Group') (ASX:VAR) is pleased to report assay results from the Phase 2 underground diamond drilling programme at its San Jose Mine, located in Cantabria, northern Spain.

Contact:

Stewart Dickson

Tel: +44 (0) 7799 694195

Email: stewart.dickson@variscan.com.au

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.

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 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 stratabound carbonate-hosted Zn-Pb deposit in Spain1 and one of the world's richest MVT deposits2. Further it is within trucking distance (80km) from the San Juan de Nieva zinc smelter operated by Asturiana de Zinc (100% owned by Glencore

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