ADVANCED ZINC PROJECTS IN SPAIN
On 29 July 2019, Variscan Mines Limited announced that it would acquire (subject to shareholder approvals) two advanced zinc projects in Spain located in established mining jurisdictions: the Novales-Udias Project located in the Basque-Cantabrian Basin, 30km south west from the regional capital, Santander; and the Guajaraz Project located in the Central Zone of the Iberian Massif, approximately 60km south west from national capital, Madrid.
Spain is a desirable location for mining with increasing activity and in-bound investment, and the acquisition provides Variscan shareholders with additional exposure to zinc, a commodity that continues to have a positive pricing outlook and is also a metal strategic to Variscan’s existing portfolio and expertise.
TRANSFORMATIONAL AND VALUE ACCRETIVE
Directors view the transaction as a transformational and value accretive for the company, representing a significant opportunity for the company to benefit from exposure to advanced projects in established mining provinces.