Insights

Why has the Variscan (ASX:VAR) share price gained 91% today?

Shares in Variscan Mines Ltd are on fire today as the market reacts to news of discoveries at the company’s San Jose Mine.
The post Why has the Variscan (ASX:VAR) share price gained 91% today? appeared first on The Motley Fool Australia. –

Shares in Variscan Mines Ltd (ASX: VAR) are on fire today as the market reacts to news of discoveries at the company’s San Jose Mine. At the time of writing, the resource company’s share price has rocketed 91.89%, trading for 7.1 cents.

The San Jose mine is located within Variscan’s Spanish Novales-Udias Project. There, drilling has brought new zinc-rich mineralisation to light.

Let’s take a closer look at the news driving the Variscan share price today.

Positive assay results

According to Variscan, the new discoveries include high-grade zinc and lead lenses at San Jose. Furthermore, assay results from central mineralisation include:

 16.9 metres at 12.5% zinc and 2.0% lead.
 15.6 metres at 3.2% zinc and 0.3% lead.

More drilling at a southward extent is now finished, with the results received so far showing visual zinc mineralisation in the majority of holes.

The results from a further 20 drillholes are expected to be received by Variscan shortly. Variscan stated it’s also focused on mapping and sampling at its other Spainish project, Guajaraz.

Commentary from management

Variscan’s managing director and CEO Stewart Dickson commented on the findings, saying:

The discovery of new high-grade mineralised lenses below the main gallery is a major development for Variscan. It suggests significant potential for discovering additional lenses throughout the San Jose Mine… that could provide considerable scale and tonnage potential. Additionally, it reinforces the conceptual model of San Jose as a multi-layered orebody, consisting of multiple vertically stacked, sub-horizontal high-grade mineralised lenses of variable thickness and geometry, separated by intervals of dolostone…

We will be following up these excellent drill results with further assays from drilling over the southward extent of the lower lens below the La Caseta Trend promptly.

Variscan Mines share price snapshot

If the Variscan share prices’ gains hold until close today, it will be its highest closing price since 2018.

Presently, the Variscan share price is up 163% year to date. It’s also gained 295% since this time last year.

The resource company has a market capitalisation of around $7 million, with approximately 212 million shares outstanding.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of February 15th 2021

More reading

There’s now extra pressure on the Kogan (ASX:KGN) share price to perform
Crown Resorts (ASX:CWN) share price slips on doubts over its licences
Here’s why the Venturex (ASX:VXR) share price is up 8% today
Why Carbon Revolution, Fisher & Paykel, Nuix, & Paradigm are tumbling lower

CIMIC (ASX:CIM) takeover offer sends Devine share price soaring

The post Why has the Variscan (ASX:VAR) share price gained 91% today? appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!