Variscan Mines eyes French gold

THE DRILL SERGEANT: Variscan Mines (ASX: VAR), through its wholly-owned European subsidiary Variscan Mines SAS, has been granted a second exploration licence within Brittany, France.

The St Pierre licence (Permis Exclusif de Recherche or PER) covers an area of 386 square kilometres around the La Bellière gold mine located in the Department of Maine et Loire, approximately 60 kilometres east of the regional centre Nantes.

 

Location of the St Pierre PER. Source: Company announcement

 

From 1906 to 1952 the mine produced about 334,000 ounces of gold.

Variscan said it is about to commence compilation and assessment of geological data held at the BRGM (Bureau de Recherches Géologiques et Minières – the French Geological Survey).

It also signalled upcoming mapping/structural studies would be carried out to generate short term drill targets in and around the old mine workings.

The company anticipates conducting a combination of shallow drill holes to follow-up targets defined from old mine development assays and/or drill holes, as well as deeper drilling to test the down plunge extensions of the La Bellière vein system.

Variscan also intends to begin a program of shallow auger and rock chip geochemistry covering other shear zones within the PER to define additional targets.

“This continues the flow of positive developments for Variscan in France,” Variscan Mines managing director Greg Jones said in the company’s announcement to the Australian Securities Exchange.

“The St Pierre PER is the second exploration licence granted to Variscan following the approval of the Tennie PER as announced on 28 June 2013.

“These PERs represent some of the first new exploration licences granted in France for more than two decades and clearly establish Variscan as one of France’s pre-eminent exploration companies.

“It again demonstrates Variscan’s capacity to successfully work together with the French Government and local communities and within the French mining code.”

Varsican is particularly keen on the St Pierre project due to its location covering one of Frances principal goldfields, where high grade ore has been historically extracted from quartz veins hosted within a broad, mineralised shear zone.

The company explained these shear systems are also found at La Bellière and frequently host multi-million ounce gold deposits and are one of the more important sources for gold production world-wide.

“As well as the previously mined high grade veins, old drill data and reports currently available to Variscan indicate the possible presence of thick zones of lower grade but nevertheless potentially economic gold mineralisation that may represent shallow, bulk mineable targets for future exploration,” Jones said.

“These will be one the first targets to be tested by Variscan once initial geological work is completed and approvals to commence drilling are received.”

Website: www.variscan.com.au