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Variscan Mines Limited ( (AU:VAR) ) has shared an update.
Variscan Mines has confirmed that its 49% interest in Exploration Licence EL6318, part of the Callabonna Project in South Australia’s Curnamona Province, remains unchanged following Chalice Mining’s earn-in agreement with Red Metal. The company’s rights under its existing Heads of Agreement with Red Metal are also unaffected by this new arrangement, which is subject to Variscan’s consent.
Under the proposed earn-in, Chalice Mining will fund exploration on EL6318, including at least two basement drill tests within the first 12 months, to earn into Red Metal’s interest. Variscan expects Chalice’s funding and technical expertise to accelerate the exploration of large IOCG targets at Callabonna, potentially enhancing the project’s advancement and value for stakeholders.
The most recent analyst rating on (AU:VAR) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on Variscan Mines Limited stock, see the AU:VAR Stock Forecast page.
More about Variscan Mines Limited
Variscan Mines Limited is a growth-oriented natural resources company focused on acquiring, exploring and developing high-quality strategic mineral projects. The company holds a portfolio of high-impact base-metal interests in Spain and Australia, with its primary focus on advancing its zinc projects in Spain within the broader base metals sector.
Average Trading Volume: 5,681,771
Technical Sentiment Signal: Sell
Current Market Cap: A$8.74M
Learn more about VAR stock on TipRanks’ Stock Analysis page.