VAR - Variscan Mines

Just checked up on PTS, a prospect I tagged ages ago for future interest, to find it has launched an IPO to search for iron ore in NSW.

PTS has an interest in a number of prospects for gold, copper, uranium, platinium, palladium, nickel and iron... a specific type of iron apparently.

Anyone been following this?

The following from it's IPO, Eastern Iron.

Company Overview
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Eastern Iron – Iron’s New Horizon
Eastern Iron Limited was formed to investigate the potential for iron ore on the infrastructure rich, eastern seaboard, which is home to the bulk of Australia’s industrial capacity. This initiative is based on a bold new concept that recognises the existence of very large quantities of shallow, low-grade, yet easily extractable iron-rich material in the extensive networks of ancient buried river channels (palaeochannels) that exist in parts of NSW. Innovative thinking and prompt action by Eastern Iron Limited has enabled it to secure one of the largest tenement positions in this region of Australia, covering a large part of central western New South Wales.

Click to expand...

and from a broker presentation

Eastern Australia’s 1st
Bulk Tonnage Iron Ore Project
• Early stage sampling and assay results indicate that
an ex-mine product of >50% Fe is feasible
• Ore characterisation studies by the University of
Western Sydney and limited crush and grind tests
suggest there is scope for further low cost
beneficiation to produce ore grade concentrates
• Subject to results of further work, early results
indicate a very large tonnage potential is possible

Click to expand...

Re: PTS - Platsearch

It is almost two years - no posting on this thread

I noticed the scrip. The directors have kept on buying. Very closely held
Excellent JV partnership with top players. Though explorer but they have kept eggs in several baskets.

I liked the company profile, partnership, directors confidence and future prospect. So I stabbed today. Very low trading for closely held position.

Any holder please share your experience

Re: PTS - Platsearch

If memory serves me correctly PTS was one of the specs Pattersons used to peddle back in the day, maybe 7 years ago or more.
Anyways at this point they are in a position of MC:Cash being equal, and with $12m to their name (plus nearly $6m in investments) that is a fair whack of exploration. At this cash/investment point PTS is severely undervalued.

MC - $12.2m
SP - 7c
Shares - 175m
Options - NQ
Cash - $12.4m + ($5.7m in investments in other stocks)

●Thomson Resources commenced air core drilling over the Achilles base metal project south of Cobar. Results are expected in August.

●Silver City Minerals Limited completed RC drilling at the Umberumberka silver mine, Razorback West, Champion and Allendale base metal prospects near Broken Hill. A best result of 10 metres at 6.2% zinc, 3.4% lead and 26g/t silver was recorded at Allendale.

●Eastern Iron Limited completed drilling as part of its planned mine scoping study over the advanced Nowa Nowa iron project, Victoria. Assays returned for a hole completed over Seven Mile deposit recorded a strong intersection of 71.4 metres at 46.3% iron.

●Eastern Iron completed an initial Resource estimate of for the Hawkwood magnetite iron project, southern Queensland. Considerable upside remains.

●Eastern Iron completed a rights issue to raise sufficient capital to complete the scoping study at Nowa Nowa. PlatSearch took up its full entitlement. On completion of the issue on 5 July, PlatSearch’s shareholding in Eastern Iron increased to 57.2%.

●PlatSearch continued assessment and acquisition work for advanced properties within Europe. Good progress has been achieved and the Company remains confident that it will be successful in acquiring high quality, advanced properties.

●PlatSearch continued to seek joint venture partners for its key exploration assets within Australia and has commenced relinquishing lower priority projects with the view conserving its strong cash position.

On January 24th, 2014, Platsearch NL (PTS) changed its name and ASX code to Variscan Mines Limited (VAR).

Variscan Mines has announced this morning that assay results from underground drilling at the San Jose Mine have discovered mineralised lenses below areas of known mining activity in two separate north-south trends of the Central Zone.




The grades and widths look good. There are further assay results pending, so those results will be interesting and will give the market a better idea of how much zinc we are talking about here. Overall, this is a very encouraging result in an environment of a bullish zinc price.

Trend indeed up 108% this morning. Be keeping a close eye on this. A lot of future with its findings...& Prospects.

Saw a tweet on this - outstanding zinc grades, don't know what depths of hits, lead credit but no silver, has kilometres of strike, it's in Spain, it's on old still active mining permits - are some of the very challengeable scraps of 'info' that I picked up without any corroborative reading whatsoever on my part. That wraps up the research from me ?

Chart is Quarterly periods and the comment is obvious ultra high volume spike preceded by a harbinger smaller spike.

All time Quarterly

Deceptive value, i like its foundations,

Link: New capital raising.

ASX Announcement – 21 June 2021ASX:VAR
OVERSUBSCRIBED CAPITAL RAISE TO ACCELERATE FOLLOW-UP DRILLING AT SAN JOSE MINE DISCOVERY
Highlights
•Firm commitments received to raise $4.25M
•The Placement was oversubscribed and well supported by a number of existing shareholders as well as attracting new sophisticated & institutional investors
•Notable investor interest from North America, UK, Europe and Asia representing a strong endorsement of Variscan’s recent zinc lead discovery and planned follow-up drilling campaign
•Managing Director commitment to participate in the Placement
•The Placement will position Variscan with a strong cash balance of circa $5m to execute an aggressive exploration program over the Novales-Udias Project, including follow-up drilling at the San Jose Mine and drilling high priority targets on the highly prospective surrounding Buenahora licence area
•Drilling program set to re-commence shortly with contractor discussions well advanced •Assay results from an additional 30 drillholes expected in the coming weeks; occurrences of visible zinc mineralization from logging noted (refer ASX 15 June 2021)

Disclaimer.
Small holding held from my original parcels in PTS when name changed to VAR.

Trading halt after more high grade drill results. Guessing VAR is looking for more funding via placements.