Shares in Variscan Mines (ASX:VAR) experienced a notable increase, soaring by up to 46.7% to A$0.022.

This represents the most significant intraday gain the company has seen since October 2022.

The company’s stock reached its highest level since April 14.

The dramatic rise in stock value follows the company’s announcement of a high-grade zinc discovery through underground drilling at the San Jose mine in Spain.

Variscan Mines also reported that the La Catedral area has been a substantial host of high-grade ore zones.

The company anticipates continuing drilling efforts until the end of the 2023 calendar year.

A noteworthy 15 million shares were traded, compared to the 30-day average volume of 252,353.

Despite this positive news, the stock has dropped by 11.8% year-to-date, as of its last close.

Variscan Mines is a natural resources company that specialises in mineral exploration and development.