29th Oct 2013 08:34
LONDON (Alliance News) - Herencia Resources PLC said Tuesday it has received numerous high-grade copper results from tests in several zones across the Picachos mine area in Chile, as well as extensions to its manto-style mineralisation.
The new zone of manto-style mineralisation has been identified by Herencia's geologists immediately northeast of the Frenchman's mine area. A manto-style mineralisation refers to a deposit in which the ore forms a blanket along the bedding plane of the rock, rather than being a chimney or vein.
Herencia also said it identified a significant extension to the Leoncito mine, adding 400 metres to the mineralisation to the northwest. The company added that the high-grade Rancho 4 mineralisation has been confirmed and extended to the north.
"Yet more great results and coming in such a short time frame since we started surface work, just goes to show the potential of Picachos," Managing Director Graeme Sloan said in a statement.
"We are seeing consistent results in the range of 2-3% copper which supports the current mining grades being achieved by the miners who are reporting grades of up to 2.7% copper."
Sloan added: "All of these results continue to support the potential to develop a large, medium to high grade open-pit copper mining operation at Picachos."
In early trading Tuesday, Herencia Resources shares were trading up 9.6% at 0.543 pence, putting them among the top-10 gainers on AIM.
By Tom Waite; [email protected]; @thomaslwaite
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