11th Mar 2014 12:39
LONDON (Alliance News) - Herencia Resources PLC Tuesday said its drill programme at the Picachos copper project in Chile is now being finalised with its budget plan being submitted to the Herencia board for approval.
The exploration and development company, which operates in Chile and owns a portfolio of zinc-silver-lead-copper-gold exploration properties, said tenders are currently being obtained from leading Chilean drilling contractors with low-cost reverse-circulation drilling techniques planned to be used.
The company said it is fully funded by a recent GBP2.5 million raising, and the drill programme remains scheduled to start this quarter.
Herencia noted in January that surface and underground sampling at Picachos had revealed high-grade copper regions extending over large areas of the project, including a 147 metre space grading 1.6% copper.
On Tuesday, the company said it is targeting potential large volumes of shallow, open-pit copper mineralisation outcropping at the surface and will also investigate additional shallow mineralisation recently identified immediately to the north-west of the existing Flor del Bosque Mine Area.
The company added that discovery of mineralisation in several parts of the northern area of the site provides additional high-grade target areas for follow-up.
Herencia Resources shares were off 2.8% at 0.544 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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