14th May 2014 08:05
LONDON (Alliance News) - Herencia Resources PLC Wednesday said it has found a new copper zone, with initial tests showing strong copper grades above 7%, at the Picachos Copper Project in Chile, which will be drilled as part of the company's current drill campaign on the site.
The Chile-focused mineral exploration and development company said the new near-surface zone, which it has named La Dura, was uncovered during road construction for access to its drill pad sites and hand-held point sampling taken in the area has returned grades as high as 22% copper, with an average grade of 7.2% copper.
The company said the samples cannot be considered as representative of the entire area but show the potential for high-grade mineralisation and a number of drill holes have been planned for the area as part of the company's ongoing drill campaign at Picachos.
Herencia said the new mineralisation was not expected to be so close to the surface and may form part of the Picachos limestones which is a play used by multiple private mining operations nearby.
"The drilling programme at Picachos has kicked-off to an excellent start and the discovery of this new and very shallow mineralisation that is covered by only one metre of surface cover, continues to highlight the exciting potential of the Picachos Project," Managing Director Graeme Sloan said in a statement.
The company's roughly 3,000 metre drilling programme at the Picachos site targets high-grade structural mineralisation and extensive targets already identified at the site.
Herencia Resources shares were up 4.6% to 0.460 pence in early trading on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Herencia Resources