13th Feb 2015 15:11
LONDON (Alliance News) - Herencia Resources PLC Friday said two areas immediately adjacent to a 40-metre shaft mineralisation have been identified and have potential to add significantly to the near-surface mineral resource for the Picachos copper project in Chile, with an independent peer review being finalised on the mineral resource estimate .
An evaluation of the areas is being undertaken as part of the overall process, Herencia said, adding that the maiden resource estimate for the project will be released to the market shortly.
"The resource work has taken a bit longer than expected, given the traditional summer holiday season in Chile, but it is now close to completion and on track to be delivered this quarter," Managing Director Graeme Sloan said in a statement.
"One of the many side benefits from this work has been the identification of two new mining target areas, immediately adjacent to the 40-metre shaft mineralisation, on which the resource is being calculated. These new areas are high up in the geological sequence, therefore close to the surface and importantly could potentially replace (in a planned open pit) what was previously considered waste material with ore, thus reducing strip ratios and further enhancing project economics," Sloan said.
"With the 40-metre shaft being only a small part of the overall Picachos tenement block, these new areas may not only add to what we are planning for the 40-metre pit, but could also enhance what is possible from the remaining areas already identified (Flor del Bosque, La Nipa, Santa Rosa, Rancho 4, La Dura etc). So a really positive start to the year," Sloan added.
Herencia shares were up 26% at 0.270 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Herencia Resources