4th Jun 2014 11:02
LONDON (Alliance News) - Herencia Resources PLC Wednesday said initial results from a drill programme at its Picachos project in Chile has returned very strong copper results at shallow depths.
The Chile-focused mineral exploration and development company said laboratory assay results from the drilling included a 91 metre space at 1.42% copper grades from 19 metres depth and a 20 metre space at 3.10% copper grades from 76 metres depth from its PP14019 hole.
The results also included a 25 metre space at 1.24% copper from 11 metres depth at its PP14011 hole and a 10 metre space at 1.41% copper from 65 metres depth at its PP14004 hole.
The company said the near surface nature, high grades and broad widths of copper mineralisation shown from drilling support the potential for open pit mining at the Picachos project.
The ongoing drill programme is designed to test six key areas that could host open pit mineralisation at the site, and the current part of the drill programme should conclude within the next week, Herencia said, with all assay results expected to be received for analysis by the end of June.
"I believe it is possible to move Picachos quickly along the development path given these initial impressive results and the close proximity of three copper processing plants which may open the door for potential toll treating opportunities negating the time and cost involved in constructing our own processing plant," Managing Director Graeme Sloan said in a statement.
Herencia Resources shares were up 4.8% to 0.503 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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