6th Oct 2014 07:29
LONDON (Alliance News) - Herencia Resources PLC Monday said a second drilling programme is set to start at the Picachos Copper Project in Chile, meaning it's on track to hit its production target for 2015.
Herencia said the second programme will start in the next four weeks, with approximately 4,000 metres to be drilled.
The company said it is targeting a maiden mineral resource estimate for the programme in the first quarter of 2015.
Herencia last week completed a subscription and placing to raise around GBP2.4 million in order to advance the Picachos project. It said it would use the funding to fast track an infill drill programme, complete a mine feasibility study, and get the mine permitting approval process underway.
In addition, the company said it has found a new area of copper mineralisation at Picachos, named 'Flor del Bosque North'.
"The fact that we now have 1,100m of mineralisation along the same zone again demonstrates the enormous potential of Picachos, and that's just in the open pit areas, the underground potential has, as yet, not been contemplated," said Herencia Managing Director Graham Sloan.
Herencia shares were up 3.9% to 0.296 pence in early trade on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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