26th Feb 2015 09:40
LONDON (Alliance News) - Herencia Resources PLC on Thursday reported the maiden resource estimate for the Picachos copper and silver project in Chile, saying the results indicate the potential to significantly boost the grade and tonnage.
The company said the resource estimate indicates 10.7 million tonnes at 0.61% copper and 5.6 grams per tonne of silver at a 0.1% cut-off grade, along with 7.1 million tonnes at 0.85% copper and 7.6 grams per tonne of silver at 0.2% cut-off grade.
The estimate underpins the first three to five years of open-pit mining at the site, Herencia said.
"This is a great result for the company and shareholders alike, and the outcome of a huge amount of work and commitment by our Chilean team who have worked tirelessly to develop a maiden Resource within a very tight schedule," said Herencia Managing Director Graeme Sloan.
The results not only validated our geological model but importantly delivered a larger than expected maiden Mineral Resource estimate," Sloan added.
Herencia shares were up 8.4% to 0.24 pence on the news, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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