.........and GS is sounding comfortable talking up the establishment of a mine with special features relating to extraction which massively lower our establishment costs ............ but there is also a revenue downside. I am not too concerned as the real race is to get Cu and other credits ready and up for sale to create cash flow
I have no doubt Picasso and Pasti will supply huge quantities of Cu into the world market in time. It is now a huge property with high grades. If a full ore reserve were to be worked up for Picasso and Pasti then I think ( guessing ) the whole Cu availability would be world class as with Chile's other big mines but that is for the future cos we don't have the finance to fund a drilling program which will reflect the true potential of the Pic/Patsi combined property. That will be revealed as mining progresses.
My own view is growth in the world economic is beginning to appear on the distant horizon ( reinforced by todays budget where in my view GO is anticipating increased growth in world growth and trade to deliver better tax receipts ) ............ so just looking for hints that Cu consumption may be about to increase !!!!!
But wrt other posters here ( except Longlad ) we can hope for an RNS in December (2015 ) and even that that could give some financing details which in my view will ignite the sp ..........maybe from todays o.o8 pence to 0.8p giving a Capex approaching £20M within a year !!!!!! ?????? and £30M on first payment for delivery to concentrator.
Just dreaming I can start to recover some of my losses here. But I suspect we all think the game is changing but can we PIs hope to be included in changing fortunes at HER if they are indeed changing
" The fact that all this lies within just a few kilometres of the existing Tambillos processing plant cannot be overstated." Could this be a strong hint that negotiations with the Chilean family who own Tambillos are going well? That is how I read it. Announcement expected next month.
Despite a continuation of poor market conditions, the Picachos Project is shaping up to be a long term mining option for the Company, with clear potential for a 10+ year mining operation with both open pit and underground mining opportunities. The fact that all this lies within just a few kilometres of the existing Tambillos processing plant cannot be overstated."
· XRF sampling at the" Montenegro" mine located in the southern portion of the Pastizal tenement, has again returned multiple high grade results confirming the extensive nature of the mineralisation.
· The latest sampling program which focused predominately on the underground portion of the Montenegro mine, resulted in zones of wide high grade mineralisation, parts of which are being mined in small quantities by private miners.
· To date grades of up to 2.8% Cu have been achieved from surface sampling and 5.9% Cu from underground sampling.
· Geological interpretation has shown that the main mineralised zone at Montenegro may have a true thickness of up to 50 metres and can be mined using either open pit or underground methods.
· A formal option agreement to acquire Pastizal from the current owner is expected to be finalised shortly.
Herencia Resources plc (AIM:HER), the Chile-focussed mineral exploration and development Company, is pleased to advise that further sampling at the Montenegro Mine, which forms part of the Pastizal Project and which lies immediately adjacent to the advanced Picachos Copper Project in central Chile, has identified widespread and high grade copper mineralisation grading up to 5.9% copper.
The extensive sampling program using the hand held XRF analyser and undertaken by company geologists focussed on copper mineralisation currently being mined at the Montenegro Mine, located at in southern tenement area of the Pastizal property.
Recent geological mapping and the sampling results have confirmed the existence of broad mineralised limestones that form high grade Cu-Ag veins and strata-bound mineralised units. The limestone units, which reach up to 50 metres in thickness, appear structurally controlled by a combination of NW-SE and E-W shears.
Surface XRF sampling returned multiple values over 2.0% Cu with a maximum of 2.8% Cu and Underground XRF sampling in the Montenegro mine confirmed the presence of a broad high grade manto zone which returned an average grade of 2.0% Cu and a highest grade of 5.9% Cu.
The extensive copper mineralisation tested shows clear potential for a significant copper resources within (and around) the Montenegro Mine.
"The results achieved from sampling at the Montenegro Mine clearly support not only the logic behind our pending acquisition of the Pastizal tenement, but also our belief in the huge potential of the Picachos Project.
Despite a continuation of poor market conditions, the Picachos Project is shaping up to be a long term mining option for the Company, with clear potential f
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