26 Jun 2014 07:00
Herencia Resources plc
("Herencia" or "the Company")Drilling Underway
Guamanga Copper Project
Highlights
· A diamond drill program underway at the Guamanga Copper Project in Chile
· Approximately 3,300 meters of drilling to be undertaken in 5 holes
· Large Iron Oxide Copper Gold ("IOCG") style target to be drilled
· First results from Guamanga Project anticipated in third quarter 2014
Herencia Resources plc (AIM:HER), the Chile-focussed mineral exploration and development Company, is pleased to advise that drilling has commenced at the Guamanga Copper Project, a joint venture with Australian copper miner OZ Minerals (ASX:OZL).
The drilling program will target a significant IOCG anomaly identified during a series of ground geophysical programs. The Guamanga area is a prospective and established copper producing region in Chile.
Managing Director, Graeme Sloan, commented on the commencement of drilling at Guamanga:
These are exciting times for Herencia shareholders. Following on from our own drilling at Picachos - where we recently intersected broad, high grade copper mineralisation - we are pleased to be able to relay to our shareholders that our JV partner has commenced drilling at Guamanga.
Our partner in the Guamanga Project, OZ Minerals, is one of Australia's leading copper producers and they are sole funding this stage of the work at Guamanga.
Both companies have high hopes for this potentially significant IOCG target, noting that Guamanga sits within close proximity of Anglo American's very large Mantoverde copper mine.
About the Guamanga Project
The Guamanga Project is located approximately 750 kilometres north of Santiago in Region III in Chile. Access to the Project site is excellent with the Pan-American Highway located only 30 kilometres to the west and a major airport a 60 minute drive to the south. The Project mineralisation style appears to correspond to a potential Iron Oxide Copper Gold (IOCG) system, an example of which is Anglo American's large Mantoverde Mine, located only 15 kilometres to the north of the Guamanga Project.
About OZ Minerals
OZ Minerals is an Australian based mining company with a primary focus on copper. The Company owns and operates the high quality Prominent Hill copper-gold mine in South Australia. Prominent Hill produces some of the world's highest grade copper concentrates. In 2013 it produced approximately 73,000 tonnes of copper and 128,000 ounces of gold contained in concentrates. As at 31 December 2013 they had A$363 million in cash on hand.
About Herencia
Herencia Resources plc, is an AIM quoted exploration and development company operating in Chile. In addition to Guamanga Copper Project, the Company has recently achieved very exciting high-grade copper results over broad shallow zones at its Picachos Copper Project and has also completed a Feasibility Study in relation to its 70% owned Paguanta Project, a high grade silver-zinc-lead project located in northern Chile.
For further information, please contact:
Graeme Sloan, Herencia Resources plc
+61 8 9481 4204
Katy Mitchell, WH Ireland Limited
+44 161 832 2174
References in this announcement to exploration results and potential have been approved for release by Mr Graeme Sloan (BAppSc Mining Engineering WASM) and Mr Antonio Valverde (Bsc Geology Universidad Complutense de Madrid), who have more than 20 years relevant experience in the field of activity concerned. Mr Sloan is a Member of the Australasian Institute of Mining and Metallurgy. Mr Sloan and Mr Valverde have consented to the inclusion of the material in the form and context in which it appears.
Further background details on the Company can be found at www.herenciaresources.com