31 Oct 2013 07:00
31 October 2013
Herencia Resources plc
("Herencia" or "the Company")OZ Minerals identifies two geophysical
targets at the Guamanga Project
Highlights
· Australian copper miner OZ Minerals advises that its recent ground magnetic survey has identified two geophysical targets at the Guamanga Project
· Induced Polarisation (IP) survey to be commenced in the coming weeks
· IP survey a potential pre-cursor to drilling program
Herencia Resources plc (AIM:HER) is pleased to announce that a wholly owned subsidiary of Australia's OZ Minerals Ltd, OZ Exploration Chile Limitada ("OZ Minerals"), has advised that it has identified two key geophysical targets at the Guamanga HER-OZ Minerals Joint Venture (the "Joint Venture") in Chile.
The two targets were identified as the result of a ground magnetic survey recently conducted by OZ Minerals over the entire Guamanga Joint Venture area, including the new and adjoining tenements acquired by OZ Minerals and now included in the Joint Venture.
Both targets identified by OZ Minerals support their interpreted geological model for Guamanga being an Iron Oxide Copper Gold (IOCG) target style.
It is anticipated that an Induced Polarisation (IP) survey will be commenced by OZ Minerals in the coming weeks which is expected to be completed by year end. Subject to the results of the IP survey a drilling program, fully funded by OZ Minerals, would commence early in 2014.
Herencia's Managing Director, Graeme Sloan, stated:
"I am extremely pleased with both the pace of work undertaken by OZ Minerals and the encouraging early set of results achieved at Guamanga, especially given the Project is located only 15km south of the large Mantoverde copper mine owned by Anglo-American, and it is this style of mineralisation being targeted.
There are plenty of reasons to get excited about this initial success. Whilst still early days, it is important to understand that the work is being carried by a blue-chip copper mining company with a highly professional team and importantly, at zero cost to Herencia.
Subject to ongoing exploration success, Herencia could potentially end up with a 20% ownership stake of any copper mine developed at Guamanga".
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.
OZ Minerals also owns the Carrapateena copper-gold project in South Australia which is a similar style of deposit to Prominent Hill. Carrapateena is one of Australia's largest undeveloped copper deposits, currently at an advanced exploration stage.
About Herencia
Herencia Resources plc, is an AIM quoted exploration and development company operating in Chile. In addition to the above, the Company has completed a Feasibility Study in relation to its 70% owned Paguanta Project, a high grade silver-zinc-lead project located in northern Chile. The Company is looking to complete project permitting for Paguanta, whilst investigating a number of potential funding alternatives in parallel with the permitting process before a development decision is made, potentially in the second half of 2014. In addition, the Company has recently successfully negotiated an option to acquire the high-grade Picachos copper project in central Chile.
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.
For further information, please contact:
Graeme Sloan, Herencia Resources plc +61 8 9481 4204
Katy Mitchell, WH Ireland Limited +44 161 832 2174
Further background details on the Company can be found at www.herenciaresources.com
**ENDS**