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Herencia acquires Porphyry-Copper Target

22 Aug 2013 07:00

RNS Number : 2184M
Herencia Resources PLC
22 August 2013
 



22 August 2013 FINAL

 

Herencia Resources plc

("Herencia" or "the Company")

 

Herencia acquires large Porphyry-Copper exploration target adjacent to Paguanta

Highlights

· Large porphyry-copper exploration target acquired by Herencia

· Surface anomaly approximately 3km by 2km in size

· 16 km² of highly prospective ground immediately adjacent to the Paguanta Project

· Close to existing roads and infrastructure

· Exploration tenements obtained by conventional application process

· Minimal cost incurred by Herencia to secure

· Low cost geological work proposed to facilitate third-party farm-in funding

Herencia Resources plc, the Chile-focussed mineral exploration and development company, is pleased to announce the acquisition of a large and highly prospective tenement package located immediately adjacent to its flagship Paguanta Project in northern Chile.

The exploration tenements, totalling 16 square kilometres in area, are located immediately south-west of, and adjoin, the 39 square kilometre Paguanta Project mining tenements. Access to the tenements is gained via the main road into Paguanta itself or by a public road located only two kilometres to the south of the new tenements.

A large surface colour anomaly measuring approximately three kilometres by two kilometres exists on the tenement package located only two kilometres from the Patricia Mineral Resource. Anomalies such as this are often associated with porphyry-style mineralisation. Preliminary geological review of the area has identified evidence of strong alteration, local stockwork development and some vein type mineralisation potentially similar to that seen at Patricia.

A location plan of the new tenements and surface colour anomaly can be viewed on the Company's website.

Graeme Sloan, Managing Director of Herencia Resources commented:

"We have been monitoring this block of tenements for some time and are pleased to have acquired them at almost no cost to shareholders.

What is most exciting is the very large surface colour anomaly encompassed by this package of tenements. This anomaly is adjacent to the epithermal veins at Patricia and could potentially be associated with, and further extend, the large geophysical IP anomaly identified at Paguanta last year.

We plan to undertake low cost value-adding geological work to advance our understanding of the target and surrounding area. We may also seek a partner to farm-in to this exciting new copper exploration opportunity with the aim of free-carrying Herencia through the exploration phase and potentially beyond.

What must be highlighted here is that this anomaly, and the adjacent Paguanta Project, is located within the Chilean porphyry copper belt - with the large Cerro Colorado copper mine and a number of large porphyry-copper resources all in the immediate vicinity."

About Herencia

Herencia Resources plc, an AIM quoted exploration and development company operating in Chile. The company has a very strong asset base including the Paguanta Project which is 70% owned and managed by Herencia and is focussed on the high grade silver-zinc-lead Patricia deposit, the Guamanga Copper-Gold Project located close to the operating Mantoverde Copper Mine, and the subject of a potential farm-in agreement with a subsidiary of Australia's OZ Minerals, and more recently an option Agreement over the advanced Picachos Copper Mine located adjacent to the large Andacollo Mine operated by Teck Resources in Central Chile.

Paguanta Project Location

The Paguanta Project is located in the north of Chile approximately 120 kilometres north-east of the coastal city of Iquique and 30 kilometres west of the Chile-Bolivia border. The Project is in the Andes, 3,400 to 3,700 metres above sea level, on the north end of the Oligocene Porphyry Copper Belt of Chile that includes the world class deposits of Escondida, Chuquicamata, Collahuasi and Cerro Colorado. Cerro Colorado is a large operating copper mine, operated by BHP Billiton, located approximately 35 kilometres south of Paguanta.

For further information, please contact:

Graeme Sloan, Herencia Resources plc +61 89481 4204

Katy Mitchell, WH Ireland Limited +44 161 832 2174

Simon Courtenay, Broker Profile +44 207 448 3244

References in this announcement to exploration potential have been approved for release by Mr Graeme Sloan (BAppSc Mining Engineering WASM) and Mr Antonio Valverde (Bsc Geology Universidad Complutense de Madrid), with more than 25 and 15 years' relevant experience respectively in the field of activity concerned. Mr Sloan is a Member of the Australasian Institute of Mining and Metallurgy. Both 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

**ENDS**

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCPGUAGRUPWGCG
Date   Source Headline
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19th Jun 20137:00 amRNSHerencia to present at Investor Forum
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