21 Jun 2017 08:19
Herencia Resources plc
("Herencia" or the "Company")
Herencia Chairman Appointment and Update
Herencia Resources plc (AIM: HER) is pleased to announce that Mr Peter Reeve has been appointed Chairman of the Board of Directors with immediate effect. Mr Reeve has been acting as a Non-Executive Director for Herencia over recent months (see announcement dated 31 March 2017). John Moore, the existing Chairman, has stepped down with immediate effect but will remain as a Non-Executive Director.
The Company acknowledges Mr John Moore for his efforts with Herencia over the recent difficult period.
Commenting on his appointment Mr Reeve said, "The Directors and management of Herencia are already working hard to place the Company on a sustainable operating basis for an exploration company of Herencia's size to allow exploitation of the significant geological potential of its copper assets.
"Herencia copper projects are valuable assets yet to realise their full potential. The new Directors believe that disproportionate focus was previously placed on achieving a mining operation rather than first evaluating the complete geological attributes of the properties. Early evaluation has commenced and is highlighting multiple prospects on the properties and areas with previous high-grade copper drill results warrant extensive new evaluation.".
At the '40m Shaft' prospect, at the Company's Picachos project, previous drilling intersected significant copper with; PP 14019 returning;
91 metres @ 1.42% copper and 13.5 g/t silver
Including 20 metres @ 3.10% copper and 25.4 g/t silver
The full details of this drill programme are set out in the annoucement dated 26 August 2015.
Significantly no further drilling has been undertaken in the chert sequence, at the Picachos Project (see figure 1 below) towards surface where XRF surface samples grading 7.54% and 3.77% copper have been measured.
Figure 1: http://www.rns-pdf.londonstockexchange.com/rns/7023I_-2017-6-21.pdf
Herencia plans to drill and sample this area and similar areas in its initial exploration program
"The type of opportunity found at 40m Shaft exists in multiple locations on Herencia's tenements and the Company is putting in place plans to ensure the entire project package is properly reviewed from a geological position and explored methodically and fully", Mr Reeve said.
The full release with images of the Picachos tenement locations and Picachos tenements near existing treatment plants can be found on the Company's website (including figure 1, above)
For further information please contact:
Peter Reeve, Herencia Resources plc +61 3 9516 6500
Jeff Williams, Herencia Resources plc +61 3 9516 6500
Katy Mitchell, WH Ireland Limited (NOMAD) +44 161 832 2174
Jon Belliss, Beaufort Securities Limited (UK) +44 207 382 8300
Further background details on the Company can be found at www.herenciaresources.com