13 Feb 2015 14:54
Herencia Resources plc
("Herencia" or the "Company")
Resource Update
and
New Targets Identified
The Company is pleased to advise that in relation to the Mineral Resource Estimate for the Picachos Copper Project, this work is currently being finalised, including an independent peer review, and it is anticipated that a maiden Resource Estimate for the Project will be released to the market shortly.
The resource work described above has also identified two areas immediately adjacent to the 40M Shaft mineralisation that have the potential to add significantly to the near surface mineral resource. An evaluation of these areas is being undertaken as part of the overall process.
Graeme Sloan said, "the Resource work has taken a bit longer than expected, given the traditional summer holiday season in Chile, but it is now close to completion and on track to be delivered this quarter.
One of the many side benefits from this work has been the identification of two new mining target areas, immediately adjacent to the 40M Shaft mineralisation, on which the Resource is being calculated. These new areas are high up in the geological sequence, therefore close to the surface and importantly could potentially replace (in a planned open pit) what was previously considered waste material with ore, thus reducing strip ratios and further enhancing project economics.
With the 40M Shaft being only a small part of the overall Picachos tenement block, these new areas may not only add to what we are planning for the 40M Pit, but could also enhance what is possible from the remaining areas already identified (Flor del Bosque, La Nipa, Santa Rosa, Rancho 4, La Dura etc). So a really positive start to the year."
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