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Herencia Resources plc is a multi-commodity development company listed on the Alternative Investment Market (‘AIM’) of the London Stock Exchange with a primary focus on developing its Paguanta Project in northern Chile. Herencia is progressing a Feasibility Study into the proposed Patricia Mine (zinc, silver, lead) within the Paguanta Project, with the goal of bringing the mine into production. Herencia is also focused on advancing exploration work in Chile. Herencia is also earning a 51% interest of the exciting Guamanga Copper-Gold Project in Chile. The Project has two components: a shallow, high grade copper-gold oxide target; and deeper, potential porphyry targets. Herencia has the backing of the global zinc group Nyrstar.

Website:
http://www.herenciaresources.com
Phone:
+61 41 892 3636
Address:
30 Farringdon Street, London EC4A 4HJ.
Super Sector:
General Mining - Zinc, Lead and Tin
Sector:
Mining
Industry:
General Mining
EPIC / Symbols:
LON:HER
chart-size
*subject to change and depends on individual circumstances.

Herencia Resources RNS Press Releases

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Herencia Resources Articles, News, and Media Files

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Herencia Resources Related Media

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Broker press

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  • 11/03/13

    11.03.13 :.-4, (1.14) WH Ireland downgrades its rating to "speculative buy" from "buy".

  • 27/05/11
    +0.73 +3.11

    Press: Herencia Resources rose after it said surface sampling at its Paguanta project in northern Chile had confirmed high grades of copper and... read more

  • 27/05/11
    +0.73 +3.11

    Press: Herencia Resources rose after it said surface sampling at its Paguanta project in northern Chile had confirmed high grades of copper and... read more

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
16/01/14 J.B. Russell BUY 4,500,000 ORD 0.61 27,450 11,907,413 0.55
05/06/13 G.J. Sloan BUY 2,300,000 ORD 0.65 14,950 5,188,905 0.29
04/07/12 J.C. Moore TAKE 2,407,413 ORD 0.80 19,259 8,074,080 0.48
04/07/12 G. Sloan TAKE 2,888,905 ORD 0.80 23,111 2,888,905 0.17
04/07/12 M.A. Bohm TAKE 3,750,000 ORD 0.80 30,000 38,876,249 2.32

BASIC RESULTS INFORMATION

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Date Type Turnover Profit EPS (p) Dividend (p) Currency
31/12/13 Full year 0.00 -3.44 -0.15 0.00 GBX
30/06/13 Interim 0.00 -1.60 -0.08 0.00 GBX
31/12/12 Full year 0.00 -2.48 -0.13 0.00 GBX
30/06/12 Interim 0.00 -1.31 -0.07 0.00 GBX
31/12/11 Full year 0.00 -2.56 -0.16 0.00 GBX

Company Statement

Herencia Resources plc is a mineral exploration and development company listed on the Alternative Investment Market (‘AIM’) of the London Stock Exchange with a primary focus on developing its Paguanta zinc-lead-silver Project in northern Chile.   

 

Herencia is progressing a Feasibility Study into the proposed Patricia Mine (zinc, silver, lead) within the Paguanta Project, with the goal of bringing the mine into production. Herencia is also focused on advancing exploration work on the Doris copper-silver prospect and the La Rosa porphyry-copper target.

 

Herencia is also earning a 51% interest of the exciting Guamanga Copper-Gold Project in Chile. The Project has two components: a shallow, high grade copper-gold oxide target; and deeper, potential porphyry targets.

 

Herencia has the backing of the global zinc group Nyrstar.

 

The Paguanta Project is strategically positioned in a stable political environment in good proximity to infrastructure, mining services, ports, transport, and water.

Current Operations

Paguanta

 

Overview

The Company’s flagship Paguanta Project which is 70% owned and managed by Herencia, is a high grade silver-zinc-lead deposit located in northern Chile. The Paguanta Project Area is located approximately 120 kilometres east northeast of Iquique and approximately 30 kilometres west of Chile’s border with Bolivia. A sealed national highway is located 20 kilometres north of the project area.

 

The Paguanta Project comprises:

 

  • The 'Patricia' zinc-lead-silver-gold Mineral Resource (JORC-compliant)
  • The 'La Rosa' porphyry-copper prospect
  • The highly prospective ‘Loreto’ tenement package
  • The 'Doris' high grade copper-silver prospect

 

The leading global zinc smelting group Nyrstar International BV ("Nyrstar") hold approximately 10% of the Company and are supportive of plans to move the Paguanta Project toward development.

 

In 2012 - 2013, Golder Associates undertook a Feasibility Study, reviewing both open pit and underground methods, for the potential exploitation of the Patricia Mineral Resource. The Feasibility Study was successful in incorporating a three year open pit into the overall mine plan, with underground mining commencing in year three and continuing until at least the end of year eight. Open pit mining will be scheduled at an initial Run of Mine (ROM) production rate of 400,000 tonnes per annum (tpa), at a proposed waste to ore strip ratio of approximately 11.7:1. Throughput will increase to 460,000tpa with the introduction of underground mining in year four.

 

The Project schedule currently targets mine construction potentially commencing in the second half of 2014 with production commencing in 2015, subject to Board/JV approvals, funding and concentrate off-take negotiations, receipt of permits and achievement of project milestones.

 

The Paguanta project area consists of 14 licences ('exploitation' tenements equivalent to mining tenements) covering an area of 39 square kilometres. The area is on the northern part of the main Chilean porphyry copper belt, which houses some of the world’s largest open-cut copper mines.

 

In August 2013, the Company announced the acquisition of a large and highly prospective tenement package named "Loreto" located immediately adjacent to its flagship Paguanta Project in northern Chile.

 

Loreto

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 Loreto 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 is presented below.

 

 Loreto tenement package (red) showing a 3km x 2km colour anomaly target adjacent to Paguanta tenements (yellow)

Patricia Feasibility Study

The Feasibility Study carried out during 2012-13 on the Patricia Mineral Resource estimate was successful in incorporating a three year open pit into the overall mine plan, with underground mining commencing in year three and continuing until at least the end of year eight. Details of this study are provided in the RNS release of 31 May “Herencia Achieves Positive Feasibility Study” presented on this website.

 

Patricia Mineral Resource

The Patricia Mineral Resource estimate at June 2012 stands at:

 

4.53Mt at 3.7% Zn, 1.3% Pb, 83g/t Ag and 0.2g/t Au (at a 2% zinc cut-off)

1.07Mt at 7.2% Zn, 2.4% Pb, 136g/t Ag and 0.3g/t Au (at a 4% zinc cut-off)

 

Details of the Patricia Mineral Resource estimate is available within the RNS dated 22 June 2012 presented on this website. This Mineral Resource estimate was completed by international consultancy firm Golder Associates SA, an independent mining consultancy group and complies with recommendations in the Australasian Code for Reporting of Mineral Resources and Ore Reserves (2004) by the Joint Ore Reserves Committee (JORC) of the AusIMM.

 

Regional Geology

Paguanta is located near the Cerro Colorado porphyry copper mine at the northern end of the Domeyko fault system, which stretches over more than 1,000 kilometres in northern Chile and hosts a number of important copper deposits.

 

The immediate area around Paguanta is highly mineralised with an open-cast copper mine at Cerro Colorado (BHP Billiton) 40 kilometres south-west of the project exploiting a supergene deposit of 228 Mt grading 1% copper. Other porphyry copper prospects currently being explored are at Mocha (Codelco), Queen Elizabeth (Anglo American) and Yabricoya (Codelco).

 

Host rocks comprise tightly folded and faulted Palaeozic basement, Jurassic-Cretaceous aged sediments and arc-related volcanics. Tertiary aged felsic intrusions have been mapped and are spatially related to zones of alteration and mineralisation.

 

Mineralisation

The Patricia Zone is a zone of zinc, silver, lead and gold mineralisation. Petrographic study of outcrop and diamond drill samples identified low sulphidation style mineralisation with economic mineralisation dominated by sphalerite (zinc), galena (lead), and argnetine (silver). Low levels of gold are associated with arsenopyrite. There is evidence of an earlier gold bearing potassic alteration phase, associated with older, deeper felsic intrusions.

 

Approximately 3 kilometres north of Patricia, the La Rosa Zone is an area of intensely leached, argillic alteration over 3 square kilometres, prospective for porphyry copper-gold mineralisation in supergene blankets or stocks. Various styles of acid intrusive have been mapped, together with potassic alteration; including the presence of biotite and magnetite. Geochemical values are subdued as expected, however low levels of copper and gold are co-incident with the higher intensity alteration zones. There remain few untested argillic anomolies of this scale in this important copper producing region. Located immediately to the south-east of La Rosa is the Doris prospect which has confirmed high grade copper and silver mineralisation on surface.

 

History

Silver was discovered and first worked in the area by a team of miners headed by an Englishman in the 1880's. Together they completed 1,800 metres of underground development into what is now called the Patricia zone. The principal development is an adit running 400 metres in length that intersects three high-grade veins.

 

The Patricia mine at Paguanta was abandoned in the late 19th century and the area was not subjected to further evaluation outside of regional reconnaissance. Herencia are the first modern explorers at Paguanta.

 

'La Rosa' (porphyry-copper)

La Rosa is an advanced porphyry copper target covering an area of 3 kilometres and which is wholly within the Paguanta Project tenement package (70% owned by Herencia Resources plc). The area has never previously been explored due to poor access.

 

La Rosa is 40 kilometres from BHP's giant Cerro Colorado Mine and approximately 150 kilometres from the world class operations at Quebrada Blanca (Teck), Colluhuasi (Xstrata/Anglo American) and other advanced prospects of Codelco. In the immediate vicinity is Anglo American's Queen Elizabeth Project and Codelco's Mocha Project.

 

Structure and Geochemistry

The La Rosa prospect is an area dominated by altered Cretaceous aged andesite volcanics, with minor felsic volcanic material and sediment.

 

La Rosa, superficially, is an area of intense argillic alteration, weathering and limonite (iron oxide) staining, the products of weathered pyrite. This area covers an area of 3 kilometres north-south and 1 kilometre east-west, and is bounded by two regional scale, north-south orientation faults. One of these faults has exposed quartzite in the footwall, thereby indicating it is a major regional structure. Due to the intense weathering, surface geochemistry is of limited use, however samples are anomalous in lead, zinc, copper, gold, silver and molybdenum. Grid surface geochemistry has been completed.

 

The alteration zone extends to the Patricia epithermal lead-silver-zinc vein system, where a Feasibility Study was completed on the updated Mineral Resource estimate in 2013. Herencia believe that the two prospect areas are part of the same mineralising system. Late barite veins have been mapped at La Rosa and elsewhere adularia is present, increasing the possibility of other epithermal veins within the large alteration system.

 

Doris

Diamond drilling during 2011 (refer to RNS 9 May and 15 June 2011 presented on this website) at the Doris prospect was very successful with seven holes out of ten confirming the presence of copper and silver. The results were significant in terms of the geological context for the broader Doris/La Rosa ‘system’ and the porphyry potential for the Paguanta Project. The best results returned from the drilling program include:

 

1.70 metres grading 2.49% copper and 49g/t silver in hole DRDD010 (down-hole intercept); and

 

2.05 metres grading 1.78% copper and 226g/t silver in DRDD008 (down-hole intercept).

 

For information on other Herencia Resources projects please on the project below:



Management

Hon John Moore AO - Non-Executive Chairman

The Hon John Moore AO holds a Bachelor of Commerce and Associate in Accountancy from the University of Queensland. John has had a distinguished career in Australian politics; he was the Minister for Defence, the Minister for Industry, Science & Tourism and Vice President of the Executive Council.

Prior to entering politics, John Moore was a stockbroker and member of the Brisbane Stock Exchange. He has served on the boards of many broking and banking related companies including Citinational Limited, Merrill Lynch (Aust) Pty Ltd and Grindlays (Aust) Pty Ltd. In addition to his chairmanship, John's responsibilites at Herencia also include membership of the audit committee.

 

Graeme Sloan - Managing Director

Graeme Sloan is a mining engineer having extensive open pit and underground mining and management experience.  Graeme has over 35 years resources industry experience in Australia, Indonesia and the US.   Graeme is responsible for all the companies operational and corporate activities and representation on JV and subsiduary company boards.

His corporate experience includes previous managing directorships at Tanami Gold (ASX) and Perseverance Gold (ASX) and is currently a Non-Executive Director of ASX listed Orion Gold and ABM Resources.

 

Chris James - Non-Executive Director

Chris James is currently Group Manager, Corporate Development for Nyrstar. Chris has a Bachelor of Science and Bachelor of Engineering (Mechancal) from Monash University and an Executive MBA from London Business School. Chris has extensive corporate development experience having been involved in the US$409 million acquisition of Farallon Mining, the US$663 million acquisition of Breakwater Resources and is responsible for managing Nyrstar's Corporate Development team.

 

John Russell - Non-Executive Director

John Russell has over 30 years experience in Investment Banking. He was a member of the Australian Stock Exchange and a partner in Bain & Company. He has had 20 years experience in London and New York as head of Bain’s Branches in both cities. In 1992 Bain was acquired by Deutsche Bank AG and John continued as senior Director of Deutsche Bank Australia in Europe until the end of 1999.

Since retiring from Deutsche Bank John has been providing consulting services to smaller technology companies. John is Chairman of Henderson Far East Income Limited.

John's responsibilites also include Chairmanship of the audit committee.


John Porter - General Manager

A Chemical Engineer by training, specializing in Extractive Metallurgy, Mr. Porter also holds a Diploma in Business Administration.   Mr. Porter has 25 years overall experience with mining and industrial companies with 15 years of experience at General Manager level for both Chilean and Multinational Corporations. His professional background includes supply of product services and technologies to the mining and chemical industries, mine operations management, and marketing of metallic and non-metallic commodities.  John has been involved with the Paguanta Project since 2009, he is a native of Viña del Mar, and is based in Santiago, Chile.

 

Sergio Avendaño - CMP Study Manager

Mr. Sergio Avendaño is a Structural Engineer with 17 years experience in the mining and metallurgical fields.  Mr. Avendaño is a specialist in Project Management of electro-winning plants, concentrators, smelters, underground mining projects and project Infrastructure.    He has a Master's degree in Project Construction Management and has worked in both metallic (Copper, Gold, Nickel and Zinc) and non-metallic projects.  He has served as Project Manager, Engineering Manager, Area Manager and Lead Discipline Engineer in Chile, Argentina, Peru, Brazil and Mexico. His most recent assignment was with Xstrata.   Sergio is based in Santiago, Chile

 

Antonio Valverde - Senior Geologist 

Mr. Antonio Valverde is a Geologist with a Bachelor of Science degree in Geology from the Complutense University of Madrid.   Mr. Valverde has 19 years of industry experience in exploration and production, with extensive experience in Chile and Latin America.   He has been involved in the whole spectrum of project activity from regional exploration through to feasibility studies and production in both underground and open pit mines.   Antonio has had exposure to a number of different geological settings and commodities.   Antonio is based in Chile.

Major Shareholders

 

Taken from the company website 12.09.2013

  • Additional Information
    Market
    AIM
    EPIC
    HER
    Share Price
    0.43p
    Change
    -0.02
    Volume
    4,325,005
    Dividend
    0
    EPS
    -0.15
    Shares
    2,443.96 m
    Offer
    0.45
    Bid
    0.4
    Avg. Vol
    7,735,560
    Yield
    0.00
    P/E
    -43.45
    Mkt Cap
    £10.51 m
  • Latest Stocktube
    14/01/2014

    Herencia Resources 'spoiled for choice' as it identifies promising drill targets at Picachos

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  • Contact Information

    Graeme Sloan

     

    7/6 Richardson Street

    West Perth WA 6005 Australia

     

    Postal Address

    PO Box 1904 West Perth WA Australia 6872

     

    Telephone +61 8 9481 4204

    Facsimile   +61 8 9481 0239

     

    Email: gsloan@herenciaresources.com

     

    Corporate Information

    Nominated Adviser and Broker

    WH Ireland Limited 

    11 St James Square

    Manchester

    M2 6WH

     

    Auditors

    UHY Hacker Young LLP 

    Quadrant House, 

    4 Thomas More Square, 

    London 

    E1W 1YW

     

    Solicitors to the Company

    Watson, Farley & Williams LLP

    15 Appold Street

    London EC2A 2HB

     

    Cariola Diez Persz-Cotapos, 

    Santiago, 

    Chile

     

    Registrars

    Capita Registrars

    Northern House

    Woodsome Park, Fenay Bridge, Hudderfield, HD8 0LA

    Telephone +44 (0)1484 600 921

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