www.herenciaresources.com
Herencia Resources plc is a resources company listed on the Alternative Investment Market (‘AIM’) of the London Stock Exchange with a focus on developing the Paguanta Project in northern Chile and advancing other project opportunities with the aim of adding value for shareholders.
The Paguanta Project comprises the Patricia zinc-silver-lead-gold Mineral Resource and the Doris copper-silver and La Rosa copper targets. The Total Mineral Resource at Patricia stands at 3.5Mt at 4.6%Zn, 1.46%Pb, 93g/t Ag and 0.23g/t Au (2% Zn cut-off).
During 2011 Herencia plans to undertake a Feasibility Study into the Patricia Mineral Resource and complete 15,000m of diamond drilling at Patricia, Doris and La Rosa. The Company is also actively pursuing quality JV opportunities within South America.
Herencia has the backing of some major resources identities including Nyrstar, the world’s biggest zinc smelting group, who hold 10% equity in Herencia.
Herencia gears up for next drilling programme at Paguanta, looks to cut costs
South American focused junior miner Herencia Resources (AIM: HER) has hired a consultancy to help plan and optimise the next drilling campaign and review the gold mineralization at its flagship Paguanta project in Chile, where it has recently secured the remaining exploitation tenements to cover the entire project area.
Herencia has engaged resources consulting firm Runge Limited to assist with planning and optimising of the next drilling programme at the Paguanta zinc-silver-lead-gold project in Chile, currently slated to commence early next year. Runge, which has been responsible for all mineral resource estimate work on the project, will also review the gold mineralisation to establish a relationship between the numerous gold grades achieved in the 2008 programme at the current zinc-silver-lead mineralisation.
The highest gold grade has so far been 4.57 g/t (grammes per tonne) over an interval of 1 metre and 1.56 g/t in a 150 kilogramme bulk metallurgical sample.
Herencia also said it had identified opportunities for sourcing project water requirements in addition to the water sources on the mining leases and the water exploration applications in the area owned by its joint venture (JV) partners. A review of second hand plant and equipment is due to commence shortly with the aim to identify potential capital cost savings.
“With the significant improvement in base metal prices seen over the course of 2009, combined with the recent project milestones achieved and the potential to expand the existing mineral resource immediately along strike and down dip, the company is currently reviewing options available to advance both the Paguanta Project and its adjacent La Rosa porphyry-copper prospect,” said Managing Director Michael Bohm.
The Paguanta project hosts a JORC-compliant indicated and inferred resource of 3.15 Mt (million tonnes) graded at 3.9% zinc, 1.3% lead and 74 g/t silver.
The next drilling campaign will target the high grade extensions along strike and down dip of the holes that returned high assay results during the previous drilling programme.
