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Herencia Resources finds new zone of high-grade copper at Picachos

Last updated: 17:32 07 Jan 2015 AEDT, First published: 18:32 07 Jan 2015 AEDT

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Herencia Resources (LON:HER) has discovered a new zone of shallow high grade copper at its Picachos project in Chile, supporting the potential for multiple open pit mining in the area.

The firm also said the project's feasibility study is well underway and it expects a mineral resource estimate to be published shortly.

The hole was drilled south of the Flor del Bosque zone, and around 300m to the north of the previously reported high grade copper hits reported from the 40M Shaft zone.

Highlights from the reverse circulation hole included 33 metres (m) at 1.22% copper and 11.2g/t silver from 69m, which included 19m at 1.83% copper.

Drilling at the project is now finished and summary of assays will be released this month.

Managing director Graeme Sloan said: "The high-grades achieved at the 40M Shaft zone were our initial target, though we have always held the strong belief that the Picachos tenement area contains other equivalent targets, yet to be fully tested.

He said the latest assays "speak volumes for the potential of the Picachos tenement area and, given the shallow nature of the mineralisation, the potential for multiple open pits in the 40M Shaft area alone".

"It is also important to note that these zones are not narrow 'stringer' zones, but broad widths of high-grade copper that can be accessed very quickly by conventional open pit mining techniques," he added.

"Having multiple open pits provides significant opportunity to increase production rates and lower costs by providing both the flexibility in mining and the optimisation of personnel and equipment.

"I am pleased to say that we remain on track with our study and for production in the later part of this year."  

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