TIDMHER
RNS Number : 1617D
Herencia Resources PLC
29 January 2018
Herencia Resources plc
("Herencia" or the "Company")
High grade copper mineralisation identified
at Pastizal project in Chile
Up to 4.13% Copper
Herencia Resources plc (AIM Code: HER.L or "Herencia") is
pleased to advise that the initial Reverse Circulation (RC)
drilling at the Pastizal copper project in central Chile, reported
copper assays from the 25 holes drilled of up to 4.13% including
other high grade near surface copper (Cu) mineralisation.
In particular:
-- The initial RC drilling of 25 holes for 2,400 metres
demonstrated that the copper mineralised zones within the limestone
and chert were near surface when compared with the copper zones
identified at the adjacent Picachos lease.
-- The copper mineralisation intercepts suggest further
expansion of the zones are possible at depth and along strike.
Significant copper assay results include:
PZ17051 4 m at 1.47% Cu from 31 m downhole
PZ17057 4 m at 2.72% Cu from 52 m
3 m at 4.13% Cu from 59 m
PZ17063 4 m at 2.21% Cu from 16 m
5 m at 1.69% Cu from 32 m
2 m at 3.03% Cu from 60 m
PZ17064 3 m at 1.94% Cu from 19 m
PZ17065 3 m at 1.39% Cu from 15 m
PZ17066 3 m at 1.44% Cu from 32 m
Non-Executive Chairman Peter Reeve today commented:
"We are so pleased to be back drilling for copper to provide
confidence to shareholders that we are very focused on improving
the Business and are able to report that Herencia has completed its
first RC drill program at the Pastizal project which identified
high grade copper mineralisation over a 2-kilometre strike zone and
a high success rate per hole. We have an enviable ground position
in an established copper belt and within 10 km of the Teck
Resources Andacollo open pit copper mine processing up to 20
million tonnes per year at around 0.4% copper."
HIGHLIGHTS
-- Copper-silver mineralisation located beneath thin cover (some
20 metres) at Pastizal has been significantly extended to the north
of the Montenegro mine by recent shallow RC drilling.
-- The extended footprint of the Pastizal mineralisation is
around 1.4 kilometres long along a South East-North West fault
system from the Montenegro Mine, through Pastizal, to the Pastizal
North targets. To date three (3) additional sub-parallel
mineralised faults have been identified at Pastizal Norte.
-- Highest values include up to 4.13% Cu and 49.03g/t Ag (59-62m
in hole PZ17057); up to 2.21% Cu and 4.20g/t Ag (16-20m in hole
PZ17063), and, 3.03% Cu and 34.30g/t Ag (60-62 m in hole PZ17063)
identified near surface at Pastizal Norte and Pastizal (see Table
below).
-- Several copper mineralisation intercepts were at shallow
levels highlights the excellent potential for open pit mining to
take place in Pastizal.
-- Copper-silver mineralisation remains open to the east, where
the extension and continuity of South East-North West faults from
Picachos to the south need to be tested, In addition, the
copper-silver mineralisation is also open to the north, where 200
metres of unexplored South East-South West faults would increase
any economic potential at Pastizal.
GEOLOGY
The Picachos-Pastizal area, located eight (8) km on the western
part of the Andacollo Copper-Molybdenum porphyry has produced
several millions tonnes of copper and significant silver over, at
least, the last 30 years.
Copper-silver mineralisation in Pastizal consist mainly of
structurally-lithologically controlled bornite and chalcopyrite
associated with inclusions of silver sulfosalts. However, galena
(lead sulphide)-sphalerite (zinc sulphide) mineralisation with
grades over 1% lead-zinc, has been identified in some intercepts,
indicating the existence of a secondary mineralised event in the
area. The mineralisation is hosted by dark limestones,
chert-bearing limestones and calcareous sandstones, which can
eachreach thicknesses up to 20-30 metres. The origin of the
copper-silver mineralisation is thought to be mafic rocks or older
deposits that were heated and leached by either circulating water
at low temperatures within calcareous sequences, driven up dip from
the tensional faults associated with the axis of the Atacama
faulting trend during Jurassic-Cretaceous times.
Mineralisation precipitates in fault zones, infills permeable
zones in the calcareous facies, reacts with and partially replaces
the limestone zone and also continues up faults that penetrate the
limestones using stratification surfaces and fracturing, forming
the so called "stratabound copper-silver deposits".
The recently discovered extension of the copper-silver
mineralisation at Pastizal Norte confirms the important role and
high potential of the calcareous rocks and the SE-NW structures in
the formation of Cu-Ag mineralisation in the entire mining
District.
Preliminary results of 2017-1 Reverse Circulation Drilling
campaign in Pastizal project are set out in the Table below:
Table
Drilling Campaign 2017-1 Pastizal
---------------------------------------------------------------------------------------------------
Hole ID No From To Width Copper Silver Target
(metres) (metres) Downhole
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
PZ17050 1 41 44 3 0.27% 1.07 g/t Montenegro
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
PZ17051 1 31 35 4 1.74% 5.78 g/t Montenegro
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
PZ17052 1 32 54 22 0.42% 1.72 G/T Montenegro
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
Including 38 41 3 1.17% 3.07 g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
PZ17053 1 10 19 9 0.55% 1.10 g/t Pastizal
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
Including 13 17 4 0.74% 1.23 g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
2 38 41 3 0.44% 2.83 g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
Pastizal
PZ17056 1 19 33 14 0.30% 0.97 g/t Norte
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
20.01 Pastizal
PZ17057 1 48 65 17 1.92% g/y Norte
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
27.68
Including 52 56 4 2.72% g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
49.03
Including 59 62 3 4.13% g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
Pastizal
PZ17058 1 6 8 2 0.81% 6.15 g/y Norte
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
2 65 67 2 0.49% 3.95 g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
Pastizal
PZ17059 1 47 53 6 0.60% 2.10 g/t Norte
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
PZ17063 1 13 22 9 1.19% 2.03 g/t Pastizal
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
Including 16 20 4 2.21% 4.20 g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
2 29 39 10 1.15% 1.60 g/t
---------- ---------- ---------- ---------- ------- ---------
Including 32 37 5 1.69% 2.84 g/t
---------- ---------- ---------- ---------- ------- ---------
3 54 67 13 1.15% 7.23 g/t
---------- ---------- ---------- ---------- ------- ---------
34.30
Including 60 62 2 3.03% g/t
---------- ---------- ---------- ---------- ------- ---------
Including 63 66 3 1.22% 2.30 g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
PZ17064 1 17 25 8 1.00% 1.91 g/t Pastizal
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
Including 19 22 3 1.94% 4.13%
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
2 47 53 6 0.64% 3.67 g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
PZ17065 1 13 18 5 0.97% 2.64 g/t Pastizal
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
Including 15 18 3 1.39% 3.90 g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
PZ17066 1 11 39 28 0.73% 1.07 g/t Pastizal
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
Including 27 25 4 1.00% 1.45 g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
Including 32 35 3 1.44% 1.83 g/t
---------- ---------- ---------- ---------- ------- ---------
2 51 56 5 1.28% 5.82 g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
PZ17068 1 94 102 8 0.56% 5.06 g/t Pastizal
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
17.00
Including 96 97 1 1.47% g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
PZ17072 1 52 55 3 0.62% 2.63 g/t Montenegro-Pastizal
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
Including 53 54 1 1.01% 4.20 g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
PZ17074 1 37 42 5 1.04% 6.52 g/t Montenegro
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
Including 41 42 1 1.37% 8.85 g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
2 47 51 4 1.03% 9.05 g/t
---------- ---------- ---------- ---------- ------- ---------
16.55
Including 48 50 2 1.65% g/t
--------- ---------- ---------- ---------- ---------- ------- --------- --------------------
The process used to record the drilling results includes
collecting and recording 10kg and 20kg one metre and two metre
samples respectively, over the entire length of the drill hole with
the one metre samples from the mineralised zones. The samples are
visually logged by the onsite Consultant geologists for geology and
mineralisation. The individual samples are then transported and
submitted to Activation Lab for assaying in Coquimbo, Chile. The
Activation Lab analytical laboratory was accredited by the
Standards Council of Canada defined in ISO/IEC 17025-General
requirements for the competence of testing and calibration
laboratories.
An in-depth hole description:
Montenegro Mine: four (4) drillholes of 261 metres were drilled
north-east of the current mining area. The underground operation is
using artisanal mining methods at shallow levels between 10 and 50
metres. All holes were drilled at a 45deg-60deg dip oriented to the
west and east.
-- Drillhole PZ17050 (78.0m End of Hole ("EOH"), Azimuth
N315deg, Dip -46degNW) was drilled within the north-east extension
of the Montenegro deposit and east of the current mining activities
at some 50 metres below the surface. The main intercept consists of
3m (41-44m) with 0.27% Cu and 1.07g/t Ag. This hole confirmed the
extension of the mineralised zone at shallow levels to the north.
The zone reported low to moderate grade of chalcopyrite-bornite
mineralisation hosted by chert-bearing limestones.
-- Drillhole PZ17051 (75.0m EOH, Azimuth N290deg, Dip -50degNW)
intersected a zone of moderate to high grade copper mineralisation
in dark limestones, located to the east of hole PZ17050. The main
intercept consists of 4m (31-35m) with 1.74%Cu and 5.78g/t Ag. The
mineralisation consists of fine bornite and pyrite. This intercept
confirms the potential for mineralised extensions at depth.
-- Drillhole PZ17052 (55.0m EOH, Azimuth N140deg, Dip -55degSE)
drilled approximately 50m east of hole PZ17051, confirmed the
continuity of moderate to high grade copper mineralisation east of
the Montenegro workings. PZ17052 intersected near surface
bornite-chalcopyrite mineralisation with disseminated pyrite hosted
by dark limestones. The main intercept consists of 22m (32-54m)
with 0.42%Cu and 1.72g/t Ag, including 3m (38-41m) with 1.17%Cu and
3.07g/t Ag. The hole also confirmed the near surface extension of
the mineralised zone.
-- Drillhole PZ17074 (80.0m EOH, Azimuth N65deg, Dip -50degNE)
has intercepted dark limestones and chert-bearing limestones with
disseminated chalcopyrite and pyrite showing also traces of
bornite. This hole intersected two mineralised zones including 5m
(37-42m) with 1.04%Cu and 6.52g/t Ag, including 1m (41-42m) with
1.37%Cu and 8.85g/t Ag. The second zone intersected 4m (47-51m)
with 1.03%Cu and 9.05g/t Ag, including 2m (48-50m) with 1.65%Cu and
16.55g/t Ag.
Montenegro-Pastizal Transitional target: two (2) drillholes of
126 metres have been drilled into this transitional zone in order
to test the possible occurrence of copper-silver mineralisation in
calcareous facies and the existence of SE-NW faults. Preliminary
results on this unexplored area show the presence of mineralisation
between Montenegro and Pastizal.
-- Drillhole PZ17072 (60.0m EOH, Azimuth N280deg, Dip -45 NW)
intercepted a marine sequence composed by dark limestones,
partially mineralised showing fine disseminated pyrite,
chalcopyrite and traces of bornite. The main intercept shows 3m
(52-55m) with 0.62%Cu and 2.63g/t Ag, including 1m (53-54m) with
1.01%Cu and 4.20 g/t Ag.
-- Drillhole PZ17073 (66.0m EOH, Azimuth N230deg, Dip -45degSW)
intercepted a marine sequence composed of dark limestones and
chert-bearing limestones, showing fine disseminated pyrite,
chalcopyrite and traces of bornite.
Pastizal Mine Target: ten (10) drillholes of 793 metres were
located around the abandoned mine workings of Pastizal that lie
between 20 and 40 metres from the surface.
-- Drillhole PZ17053 (90.0m EOH, Azimuth N240deg, Dip -55degSW)
was drilled in the Pastizal target, north of the Montenegro mine,
intersecting a broad moderate to high grade chalcopyrite-bornite
mineralisation with disseminated pyrite hosted by dark limestones.
This hole intersected two (2) mineralised bodies including with 9m
(10-19m) with 0.55%Cu and 1.10g/t Ag, including 4m (13-17m) with
0.74%Cu and 1.23g/t Ag. The second hole reported 3m (38-41m) at
0.44%Cu and 2.83g/t Ag. This hole confirmed the presence of two
mineralised SE-NW faults with potential to host copper
mineralisation at the southern and northern zones.
-- Drillhole PZ17054 (200.0m EOH, Azimuth N250deg, Dip
-55degSW)- no mineralised intercepts due to structural complexity
and indications of block faulting.
-- Drillhole PZ17055 (140.0m EOH, Azimuth N180deg, Dip
-45degSW)- no mineralised intercepts due to structural complexity
and indications of block faulting.
-- Drillhole PZ17062 (84.0m EOH, Azimuth N260deg, Dip -45degSW)-
no mineralised intercepts due to structural complexity and
indications of block faulting.
-- Drillhole PZ17063 (110.0m EOH, Azimuth N75deg, Dip -45degNE)
intercepted a marine sequence composed of dark limestones with
chert, partially mineralised presence of copper oxides filling
fractures and disseminated pyrite and chalcopyrite. This hole
intercepted three (3) mineralised zones-the first zone of 9m
(10-19m) with 1.19%Cu and 2.03g/t Ag, including 4m (16-20m) at
2.21%Cu and 4.20g/t Ag.The second zone of 10m (29-39m) at 1.15%Cu
and 4.60g/t Ag, including 5m (32-37m) at 1.69%Cu and 2.84g/t Ag.
The third zone reported an outstanding intercept of 13m (54-67m)
grading 1.15%Cu and 7.23g/t Ag, including 2m (60-62m) of 3.03%Cu
and 34.30g/t Ag and 3m (63-66m) of 1.22%Cu and 2.30g/t Ag. This
hole has confirmed the occurrence of, at least, three mineralised
SE-NW faults at shallow levels. These structures show evidence of
intense fracturing around main faults.
-- Drillhole PZ17064 (97.0m EOH, Azimuth N95deg, Dip -60degSE)
intercepted a marine sequence composed by dark limestones,
partially mineralised copper oxides filling fractures and fine
disseminated pyrite and chalcopyrite. This hole intersected two (2)
mineralised zones. The first zone reported 8m (17-25m) grading
1.00%Cu and 1.19g/t Ag, including 3m (19-22m) at 1.94%Cu and
4.13g/t Ag. The second zone of 6m (47-53m) at 0.64%Cu and 3.67g/t
Ag. This hole confirms also the existence of copper mineralisation
at shallow levels.
-- Drillhole PZ17065 (18.0m EOH, Azimuth N85deg, Dip -45degNE)
intersected dark limestones between 13m and 18m, with 5m at 0.97%Cu
and 2.64g/t Ag, including 3m (15-18m) at 1.39%Cu and 3.90 g/t
Ag.
-- Drillhole PZ17066 (80.0 EOH, Azimuth N50deg, Dip -50degNE)
intercepted a marine sequence of dark limestones with copper oxide
mineralisation filling fractures at shallow levels. The first
intercept of 28m (11-39m) at 0.73%Cu and 1.07g/t Ag, including 4m
(21-25m) at 1.00%Cu and 1.45g/t Ag, and 3m (32-35m) at 1.44%Cu and
1.83g/t Ag. A second mineralised body composed of chalcopyrite and
pyrite has been identified between 51m and 56m, with 5m at 1.28%Cu
and 5.82 g/t Ag. This hole also confirms the presence of copper
mineralisation at shallow levels and the existence of, at least,
two important mineralised faults in the Pastizal target.
Pastizal Norte target: 11 drillholes of 1,273 metres were
drilled into the recent-discovered mineralised zone of Pastizal
Norte. At least, three (3) important faults have been identified
within this greenfield area.
-- Drillhole PZ17056 (66.0m EOH, Azimuth N230deg, Dip -45degSW)
intercepted a marine sequence composed of dark limestones and
chert-bearing limestones, mineralised showing fine disseminated
pyrite, chalcopyrite and traces of bornite, sand reported 14m
(19-33m) at 0.30%Cu and 0.97g/t Ag.
-- Drillhole PZ17057 (240.0m EOH, Azimuth N230deg, Dip -45degSW)
was drilled in order to test the potential of Pastizal Norte
target, has clearly confirmed the presence of high grade copper
mineralisation in dark limestones at shallow levels and the
discovery of three additional mineralised faults in the property.
Copper assay results of 17m (48-65 m) at 1.92%Cu and 20.01 g/t Ag,
including 4m (52-56m) and 2.72%Cu and 27.68 g/t Ag, and 3m (59-62
m) at 4.13%Cu and 49.03 g/t Ag.
-- Drillhole PZ17058 (66.0m EOH, Azimuth N230deg, Dip -45degSW)
intercepted a marine sequence composed by dark limestones and
chert-bearing limestones, mineralised with disseminated pyrite,
chalcopyrite and traces of bornite. This hole intercepted two
mineralised zones with the first zone reporting 28m (11-39m) at
0.73%Cu and 1.07g/t Ag. The second zone intersected 5m (51-56m) at
1.28%Cu and 5.82g/t Ag. This hole confirms also the existence of
copper mineralisation near surface.
-- Drillhole PZ17059 (66.0m EOH, Azimuth N230deg, Dip -45degSW)
intercepted a marine sequence composed by dark limestones and
chert-bearing limestones, mineralised showing fine disseminated
pyrite, chalcopyrite and traces of bornite. The best intercept of
6m (47-53m) at 0.6%Cu and 2.10g/t Ag.
-- Drillhole PZ17060 (66.0m EOH, Azimuth N260deg, Dip -45degSW)-
no mineralised intercepts due to structural complexity and
indications of block faulting.
-- Drillhole PZ17061 (66.0m EOH, Azimuth N260deg, Dip -45degSW)-
no mineralised intercepts due to structural complexity and
indications of block faulting.
-- Drillhole PZ17067 (66.0m EOH, Azimuth N260deg, Dip -45degSW)
-no significant intercept of copper mineralisation due to zonation
of sulphides. There were traces of chalcopyrite observed. However,
sulphide mineralisation contained of galena and sphalerite with
traces of pyrite reaching grades over 1% Pb and Zn. This hole
represented erratic distribution of Pb-Zn sulphides on distal zones
around copper rich feeders. The mineralisation appears to be part
of a second mineralised event in the region. Both sphalerite and
galena appear to have formed in the same fluid, and presumably
might be more enriched at deeper levels. The nature of the Pb-Zn
mineralisation needs to be examined.
-- Drillhole PZ17068 (66.0m EOH, Azimuth N230deg, Dip -45degSW)
has intercepted a dark limestones and chert-bearing limestones with
disseminated chalcopyrite and pyrite showing traces of bornite.
-- Drillhole PZ17069 (66.0m EOH, Azimuth N230deg, Dip -45degSW)
has intercepted a tectonic breccia composed by fragments of dark
limestones and chert-bearing limestones with disseminated traces of
chalcopyrite and pyrite.
-- Drillhole PZ17070 (66.0m EOH, Azimuth N230deg, Dip -45degSW)
has intercepted dark limestones and chert-bearing limestones with
fine disseminated chalcopyrite and pyrite showing also traces of
bornite.
BACKGROUND
The Pastizal project is contiguous with the southeast corner and
northern end of the Picachos tenements and shares all of the
location benefits with Picachos including:
-- Approximately 50 km southeast from the city of La Serena and major port of Coquimbo.
-- Eight (8) km west of the large Andacollo copper-gold mine
held by Teck Resources which processes around 20 million tonnes per
year and the mining town of Andacollo (population 10,000).
-- Eight (8) km west of the former operating Dayton gold mine.
-- 10 km south of the privately owned Tambillos copper mine; and
30-35 km north of a Chinese-built processing facility which is
under construction.
-- Several small privately-owned processing plants.
-- At an altitude of 750-800 metres above sea level.
Competent person
Information in this announcement relating to exploration results
and potential have been approved for release by Mr Jeffrey Williams
BSc (Mining Engineering) and Mr Miguel Torres (BSc Geology). Mr
Williams is a Member of the Australasian Institute of Mining and
Metallurgy. Mr Torres is a Peruvian geologist with more than 15
years relevant experience in the field of activity concerned. Mr
Williams and Mr Torres have consented to the inclusion of the
material in the form and context in which it appears.
Further background details on the Company can be found at
www.herenciaresources.com
For further information please contact:
For Herencia Resources plc:
Peter Reeve +61 8 9481 4204
Jeff Williams +61 8 9481 4204
For WH Ireland Limited (Nomionated Advisor):
Katy Mitchell, +44 161 832 2174
For Beaufort Securities Limited (Broker):
Jon Belliss +44 207 382 8300
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLSEISWUFASEIF
(END) Dow Jones Newswires
January 29, 2018 02:58 ET (07:58 GMT)
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