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Herencia Resources encouraged by assay results from Guamanga


Herencia Resources (LON:HER) today reported "encouraging" assay results from its Guamanga copper-gold project in northern Chile.

The results from four holes out of an eleven hole diamond drilling programme showed three had intersected copper-gold mineralisation.

Herencia has a 51 per cent earned interest in  Guamanga, which lies to the north of Copiapo in northern Chile.

Michael Bohm, Herencia's managing director, said: "We are very encouraged by these positive copper and gold results from Guamanga.

“Our goal was to confirm and extend the existing zones of near-surface copper and gold mineralisation and we have successfully achieved this objective. The grades and widths seen close to surface are a positive outcome for us".

The best results were 10.0m at 1.1 per cent copper and 0.63g/t gold from 25m in drill hole GUADD002, including 5.0m at 1.7 per cent copper and 1.07g/t gold.

At GUADD003, there was 15.0m at 0.8 per cent copper and 0.35g/t gold from 17m in drill hole including 6.0m at 1.0 per cent copper and 0.42g/t gold.

Drill hole GUADD005 reported 6.0m at 1.3 per cent copper and 0.49g/t gold from 5m.

Guamanga is located just 15 kilometres south of Anglo American’s (LON:AAL) large Mantoverde mine.

“Given that Guamanga is within a proven iron oxide copper gold (IOCG) belt, likely analogue analysis would suggest there is a prospect of a significant and company making discovery,” said WH Ireland analyst Richard Smith a week ago.

Last week, Herencia reported the discovery of a new vein its Patricia zinc,lead and silver project in Chile, highlighting the potential for further extensions of its mine life.

Smith estimates Herencia’s 70 per cent stake in Patricia is worth between US$45.2 million and US$60.4 million.

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