 announced the completion of its geological review into its exploration project in Chile, causing shares to tick up on Thursday.){kind=link}
Herencia Resources (LSE:HER) announced the completion of its geological review into its exploration project in Chile, causing shares to tick up on Thursday.
Herencia announced that the review into its main copper mineral prospects had been reviewed by experienced geologist John Holliday, prior to the commencing of drilling activities.
In a statement, Herencia explained that Mr Holliday has worked extensively on copper geology internationally, and will be retained by Herencia as a Geological Advisor, to assess any future assets.
Specifically, the review concluded that “significant upside exists for the discovery of further copper mineralisation” should any future drilling efforts focus upon “main mineralised manto …. a cherty limestone at the base of a sedimentary sequence above a volcanic breccia”.
Commenting on the review, non-executive Chairman Mr Peter Reeve said:
“Herencia Resources is very fortunate to have attracted a geologist of the calibre of John Holliday to review the company’s prospects and assess the significant geological potential of its copper assets. The reviews conclusion that a significant speculative exploration target of undiscovered copper mineralisation exists is pleasing and underlines the company’s determination to exploit these projects at a time of rising copper prices”.
Mr Reeve has been chairman of the company since June of this year, having been involved in the mining industry for over 30 years, with roles at Rio Tinto (LON:RIO), Shell-Billiton, Newcrest Mining and Ivanhoe Australia, of which he is co-founder.
As a result of the findings, the company is set to begin planning the scope of its exploration programme in the region.
Herencia is a multi-commodity resource exploration company listed on the London Stock Exchange.
Herencia has been involved in operations in Chile for over 8 years, with its main office located in Santiago.
Herencia’s projects include the Picachos Copper Project, Guamanga Project (copper-gold) and the La Serena tenement.
Earlier this month, the company announced the issue of 931.2 million shares after the Australian Special Opportunity Fund LP, managed by the Lind Partners LLC, exercised rights to convert $120,000 of convertible notes into shares.
Following the announcement of the successful review, shares in the company ticked up as much as 21.26 percent.
Share in Herencia Resources are currently trading up 11.27 percent at 13.14PM (GMT), as the market reacts to the update.