25 May 2012

Chile cheer for Herencia 

23/08/2011 Robert Tyerman

Herencia Resources (HER) will extend drilling at Patricia in northern Chile after encouraging assay results for zinc, lead, silver and gold.

Based in Western Australia and quoted on AIM, the company cites 3.7 metres with 13.6 per cent zinc, 2.1 per cent lead and 0.28 grammes of gold and 126 grammes of silver per tonne of ore.

Other intercepts in Patricia's Carlos Vein include 1.15 metres with 6 per cent zinc, 3.08 per cent lead and 142 grammes of silver and 0.21 grammes of gold per tonne of ore. The Rosada vein has shown 31.5 metres with 1.9 per cent zinc and silver at 26 grammes a tonne.

Patricia forms part of the Paguanta project, in which Herencia, steered by chief executive Michael Bohm, holds 70 per cent. The company says the joint venture partners have agreed to an extra 4,000 metres of drilling at Patricia, with Herencia funding its share of the cost of £2.8 million raised at 2.25p in June.

Growth Company Investor recommended Herencia shares at a depressed 0.74p last year and more recently suggested partial profit taking at 2.43p. The shares, which have traded between 0.68p and 4.05p over the past 12 months, now stand at 1.95p, valuing the company at £27 million and offering speculative prospects. 

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Tags: AIM market, Lead and zinc, Michael Bohm, Paguanta

Sector: Mining

Companies: Herencia Resources

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