Explorer Herencia Resources has announced a maiden resource for the Picachos copper project in Chile.
The total resource is 10.7Mt of copper at a grade of 0.6% and 5.6g/t of silver at a 0.1% copper cut-off grade. The core is even higher grade. There are plenty of zones which are still untested.
At 0.24p a share, Herencia is valued at £8.1m. WH Ireland’s discounted cash flow estimate suggests that Picachos is worth 2.3p a share.
AIM Journal February 2015 available.
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