Herencia gets that Friday feeling again

17th Sep 2010 08:16

For the second Friday in a row the share price of miner Herencia Resources has surged, with the cause of this week's spike being a mineral resource update for the Paguanta project in northern Chile.The company has provided an updated JORC (Joint Ore Reserves Committee) code-compliant mineral resource estimate for the Paguanta project which, as anticipated, indicated grade and tonnage have both increased over the previous 2008 estimate, leading to a significant increase in in-situ metal content for the project"This upgrade is a major milestone for the company and the project. Of particular importance is that we have seen a substantial uplift in grade which, when combined with the additional tonnage, results in a significant increase in metal content," explained Herencia's managing director Michael Bohm."Even after the completion of this year's drill programme, we have yet to close off the high grade mineralised veins. Indeed, we have discovered new veins, which leave the newly expanded resource open to further extensions," Bohm added.