Herencia Resources PLC announced the maiden Resource Estimate for the Picachos Copper Project in northern Chile. The Picachos stage two drilling program consisted of 36 drill holes totaling 5,998 meters - with five diamond cored holes (DDH) totaling 1,239 meters and 31 reverse circulation (RC) holes totaling 4,759 meters. The drilling targeted two separate styles of mineralisation - the higher grade structures and the lower grade manto or stratabound mineralisation.

A digital 2D section model of the Picachos project was initially prepared by Herencia's geologists, consisting of nine N30°W cross-sections at 50 meter intervals. These 2D geological sections were then reviewed by the resource consultant and a solids model generated using the 2D sections. A block model was then created using block dimensions of 5m x 5m x 5m and the Ordinary Kriging geo-statistical method was used to calculate the copper and silver mineral resource estimate.

In addition to the Mineral Resource estimate, a review of the geological model and the drilling results has identified several new target areas with considerable untested potential for higher grade tonnes. The targets are located to the east, immediately adjacent of the 40M Shaft with mineralisation outcropping on the surface and which coincide with a geophysical Induced Polarisation (IP) high.