TIDMBKY
RNS Number : 9295P
Berkeley Resources Limited
31 October 2012
ASX RELEASE
31 October 2012
SEPTEMBER 2012 QUARTERLY REPORT
Berkeley Resources Limited ('Berkeley' or the 'the Company') is
pleased to present its quarterly report for the period ended 30
September 2012. Highlights during, and subsequent to, the quarter
include:
-- The initial assessment of the integrated development of
Retortillo and Alameda has continued to be the Company's focus
during the September quarter.
A comprehensive review of the extensive work programs already
completed at Retortillo and Alameda has been undertaken and the
information generated from these previous studies, as well as new,
more recently completed drilling and metallurgical testwork data
has formed the basis for a Scoping Study ('the Study'), which is
scheduled for completion in the December quarter.
The key considerations for the Study are preferred mining and
processing route, scale, throughput rate, mine life, as well as
development of the associated infrastructure taking due cognisance
of community and environmental impacts.
-- The final results of a metallurgical test work undertaken at
Mintek's mineral processing facility in Johannesburg, on a 5.5
tonne representative bulk sample from Retortillo, were received.
The results indicate metallurgical recoveries in the range of 85%
to 90%, with acid consumption of less than 20 kilograms per
tonne.
-- Assay results from an additional 16 reverse circulation
('RC') and three diamond holes drilled at Gambuta confirmed the
continuity of thick zones of high grade mineralisation at shallow
depths, with best intercepts including 11 metres at 1,428 ppm U(3)
O(8) from 12 metres, 22 metres at 1,319 ppm U(3) O(8) from 32
metres and 8 metres at 835 ppm U(3) O(8) from 21 metres. The
drilling results clearly demonstrate the exploration potential of
Gambuta and surrounding targets.
The drilling results were incorporated into an updated Gambuta
Mineral Resource Estimate ('MRE'), resulting in a 20% increase in
contained uranium to 11.1 million pounds.
-- The permitting process for Retortillo progressed with the
30-day Public Information Period being completed in mid-September.
Core documents submitted as part of the public information process
included the Exploitation Plan, Restoration and Closure Plan, and
the Environmental and Social Impact Assessment ('ESIA'). The public
comments were received in late September and the Company is
currently preparing responses to these comments.
-- Berkeley Minera España, S.A., a subsidiary of the Company,
obtained ISO 14001 (Environmental Management) and UNE 22480
(Sustainable Mining Management) certification in September.
Enquiries: Robert Behets Martin Eales
Berkeley Resources RBC Capital Markets
+61 8 9322 6322 +44 20 7029 7881
OPERATIONS
Berkeley Resources Limited ('Berkeley' or 'the Company') is a
uranium exploration and development company with a quality resource
base in Spain. Berkeley is currently focused on advancing its
wholly owned flagship Salamanca Project, which comprises the
Retortillo, Alameda and Gambuta deposits plus a number of other
Satellite deposits, through the development phase.
SALAMANCA PROJECT
Drilling and Mineral Resource Estimation
Retortillo and Alameda
Diamond drilling programs at Retortillo and Alameda commenced
late in the quarter. The drilling is planned to facilitate further
resource definition and to provide drill core for the next phase of
metallurgical test work.
Gambuta
A limited program of resource infill drilling in the
north-western portion of the Gambuta Deposit was completed during
the June quarter of 2012. Following receipt of the assay results,
the mineral resource has been re-estimated, resulting in a 20%
increase in contained uranium to 11.1 million pounds at an average
grade of 394 ppm U(3) O(8) at a lower cut-off grade of 200 ppm U(3)
O(8) . This increase reflects the results of the drilling which
intersected thicker zones of high grade mineralisation and extended
the limits of this sparsely drilled deposit.
Drilling by Berkeley in 2008 outlined mineralisation up to 300
metres in width over a strike length of approximately 1,500 metres.
The flat lying mineralised horizons range from 2 metres to 20
metres in thickness, are located predominantly within the partially
weathered zone, and at depths from surface to 100 metres. A total
of 43 widely spaced diamond and RC holes resulted in an initial
Inferred MRE, reported in August 2008, of 11.3 million tonnes
averaging 371 ppm U(3) O(8) for a contained 9.2 million pounds of
U(3) O(8) at a lower cut-off grade of 200 ppm U(3) O(8) . The
Company's subsequent focus on the resources located within the
State Reserves (e.g. Alameda) and at Retortillo however, precluded
more detailed drilling at Gambuta until this year.
An additional 16 RC drill holes for 1,229 metres and three
diamond drill holes for 269 metres were completed as part of an
infill program focussed on the north-western portion of the
deposit. The diamond drill holes also provided material for
metallurgical testwork on the Gambuta mineralisation.
Assay results returned from this drilling confirmed the
continuity of thick zones of high grade mineralisation at shallow
depths, slightly extended the mineralisation on the northern and
southern boundaries, and included thicker intersections than
recorded in the previous drilling. Select intersections (quoted as
down-hole intercepts which approximate true widths) are included in
Table 1.
Table 1: Gambuta Drilling - Significant Intersections (200 ppm
U(3) O(8) cut-off)
Hole No. Down Hole Intercept From Depth
(Down Hole)
8m @ 649 ppm U(3)
GMR-045 O(8) 50m
3m @ 3,083 ppm
U(3) O(8) 85m
-------------------------------- -------------
7m @ 666 ppm U(3)
GMR-048 O(8) 34m
--------------------- -------------
7m @ 672 ppm U(3)
GMR-049 O(8) 36m
--------------------- -------------
11m @ 1,428 ppm
GMR-056 U(3) O(8) 12m
22m @ 1,319 ppm
U(3) O(8) 32m
-------------------------------- -------------
5m @ 905 ppm U(3)
GMR-058 O(8) 23m
--------------------- -------------
8m @ 835 ppm U(3)
GMR-059 O(8) 21m
--------------------- -------------
4m @ 1,126 ppm
GMR-060 U(3) O(8) 43m
--------------------- -------------
The drilling results clearly demonstrate the exploration
potential of Gambuta and surrounding targets.
All intersections returned from the drilling, along with the
details of the collar positions, dips, azimuths and depths, are
summarised in Appendix A.
The updated MRE has been based on a new wireframe interpretation
and block model. Ordinary kriging was applied to estimate grade
into the block model. The updated MRE has been estimated at 12.7
million tonnes averaging 394 ppm U(3) O(8) for a contained 11.1
million pounds of U(3) O(8) at a lower cut-off grade of 200 ppm
U(3) O(8) (Table 2). The MRE has been classified into the Inferred
category due to the broad drill spacing for this style of
vein-hosted uranium mineralisation. Further details of the resource
estimation methodology are provided in Appendix B.
The updated MRE represents a 12% increase in tonnes, a 6%
increase in average grade, and a 20% increase in contained uranium
compared to the previously reported MRE (August 2008). This
increase reflects the better drill results received and highlights
the potential to further expand the resource with additional
drilling.
Table 2: Gambuta Deposit - Mineral Resource Estimate
Gambuta Deposit
Inferred Mineral Resource Estimate - October 2012
Lower Cut-off Tonnage Grade Contained U(3)
O(8)
(U(3) O(8) ppm) (million tonnes) (U(3) O(8) ppm) (million pounds)
------------------ ----------------- ------------------
500 2.9 699 4.5
------------------ ----------------- ------------------
400 4.6 603 6.1
------------------ ----------------- ------------------
300 7.2 509 8.1
------------------ ----------------- ------------------
200 12.7 394 11.1
------------------ ----------------- ------------------
100 24.5 274 14.8
------------------ ----------------- ------------------
0 35.1 210 16.3
------------------ ----------------- ------------------
The grade tonnage curves highlight the significant impact that
the cut-off grade used has on the resource estimate. At a 100 ppm
U(3) O(8) lower cut-off grade the resource estimate totals 24.5
million tonnes averaging 274 ppm U(3) O(8) for for a contained 14.8
million pounds U(3) O(8.) This represents a 33% increase in
contained uranium when compared with the MRE at the 200 ppm lower
cut-off grade (Table 2). This additional potential is considered
very significant given that studies at Retortillo based on uranium
recovery by heap leaching point to enhanced economies at cut-off
grades of approximately 100 ppm U(3) O(8) .
The Company will continue to advance Gambuta, with a view to
further expanding the resource base and fully integrating it into
the ongoing appraisal of the Salamanca Project.
Details of all Berkeley drilling completed during the quarter
and year to date are summarised in Table 3.
Table 3: 2012 Drilling Summary
RC Q1 2012 RC Q2 2012 RC Q3 2012 RC TOTAL 2012
Holes Metres Holes Metres Holes Metres Holes Metres
------ ------- ------ ------- ------ ------- ------- -------
Retortillo 74 4,459 74 4,459
------------- ------ ------- ------ ------- ------ ------- ------- -------
Retortillo
Satellites 59 3,331 59 3,331
------------- ------ ------- ------ ------- ------ ------- ------- -------
Gambuta 16 1,229 16 1,229
------ ------- ------ ------- ------ ------- ------- -------
Total 133 7,790 16 1,229 0 0 149 9,019
------ ------- ------ ------- ------ ------- ------- -------
DD Q1 2012 DD Q2 2012 DD Q3 2012 DD Total 2012
Holes Metres Holes Metres Holes Metres Holes Metres
------ ------- ------ ------- ------ ------- ------- -------
Retortillo 12 735 6 508 1 70 19 1,313
------------- ------ ------- ------ ------- ------ ------- ------- -------
Gambuta 3 269 3 269
------------- ------ ------- ------ ------- ------ ------- ------- -------
Alameda 1 44 1 44
------ ------- ------ ------- ------ ------- ------- -------
Total 12 735 9 777 2 114 23 1,626
------ ------- ------ ------- ------ ------- ------- -------
Metallurgical Testwork
The final report for the full-scale metallurgical testwork
program undertaken on a 5.5 tonne bulk sample, representative of
the Retortillo deposit, at Mintek's mineral processing facility in
Johannesburg, was received during the quarter.
Uranium recovery, leach times and acid consumption have been
calculated for the nine 6m columns. The recovery was reasonably
consistent across all columns, with an average of 90% after 70
days. Accordingly, a total uranium recovery of 90% appears feasible
at the tested P(80) 40mm crush size in a properly scaled-up
commercial leach cycle of 140 days for a heap stacked to a height
of 6m. Given expected variability in head grade, ore type and other
operating conditions, recoveries in the range of 85% to 90% are
assumed. This outcome is consistent with the previously assumed
recoveries for Retortillo. A bacterial leach was also demonstrated
to be is sufficient to leach the Retortillo ore meaning an external
chemical oxidant is not required in the process.
The testwork results indicated acid consumption will range from
15 kg/t to 20 kg/t, inclusive of the addition of approximately 8
kg/t to 10 kg/t of acid in the agglomeration process, for the
bacterial leach scenario. There is potential to reduce the total
acid consumption through further optimisation of the acid addition
in agglomeration.
Analytical data of the pregnant liquor solution ('PLS') obtained
and solvent extraction ('SX') testwork also indicates that there
are no impurities at levels that could adversely impact the quality
of the yellow cake to be produced. The leach solution has low
concentrations of all common penalty elements.
Project Evaluation
The initial assessment of the integrated development of
Retortillo and Alameda has continued to be the Company's focus
during the September quarter.
A comprehensive review of the extensive work programs already
completed, including a Preliminary Feasibility Study ('PFS')
completed in early 2012 for a stand-alone project exploiting
Retortillo and a separate Feasibility Study completed in 2011 which
incorporated Alameda, has been undertaken.
The information generated from these previous studies, as well
as new, more recently completed drilling and metallurgical testwork
data has formed the basis for a Scoping Study ('the Study') on the
integrated development Retortillo and Alameda.
The key considerations for the Study are preferred mining and
processing route, scale, throughput rate, mine life, as well as
development of the associated infrastructure taking due cognisance
of community and environmental impacts.
The basic conceptual approach to the development of Retortillo
and Alameda contemplated in the Study includes:
-- Open pit mining (transfer mining to facilitate continuous rehabilitation)
-- Heap leaching using on-off leach pads
-- Centralised solvent extraction ('SX') and ammonium diuranate
('ADU') precipitation plant, located at Retortillo
-- Remote ion exchange ('IX') operation at Alameda, with loaded
resin trucked to the centralised plant for final extraction and
purification
The Study is due for completion in the December quarter.
Permitting
The 30-day Public Information Period for Retortillo was
completed in mid-September. Core documents submitted as part of the
public information process included the Exploitation Plan,
Restoration and Closure Plan, Environmental and Social Impact
Assessment ('ESIA'), Initial Authorisation of the Process Plant as
a Radioactive Facility, and Exceptional Authorisation for Land Use
(application for reclassification from rural to mining use).
The public comments were received in late September and the
Company is currently preparing responses to these comments. The
Company's responses will be subject to clearance and direction from
the authorities before they are incorporated into the Project.
Environment and Sustainable Mining Management
Sustainable Mining Management, including environmental
responsibility, radiological protection and community awareness,
engagement and support are paramount considerations for
Berkeley.
To this end, Berkeley Minera España, S.A. ('BME'), a subsidiary
of the Company, obtained ISO 14001 (Environmental Management) and
UNE 22480 (Sustainable Mining Management) certification In
September.
CORPORATE
At 30 September 2012 the Company had cash reserves of A$34.5
million.
The information in this announcement that relates to Exploration
Results and Mineral Resources is based on information compiled by
Mr Craig Gwatkin, who is a Member of The Australian Institute of
Mining and Metallurgy and is a full-time employee of Berkeley
Resources Limited. Mr Gwatkin has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves ('The JORC Code'). Mr. Gwatkin consents
to the inclusion in the announcement of the matters based on his
information in the form and context in which it appears.
Appendix A: Summary of RC and Diamond Drill Intersections -
Gambuta Deposit
Drill Intersections
> 200ppm U(3) O(8)
----------------------------------
Hole ID Easting Northing Elev. Depth Azim Dip From To Thick U(3)
O(8)
(m) (m) (m) (m) ( ( (m) (m) (m) (ppm)
) )
---------- -------- --------- ------ ------ ----- ---- ------- ------- ------- -------
GMR-044 291371 4404061 422.0 50.0 360 -90 No significant intersection
-------- --------- ------ ----- ---- ----------------------------------
GMR-045 291462 4404236 417.4 121.0 360 -90 33.0 36.0 3.0 871
40.0 42.0 2.0 359
47.0 48.0 1.0 439
50.0 58.0 8.0 649
73.0 76.0 3.0 437
85.0 88.0 3.0 3083
104.0 105.0 1.0 281
-------- --------- ------ ----- ---- ------- ------- ------- -------
GMR-046 291640 4404367 414.8 85.0 360 -90 No significant intersection
-------- --------- ------ ----- ---- ----------------------------------
GMR-047 291756 4404372 405.5 88.0 360 -90 No significant intersection
-------- --------- ------ ----- ---- ----------------------------------
GMR-048 291552 4404192 409.0 80.0 360 -90 34.0 41.0 7.0 666
43.0 44.0 1.0 206
47.0 48.0 1.0 809
49.0 50.0 1.0 526
52.0 53.0 1.0 322
62.0 63.0 1.0 315
-------- --------- ------ ----- ---- ------- ------- ------- -------
GMR-049 291529 4404146 399.4 82.0 360 -90 20.0 21.0 1.0 215
23.0 24.0 1.0 383
25.0 27.0 2.0 388
36.0 43.0 7.0 672
44.0 47.0 3.0 312
48.0 53.0 5.0 407
62.0 63.0 1.0 224
-------- --------- ------ ----- ---- ------- ------- ------- -------
GMD-050* 291690 4404133 388.7 78.8 330 -60 6.0 15.0 9.0 304
31.0 34.0 3.0 453
-------- --------- ------ ----- ---- ------- ------- ------- -------
GMR-051 291516 4404102 403.0 70.0 360 -90 31.0 34.0 3.0 325
-------- --------- ------ ----- ---- ------- ------- ------- -------
GMR-052 291489 4404056 410.8 60.0 360 -90 No significant intersection
-------- --------- ------ ----- ---- ----------------------------------
GMR-053 291598 4404052 387.4 52.0 360 -90 No significant intersection
-------- --------- ------ ----- ---- ----------------------------------
GMR-054 291620 4404095 386.9 61.0 360 -90 21.0 22.0 1.0 325
23.0 25.0 2.0 291
26.0 27.0 1.0 232
-------- --------- ------ ----- ---- ------- ------- ------- -------
GMR-055 291754 4404146 380.3 73.0 360 -90 0.0 1.0 1.0 376
2.0 6.0 4.0 813
11.0 14.0 3.0 303
17.0 18.0 1.0 204
24.0 27.0 3.0 608
35.0 37.0 2.0 729
46.0 47.0 1.0 232
-------- --------- ------ ----- ---- ------- ------- ------- -------
Drill Intersections
> 200ppm U(3) O(8)
----------------------------
Hole ID Easting Northing Elev. Depth Azim Dip From To Thick U(3)
O(8)
(m) (m) (m) (m) ( ( (m) (m) (m) (ppm)
) )
---------- -------- --------- ------ ------ ----- ---- ----- ----- ------ ------
GMR-056 291774 4404194 388.1 70.0 360 -90 12.0 23.0 11.0 1428
25.0 28.0 3.0 611
29.0 31.0 2.0 913
32.0 54.0 22.0 1319
-------- --------- ------ ----- ---- ----- ----- ------ ------
GMR-057 291641 4404148 398.3 73.0 360 -90 24.0 29.0 5.0 658
30.0 31.0 1.0 266
33.0 34.0 1.0 459
62.0 64.0 2.0 839
-------- --------- ------ ----- ---- ----- ----- ------ ------
GMR-058 291662 4404188 401.8 94.0 360 -90 23.0 28.0 5.0 905
42.0 45.0 3.0 700
62.0 66.0 4.0 425
67.0 69.0 2.0 408
70.0 72.0 2.0 478
-------- --------- ------ ----- ---- ----- ----- ------ ------
GMR-059 291693 4404240 398.0 80.0 360 -90 15.0 17.0 2.0 1477
21.0 29.0 8.0 835
32.0 34.0 2.0 414
35.0 38.0 3.0 338
48.0 50.0 2.0 731
61.0 63.0 2.0 409
-------- --------- ------ ----- ---- ----- ----- ------ ------
GMR-060 291712 4404280 399.7 90.0 360 -90 19.0 20.0 1.0 483
37.0 39.0 2.0 1178
40.0 41.0 1.0 533
43.0 47.0 4.0 1126
50.0 52.0 2.0 1179
53.0 56.0 3.0 1273
-------- --------- ------ ----- ---- ----- ----- ------ ------
GMD-061* 291893 4404091 372.0 79.7 10 -60 2.0 17.0 15.0 319
-------- --------- ------ ----- ---- ----- ----- ------ ------
GMD-062* 292167 4403982 392.2 110.7 10 -60 28.0 41.0 13.0 472
81.0 84.0 3.0 495
-------- --------- ------ ----- ---- ----- ----- ------ ------
Notes:
Coordinates are in UTM Grid (ED1950 Zone 30N) and have been
measured by a DGPS (+/- one metre accuracy)
RC drill samples are collected over one metre intervals using
representative sampling techniques
The mineralisation is hosted by metasediment, typically in the
first 90 metres below surface and is interpreted to be flat lying.
Thus reported intervals approximate true widths
Sample preparation by ALS Chemex laboratory in Sevilla, Spain,
with sample analysis of U by ALS Chemex in Vancouver, Canada by XRF
pressed pellet
Quality control standard, blanks and duplicates are routinely
included with all drill samples prior to submission to the
laboratory, where further laboratory control standards are
added
GMD prefix denotes diamond drill holes
* results based on down-hole equivalent grades
Appendix B: Criteria used in the Mineral Resource Estimation
Process
Criteria Explanation
Drilling A combination of RC drilling and diamond drilling
has been used to define the resource with the
drill spacing varying between 100 metres x 50
metres to 200 metres x 50 metres. All drill holes
completed by Berkeley were surveyed using DGPS.
-----------------------------------------------------------
Sampling RC drill holes were sampled on one metre intervals
using standard splitting and sampling procedures.
Diamond drill holes were sampled on one metre
intervals or intervals suitable to the logged
geology.
-----------------------------------------------------------
Assays All samples were submitted to a registered laboratory
for uranium analysis by XRF (pressed powder) techniques,
with the inclusion of appropriate blanks and standards.
Where no assays are present down-hole radiometric
data was composited on one metre intervals to
ensure continuous data in each drill hole. While
correlations between gamma data and assay data
suggest that the gamma data underestimates the
assay data, no adjustment was made to the gamma
data used in the resource estimate.
-----------------------------------------------------------
Estimation The standard Berkeley methodology for estimating
techniques resources was applied with the creation of a geologically
interpreted wireframe to encompass all mineralisation
and a block model generated. Ordinary kriging
was applied to estimate the U(3) O(8) grade into
each block using one metre composites.
-----------------------------------------------------------
Cut-off The resource estimate has been reported using
Parameters a 200 ppm U(3) O(8) lower cut-off grade.
-----------------------------------------------------------
Bulk Density Bulk density measurements have been taken on regular
intervals on diamond drill core and geologically
classified as strongly weathered, partially weathered
and unweathered sediments. The resource blocks
are defined as being in one of these three domains
and assigned the respective density.
-----------------------------------------------------------
Classification Due to the wide drill spacing for this style of
vein-hosted uranium deposit the resource category
is Inferred.
-----------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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