TIDMBKY
RNS Number : 4375K
Berkeley Resources Limited
30 July 2013
BERKELEY RESOURCES LIMITED
AIM RELEASE | 30 JULY 2013 | ASX/AIM:BKY
JUNE 2013 QUARTERLY REPORT
Berkeley Resources Limited ('Berkeley' or the 'the Company') is
pleased to present its quarterly report for the period ended 30
June 2013. The Company's primary focus during the period continued
to be the advancement of the Salamanca Project located in
Spain.
Highlights during the quarter include:
-- Substantial progress made on the Pre-Feasibility Study ('PFS') for the Salamanca Project
o The PFS, which is focussed on the integrated development of
Retortillo and Alameda, is being led by SENET, assisted by SRK
Consulting for mine design, Knight Piésold for heap design, Duro
Felguera for project cost estimates and URS for environmental
management.
o The metallurgical testwork program, aimed at confirming
leaching efficiencies and reagent consumptions, testing ore
variability and geomechanical properties of both Retortillo and
Alameda, was completed at Mintek's laboratory in Johannesburg.
o Final uranium recovery data is pending however, the results
received to date have shown optimal recovery performance at crush
sizes of 40mm and 12mm for Retortillo and Alameda respectively,
acid consumption below 20 kg/t for both deposits, and confirmed
heap stacking heights of six metres are appropriate.
o Mining waste characterisation testwork, geotechnical testwork,
hydrogeology studies, an infrastructure assessment, heap leach pad
design work and the majority of the engineering and design
activities were completed.
o The PFS remains on track for completion in the September
quarter.
-- Completed resource drilling at Retortillo
o An infill drilling program, aimed at upgrading the
classification of the portion of the current Inferred Resource that
falls within the open pit into the Indicated category was
completed.
o In total, 67 reverse circulation ('RC') holes for
approximately 4,400 metres were drilled.
o Significant intersections were recorded at shallow depths
(from surface to a maximum depth of 88 metres), with thicknesses up
to 21 metres.
o The drilling has also confirmed that the mineralisation
extends a further 200 metres to the northwest beyond the northern
limit of the current resource boundary and it remains open.
o Select intercepts include 20 metres @ 657 ppm, 8 metres @
1,207 ppm, 9 metres @ 789 ppm, 21 metres @ 334 ppm, 9 metres @ 574
ppm and 14 metres @ 359 ppm U(3) O(8) .
o The data obtained from the drilling program will form the
basis for a revised MRE for Retortillo which will be completed in
the September quarter and incorporated into the PFS.
-- Positive progress on the permitting of Retortillo
o The evaluation of the favourable recommendation report
provided by the Environmental Technical and Executive Committees at
the Salamanca provincial level following their review of the
Company's Environmental Impact Assessment ('EIA') has continued at
the Regional Government of Castilla y León head office in
Valladolid.
o The Environmental Licence is pending formal approval at the
Regional Government level and further release in the Official
Gazette. The Environmental Licence, along with approval of
Berkeley's Exploitation and Reclamation and Closure Plans, are
prerequisites for the grant of the Exploitation Concession (Mining
Licence).
-- Continued Scoping Study on the Gambuta deposit
o Geotechnical evaluation, preliminary open pit optimisation and
mine design, preliminary heap leach pad design, and a site layout
and infrastructure assessment are all underway.
o The scope of work also includes initial metallurgical testwork
on a sample, including bond crushability and bond abrasion tests,
diagnostic leach tests, mineralogy and column leach tests at
various crush sizes. A 330 kilogram representative sample has been
transported to Mintek's laboratory in Johannesburg and is currently
being prepared for the testwork program.
-- Completed exploration drilling at Retortillo Satellite Deposit
o A drilling program comprising 18 RC holes for approximately
1,100 metres was carried out at the largest of the Retortillo
Satellite Deposits, Zona 7. Final assay results are pending.
o A review of all available data for the tenements surrounding
the Company's existing resources identified the potential extension
of Zona 7 to the southwest as a high priority drill target.
o Zona 7 is located within 10 kilometres of the proposed
location of the centralised processing plant at Retortillo and
currently hosts an Inferred MRE of 3.6 million pounds of U(3) O(8)
.
Enquiries: Robert Behets
Berkeley Resources
+61 8 9322 6322
Martin Eales
RBC Capital Markets
+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.
Salamanca Project
Berkeley's flagship Salamanca Project comprises the Retortillo,
Alameda and Gambuta deposits, plus a number of other Satellite
deposits located in western Spain.
In November 2012, the Company completed an initial assessment of
the integrated development of Retortillo and Alameda and reported
the results of the Scoping Study, which clearly demonstrated the
potential of the Salamanca Project to support a significant scale,
long life uranium mining operation.
Using only the current Mineral Resource Estimates ('MRE') for
Retortillo and Alameda, as a base case scenario, the Scoping Study
showed the Project can support an average annual production of 3.2
million pounds of U(3) O(8) during the 7 years of steady state
operation and 2.6 million pounds of U(3) O(8) over a minimum 11
year mine life. Operating cost estimates (C1 cash costs) average
US$25.65 per pound U(3) O(8) over the life of mine. The initial
capital cost (nominally +/- 30%) for the Project was estimated at
US$83.6 million. This cost is inclusive of all mine, processing,
infrastructure and indirect costs required to develop and commence
production at Retortillo. A further US$95.0 million of capital is
required to develop Alameda and achieve steady state operation. The
Project's capital cost reflects the excellent existing
infrastructure, use of heap leaching as the preferred processing
route, and contractor mining.
Following completion of the Scoping Study, Berkeley commenced a
Pre-Feasibility Study ('PFS') for the Salamanca Project focussed on
the development of Retortillo and Alameda.
The Company has also advanced the evaluation of the Gambuta
deposit to the Scoping Study stage. Gambuta will ultimately be
integrated with Retortillo and Alameda, with a view to potentially
increasing the production scale and/or mine life of the Salamanca
Project.
Pre-Feasibility Study
The PFS for the Salamanca Project, which is focussed on the
integrated development of Retortillo and Alameda, continued to be
the Company's key focus during the quarter. The Study is
progressing well and remains on schedule for completion in the
September quarter
The PFS is being led by Johannesburg based SENET, assisted by
SRK Consulting for mine design, Knight Piesold for heap design,
Duro Felguera for in-country project cost estimates and URS for
environmental management.
Metallurgical Testwork
A comprehensive metallurgical testwork program, aimed at
confirming the leaching efficiency for each phase of the mine
schedule and testing ore variability with respect to size
distribution and geo-mechanical behaviour at both Retortillo and
Alameda, has been completed at the Mintek laboratories in
Johannesburg during the quarter.
Whilst not all of the analytical data and testwork results have
yet been received, the key outcomes of the work program to-date
include:
-- Column stacking tests performed on Retortillo fresh feed and
residues indicate that all samples have a minimum porosity of 30%,
giving a bulk density below 1.85 at a stacking height of 10 metres.
At a 10 metre stacking height the saturated hydraulic
conductivities are above the target of 100 times the target
application rate (1000 L/m(2) /hr). This result confirms that the
heap stacking heights of six metres can be used in the PFS
(consistent with the Scoping Study assumption).
-- Stacking tests performed on Alameda fresh feed and residues
indicate that the material is substantially more competent than the
Retortillo material. Degradation and fines generation during
leaching is minimal, suggesting that little change to the hydraulic
properties will occur during the leach cycle. The residue samples
at -12mm crush size maintained saturated hydraulic conductivities
above the target (1000 L/m(2) /hr) at stacking heights of 10
metres.
-- Hydrodynamic column tests performed on Retortillo residues at
a bulk density targeting a six metre stack height achieved heap
saturation of below 50% at irrigation rates of 10 L/m(2) /hr. The
maximum target for geotechnical stability is 85%-75% which
highlights that the samples performed well at this bulk density. As
noted above, the Alameda ore is more competent hence no instability
issues are envisaged.
-- Although final recovery data is not yet available, the
results received to date have shown optimal metallurgical recovery
performance at the crush sizes of 40mm and 12mm for Retortillo and
Alameda respectively. A direct relationship between recovery and
crush size has been observed in all tests at Alameda, whilst
recovery at Retortillo has been shown to be relatively insensitive
to crush size. Based on the preliminary results, uranium recoveries
are anticipated to be consistent with the results of previous
testwork campaigns.
-- Acid consumption reported during the testwork was below 20 kg/t for both deposits.
Other PFS Testwork and Activities
Other PFS work carried out during the quarter included:
-- Waste characterisation testwork results have shown the
properties of the three types of mining waste to be consistent with
those of previous evaluations. Mining waste has been characterised
and classified as follows:
Ø Oxide waste ('inert waste') - an inert waste that can be
handled as a typical mining waste
Ø Acid Rock Drainage ('ARD') - potential acid generator due to a
marginal sulphide content
Ø Natural Occurring Radioactive Materials ('NORM') - rock
containing very low residual uranium below the mining cut-off
grade
-- Geotechnical testwork was conducted on drill core from the
Retortillo deposit and from the proposed sites of key
infrastructure e.g. heap leach pads, waste dumps, at both
Retortillo and Alameda. The results of the testwork have been
reviewed by SRK and their recommendations applied in the design of
the open pits (slope angles etc.) and by the civil engineers for
the siting of infrastructure.
-- Hydrogeological models were updated with new information
relating to dewatering of the open pits. The operational water
balance was subsequently updated and highlighted a net reduction in
the volume of water required to be sourced from local water courses
at Retortillo. The modelling confirmed that no water is required to
be sourced from local water courses at Alameda.
-- The majority of the engineering and design activities,
including the project site lay-out review were completed. General
layouts were optimised and completed including the general
arrangements of the different areas. Based on the column stacking
testwork results and the requirements of the ripios backfilling
schedule, the heap leach pad designs were finalised. The heap stack
height design was confirmed at two, six metre lifts for both
Retortillo and Alameda.
-- Trafficability tests were carried out on the residues from
heap leaching, with the results demonstrating that the ripios can
be readily managed by either trucking or conveying.
Resource Drilling
The current MREs for Retortillo and Alameda have 61% and 95% of
the total resource respectively classified into the Indicated
Resource category (refer June 2012 Quarterly Report and Table 1).
The MRE's were prepared by Berkeley in July 2012 and are reported
in accordance with the JORC Code (2004).
Table 1 - Summary of Mineral Resource Estimates
Retortillo and Alameda
Mineral Resource Estimates as at July 2012
Reported at a lower cut-off grade of 200 ppm U(3) O(8)
--------------------------------------------------------------------------------
Category Tonnage Grade Contained U(3)
O(8)
(million tonnes) (U(3) O(8) (million pounds)
ppm)
------------ ------------ ------------------ ------------ ------------------
Retortillo Indicated 8.9 395 7.8
------------ ------------ ------------------ ------------ ------------------
Inferred 6.2 366 5.0
------------------------- ------------------ ------------ ------------------
Sub Total 15.2 383 12.8
------------------------- ------------------ ------------ ------------------
Alameda Indicated 20.0 455 20.1
------------ ------------ ------------------ ------------ ------------------
Inferred 0.7 657 1.0
------------------------- ------------------ ------------ ------------------
Sub Total 20.7 462 21.1
------------------------- ------------------ ------------ ------------------
Combined Indicated 29.0 437 27.9
------------ ------------ ------------------ ------------ ------------------
Inferred 6.9 396 6.0
------------------------- ------------------ ------------ ------------------
Total 35.9 429 33.9
------------------------- ------------------ ------------ ------------------
An infill drilling program, aimed at upgrading the
classification of a significant portion of the current Inferred
Resource at Retortillo to the Indicated category, was completed
during the quarter. In total, the resource infill program comprised
67 reverse circulation ('RC') drill holes for 4,382 metres.
Assay results returned from the RC drill holes were largely in
line with expectations based on the current resource model, with
some local variability observed. Significant intersections have
been recorded at shallow depths (from surface to a maximum depth of
88 metres), with thicknesses up to 21 metres. The drilling has also
confirmed that the mineralisation extends a further 200 metres to
the northwest beyond the northern limit of the current resource
boundary and it remains open. Select intercepts from the drilling
program include:
Hole No. Down Hole Intercept From Depth
(Down Hole)
---------- --------------------- -------------
20m @ 657 ppm U(3)
SNR-343 O(8) 18m
---------- --------------------- -------------
8m @ 1,207 ppm U(3)
RTR-367 O(8) 25m
---------- --------------------- -------------
9m @ 789 ppm U(3)
RTR-393 O(8) 22m
---------- --------------------- -------------
21m @ 334 ppm U(3)
RTR-387 O(8) 31m
---------- --------------------- -------------
9m @ 574 ppm U(3)
RTR-389 O(8) 47m
---------- --------------------- -------------
14m @ 359 ppm U(3)
RTR-380 O(8) 56m
---------- --------------------- -------------
6m @ 735 ppm U(3)
RTR-375 O(8) 45m
2m @ 314 ppm U(3)
O(8) 55m
4m @ 257 ppm U(3)
O(8) 62m
-------------------------------- -------------
6m @ 692 ppm U(3) Surface
SNR-334 O(8)
---------- --------------------- -------------
10m @ 381 ppm U(3)
SNR-344 O(8) 12m
---------- --------------------- -------------
10m @ 301 ppm U(3)
SNR-323 O(8) 9m
---------- --------------------- -------------
4m @ 599 ppm U(3)
SNR-350 O(8) 28m
1m @ 2,499 ppm U(3)
O(8) 75m
-------------------------------- -------------
2m @ 470 ppm U(3)
SNR-351 O(8) 37m
1m @ 1,025 ppm U(3)
O(8) 44m
-------------------------------- -------------
Details of the drilling completed during the quarter and
calendar year-to-date are summarised in Appendix A. The collar
positions, dips, azimuths, depths and significant intersections of
the Retortillo RC drilling program holes are provided in Appendix
B.
The data obtained from this RC drilling program will form the
basis for a revised MRE for Retortillo, which aims to upgrade the
classification of the portion of the current Inferred Resource that
falls within the optimised pit outline from the Scoping Study into
the Indicated category. The revised MRE will be completed in the
September quarter and incorporated into the PFS.
Gambuta
The Gambuta deposit, which is located approximately 145
kilometres southeast of Retortillo, has an Inferred MRE of 12.7
million tonnes at 394 ppm U(3) O(8) for a total of 11.1 million
pounds of U(3) O(8) at a 200 ppm U(3) O(8) cut-off grade (refer
September 2012 Quarterly Report).
The geometry, average thickness and depth of the mineralisation
make it amenable to shallow open pit mining with a low ore to waste
strip ratio.
Following the positive results of a Desktop Study completed on
Gambuta, the Company has advanced the evaluation of the deposit to
the Scoping Study stage. The conceptual approach is based on open
pit mining, heap leaching, and a remote ion exchange operation,
with the loaded resin being trucked to the proposed centralised
plant at Retortillo for final extraction and purification.
A geotechnical evaluation which includes relogging of drill
core, preliminary open pit optimisation and mine design,
preliminary heap leach pad design, and a site layout and
infrastructure assessment have all commenced during the quarter and
are ongoing.
The scope of work also includes initial metallurgical testwork
on a 330kg representative sample, including bond crushability and
bond abrasion tests, diagnostic leach tests, mineralogy and column
leach tests at various crush sizes. The bulk sample has been
transported to Mintek's laboratory in Johannesburg and is currently
being prepared for the testwork program which will be run during
the September quarter.
Exploration
A comprehensive review of all available data for the tenements
surrounding the Company's existing resources, undertaken in early
2013, identified the potential extension of Zona 7 to the southwest
as a priority drill target.
Zona 7 is the largest of the Retortillo Satellite Deposits and
currently hosts an Inferred MRE of 3.9 million tonnes averaging 414
ppm U(3) O(8) for a contained 3.6 million pounds of U(3) O(8) at a
200 ppm U(3) O(8) cut-off grade (refer ASX June 2012 Quarterly
Report). It is located within 10 kilometres of the proposed
location of the centralised processing plant at Retortillo.
During the quarter, a reverse circulation ('RC') drill program
comprising 18 holes for 1,133 metres was carried out on an
approximately 400 metre by 100 metre grid to test this priority
target. Final assay results are pending.
Permitting
The permitting processes for Retortillo, Alameda and Gambuta
continued to be advanced during the quarter.
The administrative process relating to the evaluation of the
favourable recommendation report provided by the Environmental
Technical and Executive Committees at the Salamanca provincial
level following their review of the Company's Environmental Impact
Assessment ('EIA') and associated documentation has continued at
the Regional Government of Castilla y León head office in
Valladolid.
The Environmental Licence (Declaration of Environmental Impact)
is now pending formal approval at the Regional Government level and
further release in the Official Gazette. The Environmental Licence,
along with approval of Berkeley's Exploitation and Reclamation and
Closure Plans, are prerequisites for the grant of the Exploitation
Concession (Mining Licence).
There has been no change to the status of the Initial
Authorisation for the process plant as a radioactive facility. The
Nuclear Safety Council ('NSC') informed Berkeley during the prior
quarter that they had all required information for the preparation
of their compulsory report regarding the mining activities, and
also for the Initial Authorisation of the process plant as a
radioactive facility. Both have been drafted and are pending formal
approval by the NSC Board.
The Exceptional Authorisation for Land Use (application for
reclassification from rural to industrial use) of the affected
surface land area at Retortillo has been approved by the relevant
authorities at the Urbanism and Town Planning Department of
Salamanca, subject to the issuance of the Environmental
Licence.
The permitting process for Alameda commenced late in 2012 with
the submission to the regulatory authorities of the Environmental
Scoping Document and documentation associated with the Exceptional
Authorisation for Land Use.
Preparation of the documents required for the next phase of
permitting at Alameda, including the Exploitation Plan, Reclamation
and Closure Plans, and the EIA is also well advanced. These
documents will be completed and submitted to the relevant
authorities during the September quarter.
The documentation associated with the Exceptional Authorisation
for Land Use was lodged for Public Information in February and the
20 day Public Information Period ('PIP') completed in March. The
Company is currently preparing responses to the comments raised
during the PIP and will also include references to any new data
that has been incorporated into the Alameda Exploitation Plan,
Reclamation and Closure Plans, and EIA in its submission.
The Company has started to receive feedback from the relevant
authorities following submission of the Environmental Scoping
Document for Gambuta in March. A complete list of comments is
expected in the coming months, and once received; Berkeley will
prepare responses to the comments to be included in the EIA as
required.
CORPORATE
At 30 June 2013 the Company had cash reserves of A$27.7 million.
The Company continues to maintain a strong focus on cost control
across all areas of the business.
In April 2013, Shareholders approved Berkeley's Performance
Rights Plan. The Plan is designed to reward superior performance
based on materially improved Company performance in terms of growth
in the value of the Company and resulting increases in Shareholder
value. The Plan is intended to replace the existing Employee Share
Option Plan which was most recently approved by Shareholders in
September 2011. Following approval of the Plan, 4.67 million
Performance Share Rights were issued on 3 May 2013.
On 15 May 2013, 11.89 million Listed Options expired
unexercised.
Competent Persons Statement
The information in this announcement that relates to Exploration
Results and Mineral Resources is based on information compiled by
Craig Gwatkin, who is a Member of The Australian Institute of
Mining and Metallurgy and is an 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'. Mr. Gwatkin consents to the inclusion
in the report of the matters based on his information in the form
and context in which it appears.
Forward Looking Statement
Statements regarding plans with respect to the Company's mineral
properties are forward-looking statements. There can be no
assurance that the Company's plans for development of its mineral
properties will proceed as currently expected. There can also be no
assurance that the Company will be able to confirm the presence of
additional mineral deposits, that any mineralisation will prove to
be economic or that a mine will successfully be developed on any of
the Company's mineral properties.
Appendix A: Drilling Summary
Location RC Jun Qtr RC YTD
------------
Holes Metres Holes Metres
------------ ------ ------- ------ -------
Retortillo 61 3,956 67 4,382
------------ ------ ------- ------ -------
Zona 7 18 1,133 18 1,133
------------ ------ ------- ------ -------
DD Jun Qtr DD YTD
------------
Holes Metres Holes Metres
------------ ------ ------- ------ -------
Retortillo - - 24 1,115
------------ ------ ------- ------ -------
Alameda - - 19 916
------------ ------ ------- ------ -------
Appendix B: Summary of Retortillo RC Drilling
Retortillo Easting Northing Elev. Azimuth Dip Depth From To Thickness U(3)
O(8)
RC Drilling (m) (m) (m) ( ) ( (m) (m) (m) (m) (ppm)
)
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-364 719511 4520468 749.2 360 -90 90 No significant mineralisation
---------------------------------------
RTR-365 719526 4520394 750.8 360 -90 75 26 33 7 673
37 46 9 435
RTR-366 719594 4520419 750.5 360 -90 70 33 41 8 774
47 54 7 423
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-367 719614 4520350 746.8 360 -90 70 25 33 8 1207
43 45 2 215
48 52 4 210
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-368 719485 4520306 750.2 360 -90 60 43 44 1 200
RTR-369 720283 4519783 741.9 360 -90 61 36 37 1 261
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-370 720236 4519798 742.4 360 -90 55 39 43 4 547
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-371 719789 4520040 747.8 360 -90 60 No significant mineralisation
---------------------------------------
RTR-372 720186 4520018 733.3 360 -90 75 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
RTR-373 719846 4520037 747.8 360 -90 55 35 38 3 679
RTR-374 720426 4519501 758.3 360 -90 100 No significant mineralisation
---------------------------------------
RTR-375 718714 4521110 752.7 360 -90 90 45 51 6 735
55 57 2 314
62 66 4 257
RTR-376 720426 4519586 753.3 360 -90 67 53 59 6 415
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-377 718772 4521076 747.4 360 -90 90 37 49 12 239
56 57 1 255
58 59 1 241
RTR-378 719754 4520159 741.0 360 -90 55 27 28 1 220
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-379 720184 4519715 749.1 360 -90 82 67 71 4 556
RTR-380 720230 4519690 749.1 360 -90 100 56 70 14 359
78 79 1 219
84 88 4 256
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-381 720352 4519653 748.6 360 -90 85 51 56 5 210
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-382 719135 4520831 715.5 360 -90 30 No significant mineralisation
---------------------------------------
RTR-383 719155 4520763 718.0 360 -90 30 3 9 6 285
15 16 1 249
RTR-384 719178 4520808 718.8 360 -90 30 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
RTR-385 719061 4520697 714.4 360 -90 30 6 9 3 241
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-386 719109 4520676 718.1 360 -90 30 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
RTR-387 719120 4520526 721.7 360 -90 80 20 21 1 371
31 52 21 334
------- ---- ---------- ------------
RTR-388 720016 4519915 744.6 360 -90 85 55 56 1 238
------- ---- ---------- ------------
RTR-389 720164 4519778 746.3 360 -90 82 47 56 9 574
64 66 2 357
RTR-390 720186 4519823 742.6 360 -90 73 32 42 10 343
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-391 720129 4519767 748.5 360 -90 100 50 51 1 877
------------- -------- --------- ------ -------- ---- ------
RTR-392 720401 4519851 738.0 360 -90 64 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
RTR-393 719709 4520243 733.0 360 -90 70 22 31 9 789
54 61 7 299
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-394 719651 4520218 737.1 360 -90 60 20 27 7 367
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-395 719615 4520237 740.5 360 -90 75 25 28 3 226
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
RTR-396 719565 4520259 744.6 360 -90 60 29 32 3 200
------------- -------- --------- ------ -------- ---- ------ ------- ---- ---------- ------------
SNR-318 716343 4522942 751.2 360 -90 50 0 4 4 384
18 19 1 323
24 33 9 238
SNR-319 716265 4523027 751.0 360 -90 35 5 6 1 283
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
SNR-320 716120 4522956 760.7 360 -90 50 20 21 1 678
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
SNR-321 716031 4522907 765.7 360 -90 50 40 41 1 209
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
SNR-322 715968 4522887 768.7 360 -90 50 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-323 716328 4522891 758.1 360 -90 65 3 4 1 473
9 19 10 301
23 24 1 415
41 42 1 363
------- ---- --------- -------------
SNR-324 716292 4522847 766.3 360 -90 80 62 63 1 329
70 71 1 264
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
SNR-325 716320 4522793 773.1 360 -90 70 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-326 716394 4522742 775.8 360 -90 95 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-327 716558 4522495 788.5 360 -90 60 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-328 716083 4523111 743.0 360 -90 30 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-329 715941 4522954 754.5 360 -90 50 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-330 715922 4522905 762.8 360 -90 60 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-331 715848 4523355 743.0 360 -90 70 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-332 715803 4523378 747.9 360 -90 60 45 50 5 371
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
SNR-333 715740 4523213 752.1 360 -90 85 17 27 10 312
38 39 1 206
61 67 6 325
SNR-334 715825 4523311 744.2 360 -90 80 0 6 6 692
12 14 2 288
21 22 1 718
45 47 2 620
56 58 2 218
SNR-335 715780 4523334 749.9 360 -90 60 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-336 715369 4523687 777.4 360 -90 60 26 28 2 275
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
SNR-337 715180 4523756 785.8 360 -90 70 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-338 715393 4523721 773.3 360 -90 70 20 27 7 205
53 56 3 222
SNR-339 715203 4523798 777.5 360 -90 60 18 20 2 321
27 28 1 232
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
SNR-340 715410 4523775 765.4 360 -90 50 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-341 715225 4523840 771.4 360 -90 64 40 44 4 321
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
SNR-342 715363 4523794 768.0 360 -90 60 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-343 715169 4523841 775.4 360 -90 66 18 38 20 657
43 48 5 436
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
SNR-344 715437 4523702 766.8 360 -90 60 12 22 10 381
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
SNR-345 715189 4523882 772.1 360 -90 60 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-346 715671 4523517 757.3 360 -90 60 No significant mineralisation
---------------------------------------
SNR-347 715147 4523797 783.0 360 -90 70 44 45 1 960
47 48 1 309
52 53 1 328
63 64 1 361
SNR-348 715409 4523663 769.7 360 -90 60 24 25 1.0 285
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
SNR-349 715344 4523642 781.1 360 -90 70 No significant mineralisation
------------- -------- --------- ------ -------- ---- ------ ---------------------------------------
SNR-350 715073 4523844 787.9 360 -90 88 28 32 4 599
37 38 1 435
68 70 2 203
75 76 1 2499
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
SNR-351 715106 4523885 786.9 360 -90 75 37 39 2 470
44 45 1 1025
------------- -------- --------- ------ -------- ---- ------ ------- ---- --------- -------------
Notes:
-- Drill intersections are calculated using a 200 ppm U(3) O(8) cut-off
-- Co-ordinates are in UTM Grid (ED1950 Zone 29N)and have been
measured by a DGPS (+/- 1m accuracy)
-- RC drill samples are collected over one metre (1m) intervals
using representative sampling techniques
-- Sample preparation was completed by ALS Chemex laboratory in
Sevilla, Spain, with the sample analysis of U by XRF press powder
completed by ALS Chemex in Vancouver, Canada
-- Quality control standards, blacks and duplicates are
routinely included with all drill samples prior to submission to
the laboratory where further laboratory control standards are
added
-- The mineralisation is hosted by metasediment, typically in
the first 60m below surface and is interpreted to be flat lying;
thus the reported intervals approximate true widths
This information is provided by RNS
The company news service from the London Stock Exchange
END
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