TIDMBKY
RNS Number : 1333L
Berkeley Resources Limited
07 August 2013
BERKELEY RESOURCES LIMITED
AIM RELEASE | 7 AUGUST 2013 | ASX/AIM:BKY
HIGH GRADE MINERALISATION INTERSECTED IN DRILLING AT RETORTILLO
SATELLITE DEPOSIT
Highlights:
-- High grade mineralisation intersected at shallow depths (from
9 metres to a maximum of 84 metres), with thicknesses up to 29
metres at Zona 7, the largest of the Retortillo Satellite
Deposits;
-- Drilling extends mineralisation a further 1,200 metres to the
southwest of the current resource area;
-- Better intercepts include 29 metres @ 3,391 ppm U3O8, 17
metres @ 1,260 ppm U3O8, 15 metres @ 1,392 ppm U3O8, 25 metres @
683 ppm U3O8 and 13 metres @ 1,161 ppm U3O8; and
-- Shallow, high grade mineralisation extending well beyond the
current resource boundary at Zona 7 is a clear demonstration of the
exploration and resource growth potential of the Salamanca
Project.
Berkeley Resources Limited ('Berkeley' or 'the Company') is
pleased to announce the results of a drilling program at Zona 7,
the largest of the Retortillo Satellite Deposits and part of the
Company's Salamanca Project in Spain.
Zona 7, which is located within 10 kilometres of the proposed
location of the centralised processing plant at Retortillo,
currently hosts an Inferred Mineral Resource Estimate ('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).
A recent comprehensive 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 priority
drill target.
Assay results returned from 18 reverse circulation ('RC') drill
holes, totalling approximately 1,130 metres, have confirmed that
the Zona 7 mineralisation extends a further 1,200 metres to the
southwest of the current resource area. The drilling has
essentially doubled the strike extent of the mineralised zone and
it remains open. Significant high grade intersections have been
recorded at shallow depths (from 9 metres to a maximum depth of 84
metres), with thicknesses up to 29 metres. Select intercepts
include:
Hole No. Down Hole Intercept From Depth
(Down Hole)
29m @ 3,391 ppm U(3)
Z7R-084 O(8) 9m
----------------------- -------------
17m @ 1,260 ppm U(3)
Z7R-088 O(8) 37m
----------------------- -------------
4m @ 2,365 ppm U(3)
O(8)
15m @ 1,392 ppm U(3)
O(8) 39m
2m @ 2,759 ppm U(3) 63m
Z7R-089 O(8) 82m
----------------------- -------------
25m @ 683 ppm U(3)
Z7R-087 O(8) 27m
----------------------- -------------
13m @ 1,161 ppm U(3)
Z7R-090 O(8) 17m
----------------------- -------------
16m @ 764 ppm U(3)
Z7R-085 O(8) 33m
----------------------- -------------
The Directors consider that the delineation of this zone of
shallow, high grade mineralisation extending well beyond the
current resource boundary at Zona 7 is a clear demonstration of the
exploration and resource growth potential of the Salamanca
Project.
The data from the drilling program will now form the basis for
an updated MRE for Zona 7 which is anticipated to be completed in
the current quarter.
The Company continues to advance the Pre-Feasibility Study
('PFS') for the Salamanca Project. The PFS, which is focussed on
the development of only the Retortillo and Alameda deposits, is
scheduled for completion in the current quarter. Given the
additional existing resources and significant exploration upside
associated with Satellite Deposits such as Zona 7, the PFS is
considered a base case scenario.
Enquiries: Robert Behets
Berkeley Resources
+61 8 9322 6322
Martin Eales
RBC Capital Markets
+44 20 7029 7881
Introduction
Berkeley's flagship Salamanca Project comprises the Retortillo,
Alameda and Gambuta depositsplus a number of other Satellite
Deposits located in western Spain.
The Company completed an initial assessment of the integrated
development of Retortillo and Alameda in late 2012. The results of
this Scoping Study demonstrated the potential of the Salamanca
Project to support a significant scale, long life uranium mining
operation (refer ASX Announcement dated 29 November 2012).
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, which is anticipated to
be completed in the current quarter.
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 or mine life of the Salamanca
Project.
In addition, a comprehensive review of all available data for
the regional tenements surrounding the existing resources has been
completed, in order to rank and prioritise the identified
anomalies/targets, generate new exploration targets and design an
exploration work program.
The exploration and resource growth potential in the Retortillo,
Alameda and Gambuta regions is considered significant with numerous
untested or poorly tested radiometric anomalies, exploration
targets under shallow Tertiary cover, and possible extensions to
known resources.
Drilling Program
The comprehensive review of all available data for the regional
tenements surrounding the existing resources identified the
potential extension of Zona 7, the largest Retortillo Satellite
Deposit, to the southwest towards Las Carbas as a priority drill
target.
Zona 7 is located approximately 10 kilometres to the northwest
of the proposed location of the centralised processing plant at
Retortillo and currently hosts an Inferred Mineral Resource
Estimate ('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 lower cut-off
grade of 200 ppm U(3) O(8) (refer ASX June 2012 Quarterly
Report).
An 18 hole, 1,133 metre reverse circulation ('RC') drill program
has been carried out on an approximately 400 metre by 100 metre
grid to test this priority target.
Drilling Results
Assay results returned from the 18 RC holes have highlighted
that the Zona 7 mineralisation extends a further 1,200 metres to
the southwest of the current resource area along the
granite-sediment contact. The drilling has essentially doubled the
strike extent of the mineralised zone and it remains open to the
southwest.
Significant high grade intersections have been recorded at
shallow depths (from 9 metres to a maximum depth of 84 metres),
with thicknesses up to 29 metres. Select intercepts include:
Hole No. Down Hole Intercept From Depth
(Down Hole)
29m @ 3,391 ppm U(3)
Z7R-084 O(8) 9m
----------------------- -------------
17m @ 1,260 ppm U(3)
Z7R-088 O(8) 37m
----------------------- -------------
4m @ 2,365 ppm U(3)
O(8)
15m @ 1,392 ppm U(3)
O(8) 39m
2 @ 2,759 ppm U(3) 63m
Z7R-089 O(8) 82m
----------------------- -------------
25m @ 683 ppm U(3)
Z7R-087 O(8) 27m
----------------------- -------------
13m @ 1,161 ppm U(3)
Z7R-090 O(8) 17m
----------------------- -------------
16m @ 764 ppm U(3)
Z7R-085 O(8) 33m
----------------------- -------------
All significant intersections returned from the RC drill holes,
along with the details of the collar positions, dips, azimuths and
depths, are summarised in Appendix A.
Zona 7 is a vein type deposit hosted in a sequence of fine
grained metasediments which are overlain by a conglomerate unit and
adjacent to a granite intrusive. The mineralised envelope is
generally sub-horizontal and the mineralisation is contained within
a stockwork of veins. The uranium mineralisation occurs both within
the partially weathered zone and fresh rock.
Whilst the original drilling within the current resource area
recorded a number of thick, high grade intersections including 26
metres at 1,356 ppm U(3) O(8) and 12 metres at 2,078 ppm U(3) O(8)
, the recent drilling has highlighted a thicker and potentially
more continuous zone of high grade mineralisation to the southwest,
albeit based on a broad spaced drill pattern.
The data from the drilling program will form the basis for an
updated MRE for Zona 7 which is anticipated to be completed in the
current quarter.
The current PFS for the Salamanca Project is focussed on the
development of only Retortillo and Alameda. Given the additional
Mineral Resources and significant exploration upside associated
with Satellite Deposits such as Zona 7, which is in close proximity
to Retortillo, and Gambuta, the Study is considered as a base case
scenario.
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: Summary of Significant RC Drill Intersections - Zona
7
Drill Easting Northing Elevation Azimuth Dip Depth From To Interval U(3)
Hole (m) (m) (m) ((o) ((o) (m) (m) (m) (m) O(8)
ID ) ) ppm
------ ------ ----------
Z7R-076 714469 4528008 761.2 360 -90 61 29 31 2 913
-------- --------- -------- ------ ------ ---------- ------
Z7R-077 714376 4528058 757.7 360 -90 60 26 27 1 1,662
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Z7R-078 714424 4528030 759.5 360 -90 60 No Significant Intersection
-------- --------- ---------- -------- ------ ------ ----------------------------------
Z7R-079 714502 4527976 764.1 360 -90 60 No Significant Intersection
-------- --------- ---------- -------- ------ ------ ----------------------------------
Z7R-080 714311 4528091 755.5 360 -90 67 35 42 7 319
52 54 2 252
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Z7R-081 714338 4528075 756.3 360 -90 60 11 14 3 261
17 18 1 551
23 25 2 480
33 36 3 479
40 42 2 274
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Z7R-082 714191 4527708 756.4 360 -90 70 17 18 1 283
22 44 22 259
47 50 3 316
59 61 2 230
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Z7R-083 714266 4527652 759.0 360 -90 60 21 28 7 416
54 55 1 232
57 58 1 233
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Z7R-084 714069 4527779 750.3 360 -90 64 9 38 29 3,391
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Z7R-085 714097 4527743 752.4 360 -90 60 10 11 1 228
33 49 16 764
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Z7R-086 713765 4527482 756.9 360 -90 58 28 29 1 260
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Z7R-087 713869 4527414 757.7 360 -90 60 27 52 25 683
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Z7R-088 714007 4527345 757.4 360 -90 64 12 13 1 279
18 25 7 560
29 32 3 688
37 54 17 1260
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Z7R-089 714066 4527316 763.5 360 -90 94 39 43 4 2,365
55 58 3 583
63 78 15 1,392
82 84 2 2,759
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Z7R-090 714000 4527127 762.0 360 -90 56 17 30 13 1,161
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Z7R-091 714139 4527279 773.6 360 -90 60 No Significant Intersection
-------- --------- ---------- -------- ------ ------ ----------------------------------
Z7R-092 713652 4527314 764.5 360 -90 55 No Significant Intersection
-------- --------- ---------- -------- ------ ------ ----------------------------------
Z7R-093 713805 4527265 761.8 360 -90 60 31 35 4 599
38 42 4 836
-------- --------- ---------- -------- ------ ------ ------ ------ ---------- ------
Notes:
-- 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
-- Drill intersections are calculated using a 200 ppm U(3) O(8)
cut-off, no upper cut and may include up to 2 metres of internal
waste
-- 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, 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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