TIDMBKY
RNS Number : 5456B
Berkeley Energia Limited
31 January 2020
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 31 January 2020
Quarterly Report December 2019
Summary:
-- Permitting Update:
The Company's focus continues to be on progressing the approvals
required to commence construction of the Salamanca mine and bring
it into production.
The Company continued to engage with the relevant authorities in
a collaborative manner in order to facilitate the timely resolution
of the pending approvals required to commence construction of the
mine.
The Company's Spanish executives have met and had constructive
dialogue with officials from the Ministry for Ecological Transition
and Demographic Challenge ("MITECO"), the Regional Government of
Castilla y Leon, the Municipality of Retortillo, and the Nuclear
Safety Council ("NSC").
The Company has also provided the NSC and MITECO with additional
technical documentation and clarifications requested in relation to
the Authorisation for Construction (NSC II).
-- Critical Battery and EV Metals Exploration Program:
Initial results were received from the drilling program designed
to test for critical battery and Electric Vehicle ("EV") metals
across the Company's large ground holding in western Spain.
Four diamond holes from an initial six-hole program, targeting
an area in the west of the Company's tenement package approximately
50km from Retortillo which has previously been mined for tin and
lithium, have been drilled, sampled, and the assay results
returned.
Multiple narrow zones of tin and lithium mineralisation
associated with sub-vertical quartz veins were intersected in two
holes drilled on one section in an area of historical underground
mining. Both tin and lithium mineralisation commonly occur within
the same zones however, overlapping or isolated intercepts of each
are also recorded.
Best intercepts include:
-- 1.60m @ 3.08% SnO(2) (from 54.3m down-hole)
-- 5.05m @ 0.90% SnO(2) (from 19.2m)
incl. 0.50m @ 8.04% SnO(2) (from 19.2m)
-- 6.45m @ 0.64% Li(2) O (from 21.3m)
-- 2.45m @ 1.37% Li(2) O (from 35.6m)
-- Uranium Market:
The uranium price remained relatively flat during the quarter as
the market continues to await the report from the United States
Nuclear Fuel Working Group ("NFWG") established following the
Section 232 trade investigation.
Release of the NFWG's findings and recommendations is expected
reduce the market uncertainty associated with this policy review
process and contribute to improved market conditions moving
forward, as US nuclear utilities, in particular, re-enter the
market and term contracting in order to address future uncovered
uranium requirements.
For further information please contact:
Robert Behets Franciso Bellón
Acting Managing Director Chief Operations Officer
+61 8 9322 6322 +34 91 555 1380
info@berkeleyenergia.com
This announcement has been authorised for release by Mr Robert
Behets, Director
To view the quarterly report in full, including all diagrams and
figures, please refer to
https://www.berkeleyenergia.com/investor-relations/company-reports/
Management and Strategy Changes:
The Company advises that, following the establishment of its new
head office in Madrid, the London office has now been closed and
all London-based roles made redundant.
The recruitment process of a suitably qualified Spanish National
for the Managing Director and Chief Executive Officer role remains
ongoing.
These initiatives are aimed at further enhancing the Company's
strong engagement with its key stakeholders in Spain.
Project Update:
The Salamanca mine is being developed to the highest
international standards and the Company's commitment to health,
safety and the environment remains a priority. It holds
certificates in Sustainable Mining (UNE 22470-80), Environmental
Excellence (ISO 14001), and Health and Safety (OHSAS 18001) which
were awarded by AENOR, an independent Spanish government
agency.
The annual external audit of the Company's Health and Safety
Management System was successfully completed by AENOR in October
2019. The Company is now preparing to transition from OHSAS 18001
to its replacement standard, ISO 45001, a process which is targeted
for completion in the second half of 2020.
Following completion of annual internal audits, the annual
external audits of the Company's Sustainable Mining and
Environmental Management Systems will be undertaken by AENOR during
the upcoming March quarter.
As part of its commitment to Sustainable Mining, the Company has
commenced a Life Cycle Analysis of its operational processes, in
order to determine the environmental impact of the products
associated with these processes from their origin (raw materials)
through to the end of their useful life.
The monitoring programs associated with the NSC approved
pre-operational Surveillance Plan for Radiological and
Environmental Affections and pre-operational Surveillance Plan for
the Control of the Underground Water continued during the
quarter.
Permitting Update:
The Company continues to engage with the relevant authorities in
a collaborative manner in order to facilitate the timely resolution
of the pending approvals required to commence construction of the
Salamanca mine.
During the quarter, the Company's Spanish executives have again
met and had constructive dialogue with relevant officials from
MITECO, the Regional Government of Castilla y Leon, the
Municipality of Retortillo, and the NSC.
The Company has also provided the NSC and MITECO with additional
technical documentation and clarifications requested in relation to
the Authorisation for Construction (NSC II).
At the request of the NSC, the Company is currently
consolidating the Company's responses to all of the NSC's previous
queries into the official documentation, and expanding the
description of some areas e.g. waste management, analysis of
potential accidents. These tasks will be completed and the updated
documentation submitted to the NSC in early February 2020.
As noted in the September 2019 quarterly report, the Spanish
National Court fully dismissed a contentious-administrative appeal
filed by a group of opposition parties against the Initial
Authorisation (NSC I) for the treatment plant as a radioactive
facility that was granted to the Company in 2015.
In its decision, the National Court stated that the appellants
arguments were limited "to questioning the suitability of the site
and other technical issues through mere value judgments without
providing a minimum technical justification" which was manifestly
insufficient to invalidate the numerous favorable reports and
authorisations already issued by various public administrations to
the Company. In this same context, the National Court ruling
considered and positively recognised the report approved in 2015 by
the NSC for the granting of the Initial Authorisation.
Importantly, the National Court resolution confirmed that the
technical documentation provided by the Company during that phase
of the permitting process had included all of the information
required in accordance with the applicable regulations, and that
the assessment carried out by the public administrations had been
and continues to remain valid.
The Company will continue to maintain a consistent approach,
ensuring that the project complies with all applicable laws and
regulations, as it progresses the approvals required to commence
construction of the Salamanca mine and bring it into
production.
Critical Battery and EV Metals Exploration Program:
Four diamond holes from an initial six-hole program, targeting
an area is in the west of the Company's tenement package
approximately 50km from Retortillo which has previously been mined
for tin and lithium (as a by-product), have now been drilled,
sampled and the assay results returned.
These drill holes were planned to test multi-element anomalies
identified along the prominent northeast-southwest trending
structure, known as the Barquilla Fault. The four diamond holes
completed to date were drilled on two sections spaced 700m apart
along the trend of the Barquilla Fault, with two holes on each
section.
Whilst the holes drilled on the initial, north eastern most
section failed to intersect significant mineralisation, the two
holes (BAR-012 and BAR-013) drilled on the section to the southwest
intersected multiple narrow zones of tin and lithium mineralisation
in an area of historical underground mining (BAR-012 drilled
through a number of historical stopes).
Mineralisation was intersected from near surface (9m down hole)
to a maximum down hole depth of approximately 173m, and remains
open along strike and at depth. Individual high grade tin assays of
up to 8.04% SnO(2) were recorded.
The zones of tin and lithium mineralisation are typically
associated with sub-vertical quartz veins within metasediments.
Both tin and lithium mineralisation commonly occur within the same
zones however, overlapping or isolated intercepts of each are also
recorded. Cassiterite and amblygonite/montebrasite are observed as
the dominant tin and lithium minerals respectively.
Select intercepts include:
Hole No. Down Hole Intercept From Depth
(Down Hole)
BAR-012 2.45m @ 0.34% SnO(2) 35.60m
0.60m @ 0.61% SnO(2) 41.60m
---------------------- -------------
BAR-013 5.05m @ 0.90% SnO(2) 19.15m
incl. 0.50m @ 8.04% 19.15m
SnO(2) 54.26m
1.60m @ 3.08% SnO(2) 113.17m
3.23m @ 0.27% SnO(2)
---------------------- -------------
BAR-012 1.45m @ 1.13% Li(2) 20.95m
O 35.60m
2.45m @ 1.37% Li(2)
O
---------------------- -------------
BAR-013 5.55m @ 0.56% Li(2) 9.00m
O 21.25m
6.45m @ 0.64% Li(2) 33.30m
O
0.50m @ 3.81% Li(2)
O
---------------------- -------------
All intersections returned from the drill holes, along with the
details of the collar positions, drilling orientations and depths,
are summarised in Appendices 2 and 3.
The Company continues to await the approvals required from the
relevant government authorities to drill the last two holes and
complete this initial drilling program.
The overall critical battery and EV metals exploration strategy
is targeting lithium, cobalt, tin, tungsten and rare earths,
several of which have previously been mined in commercial
quantities in the area.
The Company holds one of the largest exploration ground holdings
in Spain with approximately 1,200km(2) of licences across a mineral
rich province which has had several periods of historic mining for
a number of the metals and minerals being targeted.
The targets have been generated through detailed exploration for
a wide range of minerals over the past two years and further
refined by the use of the innovative Ionic Leach program. The Ionic
Leach methodology allows for the ultra-low detection of metals and
minerals and significantly reduces the amount of drilling required
by generating highly defined targets.
The full set of results from this initial drilling program will
be fed back into the database and more refined targets interpreted.
This will allow for further analysis of the mineral and metal
endowment across the Company's large ground holding.
Uranium market:
The uranium price remained relatively flat (decreased 3%) during
the quarter as the market continues to await the report from the
NFWG established following the Section 232 trade investigation.
The Section 232 investigation into uranium imports into the
United States concluded in July 2019, with the decision that trade
barriers on uranium imports were not warranted as a matter of
national security under Section 232 of the Trade Expansion Act. The
US Administration, however, established the NFWG to examine the
entire nuclear fuel supply chain and conduct a fuller analysis of
national security issues therein.
The NFWG was required to submit a report setting forth its
findings and making recommendations to further enable domestic
nuclear fuel production if needed. News reports have indicated that
the NFWG report has now been submitted to the US Administration for
review and finalization, after an extension to the original mandate
period.
Release of the NFWG's findings and recommendations is expected
reduce the market uncertainty associated with this policy review
process and contribute to improved market conditions moving
forward, as US nuclear utilities, in particular, re-enter the
market and term contracting in order to address future uncovered
uranium requirements.
The Company has 2.75 million pounds of U(3) O(8) under contract
for the first six years, with a further 1.25 million pounds of
optional volume, at an average price above US$42.
The Company will continue to progressively build its offtake
book and has granted the Oman sovereign wealth fund the right to
match any future long-term offtake transactions.
Balance Sheet:
The Company is in a strong financial position with A$92.5
million in cash.
Competent Persons Statement
The information in this announcement that relates to the
Exploration Results is based on, and fairly represents, information
compiled by Mr Robert Behets, a Competent Person who is a Fellow of
the Australasian Institute of Mining and Metallurgy and a Member of
the Australian Institute of Geoscientists. Mr Behets is Acting
Managing Director of, and a holder of shares in, Berkeley. Mr
Behets 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 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Mr Behets 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 Statements
Statements regarding plans with respect to Berkeley's mineral
properties are forward-looking statements. There can be no
assurance that Berkeley's plans for development of its mineral
properties will proceed as currently expected. There can also be no
assurance that Berkeley 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
Berkeley mineral properties. These forward-looking statements are
based on Berkeley's expectations and beliefs concerning future
events. Forward looking statements are necessarily subject to
risks, uncertainties and other factors, many of which are outside
the control of Berkeley, which could cause actual results to differ
materially from such statements. Berkeley makes no undertaking to
subsequently update or revise the forward-looking statements made
in this announcement, to reflect the circumstances or events after
the date of that announcement.
Appendix 1: Summary of Mining Tenements
As at 31 December 2019, the Company had an interest in the
following tenements:
Location Tenement Name Percentage Status
Interest
------------- ------------------------- ------------ --------
Spain
Salamanca D.S.R Salamanca 28 100% Granted
(Alameda)
D.S.R Salamanca 29 100% Granted
(Villar)
E.C. Retortillo-Santidad 100% Granted
E.C. Lucero 100% Pending
I.P. Abedules 100% Granted
I.P. Abetos 100% Granted
I.P. Alcornoques 100% Granted
I.P. Alisos 100% Granted
I.P. Bardal 100% Granted
I.P. Barquilla 100% Granted
I.P. Berzosa 100% Granted
I.P. Campillo 100% Granted
I.P. Castaños 100% Granted
2
I.P. Ciervo 100% Granted
I.P. Dehesa 100% Granted
I.P. El Águila 100% Granted
I.P. Espinera 100% Granted
I.P. Horcajada 100% Granted
I.P. Lis 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Oñoro 100% Granted
I.P. Pedreras 100% Granted
E.P. Herradura 100% Granted
I.P. Conchas Application Pending
I.P. El Vaqueril Application Pending
I.P. Lazarillo Application Pending
Cáceres I.P. Almendro 100% Granted
I.P. Ibor 100% Granted
I.P. Olmos 100% Granted
Badajoz I.P. Don Benito Este 100% Granted
I.P. Don Benito Oeste 100% Granted
------------- ------------------------- ------------ --------
No tenements were acquired or disposed of during the quarter
ended 31 December 2019. There were no other changes to beneficial
interest in any mining tenements due to farm-in or farm-out
agreements. No beneficial interest in farm-in or farm-out
agreements were acquired or disposed during the quarter.
Appendix 2: Summary of Diamond Drilling Intercepts (SnO(2) )
Drill Easting Northing Elevation Azimuth Dip Depth From To Interval SnO(2)
Hole ID
(m) (m) (m) ((o) ((o) (m) (m) (m) (m) (%)
) )
-------- ---------- -------- ------ ------- ------- ---------
BAR-010 691,640 4,506,406 734 130 -45 116.2 No significant intercept
---------- -------- ---------- ---------- -------- ------ ------ --------------------------------------------
BAR-011 691,639 4,506,407 733 320 -45 134.0 89.21 89.70 0.49 0.13
106.27 106.78 0.51 0.26
-------- ---------- ---------- -------- ------ ------ ------ ------- ------- --------- -------
BAR-012 691,107 4,505,973 756 134 -45 76.2 20.30 22.40 2.10 0.19
incl. 20.95 21.51 0.56 0.39
35.60 38.05 2.45 0.34
incl. 36.70 38.05 1.35 0.42
41.60 42.20 0.60 0.61
43.82 44.32 0.50 0.17
-------- ---------- ---------- -------- ------ ------ ------ ------- ------- --------- -------
BAR-013 691,106 4,505,974 756 131 -65 175.0 9.00 14.55 5.55 0.13
incl. 9.00 10.00 1.00 0.25
19.15 24.20 5.05 0.90
incl. 19.15 19.65 0.50 8.04
and 22.60 24.20 1.60 0.26
30.90 31.40 0.50 0.10
33.30 33.80 0.50 0.13
54.26 55.86 1.60 3.08
incl. 54.26 55.17 0.91 5.14
65.30 65.92 0.62 0.12
71.78 72.50 0.72 0.12
87.68 88.06 0.38 0.10
91.00 91.50 0.50 0.29
100.80 102.30 1.50 0.18
110.30 110.80 0.50 0.14
113.17 116.40 3.23 0.27
incl. 113.17 114.00 0.83 0.45
and 115.67 116.40 0.73 0.65
119.20 119.80 0.60 0.14
130.00 131.00 1.00 0.12
172.85 173.45 0.60 0.11
-------- ---------- ---------- -------- ------ ------ ------ ------- ------- --------- -------
Appendix 3: Summary of Diamond Drilling Intercepts (Li(2) O)
Drill Easting Northing Elevation Azimuth Dip Depth From To Interval Li(2)
Hole ID (m) (m) (m) ((o) ((o) (m) (m) (m) (m) O
) ) (%)
-------- ---------- ---------- ------ ------- ------- ---------
BAR-010 691,640 4,506,406 734 130 -45 116.2 No significant intercept
-------- ---------- ---------- -------- ------ ------- -------------------------------------------
BAR-011 691,639 4,506,407 733 320 -45 134.0 No significant intercept
-------- ---------- ---------- -------- ------ ------- -------------------------------------------
BAR-012 691,107 4,505,973 756 134 -45 76.2 20.95 22.40 1.45 1.13
incl. 20.95 21.51 0.56 1.87
29.90 30.50 0.60 0.62
35.60 38.05 2.45 1.37
incl. 36.70 38.05 1.35 1.87
43.82 44.32 0.50 0.66
51.40 52.40 1.00 0.54
56.76 57.26 0.50 0.63
-------- ---------- ---------- -------- ------ ------- ------ ------- ------- --------- ------
BAR-013 691,106 4,505,974 756 131 -65 175.00 9.00 14.55 5.55 0.56
incl. 9.00 10.00 1.00 1.04
21.25 27.70 6.45 0.64
incl. 21.25 24.20 2.95 1.02
33.30 33.80 0.50 3.81
54.26 55.17 0.91 0.98
71.78 72.50 0.72 0.63
87.68 88.06 0.38 0.50
91.00 91.50 0.50 0.76
115.67 116.40 0.73 1.28
171.50 172.00 0.50 0.86
-------- ---------- ---------- -------- ------ ------- ------ ------- ------- --------- ------
Appendix 4: JORC Code, 2020 Edition - Table 1 Report
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
-------------------------------------------
Sampling Nature and quality of sampling Diamond drill (DD) core was sampled
techniques (eg cut channels, random chips, using 0.19-2.30m intervals in the
or specific specialised industry mineralised zones, including areas
standard measurement tools appropriate of internal low grade or waste.
to the minerals under investigation, In addition, the sampling was extended
such as down hole gamma sondes, 1-4m up and down hole from the interpreted
or handheld XRF instruments, mineralised zone. Half core was
etc). These examples should used for sampling.
not be taken as limiting the
broad meaning of sampling.
------------------------------------------- ---------------------------------------------
Include reference to measures Uranium standards and blanks are
taken to ensure sample representivity inserted into the sample stream
and the appropriate calibration to assess the accuracy, precision
of any measurement tools or and methodology of the external
systems used. laboratories used. Approximately
10-15% of all samples relate to
quality control. In addition, the
laboratories undertake their own
duplicate sampling as part of their
internal QA/QC processes. Examination
of the QA/QC sample data indicates
satisfactory performance of sampling,
sample preparation protocols and
assay laboratories providing acceptable
levels of precision and accuracy.
Drill hole collar locations are
surveyed by qualified surveyors
(Calidad, Topografía y Geomática,
S. L. P.) using standard differential
GPS (DGPS) equipment achieving sub
decimetre accuracy in horizontal
and vertical position. Down-hole
surveys are undertaken using a Geovista
down-hole deviation probe. Measurements
are taken every 1cm down hole and
averaged every 5m or 10m. No strongly
magnetic rocks are present within
the deposit which may affect magnetic
based readings.
------------------------------------------- ---------------------------------------------
Aspects of the determination Diamond drill core samples are collected
of mineralisation that are Material using 0.19-2.30m intervals (88%
to the Public Report. In cases <1.0m) in the mineralised zones
where 'industry standard' work after visual checks and logging
has been done this would be by geologists.
relatively simple (eg 'reverse Samples are further cut with a diamond
circulation drilling was used disc saw sent to the preparation
to obtain 1 m samples from which laboratories of ALS (Seville, Spain)
3 kg was pulverised to produce and analytical laboratory of ALS
a 30 g charge for fire assay'). (Vancouver, Canada). Samples are
In other cases more explanation dried, fine crushed down to 70%
may be required, such as where below 2mm, split to obtain 1,000g
there is coarse gold that has and pulverised with at least 85%
inherent sampling problems. of the sample passing 75um. 10g
Unusual commodities or mineralisation of sample is used for multi element
types (eg submarine nodules) analysis by ICP method and by pressed
may warrant disclosure of detailed powder X-ray fluorescence (XRF)
information. method when detection limit is exceeded
for tin.
------------------ ------------------------------------------- ---------------------------------------------
Drilling Drill type (eg core, reverse Drilling comprised DD (HQ) drilling
techniques circulation, open-hole hammer, with standard wire line drilling
rotary air blast, auger, Bangka, method.
sonic, etc) and details (eg
core diameter, triple or standard
tube, depth of diamond tails,
face-sampling bit or other type,
whether core is oriented and
if so, by what method, etc).
------------------ ------------------------------------------- ---------------------------------------------
Drill sample Method of recording and assessing Overall core recoveries in excess
recovery core and chip sample recoveries of 90% were typically recorded in
and results assessed. mineralised zones, which is considered
acceptable.
------------------ ------------------------------------------- ---------------------------------------------
Measures taken to maximise sample The DD drilling rigs used face discharge
recovery and ensure representative bits to ensure a low contact between
nature of the samples. the rock and drilling fluids, minimising
ore washing. Core was cut using
a water saw with care taken to ensure
minimal ore loss.
------------------------------------------- ---------------------------------------------
Whether a relationship exists There are areas affected by historical
between sample recovery and underground mining which were crossed
grade and whether sample bias by drill hole BAR-012. In these
may have occurred due to preferential areas material is lost and therefore
loss/gain of fine/coarse material. is not sampled.
------------------ ------------------------------------------- ---------------------------------------------
Logging Whether core and chip samples Logging of DD core included recording
have been geologically and geotechnically descriptions of lithology, age,
logged to a level of detail colour, oxidation, mineralisation,
to support appropriate Mineral alteration, weathering, structures,
Resource estimation, mining textures, grain size and mineralogy.
studies and metallurgical studies. Geotechnical logging of DD core
included recording descriptions
of integrity (recovery and RQD),
materials (lithology, rock strength
and depth oxide staining), structures
(type, angle, contact type, infill,
weathering)
Structural logging of DD core included
recording descriptions of structure
type, structural angles, contact
type, infill, line type and slip
direction.
Alteration logging of DD core included
recording descriptions of metamorphic
textures, alteration mineralogy
and mineralisation style.
------------------ ------------------------------------------- ---------------------------------------------
Whether logging is qualitative Geological logging is qualitative
or quantitative in nature. Core in nature.
(or costean, channel, etc) photography. All DD core boxes were photographed.
------------------------------------------- ---------------------------------------------
The total length and percentage All DD drill holes are logged in
of the relevant intersections full by Company geologists.
logged.
------------------ ------------------------------------------- ---------------------------------------------
Sub-sampling If core, whether cut or sawn DD core was sampled using 0.19-2.30m
techniques and whether quarter, half or intervals in the mineralised zones,
all core taken. including areas of internal low
grade or waste. In addition, the
sampling was extended 1-4m up and
down hole from the interpreted mineralised
zone. Half core is cut in half with
a diamond disk saw following a line
marked by the geologist. The rock
saw is regularly flushed with fresh
water.
------------------ ------------------------------------------- ---------------------------------------------
and sample If non-core, whether riffled, Drilling is core.
preparation tube sampled, rotary split,
etc and whether sampled wet
or dry.
------------------------------------------- ---------------------------------------------
For all sample types, the nature, Samples were sent to ALS laboratory
quality and appropriateness for preparation and analysis. Samples
of the sample preparation technique. were dried, fine crushed down to
70% below 2mm and pulverised with
at least 85% of the sample passing
75um. 10g of sample was used for
multi element analysis by ICP method
and by pressed powder X-ray fluorescence
(XRF) method when the detection
limit for tin is exceeded.
------------------------------------------- ---------------------------------------------
Quality control procedures adopted Routine sample preparation and analyses
for all sub-sampling stages of diamond drill core samples were
to maximise representivity of carried out by ALS, who operates
samples. an independent sample preparation
laboratory in Seville (Spain) and
analytical laboratory in Vancouver
(Canada). QA/QC procedures involve
the use of uranium standards and
blanks which are inserted into sample
batches at a frequency of approximately
10-15%.
------------------------------------------- ---------------------------------------------
Measures taken to ensure that All samples were prepared to meet
the sampling is representative standard quality control procedures
of the in situ material collected, as follows: fine crushed down to
including for instance results 70% below 2mm, split sample using
for field duplicate/second-half a Boyd Rotary Splitter to 1kg, pulverize
sampling. 1kg to 85% passing 200 mesh (75
microns) and split to 10g.
------------------------------------------- ---------------------------------------------
Whether sample sizes are appropriate Sample sizes are well in excess
to the grain size of the material of standard industry requirements.
being sampled.
------------------ ------------------------------------------- ---------------------------------------------
Quality The nature, quality and appropriateness All samples were routinely assayed
of assay of the assaying and laboratory by ALS for uranium, tin, lithium
data and procedures used and whether and another 48 elements using ICP
laboratory the technique is considered method.
tests partial or total. When tin concentration exceeds the
detection limit (25,000ppm), samples
are re-assayed using XRF method.
Both analytical methods report total
content for each element.
------------------ ------------------------------------------- ---------------------------------------------
For geophysical tools, spectrometers, Down-hole gamma logging was undertaken
handheld XRF instruments, etc, for all holes to provide radiometric
the parameters used in determining response.
the analysis including instrument
make and model, reading times,
calibrations factors applied
and their derivation, etc.
------------------------------------------- ---------------------------------------------
Nature of quality control procedures Uranium standards and blanks were
adopted (eg standards, blanks, regularly inserted into the sample
duplicates, external laboratory stream by Berkeley, with approximately
checks) and whether acceptable 10-15% of all samples related to
levels of accuracy (ie lack quality control. The external laboratories
of bias) and precision have used also maintain their own process
been established. of QA/QC utilising standards, pulp
repeats, sample duplicates and blanks.
Review of the Berkeley quality control
samples, as well as the external
laboratory quality QA/QC reports,
has shown no sample preparation
issues, acceptable levels of accuracy
and precision and no bias in the
analytical datasets.
------------------ ------------------------------------------- ---------------------------------------------
Verification The verification of significant Reported significant intersections
of sampling intersections by either independent have been checked and verified by
and assaying or alternative company personnel. Senior Geological management.
------------------ ------------------------------------------- ---------------------------------------------
The use of twinned holes. No twinned holes were drilled for
the current exploration stage.
------------------------------------------- ---------------------------------------------
Documentation of primary data, All primary data was recorded in
data entry procedures, data templates designed by Berkeley.
verification, data storage (physical Assay data from the external laboratory
and electronic) protocols. is received in spreadsheets and
downloaded directly into an Access
Database managed by the Company.
Data is entered into controlled
excel templates for validation.
The validated data is then loaded
into a password secured relational
database by a designated Company
geologist. Daily backups of all
digital data are undertaken. These
procedures are documented in the
Berkeley Technical Procedures and
Protocols manual.
------------------------------------------- ---------------------------------------------
Discuss any adjustment to assay Tin (ppm) assays are converted to
data. SnO(2) (ppm) using the stoichiometric
factor of 1.270 and then passed
to percentage.
Lithium (ppm) assays are converted
to Li(2) O (ppm) using the stoichiometric
factor of 2.153 and then passed
to percentage.
------------------ ------------------------------------------- ---------------------------------------------
Location Accuracy and quality of surveys Drill hole collar locations were
of data used to locate drill holes (collar surveyed by qualified surveyors
points and down-hole surveys), trenches, (Calidad, Topografía y Geomática,
mine workings and other locations S. L. P.) using standard differential
used in Mineral Resource estimation. GPS (DGPS) equipment achieving sub
decimetre accuracy in horizontal
and vertical position.
Down-hole surveys were undertaken
using a Geovista down-hole deviation
probe. Measurements were taken every
1cm down hole and averaged every
5m or 10m. No strongly magnetic
rocks are present within the deposit
which may affect magnetic based
readings.
------------------ ------------------------------------------- ---------------------------------------------
Specification of the grid system The grid system is ETRS 1989 UTM
used. Zone 29N.
------------------------------------------- ---------------------------------------------
Quality and adequacy of topographic Topographic control is based on
control. a digital terrain model with sub
metric accuracy sourced from the
Spanish Geographical Institute (Instituto
Geográfico Nacional) and is
verified through detailed drill
hole collar surveys by a qualified
surveyor using a DGPS.
------------------ ------------------------------------------- ---------------------------------------------
Data spacing Data spacing for reporting of The objective of this drilling campaign
and distribution Exploration Results. is to check the results of previous
exploration works which were based
on soil sampling, radon concentration
measurements, ground radiometric
surveys and geological mapping.
The results reported herein relate
to two sections drilled 700m apart,
with two holes on each section.
------------------ ------------------------------------------- ---------------------------------------------
Whether the data spacing and The data spacing is not considered
distribution is sufficient to sufficient to assume geological
establish the degree of geological and grade continuity.
and grade continuity appropriate
for the Mineral Resource and
Ore Reserve estimation procedure(s)
and classifications applied.
------------------------------------------- ---------------------------------------------
Whether sample compositing has No compositing of DD samples has
been applied. been undertaken.
------------------ ------------------------------------------- ---------------------------------------------
Orientation Whether the orientation of sampling The mineralised zone is associated
of data achieves unbiased sampling of to an 10+km scale fault structure
in relation possible structures and the with the dominant strike direction
to geological extent to which this is known, being NNE-SSW. Despite the general
structure considering the deposit type. dip of the host geological units
and structures ranging from 80-90deg,
the mineralised zones are interpreted
to be sub-vertical related with
layering or sub-vertical structures
following the regional tendency.
------------------ ------------------------------------------- ---------------------------------------------
If the relationship between All drill holes are inclined at
the drilling orientation and -45(o) and -65(o) and orientated
the orientation of key mineralised perpendicular to general strike
structures is considered to of the interpreted mineralised structures.
have introduced a sampling bias, Due to the interpreted sub-vertical
this should be assessed and nature of the mineralisation, no
reported if material. sampling bias is considered to have
been introduced by the orientation
of the drilling.
------------------ ------------------------------------------- ---------------------------------------------
Sample The measures taken to ensure Chain of custody is managed by Berkeley.
security sample security. Samples were transported from the
drill site by Company vehicle to
a logging shed where samples are
prepared for dispatch. Samples are
sent directly from the core shed
to the laboratory using a certified
courier. Samples are included in
a plastic container conveniently
closed and strapping to prevent
its opening. No other freight is
transported with the samples which
are taken directly from the Berkeley
facility to the external laboratory.
Sample submission forms are sent
in paper form with the samples as
well as electronically to the laboratory.
Reconciliation of samples occurs
prior to commencement of sample
preparation for assaying.
------------------ ------------------------------------------- ---------------------------------------------
Audits The results of any audits or Sampling techniques and procedures,
or reviews reviews of sampling techniques as well as QA/QC data, are reviewed
and data. internally an ongoing basis. These
reviews have concluded that the
sampling and analytical results
are to industry standards.
------------------ ------------------------------------------- ---------------------------------------------
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section.)
Criteria JORC Code explanation Commentary
------------------------------------------
Mineral Type, reference name/number, The Barquilla Prospect lies on the
tenement location and ownership including Barquilla Investigation Permit PI
and land agreements or material issues 6679 which is 100% owned by Berkeley
tenure status with third parties such as Minera España, S. L., a wholly
joint ventures, partnerships, owned subsidiary of Berkeley Energia
overriding royalties, native Limited.
title interests, historical
sites, wilderness or national The Barquilla Investigation Permit
park and environmental settings. was granted in January 2008 and
is currently in the first year of
a second three-year term.
No historical sites, wilderness
or national parks are located within
the Permit. The Barquilla Prospect
is located adjacent to the village
of Barquilla.
---------------------------------------- -----------------------------------------------
The security of the tenure Tenure in the form of an Investigation
held at the time of reporting Permit has been granted and is considered
along with any known impediments secure. There are no known impediments
to obtaining a licence to to obtaining a licence to operate
operate in the area. in this area.
-------------------- ---------------------------------------- -----------------------------------------------
Exploration Acknowledgment and appraisal Previous exploration and exploitation
done by of exploration by other parties. at Barquilla were carried out by
other parties different companies from several
countries (England, Germany, Italy,
France and Spain) from the early
1930's through to the mid 1980's.
Works completed by these companies
included placer and underground
mining, mapping, trenching and drilling.
Only public domain historical data
is obtained by Berkeley.
-------------------- ---------------------------------------- -----------------------------------------------
Geology Deposit type, geological setting The mineralisation is hosted within
and style of mineralisation. Neoproterozoic metasediments. The
mineralisation typically occurs
associated to sub-vertical quartz
veins occurring from near surface
(9m down-hole) and 170m down hole
depth. The style of the mineralisation
includes quartz veins containing
tin, lithium and sulphide minerals,
subparallel to bedding, and within
vertical structures. Cassiterite
(Sn) and amblygonite/montebrasite
(Li) are the main minerals. Both
are visible with well-developed
crystals of cassiterite and amorphous
masses of amblygonite/montebrasite
observed within quartz veins. Other
elements of interest are tantalum,
tungsten, niobium, rubidium and
strontium commonly associated to
the aforementioned quartz veins
and minerals.
-------------------- ---------------------------------------- -----------------------------------------------
Drill hole A summary of all information Details of all reported drill holes
Information material to the understanding are provided in Appendices 2 and
of the exploration results 3 of this report.
including a tabulation of
the following information
for all Material drill holes:
o easting and northing of
the drill hole collar
o elevation or RL (Reduced
Level - elevation above sea
level in metres) of the drill
hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
---------------------------------------- -----------------------------------------------
If the exclusion of this information All information has been included
is justified on the basis in Appendices 2 and 3 of this report.
that the information is not
Material and this exclusion
does not detract from the
understanding of the report,
the Competent Person should
clearly explain why this is
the case.
-------------------- ---------------------------------------- -----------------------------------------------
Data aggregation In reporting Exploration Results, Reported drill intersections are
methods weighting averaging techniques, based on chemical assay data and
maximum and/or minimum grade are calculated using a 0.1% SnO(2)
truncations (eg cutting of and 0.5% Li(2) O cut-off, no high
high grades) and cut-off grades grade cut and may include up to
are usually Material and should 2m of internal dilution.
be stated.
---------------------------------------- -----------------------------------------------
Where aggregate intercepts High grade intervals that are internal
incorporate short lengths to broader zones of tin and lithium
of high grade results and mineralisation are reported as included
longer lengths of low grade intervals.
results, the procedure used
for such aggregation should
be stated and some typical
examples of such aggregations
should be shown in detail.
---------------------------------------- -----------------------------------------------
The assumptions used for any No metal equivalent values are used.
reporting of metal equivalent
values should be clearly stated.
-------------------- ---------------------------------------- -----------------------------------------------
Relationship These relationships are particularly All drilling was planned in such
between important in the reporting a way as to intersect expected mineralisation
mineralisation of Exploration Results. If in a perpendicular manner. Drill
widths and the geometry of the mineralisation holes are oriented to be orthogonal
intercept with respect to the drill to the general strike of the interpreted
lengths hole angle is known, its nature mineralised structures. The mineralisation
should be reported. is interpreted to be sub vertical
dipping so the drill holes are inclined
at -45(o) and -65(o) .
Exploration results have been reported
as an interval with 'from' and 'to'
stated in tables of significant
intercepts. The true widths will
generally be narrower than the down-hole
intervals reported.
---------------------------------------- -----------------------------------------------
If it is not known and only The reported down-hole intervals
the down hole lengths are must not be interpreted as true
reported, there should be widths. Based on the interpreted
a clear statement to this dip and orientation of the mineralisation,
effect (eg 'down hole length, true widths will generally be narrower
true width not known'). than the down-hole intervals reported
-------------------- ---------------------------------------- -----------------------------------------------
Diagrams Appropriate maps and sections Appropriate diagrams, including
(with scales) and tabulations a drill plan and cross sections,
of intercepts should be included are included in the main body of
for any significant discovery this release.
being reported These should
include, but not be limited
to a plan view of drill hole
collar locations and appropriate
sectional views.
-------------------- ---------------------------------------- -----------------------------------------------
Balanced Where comprehensive reporting All results are reported in Appendices
reporting of all Exploration Results 2 and 3 of this release.
is not practicable, representative
reporting of both low and
high grades and/or widths
should be practiced to avoid
misleading reporting of Exploration
Results.
-------------------- ---------------------------------------- -----------------------------------------------
Other substantive Other exploration data, if Extensive work has been conducted
exploration meaningful and material, should in this area in the past.
data be reported including (but Detailed geological mapping, radiometric
not limited to): geological airborne, ground radiometric measures,
observations; geophysical soil sampling and geochemistry.
survey results; geochemical A total of six DD holes (331m) and
survey results; bulk samples two RC holes (83m) were completed
- size and method of treatment; in the area previously.
metallurgical test results; Down-hole gamma logging of all holes
bulk density, groundwater, is undertaken to provide eU(3) O(8)
geotechnical and rock characteristics; data. Prior comparisons of eU(3)
potential deleterious or contaminating O(8) data with chemical assay data
substances. have shown that on average eU(3)
O(8) tends to underestimate at higher
grades (>600ppm) and overestimate
at lower grades (<100ppm). Accordingly,
the eU(3) O(8) data is not considered
of sufficient quality to replace
chemical assay data for the purposes
of reporting drilling results.
-------------------- ---------------------------------------- -----------------------------------------------
Further The nature and scale of planned Further work planned for the Barquilla
work further work (eg tests for Prospect includes exploration drilling
lateral extensions or depth that would be focused on improving
extensions or large-scale geological confidence and continuity
step-out drilling). of the mineralisation.
The mineralisation remains open
along strike and at depth, with
both areas may be targeted in subsequent
drilling campaigns.
Geological studies will include
detailed interpretation of lithology,
structure and weathering and an
assessment of potential relationships
between these factors and grade
distribution.
Further work is also planned on
a number of other exploration targets
within the Salamanca II Region.
---------------------------------------- -----------------------------------------------
Diagrams clearly highlighting These are shown in the main body
the areas of possible extensions, of this report.
including the main geological
interpretations and future
drilling areas, provided this
information is not commercially
sensitive.
-------------------- ---------------------------------------- -----------------------------------------------
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity
quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97,
01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
-----------------------------------------------------
Berkeley Energia Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
40 052 468 569 31 December 2019
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows $A'000
(6 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (1,669) (2,845)
(b) development - -
(c) production - -
(d) staff costs (665) (1,695)
(e) administration and corporate
costs (380) (723)
1.3 Dividends received (see note - -
3)
1.4 Interest received 261 747
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Research and development refunds - -
Other (provide details if
material):
1.8 - Business Development (21) (90)
---------------- ----------------
Net cash from / (used in)
1.9 operating activities (2,474) (4,606)
----- ------------------------------------- ---------------- ----------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant and equipment (47) (50)
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) property, plant and equipment - -
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
2.3 Cash flows from loans to - -
other entities
2.4 Dividends received (see note - -
3)
2.5 Other (provide details if
material): - -
---------------- ----------------
Net cash from / (used in)
2.6 investing activities (47) (50)
------- ----------------------------------- ---------------- ----------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of shares - -
3.2 Proceeds from issue of convertible - -
notes
3.3 Proceeds from exercise of - -
share options
Transaction costs related
to issues of shares, convertible
3.4 notes or options (2) (2)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related
to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- ----------------
Net cash from / (used in)
3.10 financing activities (2) (2)
------- ----------------------------------- ---------------- ----------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 98,217 96,584
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (2,474) (4,606)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (47) (50)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) (2) (2)
Effect of movement in exchange
4.5 rates on cash held (3,187) 581
---------------- ----------------
Cash and cash equivalents
4.6 at end of period 92,507 92,507
------- ----------------------------------- ---------------- ----------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 2,689 4,738
5.2 Call deposits 89,818 93,479
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 92,507 98,217
---- ----------------------------------- ---------------- -----------------
6. Payments to directors of the entity and Current quarter
their associates $A'000
Aggregate amount of payments to these parties
6.1 included in item 1.2 (116)
----------------
6.2 Aggregate amount of cash flow from loans
to these parties included in item 2.3 -
----------------
6.3 Include below any explanation necessary to understand
the transactions included in items 6.1 and 6.2
----- -----------------------------------------------------------------
Payments include directors' fees, superannuation and technical
consulting fees.
7. Payments to related entities of the entity Current quarter
and their associates $A'000
7.1 Aggregate amount of payments to these parties -
included in item 1.2
----------------
7.2 Aggregate amount of cash flow from loans
to these parties included in item 2.3 -
----------------
7.3 Include below any explanation necessary to understand
the transactions included in items 7.1 and 7.2
---- ----------------------------------------------------------------
Not applicable.
8. Financing facilities available Total facility Amount drawn
Add notes as necessary for amount at quarter at quarter end
an understanding of the position end $A'000
$A'000
8.1 Loan facilities - -
------------------- ----------------
8.2 Credit standby arrangements - -
------------------- ----------------
8.3 Other (please specify) - -
------------------- ----------------
8.4 Include below a description of each facility above, including
the lender, interest rate and whether it is secured or
unsecured. If any additional facilities have been entered
into or are proposed to be entered into after quarter
end, include details of those facilities as well.
---- -------------------------------------------------------------------------
Not applicable.
9. Estimated cash outflows for next $A'000
quarter
9.1 Exploration and evaluation (1,000)
9.2 Development -
9.3 Production -
9.4 Staff costs (500)
9.5 Administration and corporate costs (200)
9.6 Other (provide details if material) -
--------
9.7 Total estimated cash outflows (1,700)
---- ------------------------------------ --------
10. Changes in tenements Tenement Nature of Interest Interest
(items 2.1(b) reference interest at beginning at end of
and 2.2(b) above) and location of quarter quarter
10.1 Interests in - - - -
mining tenements
and petroleum
tenements lapsed,
relinquished
or reduced
----- --------------------- -------------- ---------- -------------- -----------
10.2 Interests in - - - -
mining tenements
and petroleum
tenements acquired
or increased
----- --------------------- -------------- ---------- -------------- -----------
(a) Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
[lodged electronically without signature]
Sign here:
............................................................ Date:
31 January 2020
(Director/Company secretary)
Print name: Dylan Browne
Notes
1. The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the past
quarter and the effect on its cash position. An entity that wishes
to disclose additional information is encouraged to do so, in a
note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with
Australian Accounting Standards, the definitions in, and provisions
of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this
quarterly report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A,
the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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