TIDMBKY
RNS Number : 7321H
Berkeley Resources Limited
26 February 2010
26 February 2010
BERKELEY RESOURCES LIMITED
BERKELEY DOUBLES RESOURCES TO 52 Mlbs U3O8
The Directors of Berkeley are pleased to advise completion of the first stage
Mineral Resource Estimates, reported in accordance with the JORC Code (2004),
for the Salamanca Uranium Project in Spain. Initial estimates for the Águila
Area (previously Mina Fe), and significant additions in the Retortillo Area have
doubled Berkeley's total Mineral Resource base to over 52 Mlbs U3O8.
· Mineral Resources for the Águila Area, which includes the Sageras, Palacios
(previously Mina D) and Majuelos deposits, all within 3 kms of the Quercus
processing plant, total 22.5 million tonnes at an average grade of 417 ppm for
20.7 Mlbs U3O8. These Mineral Resources include 24% Measured Resources and 26%
Indicated Resources as detailed in Table 1.
· Mineral Resources in the Retortillo Area increased by 33% to a total of
19.9 million tonnes at an average grade of 512 ppm for 22.5 Mlbs U3O8.
· Total Mineral Resources are now 53.7 million tonnes at 442 ppm for 52.4
Mlbs U3O8, with 31% in the Measured and Indicated categories.
· Confirmatory drilling at the substantial Alameda deposits (exploration
target of 25.5-29 million tonnes @ 450-500 ppm U3O8) is well advanced. It is
anticipated that additional Mineral Resources will be reported in accordance
with the JORC Code by the end of the current quarter.
Enquiries - Managing Director: Ian Stalker Tel: +34
608 221 497
RBC Capital Markets: Martin Eales Tel: +44
20 7029 7881
1. MINERAL RESOURCE INVENTORY
Berkeley's Mineral Resource Estimates now include three areas: Águila,
Retortillo and Gambuta. A detailed breakdown of all deposits, at a 200 ppm U3O8
cut-off, is presented in Table 1. Initial Mineral Resource Estimates reported in
accordance with the JORC Code for the fourth area, Alameda, will be completed by
the end of the current quarter.
Berkeley's Feasibility Study is focussed initially on the Águila and Alameda
areas, with possible extension to the Retortillo area. These three areas form
the Salamanca Uranium Project (the "Project").
NOTE - The Alameda deposits have been extensively explored by ENUSA but are not
classed as Mineral Resources. The quantity and grade of Berkeley's exploration
targets for the Alameda deposits are conceptual in nature and based on a review
of the available data on the projects to date. As there has been insufficient
exploration to estimate a Mineral Resource in accordance with the JORC Code, it
is uncertain whether further exploration will result in the determination of a
Mineral Resource.
Table 1 - MINERAL RESOURCE INVENTORY (200 ppm U3O8 Cut-off)
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Deposit | Resource |Tonnes | U3O8 | U3O8 | U3O8 |Category |Estimated |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Name | Category | (Mt) |(ppm) | (t) |(Mlbs) | (%) | By 1 |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Measured | 4.7 | 380 | 1,779 | 3.9 | 45.6% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| |Indicated | 2.3 | 430 | 977 | 2.2 | 25.0% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Subtotal | 7.0 | 396 | 2,755 | 6.1 | 70.7% | |
| | M+I | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Inferred | 2.8 | 410 | 1,143 | 2.5 | 29.3% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Sageras | Total | 9.7 | 400 | 3,899 | 8.6 | 100.0% | AMC |
| 3 | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Measured | 0.9 | 515 | 483 | 1.1 | 22.7% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| |Indicated | 2.9 | 502 | 1,438 | 3.2 | 67.4% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Subtotal | 3.8 | 505 | 1,922 | 4.2 | 90.1% | |
| | M+I | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Inferred | 0.4 | 531 | 211 | 0.5 | 9.9% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Palacios | Total | 4.2 | 508 | 2,133 | 4.7 | 100.0% | AMC |
| North 2, | | | | | | | |
| 3 | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Palacios | Inferred | 2.2 | 328 | 708 | 1.6 | 100.0% | BR |
| South 2, | | | | | | | |
| 3 | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Majuelos | Inferred | 4.9 | 432 | 2,111 | 4.7 | 100.0% | BR |
| 3 | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Majuelos | Inferred | 1.6 | 347 | 541 | 1.2 | 100.0% | BR |
| East 3 | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Measured | 5.6 | 403 | 2,262 | 5.0 | 24.1% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| |Indicated | 5.1 | 470 | 2,415 | 5.3 | 25.7% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Subtotal | 10.8 | 435 | 4,677 | 10.3 | 49.8% | |
| | M+I | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Inferred | 11.8 | 400 | 4,715 | 10.4 | 50.2% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Águila | Total | 22.5 | 417 | 9,392 | 20.7 | 100.0% | |
| Area 2, | | | | | | | |
| 3 | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| |Indicated | 3.8 | 581 | 2,208 | 4.9 | 37.4% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Inferred | 5.8 | 637 | 3,695 | 8.1 | 62.6% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Retortillo | Total | 9.6 | 615 | 5,902 | 13.0 | 100.0% | MS |
| 5 | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| |Indicated | 1.4 | 394 | 552 | 1.2 | 29.2% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Inferred | 3.2 | 417 | 1,334 | 2.9 | 70.8% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Santidad | Total | 4.6 | 410 | 1,886 | 4.2 | 100.0% | MS |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Zona 7 | Inferred | 3.9 | 414 | 1,610 | 3.5 | 100.0% | BR |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Las | Inferred | 0.6 | 443 | 262 | 0.6 | 100.0% | BR |
| Carbas | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Cristina | Inferred | 0.8 | 460 | 363 | 0.8 | 100.0% | BR |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Caridad | Inferred | 0.4 | 382 | 165 | 0.4 | 100.0% | BR |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| |Indicated | 5.2 | 531 | 2,759 | 6.1 | 27.1% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Inferred | 14.7 | 505 | 7,431 | 16.4 | 72.9% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Retortillo | Total | 19.9 | 512 |10,190 | 22.5 | 100.0% | |
| Area | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Measured | 5.6 | 403 | 2,262 | 5.0 | 11.6% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| |Indicated | 10.3 | 501 | 5,174 | 11.4 | 26.4% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Subtotal | 16.0 | 466 | 7,437 | 16.4 | 38.0% | |
| | M+I | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Salamanca | Inferred | 26.5 | 458 |12,145 | 26.8 | 62.0% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Uranium | Total | 42.5 | 461 |19,582 | 43.2 | 100.0% | |
| Project | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Gambuta | Inferred | 11.3 | 371 | 4,174 | 9.2 | 100.0% | MS |
| Area 5 | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Measured | 5.6 | 403 | 2,262 | 5.0 | 9.5% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| |Indicated | 10.3 | 501 | 5,174 | 11.4 | 21.8% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Subtotal | 16.0 | 466 | 7,437 | 16.4 | 31.3% | |
| | M+I | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| | Inferred | 37.7 | 432 |16,319 | 36.0 | 68.7% | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
| Berkeley | Total | 53.7 | 442 |23,756 | 52.4 | 100.0% | |
| | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+-----------+
1. AMC = AMC Consultants(UK), MS = McDonald Speijers Consultants, BR =
Berkeley Resources
2. Águila Area previously referred to as Mina Fe, Palacios deposit
previously referred to as Mina D
3. Berkeley has agreed to acquire 90% of the ENUSA State Reserves and any
deposits therein by, inter alia, completing a feasibility study and paying EUR20m
to ENUSA. For full details of the Agreement, see Berkeley's announcement dated
10 December 2008
4. All figures are rounded, so differences may occur
5. Previously reported Mineral Resource Estimates
The new and updated Mineral Resource Estimates are based on a combination of
chemical and e-grades from historical drilling, supplemented by Berkeley diamond
and RC drilling with both chemical and e-grades. The geological models and
Mineral Resource Estimates have been developed by a team of in-house and
consulting geoscientists following a rigorous program to verify the historical
data. This has included the following work:
· Historical reports, maps and drill logs have been scanned and incorporated
into the Berkeley database. Digital historical data provided by ENUSA has been
verified from the scanned drill hole logs.
· Over 1,500 hectares of detailed ground radiometrics (50-100m line spacing)
have been completed over the Sageras, Palacios and Alameda deposits.
· Appraisal and extension of the existing geological mapping has been
completed in the Sageras, Palacios and Alameda areas.
· Issues associated with spatial location of data have been resolved by
installing and surveying 15 base stations across the ENUSA project area,
permitting transformation parameters to be established between the ENUSA
coordinate systems and the national UTM system. Additionally 300 collar
locations have been surveyed to assist the process.
· Historical drill holes have been re-surveyed to reconcile the down hole
survey deviation data. Where un-surveyed holes have not been accessible, the
average down hole surveys from surrounding holes have been used.
· Over 150 historical drill holes at Palacios and Sageras have been
re-probed and the comparison of Berkeley e-grades with the historical e-grades
is excellent.
· The Berkeley down hole gamma instrument was calibrated at the South
Australia Department of Water, Land and Biodiversity Conservation in calibration
pits constructed under the supervision of CSIRO.
· Confirmation drilling has been completed at Sageras and Palacios and all
holes have shown good correlation with the surrounding historical drill holes
(see announcement dated 22 January 2010 for more details).
· Three batches of full diamond core samples from the Sageras, Palacios and
Alameda South deposits have been dispatched to Chemex in Vancouver for chemical
analysis. The results show a good correlation with the e-grades generated from
the down hole gamma logging.
· Independent consultants have reviewed the e-grade calculations, geological
models and resource data.
2. SALAMANCA URANIUM PROJECT
Uranium was first discovered in Salamanca during the 1950's. Production
commenced in 1974 at the Fe mine, which grew to become the largest uranium mine
in the Iberian Peninsula. The mine closed in 2000 due to low uranium prices and
the mining areas have since been restored.
Berkeley's Feasibility Study process for the Salamanca Uranium Project commenced
in May 2009, following Cabinet approval of the Co-Operation Agreement between
Berkeley and ENUSA. The Study objective is to assess the viability of
restarting mining within the Salamanca State Reserves, based on a number of
known uranium deposits.
Following successful completion of the Scoping Study, announced in December
2009, the Company has been focused on the estimation of Mineral Resources based
on historical exploration targets, as well as acquiring representative samples
for a comprehensive program of metallurgical testing. This process has now been
completed for the Águila Area, proximal to the Quercus processing plant.
Drilling at the Alameda area will be completed shortly with estimation of
Mineral Resources expected by the end of March. Final Mineral Resource
Estimates for the Definitive Feasibility Study, which are intended to upgrade
resource categories, will be available later in 2010 after infill RC drilling
and probing of additional ENUSA holes.
2.1 Geology
The largest accumulations of uranium within the Project area are hosted in an
Upper Proterozoic to Lower Cambrian package of rocks called the Schist Greywacke
Complex (SGC). The SGC and associated Hercynian granitic plutons form the
basement which is unconformably overlain by continental sediments deposited
during the Tertiary Alpine Orogeny. The cover sediments are unmineralised, but
uranium mineralisation also occurs in intragranitic veins.
The SGC is affected by the 3 main phases of the Hercynian Orogeny and pre
Hercynian deformation has also been recognised. Later Alpine movements
rejuvenated earlier Hercynian structures as well as developing new fracture and
breccia zones.
The complex was metamorphosed to lower green schist facies during the Hercynian,
and well developed contact aureoles and small granitic dykes and sills are
common around granite margins.
The deposits are associated with metapelitic sediments which are often
carbonaceous and with variable quartz contents. Structural preparation and rock
competencies appear to have influenced deposit formation. The official
International Atomic Energy Association classification for the metasedimentary
hosted deposits is Vein Type - Sub Type Iberian, originally formed by low
temperature near surface hydrothermal processes. Variable local weathering
effects influence the distribution of mineralisation, the degree of which varies
between deposits. Disequilibrium has not been identified as a significant issue.
2.2 Águila Area
The three deposits of the Águila area, Palacios, Majuelos and Sageras, form a
continuous zone of mineralisation extending over 5 km from which the bulk of the
central Majuelos deposit (formerly Fe) has been mined.
The basement rocks are a steeply dipping structurally complex suite of banded,
massive and carbonaceous meta-pelites. A well developed penetrative cleavage
occurs throughout and fault and hydraulic breccias with clay, quartz and
carbonate infill are common.
Hydrothermal uranium mineralisation occurs as pitchblende and coffinite in two
predominant settings:
1. Within breccias and fault zones ranging from 10cm up to 15m thick with
regular strike and dips over distances up to 100m. Within these structural zones
the mineralisation occurs as veins and fracture coatings generally with a
complex internal distribution.
2. Veins from < 0.1cm up to 1cm thick along cleavage and bedding planes and
forming a diffuse, extensive stockwork.
Strong pervasive weathering and leaching of uranium occurs in the upper 20m. At
deeper levels, both iron oxide coatings and sulphides are commonly observed in
fractures.
Palacios
The Palacios Deposit (previously know as Mina D) is located within 1 km of the
Quercus processing plant and is separated from the Sageras and Majuelos deposits
by the Agueda River. The northern area (Palacios North) has been drilled out on
a 10m x 10m spacing and Palacios South has been drilled out on a 50m x 50m
spacing, therefore the two areas have been estimated separately.
Palacios North
The upper portions of the Palacios North deposit were mined by ENUSA in 3 small
open pits during the 1990's. Significant resources remain below the restored
open pits and recent drilling by Berkeley has confirmed the thickness and grade
of the historical drilling and provided a better understanding of the geology
(see ASX announcement of 22 January 2010). Current estimates indicate total
Mineral Resources of 4.2 Mt at 508 ppm for a total of 4.7 Mlbs U3O8, with about
90% in the Measured and Indicated categories (see Table 1).
In plan view, the uranium mineralisation occurs as two broad north trending
lobes, 600m - 750m in length, separated by a sparsely drilled central corridor
up to a few hundred metres in width. The two lobes have mostly been drilled on a
10m x 10m pattern, except for the southern portion of the western zone where the
spacing opens up to 20m x 20m and finally to 50m x 50m.
The deposit has been modeled using a drill hole data set of 2,668 drill holes.
Most holes are roto-percussion with down hole e-grades. Berkeley's recent 15
hole diamond drilling program covered a series of traverses designed to confirm
the historical drilling data. All holes intersected strong mineralisation
consistent with the historical data.
Berkeley's geological model is based on interpreted mineralised envelopes which
incorporate most +100 ppm U3O8 intersections. In addition, within each envelope
a number of zones of more intense mineralisation have been identified, up to
200m to 400m in strike length and scaling down to between 20m and 50m in length.
The resource estimation was undertaken by AMC Consultants (UK) using a base
configuration of 5m x 5m x 3m parent cells, and permitting cells to split once
in any direction where bounding surfaces are encountered. Horizons of complete
and partial oxidation were defined and average bulk density measurements, based
on measurements from Berkeley drill core, were assigned to the respective
weathering horizons.
Wireframed surfaces of historical open pit voids enabled removal of previously
mined blocks within the model. These blocks were assigned a zero grade and a
density of 1.8 to represent the restored fill material.
Sample uranium grade statistics were calculated and population characteristics
analysed for each of the mineralised zones. High grade capping was applied to
four of the zones.
Mineral Resource classifications were determined from confidence levels for
criteria such as data density and interpreted grade continuity. Measured
Resources were restricted to estimated blocks lying within the internal domains
where a minimum number of 20 samples were used to interpolate the grade in the
first estimation pass. An Inferred category was assigned to those blocks in the
southern parts of the western and eastern areas where the drill spacing was
greater than 10m x 10m.
A breakdown of the final resource at a 200 ppm cut-off is shown in Table 1.
An 18 hole RC drilling program is planned to test newly identified potential at
depth and the central undrilled corridor between the two mineralised zones as
well as infilling the Inferred areas in the southern part of the deposit. It is
anticipated that the majority of the Inferred Resource will be upgraded
following this program. Re-probing of historical holes is continuing to provide
increased confidence in the historical e-grades.
Palacios South
The southern part of the Palacios deposit extends for over 1,200m to the south
and has been drilled out on a 50m x 50m grid. The mineralisation occurs in a
stacked series of shallow dipping structural zones that become progressively
deeper and less continuous southwards beneath Tertiary cover.
Seven separate mineralised zones were identified; all dipping at approximately
15º to the north-west with strike lengths from 200m up to 1,200m. The
mineralised zones were wireframed as geologically continuous domains which
include significant amounts of low grade material. A density of 2.7 was used
based on the average of 146 density measurements taken from 7 historical diamond
drill holes at Palacios South.
A block model with a cell size of 25m (along strike) x 25m (across strike) x 5m
(vertical) was constructed with assay data composited to 2m after applying a top
cut. Blocks were estimated using an ID2 interpolation method and with a minimum
of 5 samples required to interpolate a grade into a block.
Total Mineral Resources are estimated at 2.2 Mt at 328 ppm for 1.6 Mlbs U3O8.
They have been classified as Inferred due to the 50m x 50m drill spacing and
lack of confirmatory drilling in this area.
Sageras Deposit
The Sageras deposit was discovered in 1960 and periodically investigated until
the mid 90's. It represents the north western extension of the Majuelos
deposit. Surface topography is relatively flat and the deposit is well
positioned for shallow open pit mining. Total Mineral Resources have been
estimated at 9.7 Mt at 400 ppm for 8.6 Mlbs U3O8, including 71% in the Measured
and Indicated categories.
The historical drill hole database for the Sageras and the Mahuelos deposits
contains 12,900 drill holes consisting of a combination of 50m x 50m spaced
diamond drill holes with chemical assays and 10m x 10m roto-percussion drill
holes with e-grades generated from down hole radiometric measurements. The
western quarter (formerly Zona M) lies outside the ENUSA wholly owned land and
has been drilled on a 50m x 50m spacing. Berkeley recently completed a
confirmatory diamond drilling program consisting of 21 holes in a series of
traverses across the deposit. The detailed results were announced in January
and all of the Berkeley holes intersected strong mineralisation consistent with
the historical data.
The mineralisation is hosted in Palaeozoic metasediments and occurs at or close
to the surface with widths varying from about 150m in the south-east up to 300m
in the north-west. Close spaced drilling indicates a number of shoots with
strong continuity in a north-westerly direction, parallel to a major geological
trend extending from the restored Mina Fe open pit for a distance of
approximately 1.5 km. In cross section, the mineralisation is gently east
dipping to sub-horizontal ranging from 10m to 50m in thickness and extends from
surface to 100m deep.
Berkeley's geological model is based on a broad outer envelope of mineralisation
that captures the majority of the +100 ppm U3O8 grades. It often includes
internal sub grade material in order to maintain geological continuity across
drill sections. In addition, six internal, higher grade, continuous mineralised
zones were identified within the outer envelope. They occur as broad sheets of
mineralisation with a very shallow dip, strong north-west continuity and have
strike lengths from 50m to 700m.
In the southern part of the deposit, the Sageras mineralisation links up with
the remnant Majuelos material below the mined Mina Fe open pit.
Average bulk density values, derived from Berkeley drill core, were assigned to
oxidised, transition and fresh blocks and wireframed surfaces of the historical
Mina Fe open pit were used to remove previously mined blocks within the model.
The Mineral Resource Estimate was undertaken by AMC Consultants (UK) using a
block model configuration of 10m x 10m x 3m parent cells, with cells being
permitted to split once in any direction where bounding surfaces are
encountered.
Sample uranium grade statistics were calculated and population characteristics
analysed for each of the mineralised zones. High grade capping was applied to
one of the zones. Variographic analysis was successfully completed for the two
dominant mineralised zones and parameters were derived using multi-structure
spherical models. Uranium grades were estimated from 2m sample composites, using
Ordinary Kriging for the main mineralised zones and inverse distance squared
weighting for the remaining zones. Grade interpolation into parent cells was
conducted under hard-bounded zonal control, using mostly 25m x 25m x 5m search
ellipsoids aligned in the average plane orientation of each zone.
The Mineral Resource classification in Table 1 was based on confidence levels
for criteria such as data density and interpreted grade continuity. Measured
Resources were restricted to estimated blocks within the central part of the
deposit where the drilling density is 10m x 10m and grade continuity is good. A
small part of West Sageras was classed as Indicated due to the recent drilling
by Berkeley closing the drill spacing from 50m down to 25m. An Inferred category
was assigned to those blocks where the drilling density was 50m x 50m or
greater, mainly in the Sageras West area and the southern part adjacent to the
restored mined Mina Fe pit.
An RC drilling program of 46 holes is planned to test the lateral and depth
potential identified in the recent diamond drill program and to increase
confidence in areas previously drilled at lower density, such as the southern
extension of the main Sageras lode and the area of 50m x 50m drilling in the
western sector. It is anticipated that the majority of the Inferred Resource
will be upgraded following this program. In addition, re-probing of historical
holes is continuing to provide increased confidence in the historical e-grades.
A second RC drilling program is also planned to test for extensions to the west
of Sageras and along the north-eastern margin where 50m x 50m drill holes
indicate the deposit is not closed off.
Majuelos Deposit
The Majuelos deposit encompasses two areas: remnant resources lying below the
restored Mina Fe open pit and drilled on a 10m x 10m grid; and a separate zone
to the east of the restored pit drilled on a 50m x 50m spacing. Total Mineral
Resources have been estimated at 6.4 Mt at 411 ppm for 5.8 Mlbs U3O8, all in the
Inferred category (see Table 1).
Most of the remnant resources occur at the margins of the pit, particularly in
the south-east where a strongly mineralised zone, dipping at 30 degrees to the
north-east, has been drilled to over 180 metres below the surface (historical
drill intersection of 10m @ 428 ppm U3O8). There is also a significant amount
of unmined material around the north-west margin of the restored open pit and
along the western boundary where mineralisation connects to the Sageras deposit.
The mineralisation has been interpreted within an envelope of +100 ppm U3O8
intersections and 17 separate mineralised zones were identified. A block model
with a cell size of 10m (along strike) x 10m (across strike) x 2.5m (vertical)
was constructed for the remnant zones with original assays composited to 2m.
Blocks were estimated using an ID2 interpolation method with a minimum of 5
samples required to interpolate a grade into a block. For the separate eastern
zone, a block model with a cell size of 25m (along strike) x 25m (across strike)
x 5m (vertical) was constructed. An average density of 2.7 was adopted from the
average for partially oxidised and fresh mineralisation at Sageras and Palacios
North.
A wireframed surface of the historical Mina Fe open pit was used to
remove the previously mined blocks from the model. In addition, there were a
significant number of isolated blocks lying directly below the mined surface in
the centre of the restored open pit that were manually removed from the model.
2.3 Retortillo Area
The 100% owned Retortillo area is located approximately 25km north-east of
Águila. It includes several significant uranium deposits with a total Mineral
Resource Estimate of 19.9 Mt at 512 ppm for 22.5 Mlbs U3O8. This new estimate is
a 33% increase on previous resource estimates for the Retortillo area deposits
and results from a 47% increase at the Santidad deposit, 248% at the Zona 7
deposit, and new estimates totaling 1.7 Mlbs at 436 ppm U3O8 in three small
deposits (Cristina, Caridad and Las Carbas) close to Zona 7 and previously
drilled by Berkeley. These Mineral Resources include 27% in the Indicated
category (at Retortillo and Santidad). Full details are recorded in Table 1.
Mineral Resources at the Retortillo deposit (13.0 Mlbs at a grade of 615 ppm
U3O8, with 38% Indicated) are unchanged from the announcement in November 2007.
Santidad Deposit
The Santidad deposit was discovered by Berkeley in 2007 by testing ground
radiometric anomalies 3 km to the north-west of the Retortillo deposit. It
occurs in the same sequence of Ordovician steeply dipping metamorphosed shales
as Retortillo and is essentially flat lying over a strike length of 2.6 km,
averaging about 200m in width with a thickness of 35m in the central area.
A Mineral Resource of 2.9 Mlbs U3O8 was announced in November 2007 based on 87
drill holes. A further 120 diamond and reverse circulation holes were
subsequently drilled by Berkeley and an updated Mineral Resource was estimated
by independent consultants, McDonald Speijers. It increased resources by 47% to
4.6 Mt at 410 ppm for 4.2 Mlbs of U3O8 and includes about 29% in the Indicated
category (see Table 1 for details).
Zona 7 Deposits
The Zona 7 deposits are located approximately 5 km north of the Santidad deposit
and consist of the significant Zona 7 deposit (3.5 Mlbs at 414 ppm U3O8) and a
cluster of small deposits in close proximity (Las Carbas, Caridad and Cristina).
All Mineral Resources are Inferred and total 5.7 Mt at 421 ppm for 5.3 Mlbs U3O8
(see Table 1 for details).
The host rocks are Cambrian to PreCambrian chlorite-sericite schists, slates,
quartzites and conglomerates and uranium mineralisation appears to be controlled
by both structure and supergene enrichment. Berkeley carried out a significant
amount of drilling in this area in 2008 (5 Diamond and 178 RC holes).
Zona 7
The Zona 7 deposit is an arcuate east-west trending zone of mineralisation that
follows the folded geology. It consists of an irregular distribution of narrow
veins and pods of higher grade mineralisation, and reflects the interplay
between steeply dipping structures and horizontal weathering.
Berkeley announced a small high grade Mineral Resource Estimate of 1.0 Mlbs U3O8
in November 2007 following completion of 7 diamond holes in the centre of the
deposit. Since then, a further 59 RC and 2 diamond holes have significantly
extended the mineralisation over a total strike length of 1.2km. An updated
Mineral Resource was estimated by Berkeley which increased resources by 248% to
3.9 Mt at 414 ppm for 3.5 Mlbs of U3O8. The deposit is closed off to the east,
but open to the south-west where some of the best intersections have been
recorded. It is possible that it will link up with the Las Carbas deposit
located 1.5km to the south beneath Tertiary cover.
The updated Mineral Resource Estimate is based on chemical assays from Berkeley
drilling. Unsampled intervals were assigned a zero grade. The interpretation
was based on a nominal +100 ppm U3O8 envelope with wireframes to constrain the
estimation. Mineralisation is divided into a western domain (900m long by 300m
wide) and a smaller eastern domain (450m by 100m). Chemical assay data was
composited to 2m and a top cut of 2,000 ppm was applied to reduce the effect of
extreme outlier values. An average bulk density of 2.65 was applied, based on
96 density measurements from diamond drill core.
Grade estimation was carried out using Inverse Distance Weighting squared and
the parent block size was 25m x 25m x 5m. A horizontal search ellipse was used
with a range of 100m along strike, 40m across strike and 10m vertical, and
oriented along strike at 50º for the western domain and 120º for the eastern
domain. A minimum of 10 composites were required to estimate a block. The
Mineral Resource Estimate was classified as Inferred due to the wide spacing of
the Berkeley drilling profiles.
Las Carbas
The Las Carbas deposit is located approximately 1.5km south of Zona 7 and was
discovered by Berkeley in 2008 beneath Tertiary cover. Magnetic and radiometric
data indicate the possible extension of Zona 7 mineralisation southwards to join
up with Las Carbas. An Inferred Mineral Resource of 0.6 Mlbs U3O8 at 443 ppm is
based on 22 reverse circulation holes with a total of 179 chemical assays.
Wireframes were constructed around the mineralised intersections and a
conservative density of 2.5 was used. Blocks were estimated using ID2 after
applying a top cut of 1,400 ppm U3O8.
Caridad
The Caridad deposit is located approximately 2.5km south-east of Zona 7. It was
briefly mined by JEN in the 1960's and is associated with two strong radiometric
anomalies within folded black phyllites and shales. Berkeley has drilled 44 RC
and 2 diamond drill holes to test these anomalies and identified continuous
mineralisation over widths of 50 to 100m. Although the host rocks appear
similar to Zona 7, mineralisation at Caridad appears more influenced by folding
and deformation, than by cross-cutting features, with a supergene overprint.
The Caridad database contains 458 chemical assays taken from Berkeley RC and
diamond holes drilled on an approximate 50m x 50m pattern. Wireframes were
constructed around the mineralised intersections and a density of 2.5 was used.
Blocks were interpolated using ID2 after applying a top cut of 1,400 ppm U3O8.
An Inferred Resource of 0.4 Mlbs U3O8 at 382 ppm was estimated.
Cristina
Cristina is located within a strong radiometric anomaly about 2km from Zona 7.
Historical small scale mining and outcrop indicate near surface secondary
mineralisation and historic drilling intersected significant zones of
mineralisation. Initial drilling by Berkeley in 2007 (47 RC holes and 1 diamond
hole) has defined mineralisation in three separate areas.
The Cristina database contains 714 chemical assays taken from the Berkeley RC
and diamond holes drilled on an approximate 50m x 50m pattern. Wireframes were
constructed around the mineralised intersections and a density of 2.5 was used.
Blocks were interpolated using ID2 after applying a top cut of 2,000 ppm U3O8.
An Inferred Resource of 0.8 Mlbs U3O8 at 363 ppm was estimated.
2.4 Alameda Area
The Alameda South and North deposits are located 12km to the west of the Águila
area, and have combined exploration targets, at a 200 ppm cut-off, of 25.5 to 29
million tonnes at grades ranging from 450 to 500 ppm U3O8. A confirmatory
diamond drilling program of 19 holes is nearing completion at Alameda South and
will enable an initial Mineral Resource Estimate for that deposit by the end of
March. Confirmatory drilling at Alameda North is planned to commence in the June
quarter, but a forthcoming review of historical data may encourage an earlier
resource estimate.
Mineralisation at Alameda South exhibits many similarities with deposits in the
Águila area, including structural control and visible uraninite in fractures and
thin, quartz carbonate sulphide veins. However, the host rocks are often more
quartz-rich and have experienced contact metamorphism. In addition, numerous
thin sills and dykes of granite are present.
NOTE - The Alameda deposits have been extensively explored by ENUSA but are not
classed as Mineral Resources. The quantity and grade of Berkeley's exploration
targets for the Alameda deposits are conceptual in nature and based on a review
of the available data on the projects to date. As there has been insufficient
exploration to estimate a Mineral Resource in accordance with the JORC Code, it
is uncertain whether further exploration will result in the determination of a
Mineral Resource.
A full version of this announcement including images can be downloaded from
Berkeley's website at www.berkeleyresources.com.au.
3. SUPPLEMENTARY RESOURCE INFORMATION
The uranium grades reported in this release are annotated with a sub-prefix "e"
because they have been reported as uranium equivalent grades derived from
down-hole gamma ray logging results and so they should be regarded as
approximations only.
The Berkeley drill holes were logged with a GeoVista total count gamma tool. The
gamma tool was calibrated in Adelaide at the Department of Water, Land and
Biodiversity Conservation in calibration pits constructed under the supervision
of CSIRO. The various calibration factors were calculated by David Wilson BSc
MSc MAusIMM from 3D Exploration Ltd based in Perth, Western Australia.
These Mineral Resources Estimates are presented in accordance with the 2004
Edition of the "Australasian Code for Reporting of Exploration Results, Mineral
Resource and Ore Reserves" (JORC Code).
The information relating to the Mineral Resource Estimates have been compiled by
Berkeley Resources team of geologists and consulting geoscientists.
Mr Chris Arnold (MAUSIMM) conducted the estimates for the Sageras and Palacios
North deposits. Mr Arnold is the Principal Resource Consultant with AMC
Consultants (UK), a member of the AusIMM, and a geologist whose career includes
more than 20 years relevant experience in resource estimation.
Mr Diederik Speijers (FAusIMM) takes responsibility for the estimate of the
Santidad Resource. Mr Speijers is an independent consultant with McDonald
Speijers and is a geologist with more than 30 years experience in resource
estimation. Mr Speijers 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 JORC Code. Mr Speijers consents to the inclusion in the report of
the matters based on his information in the form and context in which it
appears.
Mr Ross Corben (MAUSIMM) conducted the estimates of the Palacios South, Majuelos
and the Zona 7 deposits. Mr Corben is currently a Senior Project Geologist with
Berkeley Resources and is a geologist with more than 15 years relevant
experience in resource estimation.
The information in this report that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Mr. Ross Corben,
who is a Member of The Australian Institute of Mining and Metallurgy and an
employee of Berkeley Resources Limited. Mr. Corben 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.
Corben consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
This information is provided by RNS
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