TIDMBKY
RNS Number : 1706T
Berkeley Resources Limited
23 September 2010
23 September 2010
BERKELEY RESOURCES LIMITED
UPGRADED MINERAL RESOURCES AT THE
SAGERAS AND ALAMEDA SOUTH DEPOSITS
Following completion of an 8,000m RC infill drilling program in the Águila and
Alameda Areas, Berkeley Resources Limited is pleased to advise a 10% increase in
the combined Mineral Resource Estimates, reported in accordance with the JORC
Code (2004), of the Sageras and Alameda South deposits. Measured and Indicated
Resources at Sageras now represent 96% of the deposit and Alameda South now
contains 92% Indicated Resources. Detailed outcomes include:
· Mineral Resources within Berkeley's projects now total 84.6 million tonnes
at 446 ppm for 83.2 Mlbs (37.7 Kt) U3O8, with 46% in the Measured and Indicated
categories.
· Combined Mineral Resources for the Phase 1 Feasibility Study deposits
(Sageras, Palacios North & Alameda South) have increased by 8% to 34.5 Mlbs
(15.7 Kt) U3O8, with 93% in the Measured and Indicated categories.
· Mineral Resources for the Sageras Deposit have increased by 16% and now
total 10.0 Mlbs (4.5 Kt) at an average grade of 405 ppm U3O8. These include 39%
Measured Resources and 57% Indicated Resources.
· Mineral Resources for the Alameda South Deposit have increased by 7% and
now total 19.8 Mlbs (9.0 Kt) at an average grade of 445 ppm U3O8. These include
92% Indicated Resources.
Ian Stalker, Berkeley Resources MD commented "The RC drilling campaign has
significantly increased our confidence levels in the early production areas at
Águila and Alameda by converting most of the Inferred Resources into a higher
category. In addition, it has identified extensions to the various ore bodies
which have resulted in an overall increase in pounds. This highlights the
potential at Berkeley's other projects where RC drilling is planned later this
year."
Enquiries: Managing Director: Ian Stalker Tel:
+34 608 221 497
RBC Capital Markets: Martin Eales Tel +44
20 7029 7881
A full version of this announcement including images can be downloaded from
Berkeley's website at www.berkeleyresources.com.au.
1. MINERAL RESOURCES
Berkeley's Mineral Resources are located in 5 project areas.
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Deposit | Resource |Tonnes | U3O8 | U3O8 | U3O8 |Category |Berkeley | U3O8 |
| | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Name | Category | (Mt) |(ppm) | (t) |(Mlbs) | (%) | (%) |(Mlbs) |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Measured | 5.6 | 400 | 2,240 | 4.9 | 22% | 90% | 4.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| |Indicated | 8.7 | 463 | 4,031 | 8.9 | 40% | 90% | 8.0 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Subtotal | 14.3 | 439 | 6,271 | 13.8 | 62% | 90% | 12.4 |
| | M+I | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Inferred | 9.8 | 387 | 3,794 | 8.4 | 38% | 90% | 7.5 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Águila | Total | 24.1 | 418 |10,065 | 22.2 | 100% | 90% | 20.0 |
| Area | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| |Indicated | 18.5 | 446 | 8,251 | 18.2 | 75% | 90% | 16.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Inferred | 5.8 | 482 | 2,798 | 6.2 | 25% | 90% | 5.6 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Alameda | Total | 24.3 | 455 |11,049 | 24.4 | 100% | 90% | 21.9 |
| Area | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Villar | Inferred | 5.0 | 446 | 2,239 | 4.9 | 100% | 90% | 4.4 |
| Area | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| |Indicated | 5.2 | 531 | 2,759 | 6.1 | 27% | 100% | 6.1 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Inferred | 14.7 | 505 | 7,430 | 16.4 | 73% | 100% | 16.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Retortillo | Total | 19.9 | 512 |10,190 | 22.5 | 100% | 100% | 22.5 |
| Area | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Gambuta | Inferred | 11.3 | 371 | 4,192 | 9.2 | 100% | 100% | 9.2 |
| Area | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Measured | 5.6 | 400 | 2,240 | 4.9 | 6% | | 4.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| |Indicated | 32.4 | 464 |15,041 | 33.2 | 40% | | 30.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Subtotal | 38.0 | 455 |17,282 | 38.1 | 46% | | 34.9 |
| | M+I | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Inferred | 46.6 | 439 |20,453 | 45.1 | 54% | | 43.1 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Berkeley | Total | 84.6 | 446 |37,735 | 83.2 | 100% | | 78.0 |
| | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
Table 1 - Berkeley Project Area Mineral Resources (200 ppm U3O8 Cut-off)
Initial Mineral Resource Estimates for the Águila and Alameda Areas were
announced in February and March 2010 following completion of a confirmatory
diamond drilling program at the Sageras, Palacios and Alameda South deposits.
In June 2010, Berkeley commenced RC drilling at all three deposits to infill and
upgrade the resources and test for lateral and depth extensions. The resource
infill component of this program was completed in August and following receipt
of the final chemical assays, AMC Consultants (UK) have re-estimated the Mineral
Resources at the Sageras and Alameda South deposits.
Notable intersections are presented in Table 2 with the grades presented as U3O8
chemical assays.
+---------+---------+------+-----+----------+-------+
|Deposit | RC |From | To |Interval | U3O8 |
+---------+---------+------+-----+----------+-------+
| | Hole | (m) |(m) | (m) |(ppm) |
| | ID | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-037 | 77 | 81 | 4 |1,204 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-039 | 15 | 25 | 10 | 731 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-041 | 36 | 39 | 3 |2,647 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-045 | 25 | 35 | 10 | 840 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-047 | 20 | 28 | 8 |1,187 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-047 | 29 | 57 | 28 |1,728 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-051 | 113 |116 | 3 |1,341 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-052 | 57 | 62 | 5 |1,585 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-052 | 75 | 81 | 6 |2,691 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-052 | 84 | 95 | 11 | 506 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-052 | 107 |114 | 7 |1,417 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-053 | 17 | 25 | 8 | 658 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-056 | 69 | 71 | 2 |3,041 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Alameda |ASR-058 | 45 | 56 | 11 | 814 |
| South | | | | | |
+---------+---------+------+-----+----------+-------+
| Sageras |SGR-025 | 26 | 31 | 5 |1,325 |
+---------+---------+------+-----+----------+-------+
| Sageras |ZMR-015 | 45 | 50 | 5 |7,146 |
| West | | | | | |
+---------+---------+------+-----+----------+-------+
| Sageras |ZMR-016 | 41 | 48 | 7 |3,649 |
| West | | | | | |
+---------+---------+------+-----+----------+-------+
| Sageras |ZMR-017 | 27 | 49 | 22 |1,188 |
| West | | | | | |
+---------+---------+------+-----+----------+-------+
Table 2 - Notable Intersections
A full list of chemical and e-grade intersections will be included in the
September Quarterly report.
The updated Mineral Resource Estimates (Table 3) 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.
Table 3- MINERAL RESOURCE INVENTORY (200 ppm U3O8 Cut-off)
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Deposit | Resource |Tonnes | U3O8 | U3O8 | U3O8 |Category |Berkeley | U3O8 |
| | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Name | Category | (Mt) |(ppm) | (t) |(Mlbs) | (%) | (%) |(Mlbs) |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Measured | 4.7 | 378 | 1,777 | 3.9 | 39% | 90% | 3.5 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| |Indicated | 5.8 | 444 | 2,575 | 5.7 | 57% | 90% | 5.1 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Subtotal | 10.5 | 414 | 4,352 | 9.6 | 96% | 90% | 8.6 |
| | M+I | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Inferred | 0.7 | 268 | 188 | 0.4 | 4% | 90% | 0.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Sageras | Total | 11.2 | 405 | 4,539 | 10.0 | 100% | 90% | 9.0 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Measured | 0.9 | 515 | 464 | 1.0 | 22% | 90% | 0.9 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| |Indicated | 2.9 | 502 | 1,456 | 3.2 | 68% | 90% | 2.9 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Subtotal | 3.8 | 505 | 1,919 | 4.2 | 90% | 90% | 3.8 |
| | M+I | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Inferred | 0.4 | 531 | 212 | 0.5 | 10% | 90% | 0.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Palacios | Total | 4.2 | 508 | 2,132 | 4.7 | 100% | 90% | 4.2 |
| North 2 | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Palacios | Inferred | 2.2 | 328 | 722 | 1.6 | 100% | 90% | 1.4 |
| South 2 | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Majuelos | Inferred | 4.9 | 432 | 2,117 | 4.7 | 100% | 90% | 4.2 |
| 2 | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Majuelos | Inferred | 1.6 | 347 | 555 | 1.2 | 100% | 90% | 1.1 |
| East 2 | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Measured | 5.6 | 400 | 2,240 | 4.9 | 22% | 90% | 4.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| |Indicated | 8.7 | 463 | 4,031 | 8.9 | 40% | 90% | 8.0 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Subtotal | 14.3 | 439 | 6,271 | 13.8 | 62% | 90% | 12.4 |
| | M+I | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Inferred | 9.8 | 387 | 3,794 | 8.4 | 38% | 90% | 7.5 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Águila | Total | 24.1 | 418 |10,065 | 22.2 | 100% | 90% | 20.0 |
| Area 1 | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| |Indicated | 18.5 | 446 | 8,251 | 18.2 | 92% | 90% | 16.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Inferred | 1.7 | 433 | 736 | 1.6 | 8% | 90% | 1.5 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Alameda | Total | 20.2 | 445 | 8,987 | 19.8 | 100% | 90% | 17.8 |
| South | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Alameda | Inferred | 4.1 | 503 | 2,062 | 4.5 | 100% | 90% | 4.1 |
| North 2 | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| |Indicated | 18.5 | 446 | 8,251 | 18.2 | 75% | 90% | 16.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Inferred | 5.8 | 482 | 2,798 | 6.2 | 25% | 90% | 5.6 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Alameda | Total | 24.3 | 455 |11,049 | 24.4 | 100% | 90% | 21.9 |
| Area 1 | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Villar | Inferred | 5.0 | 446 | 2,239 | 4.9 | 100% | 90% | 4.4 |
| Area 1 | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| |Indicated | 5.2 | 531 | 2,759 | 6.1 | 27% | 100% | 6.1 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Inferred | 14.7 | 505 | 7,431 | 16.4 | 73% | 100% | 16.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Retortillo | Total | 19.9 | 512 |10,190 | 22.5 | 100% | 100% | 22.5 |
| Area | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Measured | 5.6 | 400 | 2,240 | 4.9 | 7% | | 4.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| |Indicated | 32.4 | 464 |15,041 | 33.2 | 45% | | 30.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Subtotal | 38.0 | 455 |17,282 | 38.1 | 52% | | 34.9 |
| | M+I | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Salamanca | Inferred | 35.3 | 460 |16,261 | 35.8 | 48% | | 33.9 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Uranium | Total | 73.3 | 457 |33,543 | 73.9 | 100% | | 68.8 |
| Project | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Gambuta | Inferred | 11.3 | 371 | 4,192 | 9.2 | 100% | 100% | 9.2 |
| Area | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Measured | 5.6 | 400 | 2,240 | 4.9 | 6% | | 4.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| |Indicated | 32.4 | 464 |15,041 | 33.2 | 40% | | 30.4 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Subtotal | 38.0 | 455 |17,282 | 38.1 | 46% | | 34.9 |
| | M+I | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| | Inferred | 46.6 | 439 |20,454 | 45.1 | 54% | | 43.1 |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
| Berkeley | Total | 84.6 | 446 |37,735 | 83.2 | 100% | | 78.0 |
| | | | | | | | | |
+------------+-----------+--------+-------+--------+--------+----------+----------+--------+
1. 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
2. Previously reported Mineral Resource Estimate
3. All figures are rounded, so differences may occur
2. SALAMANCA URANIUM PROJECT
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.
Berkeley's Feasibility Study is progressing in 2 separate phases:
1. Phase 1 is focusing on a tank leach scenario with a production rate of 2.1
Mlbs (0.95 Kt) of U3O8 per annum with the Sageras, Palacios North and Alameda
South deposits providing the initial feed to the Quercus Plant.
2. Phase 2 aims to increase the production rate up to 5 Mlbs (2.3 Kt) of U3O8
per annum by establishing heap leach operations at the various satellite
deposits.
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.
Sageras Deposit
The Sageras Deposit 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. The updated Mineral Resource has been
estimated at 11.2 Mt at 405 ppm for 10.0 Mlbs (4.5 Kt) U3O8, a 16.3% increase
from the initial Mineral Resource Estimate announced in February, 2010. It
includes 39% in the Measured category and 57% in Indicated.
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 completed a confirmatory diamond drilling program of 21 holes and
announced the results in January 2010. All holes intersected strong
mineralisation consistent with the historical data. The initial Mineral
Resource Estimate announced on the 26 February 2010, included 30% Inferred
Resources based on a drilling density of 50m x 50m or greater, mainly in the
Sageras West area and the southern part adjacent to the restored Mina Fe open
pit. RC drilling to infill these areas commenced in June and was completed in
July 2010 with 71 holes drilled for 4,301m. Chemical assay results confirm the
existing resource model and have identified a new mineralised zone in the
northern part of Sageras West which remains open to the north-west. RC drilling
of this zone is continuing and may link up to a large ground radiometric anomaly
previously identified by Berkeley a further 200 metres to the north-west.
RC holes were also targeted to test lateral and depth extension to the Sageras
deposit and some have extended the southern margin of the deposit.
The Sageras 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. Closer spaced drilling indicates a number of shoots
with strong continuity in a north-westerly direction, parallel to a major
geological trend which extends 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.
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 is 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. The Inferred
Resources was assigned to those blocks where the drilling density was greater
than 50m x 50m, mainly in the Sageras West area and a small portion of the
southern part adjacent to the restored mined Mina Fe pit.
Palacios Deposit
The Palacios Deposit (previously known 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.
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 drilling by Berkeley has confirmed the thickness and grade of the
historical drilling and provided a better understanding of the geology.
An initial Mineral Resource Estimation was completed for Palacios North by AMC
Consultants (UK) in February following the completion of the confirmatory
drilling program (see Table 3). Over 90% of the resource is already in the
Measured and Indicated categories so the recent RC drilling program was aimed at
exploring the previously untested area between the two main mineralised domains.
A total of 10 RC holes (1,112m) were drilled in this corridor but the results
were negative with only 2 holes intersecting mineralisation extending below the
current resource model.
Alameda Area
The Alameda deposits are located approximately 14km to the west of the Quercus
Plant. The Alameda North deposits consist of 3 separate zones extending north
from Alameda South over a distance of 3.5 km along the granite contact.
Alameda South Deposit
The Alameda South deposit was discovered in the 1960's and subsequently drilled
out on a 50m x 50m pattern using diamond drilling with chemical assays. The
deposit extends from the surface down to 120m and covers an area of 2km by 1.2km
with relatively flat surface topography. The updated Mineral Resources have been
estimated at 20.2 Mt at 445 ppm for 19.8 Mlbs (9.0 Kt) U3O8, an increase of 7%
from the initial Mineral Resource Estimate announced in March 2010. It includes
92% in the Indicated category.
The historical drill hole database for the Alameda South deposit contains 400
diamond drill holes for a total of 40,000m. The drill spacing was 50m x 50m
over the majority of the deposit although this had been reduced to 35m x 35m
over the main central zone of mineralisation. All of the historical assay data
consists of chemical assays which have been checked against the historical drill
logs. Berkeley has completed a confirmatory diamond drilling program consisting
of 19 holes in a series of traverses across the deposit. The detailed drilling
results were announced in March 2010 with all Berkeley holes intersecting strong
mineralisation consistent with the historical data. An initial Mineral Resource
Estimate was announced on the 30th March, with approximately 50% classified as
Inferred where the drilling density was 50m x 50m or greater. The recent RC
drilling program, comprising 33 holes (3,554m), was aimed at infilling these
areas and was completed in August. All samples were sent to ALS Chemex in
Vancouver for chemical analysis. Assay results confirmed the existing resource
model and identified additional down dip potential.
Uranium mineralisation at Alameda South is hosted by a deformed sequence of
regionally and thermally metamorphosed quartz sericite pelites. Granitic sills
and shallow dipping dykes were intruded after the main folding and metamorphism
events, followed by the uranium mineralisation.
Uranium mineralisation occurs in a complex network of moderately to steeply
dipping brittle structures (veins, faults, fractures and along bedding contacts)
as a result of a low temperature hydrothermal event. The mineralised zones
commonly have sharp boundaries, separating mineralised structures from poorly
mineralised host rock.
Mineralised domains are 50-200m wide, trend north and north-west and dip
moderately to steeply west and south-west respectively. The north trending
domain has a strike extent of approximately 800m and the north-west trending
domains have a cumulative strike of approximately 1,500m. Within each of the
domains, multiple mineralised zones have widths of up to 50m. The depth to the
base of mineralisation varies with the development of mineralised structures.
In the north trending part of the deposit, the mineralisation extends up to 120m
below surface whereas the north-west-trending mineralised structures extend from
60 to 70m below the surface.
Berkeley's geological model is based on a broad outer envelope of mineralisation
that captures the majority of the +100 ppm U3O8 grades. It includes internal
sub grade material in order to maintain geological continuity across drill
sections.
Average bulk density values, derived from Berkeley drill core, were assigned to
oxidised, transition and fresh blocks in the model.
The Mineral Resource Estimate was undertaken by AMC Consultants (UK) using a
block model configuration of 10m x 10m x 6m 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 top cuts were determined
for each zone and applied to the sample composites to reduce the affect of
extreme outlier values. Variographic analysis was successfully completed for two
mineralised zones and parameters were derived using multi-structure spherical
models. Uranium grades have been estimated from 2m sample composites, using
Ordinary Kriging for the two 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 40m x 40m x 5m search
ellipsoids aligned in the average plane orientation of each zone.
The Mineral Resource classification was based on confidence levels for criteria
such as data density and interpreted grade continuity. Berkeley's drilling has
infilled the central area of the deposit down to 35m x 35m and although the
intersections are consistent in thickness and grade with the historical
drilling, the correlation between holes does not achieve Measured confidence.
The majority of the rest of the deposit was classified as Indicated as the
Berkeley drilling has confirmed the historical drilling and shown the grade
continuity to be reasonable. An Inferred category was assigned to those blocks
where the drilling density was greater than 50m x 50m or where the variation in
grade and thickness between sections was significant. This was mainly at depth
where the mineralisation extends below the deepest hole and has not been closed
off. A small area in the north-western and eastern part of the deposit was also
classified as Inferred due to the inconsistent drill spacing in these areas.
3. SUPPLEMENTARY RESOURCE INFORMATION
The uranium grades reported in this release that are annotated with a sub-prefix
"e" are 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.
All Mineral Resource Estimates have been reported at a 200 ppm U3O8 cut-off
unless otherwise stated.
Mr Chris Arnold (MAUSIMM) conducted the updated estimates for the Sageras and
Alameda South 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.
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
The company news service from the London Stock Exchange
END
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