TIDMBKY
RNS Number : 4332D
Berkeley Resources Limited
29 April 2013
BERKELEY RESOURCES LIMITED
AIM RELEASE | 29 APRIL 2013 | ASX/AIM:BKY
MARCH 2013 QUARTERLY REPORT
Berkeley Resources Limited ('Berkeley' or the 'the Company') is
pleased to present its quarterly report for the period ended 31
March 2013. The Company's primary focus during the period continued
to be the advancement of the Salamanca Project located in Spain.
Highlights during the quarter include:
-- The Pre-Feasibility Study ('PFS') for the Salamanca Project,
which is focussed on the integrated development of Retortillo and
Alameda, was substantially advanced. The PFS is being led by SENET,
assisted by SRK Consulting for mine design, Knight Piésold for heap
design and Duro Felguera for in-country project cost estimates.
Activities during the quarter included:
o Metallurgical testwork programs at Mintek's laboratory in
Johannesburg and the Australian Nuclear Science and Technology
Organisation ('ANSTO') facilities in Sydney.
The column leach testwork at Mintek is progressing on schedule
and results are anticipated during the June quarter.
The ANSTO testwork, which was designed to facilitate the
selection of the optimal backend of the process, was completed with
the results confirming the Scoping Study process flowsheet
assumption that direct solvent extraction and ammonium diuranate
precipitation is the preferred option.
o Mining waste characterisation testwork, geotechnical testwork,
hydrogeology studies, an infrastructure assessment, preliminary
heap leach pad design work, and a detailed mine scheduling and
materials movement optimisation study, are all underway.
o Resource infill drilling aimed at upgrading the classification
of a significant portion of the current Inferred Resource at
Retortillo to the Indicated category is also underway.
The PFS is scheduled for completion in the September
quarter.
-- Positive progress continues to be made in connection with the permitting of Retortillo
o The Environmental Technical and Executive Committees at the
Salamanca provincial level completed their reviews of the Company's
Environmental Impact Assessment and provided a favourable
recommendation report to the Regional Government. The Environmental
Licence is now pending formal approval at the Regional Government
level and further release in the Official Gazette.
o The Nuclear Safety Council ('NSC') informed Berkeley that they
had all required information for the preparation of their
compulsory report regarding the mining activities, and also for the
Initial Authorisation of the process plant as a radioactive
facility. Both have been drafted and are pending formal approval by
the NSC Board.
o The application for reclassification (from rural to industrial
use) of the affected surface land area was reviewed by the
Technical and Executive Committees of the Urbanism and Town
Planning Department of Salamanca. The authorities subsequently
resolved to approve the authorisation of exceptional use of the
rural land for industrial purposes, subject to the issuance of the
Environmental Licence.
-- The permitting process for Alameda was initiated with the
submission of the Environmental Scoping Document and the
application for reclassification (from rural to industrial use) of
the affected surface land area in late 2012.
The documentation associated with the reclassification of the
affected surface land area was lodged for Public Information, and
the 20 day Public Information Period, completed during the quarter.
The public comments have now been received and the Company is
currently preparing responses to these comments.
-- Following the positive results of a Desktop Study, the
Company has advanced the evaluation of the Gambuta deposit to the
Scoping Study stage. The study, which includes an initial heap
leach metallurgical testwork program, is anticipated to be
completed in the September quarter. Gambuta will ultimately be
integrated with Retortillo and Alameda, with a view to potentially
increasing the production scale or mine life of the Salamanca
Project.
-- A comprehensive review of the regional tenements surrounding
the existing resources was completed, in order to rank and
prioritise the identified anomalies/targets, generate new
exploration targets and design an exploration work program.
The exploration and resource growth potential is considered
significant with numerous untested or poorly tested radiometric
anomalies, exploration targets under shallow Tertiary cover, and
possible extensions to known resources identified.
The exploration work program for 2013 will include detailed
ground radiometric surveys, mapping and sampling to better define
targets, water well sampling and gamma probing to detect uranium
anomalies under Tertiary cover, and drill testing of potential
extensions to Zona 7, Villar and priority radiometric anomalies
such as Zona 42.
Enquiries: Robert Behets
Berkeley Resources
+61 8 9322 6322
Martin Eales
RBC Capital Markets
+44 20 7653 4000
OPERATIONS
Berkeley Resources Limited ('Berkeley' or 'the Company') is a
uranium exploration and development company with a quality resource
base in Spain. Berkeley is currently focused on advancing its
wholly owned flagship Salamanca Project.
Salamanca Project
Berkeley's flagship Salamanca Project comprises the Retortillo,
Alameda and Gambuta depositsplus a number of other Satellite
deposits located in western Spain.
In November 2012, the Company completed an initial assessment of
the integrated development of Retortillo and Alameda and reported
the results of the Scoping Study, which clearly demonstrated the
potential of the Salamanca Project to support a significant scale,
long life uranium mining operation.
Using only the current Mineral Resource Estimates ('MRE') for
Retortillo and Alameda, as a base case scenario, the Scoping Study
showed the Project can support an average annual production of 3.2
million pounds of U(3) O(8) during the 7 years of steady state
operation and 2.6 million pounds of U(3) O(8) over a minimum 11
year mine life. Operating cost estimates (C1 cash costs) average
US$25.65 per pound U(3) O(8) over the life of mine. The initial
capital cost (nominally +/- 30%) for the Project was estimated at
US$83.6 million. This cost is inclusive of all mine, processing,
infrastructure and indirect costs required to develop and commence
production at Retortillo. A further US$95.0 million of capital is
required to develop Alameda and achieve steady state operation. The
Project's capital cost reflects the excellent existing
infrastructure, use of heap leaching as the preferred processing
route, and contractor mining.
Following completion of the Scoping Study, Berkeley commenced a
Pre-Feasibility Study ('PFS') for the Salamanca Project focussed on
the development of Retortillo and Alameda.
The Company has also advanced the evaluation of the Gambuta
deposit to the Scoping Study stage. Gambuta will ultimately be
integrated with Retortillo and Alameda, with a view to potentially
increasing the production scale or mine life of the Salamanca
Project.
Pre-Feasibility Study
The PFS for the Salamanca Project, which is focussed on the
integrated development of Retortillo and Alameda, has continued
during the quarter. The study is being led by Johannesburg based
SENET, assisted by SRK Consulting for mine design, Knight Piesold
for heap design, Duro Felguera for in-country project cost
estimates and URS for environmental management.
A comprehensive metallurgical testwork program, aimed at
confirming the leaching efficiency for each phase of the mine
schedule and testing ore variability with respect to size
distribution and geo-mechanical behaviour at both Retortillo and
Alameda, commenced during the quarter at the Mintek laboratories in
Johannesburg. The testwork is progressing on schedule and results
are anticipated during the June quarter.
A further metallurgical testwork program, designed to facilitate
the selection of the optimal backend of the process, was completed
at the Australian Nuclear Science and Technology Organisation
('ANSTO') facilities in Sydney. The testwork program compared the
performance of direct Solvent Extraction ('SX') and ammonium
diuranate ('ADU') precipitation with that of ion exchange ('IX')
and UO(4) precipitation, with the results confirming the Scoping
Study process flowsheet assumption that direct SX and ADU
precipitation is the best option.
With the abovementioned ANSTO testwork program confirming the
backend of the process flowsheet, the process plant design was
advanced during the quarter. This work will include the design
details required to be submitted to the Spanish Nuclear Safety
Council ('NSC') as part of the Authorisation for Construction
process for the processing plant, and facilitate capital and
operating cost estimates to a confidence level of +/-20%.
A detailed mine scheduling and materials movement optimisation
study is also underway, with a view to accelerating the ramp up to
steady state operation, and to minimising materials handling and
rehandling.
Mining waste characterisation testwork, geotechnical testwork
hydrogeology studies, an infrastructure assessment and preliminary
heap leach pad design work have all commenced during the quarter
and are ongoing.
The PFS is scheduled for completion in the September
quarter.
PFS Drilling
Infill drilling aimed at upgrading the classification of a
significant portion of the current Inferred Resource at Retortillo
to the Indicated category commenced in late March. In total, the
planned resource infill program comprises 69 reverse circulation
('RC') drill holes for 4,200 metres.
Six RC drill holes for 426 metres were completed at Retortillo
during the quarter. The samples have been dispatched to the ALS
laboratory in Seville. Assay results expected in approximately four
weeks.
A diamond drilling ('DD') was also completed at Retortillo to
provide drill core for geotechnical testwork. Four short DD drill
holes for 82 metres were completed targeting potential
infrastructure sites to test the geotechnical characteristics of
these areas.
Details of the RC and DD drilling completed during the quarter
and year-to-date are summarised in Table 1.
Table 1: Drilling Summary
Location RC Mar Qtr RC YTD
------------
Holes Metres Holes Metres
------------ ------ ------- ------ -------
Retortillo 6 426 6 426
------------ ------ ------- ------ -------
Total 6 426 6 426
------------ ------ ------- ------ -------
Location DD Mar Qtr DD YTD
------------
Holes Metres Holes Metres
------------ ------ ------- ------ -------
Retortillo 4 82 24 1,115
------------ ------ ------- ------ -------
Alameda - - 19 916
------------ ------ ------- ------ -------
Total 4 82 43 2,031
------------ ------ ------- ------ -------
The collar positions, dips, azimuths and depths of the new DD
holes are provided in Appendix A.
Gambuta
The Gambuta deposit, which is located approximately 145
kilometres southeast of Retortillo, has an Inferred MRE of 12.7
million tonnes at 394 ppm U(3) O(8) for a total of 11.1 million
pounds of U(3) O(8) at a 200 ppm U(3) O(8) cut-off grade (refer
September 2012 Quarterly Report).
The geometry, average thickness and depth of the mineralisation
make it amenable to shallow open pit mining with a low ore to waste
strip ratio.
Following the positive results of a Desktop Study completed on
Gambuta during the December quarter, the Company has advanced the
evaluation of the deposit to the Scoping Study stage.
The Scoping Study, which will be based on the existing Inferred
MRE, will include:
-- initial mine design and production and materials movement scheduling;
-- initial metallurgical testwork on a 330kg representative
sample, including bond crushability and bond abrasion tests,
diagnostic leach tests, mineralogy and column leach tests at
various crush sizes;
-- initial process and plant design under a heap leach and IX
adsorption columnscenario. The conceptual approach is the same as
for Alameda, with the loaded resin being transported to the
centralised plant at Retortillo; and
-- capital and operating cost estimates to a level of accuracy
of nominally+/-30% accuracy (factored from the current PFS).
The Scoping Study is anticipated to be completed in the
September quarter. Gambuta will ultimately be integrated with
Retortillo and Alameda, with a view to potentially increasing the
production scale or mine life of the Salamanca Project.
Exploration
A comprehensive review of all available data for the regional
tenements surrounding the existing resources has been completed, in
order to rank and prioritise the identified anomalies/targets,
generate new exploration targets and design an exploration work
program.
The exploration and resource growth potential in the Retortillo,
Alameda and Gambuta regions is considered significant with numerous
untested or poorly tested radiometric anomalies, exploration
targets under shallow Tertiary cover, and possible extensions to
known resources.
The exploration work program for 2013 will include detailed
ground radiometric surveys, mapping and sampling to better define
targets, water well sampling and gamma probing to detect uranium
anomalies under Tertiary cover, and drill testing of potential
extensions to Zona 7, Villar and priority radiometric anomalies
such as Zona 42.
A 20 hole, 1,200 metre RC drill program is planned to test for
possible extensions to the Zona 7 resource to the southwest towards
Las Carbas. The broad spaced (approximately 400 metre x 100 metre)
drilling program will commence in the June quarter.
Permitting
Positive progress continues to be made in connection with the
permitting of Retortillo.
During the quarter, both the Environmental Technical Committee
and the Executive Committee at the Salamanca provincial level
completed their review of the Company's Environmental Impact
Assessment ('EIA') and associated documentation and provided a
favourable recommendation report to the Regional Government of
Castilla y León. The Environmental Licence (Declaration of
Environmental Impact) is now pending formal approval at the
Regional Government level and further release in the Official
Gazette which is anticipated during the June quarter of 2013.
The Environmental Licence, along with approval of Berkeley's
Exploitation and Reclamation and Closure Plans, are prerequisites
for the grant of the Exploitation Concession (Mining Licence).
The Initial Authorisation for the process plant as a radioactive
facility is well advanced. The Nuclear Safety Council ('NSC')
informed Berkeley during the quarter that they had all required
information for the preparation of their compulsory report
regarding the mining activities, and also for the Initial
Authorisation of the process plant as a radioactive facility. Both
have been drafted and are pending formal approval by the NSC
Board.
The Exceptional Authorisation for Land Use (application for
reclassification from rural to industrial use) of the affected
surface land area at Retortillo has been reviewed by the Technical
and Executive Committees of the Urbanism and Town Planning
Department of Salamanca. The authorities have subsequently resolved
to approve the authorisation of exceptional use of the rural land
for industrial purposes, subject to the issuance of the
Environmental Licence.
The permitting process for Alameda commenced late in 2012 with
the submission to the regulatory authorities of the Environmental
Scoping Document and documentation associated with the Exceptional
Authorisation for Land Use (application for reclassification of the
affected surface land area from rural to industrial use).
The documentation associated with the Exceptional Authorisation
for Land Use was lodged for Public Information in February and the
20 day Public Information Period completed in March. The public
comments have now been received and the Company is currently
preparing responses to these comments.
Berkeley is also currently preparing the Exploitation Plan,
Reclamation and Closure Plans and documents related to Radiological
Protection for Alameda, with a view to submitting this
documentation to the relevant authorities during the June
quarter.
The permitting process for Gambuta has been initiated with the
Environmental Scoping Document being submitted to the relevant
authorities in March.
CORPORATE
At 31 March 2013 the Company had cash reserves of A$30.0
million.
Competent Persons Statement
The information in this announcement that relates to Exploration
Results and Mineral Resources is based on information compiled by
Craig Gwatkin, who is a Member of The Australian Institute of
Mining and Metallurgy and is an employee of Berkeley Resources
Limited. Mr. Gwatkin has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr. Gwatkin consents to the inclusion
in the report of the matters based on his information in the form
and context in which it appears.
Forward Looking Statement
Statements regarding plans with respect to the Company's mineral
properties are forward-looking statements. There can be no
assurance that the Company's plans for development of its mineral
properties will proceed as currently expected. There can also be no
assurance that the Company will be able to confirm the presence of
additional mineral deposits, that any mineralisation will prove to
be economic or that a mine will successfully be developed on any of
the Company's mineral properties.
Appendix A: Summary of Diamond Drilling (Retortillo Geotechnical
Drilling)
Hole ID Easting Northing Elevation Depth Azimuth Dip From To Thick eU(3)
O(8)
(m) (m) (m) (m) ( ) ( (m) (m) (m) (ppm)
)
--------- -------- --------- ---------- ------ -------- ---- -------- ------ -------- --------
Geotechnical Drill Holes
RTD-360 719400 4519800 744.6 20.50 360 -90 No Significant Intersections
--------- -------- --------- ---------- ------ -------- ---- ------------------------------------
RTD-361 719708 4519863 760.5 21.00 360 -90
--------- -------- --------- ---------- ------ -------- ---- -------- ------ -------- --------
RTD-362 719490 4519908 753.8 20.10 360 -90
--------- -------- --------- ---------- ------ -------- ----
RTD-363 719560 4520000 746.0 20.05 360 -90
--------- -------- --------- ---------- ------ -------- ---- -------- ------ -------- --------
Notes:
Coordinates are in UTM Grid (ED1950 Zone 29N) and have been
measured by a DGPS (+/- 1m accuracy)
All results based on down-hole equivalent grades
This information is provided by RNS
The company news service from the London Stock Exchange
END
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