TIDMBKY
RNS Number : 6465L
Berkeley Resources Limited
29 April 2015
BERKELEY RESOURCES LIMITED
AIM RELEASE | 29 APRIL 2015 | ASX/AIM:BKY
MARCH 2015 QUARTERLY REPORT
Berkeley Resources Limited ('Berkeley' or 'the Company') is
pleased to present its quarterly report for the period ended 31
March 2015. The Company's primary focus during the period continued
to be the advancement of the Salamanca Project ('the Project')
located in Spain.
Highlights during the quarter include:
-- Substantial progress on the Scoping Study to determine the
optimum integration of Zona 7 with the development of Retortillo
and Alameda, thereby potentially increasing the scale and/or mine
life of the Project:
Ø The metallurgical testwork program is well advanced. The scope
of work includes bond crushability and bond abrasion tests,
mineralogy, diagnostic leach tests, stacking tests and 1m column
leach tests at different crush sizes on representative samples of
weathered and fresh ore.
Ø Hydrogeological and geotechnical studies have been completed
and technical reports compiled by independent consultants for
inclusion in the Scoping Study.
Ø Mining studies, including pit optimisation and sensitivity
analysis, pit design, mining phase definition, waste dump design
and waste/ripios backfill scheduling, have been completed.
Ø A materials movement trade-off study which compares the
options available to transport material from Zona 7 to the proposed
centralised processing facility at Retortillo is well advanced.
Ø The Scoping Study is scheduled to be completed in the current
quarter, following which the next phase of resource infill drilling
at Zona 7 will commence. The objective of the drilling program is
to upgrade the classification of the high grade portion of the Zona
7 Mineral Resource Estimate ('MRE') to the Indicated category.
-- Salamanca Project Definitive Feasibility Study ('DFS') advanced:
Ø The DFS is currently focussed on the integrated development of
Retortillo and Alameda however, Zona 7 will be incorporated
following completion of the Scoping Study and infill drilling
program.
Ø Final assay results from the resource infill drilling program
at Retortillo, which was aimed at upgrading sections of the
resource to the Measured category, were received:
-- Assay results returned from 69 reverse circulation ('RC')
drill holes have shown that there is good continuity of the
mineralised zone, both in terms of thickness and grade, between the
previous broader spaced holes in the area of the deposit planned to
be mined during the initial two years of production as per the
Pre-feasibility Study ('PFS) mining schedule.
-- Significant high grade intersections have been recorded at
shallow depths (from 14 metres below surface to a maximum depth of
94 metres), with thicknesses up to 30 metres. Better intercepts
included 30 metres @ 1,670 ppm U3O8, 13 metres @ 2,484 ppm U3O8, 16
metres @ 1,329 ppm U3O8, and 10 metres @ 1,909 ppm U3O8.
Ø The Retortillo MRE has been updated with the results of the
2014resource infill drilling program:
-- Updated MRE totals 16.6Mt at 367 ppm U(3) O(8) for a
contained 13.5Mlbs U(3) O(8) at a lower cut-off grade of 200 ppm
U(3) O(8) .
-- 4.4Mlbs U(3) O(8) or 33% of the MRE is now classified in the
Measured category.
-- The portion of the deposit to be mined during the initial two
years of production as per the PFS mining schedule upgraded to
Measured.
-- Comparison with the previous MRE (September 2013) highlights
the initial estimation of Measured Resources, and shows a small
increase in overall tonnage (+3%) and contained U(3) O(8) (+1%)
with a slight decrease in average grade (-2%).
Ø The metallurgical testwork program for Retortillo is nearing
completion:
-- Solvent extraction ('SX') characterisation tests continued
with batch SX performed to remove uranium from the pregnant liquor
solutions from the Retortillo 6m columns. The resultant 'loaded
organic' has been scrubbed and stripped and ammonium diuranate
('ADU' or 'yellowcake') precipitated from the liquor.
Ø The Retortillo hydrogeological model has been updated based on
the results of permeability and hydraulic conductivity tests, along
with pumping tests, undertaken in the previous quarter.
-- Positive progress continues to be made on the permitting of Retortillo:
Ø Following granting of the Environmental Licence in 2013 and
the Mining Licence in 2014, the approval processes associated with
other key permits including the Initial Authorisation of the
process plant as a radioactive facility and the Authorisation for
Exceptional Use of the Land (application for reclassification from
rural to industrial use) for the affected surface land area at
Retortillo, continued to be the focus of permitting related
activities:
-- All documentation required for the Initial Authorisation of
the process plant as a radioactive facility, including the
Radiological Analytical Study and Pre-Operational Surveillance Plan
have been submitted by Berkeley and reviewed by technical staff
within the Nuclear Safety Council ('NSC'). The Initial
Authorisation is now pending review and approval of the
documentation by the NSC Board.
-- The Company has submitted further documentation pertaining to
the application for Exceptional Use of the Land to the
municipalities of Retortillo and Villavieja de Yeltes, as requested
by the Commission of Environment and Urbanism of Salamanca (the
substantive authority). A number of follow-up meetings have been
held with the relevant authorities and Berkeley's application will
be placed on the agenda of a meeting of the Commission in the
coming months.
-- Significantly, Berkeley has recently been granted an
important Water Permit. The formal resolution granting
authorisation to undertake mining works within the public water
domain, to undertake mining works and to locate mining
infrastructure adjacent to local creeks and water courses, and to
temporally deviate a creek in the Retortillo area, has been
received. The authorisation has been granted by the Duero River
Water Authority, an agency of the Ministry of Environment of the
Central Government.
Enquiries: Robert Behets
Berkeley Resources
+61 8 9322 6322
John Prior / Paul Gillam - Nomad & Broker
Numis Securities
+44 (0) 207 260 1000
OPERATIONS
Berkeley Resources Limited ('Berkeley' or 'the Company') is a
uranium exploration and development company with a high quality
resource base in Spain. Berkeley is currently focused on advancing
its wholly owned flagship Salamanca Project.
Salamanca Project
Berkeley's flagship Salamanca Project ('the Project') comprises
the Retortillo, Alameda, Zona 7 and Gambuta deposits, plus a number
of other Satellite deposits located in western Spain.
The Company has completed a Preliminary Feasibility Study
('PFS') on the integrated development of Retortillo and Alameda,
which clearly demonstrated the Project's potential to support a
significant scale, long life uranium mining operation (refer to
announcement dated 26 September 2013).
Using the previous Mineral Resource Estimates ('MRE') for
Retortillo and Alameda, which totalled 34.5Mlbs U(3) O(8) (36.9Mt
at 424 ppm; 200 ppm U(3) O(8) cut-off grade), as a base case
scenario, the PFS showed that the Project can support an average
annual production of 3.3Mlbs of U(3) O(8) during the 7 years of
steady state operation and 2.7Mlbs of U(3) O(8) over a minimum 11
year mine life. Given the positive results of the PFS, the Company
has advanced the evaluation of the Project to the Definitive
Feasibility Study ('DFS') stage.
Following an update of the Zona 7 MRE which now totals 30.1Mlbs
U(3) O(8) (refer to announcement dated 26 November 2014), the
Company has also commenced a Scoping Study to determine the optimum
integration of Zona 7 with the development of Retortillo and
Alameda, thereby potentially increasing the production rate and/or
mine life of the Project.
Zona 7 - Scoping Study
Substantial progress has been made during the quarter on the
Scoping Study being undertaken to determine the optimum integration
of Zona 7 with the development of Retortillo and Alameda. The key
considerations for the study are the preferred mining and
processing route, scale, throughput rate, mine life,
infrastructure, community and environmental impacts.
Metallurgical Testwork
The scope of work includes initial metallurgical testwork on
representative samples of weathered and fresh ore, including bond
crushability and bond abrasion tests, mineralogy, diagnostic leach
tests, stacking tests and 1m column leach tests at different crush
sizes.
The bond crushability and bond abrasion tests have been
completed for the three composite samples (1 partially weathered
and 2 fresh ore samples), with the results demonstrating that none
of the material types are difficult to crush and all have low
abrasion indexes.
As with the Retortillo and Alameda deposits, mineralogical
analysis has shown that uraninite and coffinite are the primary
uranium minerals at Zona 7.
The 1m column leaching testwork is well advanced. A total of 6
columns, which comprised the three composite samples at crush sizes
of 12mm and 40mm, were loaded and irrigated for 30 days. The
residues were then discharged from the columns and subjected to
geomechanical load tests, the results of which have confirmed that
the assumed stacking of the agglomerated material in 6m lifts is
appropriate for the design of the heap. The residues are now being
screened and assayed for the reconstituted head and metal
accountability analysis. Whilst final results are pending, the
leaching characteristics and acid consumptions observed from the 1m
column test work are very encouraging, being similar to those
recorded in previous metallurgical testwork for the Retortillo
deposit.
Hydrogeology / Geotechnical / Mining
During the quarter, 30 permeability tests and one pumping test
were carried out at Zona 7. The results have been incorporated into
a Hydrogeological Report compiled by independent consultant
Ingemisa, for inclusion in the Scoping Study. A total of 55
piezometers are also currently being measured and 6 level recorders
have been installed to monitor water level fluctuations.
Analysis of the geotechnical logging has been completed in order
to characterize the different rock types and fracture systems at
Zona 7. A Geotechnical Report, based on the data logged from the
drill cores and supplemented by field observations, has been
compiled by independent consultant CRS Ingeniería and will be
incorporated into the Scoping Study.
Mining related activities have included pit optimisation and
sensitivity analysis, pit design, mining phase definition, waste
dump design, and waste rock and ripios (spent ore from the on-off
heap leach pads) backfill scheduling. A materials movement
trade-off study which compares the various options available to
transport material from Zona 7 to the proposed centralised
processing facility at Retortillo (8.5km to the SE) has also been
advanced.
The Scoping Study assumes the mining of ore and waste using
conventional open pit methods. Diesel-powered truck and shovel
excavation with an effective drill and blast plan have been
considered. Pit optimisation focussed exclusively on the higher
grade portion of the Zona 7 MRE (Domain 6), has defined an open pit
with dimensions of approximately 1000m in length, 500m in width and
to a maximum depth of 100m.
The mining method will be 'transfer mining' which allows the
open pit to be continuously backfilled whilst minimising waste dump
volumes and waste rehandling. It also facilitates continuous
rehabilitation to minimise environmental impact. The preliminary
pit design and mine scheduling process have resulted in 6 phases of
pit development over a 7 year period, with mining advancing from
the SW to NE.
The Scoping Study is scheduled to be completed in the current
quarter, following which the next phase of resource infill drilling
at Zona 7 will commence. The objective of the drilling program is
to upgrade the classification of the high grade portion of the
current MRE to the Indicated category.
The Company will subsequently incorporate Zona 7 into the DFS,
with the expanded scope to be focussed on the integrated
development of the Zona 7, Retortillo and Alameda deposits.
Retortillo/Alameda - Definitive Feasibility Study
The DFS for the Project commenced in 2014, with the key areas of
focus including:
-- Resource infill drilling programs aimed at upgrading the
classification of specific portions of the current Retortillo and
Alameda MRE's to the Measured category;
-- Further metallurgical testwork programs, including additional
column leach work (6m columns), in combination with ion exchange
('IX') at Alameda and solvent extraction ('SX') and ammonium
diuranate ('ADU') precipitation at Retortillo to generate more
detailed information relating to the pH and acid consumption
optimisation, design and sizing of the IX and SX units, and final
product specification;
-- Development of a Geo-Met model which will incorporate
additional geological and metallurgical parameters into the
resource block model to support metallurgical process modelling and
mine planning and optimisation;
-- Open pit optimisation, detailed mine design and production
scheduling using the upgraded MRE block models;
-- Enhanced design of the project infrastructure and site facilities;
-- Undertaking engineering studies to support capital and
operating cost estimates for the Project to a level of accuracy of
nominally +/-10%; and
-- Undertaking an evaluation of the various alternatives for
funding the development of the Project and the sale of future
uranium production (including uranium marketing and off-take
arrangements).
During the quarter a number of work programs providing key
inputs to the DFS, including the upgraded MRE for Retortillo, the
metallurgical testwork program for Retortillo, and hydrogeological
studies for both sites, were advanced or completed.
Retortillo Drilling and Mineral Resource Estimate
An infill drilling program at Retortillo, aimed at upgrading the
resource classification of the areas to be mined during the initial
two years of the PFS production schedule to the Measured category,
was completed in late 2014. A total of 75 reverse circulation
('RC') holes for 4,785m, 4 diamond ('DD') holes for 291m and 4 open
holes ('OH') holes for 150m were drilled, forming the basis for the
updated MRE reported herein.
The final assay results from the 69 RC drill holes sampled have
shown that there is good continuity of the mineralised zone, both
in terms of thickness and grade, between the previous broader
spaced holes in the targeted area of the deposit.
Significant high grade intersections were recorded at shallow
depths (from 14m below surface to a maximum depth of 94m), with
thicknesses up to 30m. High grade intercepts included 30m @ 1,670
ppm U(3) O(8) , 13m @ 2,484 ppm U(3) O(8) , 16m @ 1,329 ppm U(3)
O(8) and 10m @ 1,909 ppm U(3) O(8) .
All significant intersections returned from the 2014 drill
holes, along with the details of the collar positions, drilling
orientations and depths, are presented in Appendix A.
Location and Geology
Retortillo forms part of Berkeley's Salamanca Project in
central-western Spain. It is a vein type uranium deposit hosted in
a sequence of fine grained metasediments adjacent to a granite
intrusive. The mineralised envelope is interpreted to be
sub-horizontal to shallowly dipping, and occurs from surface and to
maximum depth of approximately 100m. The style of the uranium
mineralisation includes veins, stockwork and disseminated
mineralisation in joint/fracture filling associated with brittle
deformation. Most of the uranium mineralisation occurs within the
partially weathered zone. Uraninite and coffinite are the primary
uranium minerals.
Drilling
Three phases of drilling, totalling 1,105 holes for 74,099m,
have been carried out at Retortillo (Table 1).
The initial phase relates to historical drilling conducted
during the 1960's to 1980's by Junta de Energía Nuclear ('JEN') and
Empresa Nacional de Uranio ('ENUSA'), two Spanish state run
companies. 230 DD holes and 42 OH holes were drilled for a combined
20,453m (28% of total drilling).
The second phase of drilling was conducted from 2006 to 2013 by
Berkeley. During this period, 571 RC holes, 162 DD holes and 17 OH
holes for a combined 48,420m (65% of total drilling) were drilled
to test the area of mineralisation defined by the historical
drilling.
A third phase of drilling was completed in 2014. The 2014
drilling campaign, which comprised 75 RC holes for 4,785m, 4 DD
holes for 291m and 4 OH holes for 150m, was aimed at upgrading the
resource classification of the areas to be mined during the initial
two years of the PFS production schedule to the Measured
category.
Table 1: Summary of drill holes used in the resource update
Drill Type Pre-2006 2006-2013 2014 Total
--------------------- --------------- --------------- --------------- ----------------------
Holes Metres Holes Metres Holes Metres Holes Metres %
--------------------- ------ ------- ------ ------- ------ ------- ------ ------- -----
Reverse Circulation - - 571 34,585 75 4,785 646 39,370 53%
--------------------- ------ ------- ------ ------- ------ ------- ------ ------- -----
Diamond Core 230 16,666 162 12,877 4 291 396 29,834 40%
--------------------- ------ ------- ------ ------- ------ ------- ------ ------- -----
Open Hole 42 3,787 17 958 4 150 63 4,895 7%
--------------------- ------ ------- ------ ------- ------ ------- ------ ------- -----
Total 272 20,453 750 48,420 83 5,226 1,105 74,099 100%
--------------------- ------ ------- ------ ------- ------ ------- ------ ------- -----
The majority of the Berkeley drilling was undertaken on a 50m by
50m grid along section lines orientated approximately
northeast-southwest across the interpreted strike of the
mineralisation. The 2014 infill drilling has resulted in a closer
spaced 35m by 35m grid in the areas to be mined during the initial
two years of the PFS production schedule. The majority of the drill
holes at Retortillo are vertical however, select 2014 drill holes
were inclined to validate the interpreted orientation of the
mineralised zone.
RC drill samples were collected over 1m intervals and these
samples were split to achieve 0.7-1.0kg sub-samples which were sent
to external laboratories for sample preparation and uranium
analysis. Samples were split using a riffle splitter or a cone and
quarter method. Field tests of the two methods found that both
produce representative samples. Sampling of diamond core was
completed using 0.3m to 2.5m sample lengths. For the historical DD,
whole core samples were crushed for sample analysis whilst for the
Berkeley DD, core was cut to achieve either half or quarter core
samples. DD core recoveries typically exceed 90%.
Sample preparation of all drill samples involved oven drying,
crushing and pulverising to achieve a grind size of 85% passing
75<MU>m. Sample pulps from the Berkeley drilling were
analysed for uranium using either delayed neutron counting ('DNC')
or pressed powder x-ray fluorescence ('XRF') methods. Historical
drilling samples were analysed for uranium using the XRF, atomic
absorption spectrometry ('AAS') or fluorometric methods. Berkeley
sample batches were prepared with standards, blanks and field
duplicates inserted prior to dispatch to the laboratory.
Approximately 15-20% of all samples relate to quality control.
There is no data available regarding quality assurance and quality
control ('QAQC') from the historical drilling.
All Berkeley drill holes were down-hole gamma logged and
'equivalent' U(3) O(8) grades or eU(3) O(8) grades calculated from
down-hole gamma emissions recorded using standard gamma logging
systems, with appropriate QAQC procedures in place. The gamma
response was converted to an estimated uranium grade by correcting
for radon, hole diameter, and air/water with a deconvolution filter
applied to reflect the nature of mineralisation. Assay data is the
primary method for grade estimation in the resource modelling
process and eU(3) O(8) data was only used where there was no assay
data available.
Resource Model
Geological interpretation was undertaken on 50m or 35m spaced
sections with wireframes interpreted around the mineralised
intercepts taking into account geology and structure where
possible. These sectional interpretations were joined to create a
series of three dimensional ('3D') mineralised wireframe domains
honouring the continuity of grade along and across strike.
Topographic control is based on a digital terrain model ('DTM')
with sub-metre accuracy sourced from the Spanish Geographical
Institute (Instituto Geográfico Nacional). The DTM was verified
from drill hole collar surveys completed by a qualified surveyor
using a differential global positioning system ('DGPS').
A volume block model was constructed using a parent block size
of 10m (X) by 10m (Y) by 3m (Z) with cells being permitted to split
once in any direction where bounding surfaces of the mineralised
wireframes were intersected.
Basic statistics and variogram modelling was completed using 1m
sample composites within each domain. As most sample populations
had significant positive skewness, grade top cuts were applied
approximating the 97.5 population percentile. The domains were
assessed independently and a top cut grade was applied to the
drilling data for most domains, up to a maximum of 3,800 ppm U(3)
O(8) .
Grade Estimate
The uranium grade was estimated into the parent cells using
Ordinary Kriging ('OK'). Variography was used to derive appropriate
orientation and weighting factors employed by the Kriging
algorithm. Suitable sample search distances, minimum and maximum
sample numbers required to make a grade estimate and search ellipse
anisotropy to honour the mineralisation trends were derived. These
parameters were selected to ensure that the resource model honours
both the global and local grade distribution of the uranium
mineralisation.
Bulk density values were derived from over 470 solid--fluid
pycnometer measurements. In situ dry bulk densities were applied to
all blocks in the resource model based on the degree of weathering
as follows: 2.28 t/m3 for completely weathered material, 2.39 t/m3
for partially weathered material and 2.62 t/m3 for fresh rock.
Validation of the models included visual inspection of the grade
distribution compared to the drill hole data, comparison of block
model and drill hole statistics and creation and assessment of
swath plots. Overall the grade estimate showed a good
representation of the drill hole data for the resource.
Mineral Resource Estimate
The MRE for Retortillo has been updated, incorporating
additional drilling and sampling information from the 2014 drilling
campaign.
The MRE has been classified as Measured, Indicated or Inferred,
based on the guidelines recommended in the JORC Code (2012). When
classifying the resource estimate the following has been
considered:
-- Quality and reliability of raw data (sampling, assaying, surveying);
-- Confidence in the geological interpretation;
-- Number, spacing and orientation of intercepts through mineralised zones;
-- Knowledge of grade continuities gained from observations and geostatistical analyses; and
-- The potential prospect for eventual economic extraction.
The MRE is reported at a cut-off grade of 200 ppm U(3) O(8)
(Table 2), along with estimates showing the range of U(3) O(8)
cut-off grades that would span the range applicable to open pit
mining (Table 3).
Table 2: Retortillo - Mineral Resource Estimate, April 2015
Category Tonnage Grade Contained
U(3) O(8)
(million (U(3) O(8) (million
tonnes) ppm) pounds)
------------ ---------- ------------ -----------
Measured 4.8 412 4.4
------------ ---------- ------------ -----------
Indicated 11.7 349 9.0
------------ ---------- ------------ -----------
Inferred 0.2 373 0.1
------------ ---------- ------------ -----------
Total 16.6 367 13.5
------------ ---------- ------------ -----------
All figures are rounded to reflect appropriate levels of
confidence. Apparent differences occur due to rounding.
Table 3: Retortillo - Grade Tonnage Table
Lower Cut-off Tonnage Grade Contained
Grade U(3) O(8)
(U(3) O(8) (million (U(3) O(8) (million
ppm) tonnes) ppm) pounds)
-------------- ---------- ------------ -----------
100 38.0 240 20.1
-------------- ---------- ------------ -----------
200 16.6 367 13.5
-------------- ---------- ------------ -----------
300 8.2 493 9.0
-------------- ---------- ------------ -----------
400 4.5 617 6.1
-------------- ---------- ------------ -----------
500 2.6 740 4.3
-------------- ---------- ------------ -----------
Comparison with previous Mineral Resource Estimate
An Indicated MRE of 14.4Mt averaging 378 ppm U(3) O(8) for a
contained 12Mlbs of U(3) O(8) and an Inferred MRE of 1.8Mt
averaging 359 ppm U(3) O(8) for a contained 1.4Mlbs of U(3) O(8) at
a lower cut-off grade of 200 ppm U(3) O(8) was previously reported
for Retortillo in September 2013 (refer to Announcement dated 26
September 2013). Since then the following significant changes have
occurred:
-- An additional 75 RC holes for 4,785m, 4 DD holes for 291m and
4 OH holes for 150m were drilled during 2014;
-- The infill drilling has resulted in a closer spaced 35m by
35m grid in the areas to be mined during the initial two years of
the PFS production schedule; and
-- The data spacing in these areas is considered sufficient to
verify geological and grade continuity, and allow the estimation of
Measured Mineral Resources (33% of total MRE).
Table 4 presents a summary of the differences between the
current and previous MRE's which highlights the initial Measured
Resource estimate, small increases in tonnage and contained U(3)
O(8) and a slight decrease in grade.
Table 4: Retortillo - Comparison of September 2013 MRE and April
2015 MRE
Retortillo - Comparison between September 2013 MRE
and April 2015 MRE (200 ppm U(3) O(8) cut-off grade)
---------------------------------------------------------------------------------------------
Category Tonnage Grade Contained U(3)
O(8)
(million tonnes) (U(3) O(8) (million pounds)
ppm)
------------------------- ------------------------- -------------------------
Sept Apr Difference Sept Apr Difference Sept Apr Difference
13 15 13 15 13 15
------------ ----- ----- ----------- ----- ---- ------------ ----- ----- -----------
Measured 0 4.8 new 0 412 new 0 4.4 new
------------ ----- ----- ----------- ----- ---- ------------ ----- ----- -----------
Indicated 14.4 11.7 -19% 378 349 -8% 12.0 9.0 -25%
------------ ----- ----- ----------- ----- ---- ------------ ----- ----- -----------
Inferred 1.8 0.2 -91% 359 373 4% 1.4 0.1 -90%
------------ ----- ----- ----------- ----- ---- ------------ ----- ----- -----------
Total 16.2 16.6 3% 376 367 -2% 13.4 13.5 1%
------------ ----- ----- ----------- ----- ---- ------------ ----- ----- -----------
Further technical details on the Retortillo MRE are included in
Appendix B (Summary of Resource Estimate and Reporting Criteria)
and Appendix C (JORC Code, 2012 Edition - Table 1 Report).
The updated Berkeley Mineral Resource Statement is included in
Appendix D. The Mineral Resource Statement is listed by deposit,
all of which form part of the Salamanca Project.
Metallurgical Testwork
The metallurgical testwork program being undertaken for three
master composite samples, representative of various mining phases
at Retortillo, continued during the quarter at the Mintek
facilities in Johannesburg.
The initial 6m column leaching testwork, which comprised 8
columns, has been completed. After approximately 85 days leaching,
the residues were discharged in 1m sections and the wet masses
recorded. The residues were then composited in 2m intervals (3
composites per column), wet-screened, and assay-by-screen-size
performed. A composite residue sample was subsequently
reconstituted and analysed for ICP-OES for a suite of elements.
This information will enable the overall mass balances for the
columns to be finalised. Whilst final results are pending, the
leaching characteristics and reagent consumptions observed are
generally in line with expectation.
An additional "low acid" 6m column was loaded and placed under
irrigation during the quarter. The objective of the additional
column is to assess the potential to reduce the acid doses during
agglomeration and the impact of the lower acid addition on the
leach kinetics and uranium recovery.
Solvent extraction characterisation tests continued during the
quarter. Batch solvent extraction was performed to remove uranium
from the recirculating pregnant liquor solutions ('PLS') from the 8
Retortillo columns, whilst minimizing the co-extraction of
impurities. The loaded organic generated during the batch
extractions for individual columns was blended and stored as
'loaded organic' for scrubbing and stripping test work. This
'loaded organic' is deemed the most representative of what could be
expected on the full scale plant for this specific ore.
The bulk 'loaded organic' has now been scrubbed and stripped and
ADU ('yellowcake') precipitated from the liquor. The 'loaded
organic' was scrubbed using demineralised water at pH 1.8 to remove
impurities prior to stripping using ammonium sulphate solution. The
ADU precipitated from the liquor was filtered and washed prior to
being dried at 50(o) C in an oven. The ADU will now be analysed to
ensure that there are no impurities at levels that could adversely
impact the quality of the yellowcake.
Hydrogeology
The Retortillo hydrogeological model was updated to incorporate
the results of permeability and hydraulic conductivity tests
carried out during the previous quarter. The results of these field
tests have provided important information on the general
permeability (increased from 10(-2) m/day to 10(-1) m/day) and
reservoir capacity of the area, and have identified fractures with
capacity to transmit water.
Pre-operational Surveillance Plan maps have also been generated
for water quality and water table level at Retortillo based on the
interpretation of the analytical results of the underground water
monitoring program completed during the quarter.
Permitting
Following granting of the Environmental Licence in 2013 and the
Mining Licence in 2014, the approval processes associated with
other key permits including the Initial Authorisation of the
process plant as a radioactive facility and the Authorisation for
Exceptional Use of the Land (application for reclassification from
rural to industrial use) for the affected surface land area at
Retortillo, continued to be the focus of permitting related
activities during the quarter.
All documentation required for the Initial Authorisation of the
process plant as a radioactive facility, including the Radiological
Analytical Study and Pre-Operational Surveillance Plan have been
submitted by Berkeley and reviewed by technical staff within the
Nuclear Safety Council ('NSC'). The Company has subsequently
provided responses to all queries/requests for clarification put
forward by the NSC technical staff. The Initial Authorisation is
pending review and approval of the documentation by the NSC
Board.
The Company submitted further documentation pertaining to the
application for Exceptional Use of the Land at Retortillo to the
municipalities of Retortillo and Villavieja de Yeltes in January,
as requested by the Commission of Environment and Urbanism of
Salamanca. A number of follow-up meetings have been held with the
relevant authorities and Berkeley's application will be placed on
the agenda of a meeting of the Commission of Environment and
Urbanism of Salamanca (the substantive authority) in the coming
months.
Significantly, the Company has recently received the formal
resolution granting authorisation to undertake mining works within
the public water domain (dominio público hidráulico), to undertake
mining works and to locate mining infrastructure adjacent to local
creeks and water courses, and to temporally deviate a creek in the
Retortillo project area. The said authorisation has been granted by
the Duero River Water Authority, an agency of the Ministry of
Environment of the Central Government.
The permitting process for Alameda continued during the quarter,
and following review by the Ministry of Industry, the Environmental
Scoping Document ('ESD') has now been forwarded to the Ministry for
Environment for review and comment. The next step in the process
involves the ESD being subjected to a compulsory 2 month
consultation period.
All key documentation associated with the Initial Authorisation
of the processing facilities at Alameda as a radioactive facility
has been compiled and is ready to be submitted, along with the
Environmental and Social Impact Assessment ('ESIA'), once the ESD
consultation period has been concluded.
A stand-alone permitting process is required for Zona 7 however;
the substantive regulatory authorities are the same as those
involved in the Retortillo process. The documents required to
commence the Environmental and Mining Licence processes will be
prepared and submitted following completion of the Zona 7 Scoping
Study and initial Environmental and Radiological Protection
baseline studies.
CORPORATE
At 31 March 2015, the Company had cash reserves of A$14.9
million. The Company continues to maintain a strong focus on cost
control across all areas of the business.
Competent Persons Statement
The information in this report that relates to the 2015 Mineral
Resources for Retortillo is based on information compiled by
Malcolm Titley, a Competent Person who is a Member of The
Australasian Institute of Mining and Metallurgy. Mr Titley is
employed by Maja Mining Limited, an independent consulting company.
Mr Titley 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 Titley consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
The information in this report that relates to the Exploration
Results from the Retortillo 2014 drilling program is based on
information compiled by 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 a
holder of shares, options and performance rights in, and is a
director of, Berkeley Resources Limited. 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.
The information in this report that relates to 2014 Mineral
Resources for Zona 7 is extracted from the report entitled
'Salamanca Project Total Resource increased by 43% to 88.2 Mlbs
U(3) O(8) following substantial increase in Zona 7 Resource' dated
26 November 2014 and is available to view on Berkeley's website at
www.berkeleyresources.com.au. The information in the original
Announcement that relates to the 2014 Mineral Resources for Zona 7
was based on information compiled by Malcolm Titley, a Competent
Person who is a Member of The Australasian Institute of Mining and
Metallurgy. Mr Titley is employed by Maja Mining Limited, an
independent consulting company. Mr Titley 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'. The Company confirms
that it is not aware of any new information or data that materially
affects the information included in the original market
announcement and, in the case of estimates of Mineral Resources
that all material assumptions and technical parameters underpinning
the estimates in the relevant market announcement continue to apply
and have not materially changed. The Company confirms that the form
and context in which the Competent Person's findings are presented
have not been materially modified from the original market
announcement.
The information in this report that relates to 2014 Exploration
Results is extracted from the reports entitled 'Thick, High Grade
Mineralisation Intersected at Zona 7' dated 18 August 2014 and
'Further Thick, High Grade Drill Intersections at Zona 7' dated 10
November 2014 which are available to view on Berkeley's website at
www.berkeleyresources.com.au. The information in the original
Announcements that relate to the 2014 Exploration Results is based
on information compiled by Robert Behets, a Competent Person who is
a Fellow of The Australasian Institute of Mining and Metallurgy. Mr
Behets is a holder of shares, options and performance rights in,
and is a director of, Berkeley Resources Limited. 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'. The Company confirms that it is not aware of any new
information or data that materially affects the information
included in the original market announcement. The Company confirms
that the form and context in which the Competent Person's findings
are presented have not been materially modified from the original
market announcement.
The information in this report that relates to earlier
Exploration Results and Mineral Resources is extracted from
Berkeley's announcements dated 31 July 2012 (June 2012 Quarterly
Report), 31 October 2012 (September 2012 Quarterly Report), 7
August 2013 and 26 September 2013 which are available to view on
Berkeley's website at www.berkeleyresources.com.au. The information
in the original announcements was based on information compiled by
Craig Gwatkin, who is a Member of The Australian Institute of
Mining and Metallurgy and was 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. This information was prepared and
first disclosed under the JORC Code 2004. It has not been updated
since to comply with the JORC Code 2012 on the basis that the
information has not materially changed since it was last
reported.
The information in this report that relates to the
Pre-Feasibility Study is extracted from Berkeley's announcement
dated 26 September 2013 which is available to view on Berkeley's
website at www.berkeleyresources.com.au. The information in the
original announcement was based on information compiled by Neil
Senior of SENET (Pty) Ltd. Mr Senior is a Fellow of The South
African Institute of Mining and Metallurgy and 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 Senior 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 was
prepared and first disclosed under the JORC Code 2004. It has not
been updated since to comply with the JORC Code 2012 on the basis
that the information has not materially changed since it was last
reported.
Production Target
The Production Target stated in this Report is based on the
Company's Pre-Feasibility Study ('PFS') for the Salamanca Project
as released on 26 September 2013. The information in relation to
the Production Target that the Company is required to include in a
public report in accordance with ASX Listing Rule 5.16 was included
in the Company's June 2014 Quarterly Report released to the ASX on
24 July 2014.
The Company confirms that the material assumptions underpinning
the PFS and Production Target referenced in the 26 September 2013
and 24 July 2014 releases continue to apply and have not materially
changed.
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.
Glossary of Key Terms
'Competent Person' is a minerals industry professional who is a
Member or Fellow of The Australasian Institute of Mining and
Metallurgy, or of the Australian Institute of Geoscientists, or of
a 'Recognised Professional Organisation' (RPO), as included in a
list available on the JORC and ASX websites.
'Feasibility Study' (or Definitive Feasibility Study) is a
comprehensive technical and economic study of the selected
development option for a mineral project that includes
appropriately detailed assessments of applicable Modifying Factors
together with any other relevant operational factors and detailed
financial analysis that are necessary to demonstrate at the time of
reporting that extraction is reasonably justified (economically
mineable). The results of the study may reasonably serve as the
basis for a final decision by a proponent or financial institution
to proceed with, or finance, the development of the project. The
confidence level of the study will be higher than that of a
Pre-Feasibility Study.
'Inferred Mineral Resource' is that part of a Mineral Resource
for which quantity and grade (or quality) are estimated on the
basis of limited geological evidence and sampling. Geological
evidence is sufficient to imply but not verify geological and grade
(or quality) continuity. It is based on exploration, sampling and
testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill
holes.
'Indicated Mineral Resource' is that part of a Mineral Resource
for which quantity, grade (or quality), densities, shape and
physical characteristics are estimated with sufficient confidence
to allow the application of Modifying Factors in sufficient detail
to support mine planning and evaluation of the economic viability
of the deposit.
'JORC' means the Joint Ore Reserves Committee of the
Australasian Institute of Mining and Metallurgy, Australian
Institute of Geoscientists and Mineral Council of Australia.
'JORC Code (2004)'means the 2004 edition of the Australasian
Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves.
'JORC Code (2012)' means the 2012 edition of the Australasian
Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves.
'Measured Mineral Resource' is that part of a Mineral Resource
for which quantity, grade (or quality), densities, shape and
physical characteristics are estimated with confidence sufficient
to allow the application of Modifying Factors to support detailed
mine planning and final evaluation of the economic viability of the
deposit.
'Mineral Resource' means a concentration or occurrence of solid
material of economic interest in or on the Earth's crust in such
form, grade (or quality), and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade (or quality), continuity and other geological characteristics
of a Mineral Resource are known, estimated or interpreted from
specific geological evidence and knowledge, including sampling.
Mineral Resources are sub-divided, in order of increasing
geological confidence, into Inferred, Indicated and Measured
categories.
'Modifying Factors' are considerations used to convert Mineral
Resources to Ore Reserves. These include, but are not restricted
to, mining, processing, metallurgical, infrastructure, economic,
marketing, legal, environmental, social and governmental
factors.
'Ore Reserve' is the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes diluting materials
and allowances for losses, which may occur when the material is
mined or extracted and is defined by studies at Pre-Feasibility or
Feasibility level as appropriate that include application of
Modifying Factors.
'Preliminary Feasibility Study' (or Pre-Feasibility Study) is a
comprehensive study of a range of options for the technical and
economic viability of a mineral project that has advanced to a
stage where a preferred mining method, in the case of underground
mining, or the pit configuration, in the case of an open pit, is
established and an effective method of mineral processing is
determined. It includes a financial analysis based on reasonable
assumptions on the Modifying Factors and the evaluation of any
other relevant factors which are sufficient for a Competent Person,
acting reasonably, to determine if all or part of the Mineral
Resources may be converted to an Ore Reserve at the time of
reporting. A Pre-Feasibility Study is at a lower confidence level
than a Feasibility Study.
'Scoping Study' is an order of magnitude technical and economic
study of the potential viability of Mineral Resources. It includes
appropriate assessments of realistically assumed Modifying Factors
together with any other relevant operational factors that are
necessary to demonstrate at the time of reporting that progress to
a Pre-Feasibility Study can be reasonably justified.
Appendix A: Summary of Significant RC Drill Intersections -
Retortillo (200 ppm U(3) O(8) cut-off)
Drill Easting Northing Elevation Azimuth Dip Depth From To Interval U(3)
Hole (m) (m) (m) ((o) ((o) (m) (m) (m) (m) O(8)
ID ) ) ppm
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-407 719957 4520087 740 360 -90 60 21 37 16 1,329
incl. 22 23 1 4,185
incl. 25 26 1 4,079
incl. 30 31 1 3,050
incl. 36 37 1 3,513
40 41 1 270
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-408 719969 4520090 740 360 -90 60 23 39 16 735
incl. 31 32 1 4,327
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-409 719961 4520094 740 360 -90 60 21 36 15 1,373
incl. 31 33 2 5,211
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-410 719963 4520089 740 360 -90 60 24 37 13 2,484
incl. 24 28 4 4,968
incl. 35 36 1 6,602
45 46 1 529
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-411 719963 4520082 740 360 -90 64 22 33 11 2,415
incl. 23 24 1 7,192
incl. 26 27 1 9,786
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-412 719961 4520075 740 360 -90 60 24 34 10 371
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-413 719959 4520081 741 360 -90 60 26 37 11 1,136
incl. 30 33 3 2,957
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-414 719956 4520093 741 360 -90 60 22 25 3 1,406
incl. 23 24 1 3,065
29 37 8 1,733
incl. 35 36 1 9,786
41 43 2 1,468
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-415 719953 4520098 741 360 -90 61 22 29 7 1,624
32 39 7 270
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-416 719949 4520091 741 360 -90 58 28 41 13 1,005
incl. 32 33 1 4,280
incl. 36 37 1 3,431
49 53 4 421
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-417 719951 4520085 741 360 -90 58 25 37 12 853
45 49 4 349
53 54 1 200
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-418 719953 4520079 741 360 -90 59 23 33 10 1,315
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-419 719945 4520083 742 360 -90 60 26 32 6 2,962
incl. 27 29 2 6,962
36 42 6 611
47 48 1 296
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-420 719924 4520078 743 360 -90 50 31 36 5 479
49 50 1 244
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-421 719946 4520121 743 360 -90 58 23 38 15 1,090
incl. 26 28 2 3,555
49 55 6 329
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
No Significant
RTR-422 719970 4520165 740 360 -90 60 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
RTR-423 720147 4519831 744 360 -90 90 35 36 1 388
40 43 3 231
45 46 1 231
84 85 1 261
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-424 720136 4519809 746 360 -90 82 40 44 4 1,356
48 51 3 296
62 63 1 226
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
No Significant
RTR-425 720101 4519983 735 360 -90 50 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
RTR-426 720126 4520027 729 360 -90 70 22 23 1 338
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-427 720150 4520074 724 360 -90 82 14 21 7 444
26 30 4 516
38 41 3 543
47 51 4 432
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-428 720077 4519939 740 360 -90 63 22 27 5 1,120
30 31 1 265
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-429 720149 4519823 744 360 -90 90 39 43 4 1,089
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-430 720097 4520084 726 28 -60 75 19 22 3 456
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-431 720144 4519840 743 360 -90 90 30 39 9 1,330
incl. 32 33 1 3,985
incl. 35 36 2 3,301
42 43 1 302
46 49 3 1,154
incl. 47 48 1 2,853
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-432 720076 4520030 736 28 -60 91 26 28 2 367
35 37 2 317
50 51 1 354
60 61 1 3,289
64 86 22 829
incl. 73 74 1 3,219
incl. 85 86 1 5,341
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-433 720127 4519807 746 360 -90 90 48 49 1 299
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-434 720016 4520084 733 118 -60 67 21 30 9 1,232
incl. 26 28 2 3,962
45 51 6 2,518
incl. 45 46 1 6,838
63 64 1 302
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-435 720118 4519802 747 360 -90 97 48 54 6 1,000
83 86 3 283
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
No Significant
RTR-436 720039 4520124 727 118 -60 65 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
RTR-437 720143 4519847 743 360 -90 88 31 34 3 722
38 41 3 338
50 51 1 212
62 63 1 283
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-438 719995 4520039 739 118 -60 60 26 27 1 229
31 51 20 773
incl. 34 36 2 4,398
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-439 720143 4519812 745 360 -90 90 53 55 2 439
66 67 1 263
71 72 1 360
74 75 1 228
76 77 1 209
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
No Significant
RTR-440 720013 4520141 733 360 -90 50 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
RTR-441 720157 4519797 745 360 -90 94 39 43 4 480
46 48 2 1,015
69 70 1 205
75 80 5 203
86 87 1 220
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-442 719990 4520092 736 360 -90 60 19 35 16 546
50 55 5 426
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-443 720185 4519769 746 118 -60 88 47 61 14 223
67 68 1 423
77 78 1 205
80 81 1 329
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-444 719874 4520091 747 360 -90 55 33 41 8 415
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-445 720169 4519820 743 360 -90 90 43 44 1 400
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
No Significant
RTR-446 719873 4520027 747 360 -90 52 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
RTR-447 720092 4519840 745 208 -60 100 39 49 10 654
54 68 14 781
85 86 1 302
92 94 2 435
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
No Significant
RTR-450 719899 4520032 746 360 -90 50 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
RTR-451 720111 4519895 741 208 -60 86 31 42 11 712
49 69 20 536
77 79 2 430
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-452 719945 4520009 744 360 -90 50 41 44 3 441
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-453 720131 4519933 740 208 -60 78 52 54 2 403
57 58 1 613
65 73 8 428
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-454 719966 4519940 746 118 -60 70 46 48 2 903
55 56 1 941
63 64 1 238
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
No Significant
RTR-455 720209 4519972 735 28 -60 75 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
RTR-456 720047 4519988 740 28 -60 77 44 74 30 1,670
incl. 53 57 4 5,975
incl. 63 64 1 10,965
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
No Significant
RTR-457 720055 4519895 743 360 -90 60 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
No Significant
RTR-458 720192 4520045 729 360 -90 60 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
RTR-459 720024 4519945 743 28 -60 68 38 48 10 1,909
incl. 44 46 2 5,600
52 63 11 855
incl. 60 61 1 3,820
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
No Significant
RTR-460 720237 4520019 729 360 -90 60 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
RTR-461 719817 4520130 745 118 -60 65 33 34 1 224
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
No Significant
RTR-462 720279 4519995 728 360 -90 64 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
RTR-463 719803 4520080 747 360 -90 58 36 37 1 265
43 44 1 229
52 54 2 325
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-464 720420 4519925 735 298 -60 49 20 21 1 469
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
No Significant
RTR-465 720350 4519909 731 360 -90 50 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
No Significant
RTR-466 720398 4519887 736 298 -60 55 Intercepts
--------- -------- --------- ---------- -------- ------ ------ ------ ----------------------------------
RTR-467 719770 4520101 745 360 -90 55 36 38 2 607
43 49 6 508
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-468 720318 4519755 743 360 -90 57 37 45 8 576
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-469 719856 4520059 747 360 -90 55 48 49 1 2,393
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-470 720277 4519781 742 208 -60 70 39 40 1 1,119
44 48 4 607
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-471 720360 4519620 751 360 -90 64 49 51 2 861
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-472 720308 4519647 749 360 -90 79 47 64 17 552
67 69 2 294
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-473 720345 4519691 746 360 -90 62 40 41 1 322
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-474 720356 4519655 749 360 -90 70 48 55 7 530
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-475 720275 4519670 749 360 -90 60 45 47 2 407
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-476 720247 4519700 748 28 -60 80 55 60 5 287
64 66 2 291
69 79 10 512
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
RTR-477 720218 4519723 748 360 -90 91 50 67 17 502
incl. 55 57 2 2,237
78 79 1 634
--------- -------- --------- ---------- -------- ------ ------ ------ ------- ----- --------- -------
Appendix B: Summary of Resource Estimate and Reporting
Criteria
This report has been prepared in compliance with JORC Code 2012
Edition and the ASX Listing Rules. The Company has included in
Appendix C, the Table 1 Checklist of Assessment and Reporting
Criteria for Retortillo as prescribed by the JORC Code (2012) and
the ASX Listing Rules.
The following is a summary of the pertinent information used in
the Retortillo MRE.
Geology and Geological Interpretation
Retortillo is a vein type uranium deposit hosted within
Ordovician metasediments adjacent to granite. The mineralised
envelope is interpreted to be sub-horizontal to shallowly dipping,
and occurs from surface and to maximum depth of approximately 100m.
The style of the uranium mineralisation includes veins, stockwork
and disseminated mineralisation in joint/fracture filling
associated with brittle deformation. Most of the uranium
mineralisation occurs within the partially weathered zone.
Uraninite and coffinite are the primary uranium minerals. The
deposit falls into the category defined by the International Atomic
Energy Association ('IAEA') as Vein Type, Sub Type Iberian
Type.
Drilling and Sampling Techniques
The MRE is based upon data obtained from three phases of
drilling (historical 1960's to 1980's, 2006-2013 and 2014)
totalling 1,105 holes for 74,099m. The drilling comprised 396 DD,
646 RC and 63 OH holes.
The majority of the Berkeley drilling was undertaken on a 50m by
50m grid, with section lines orientated approximately
northeast-southwest across the interpreted strike of the
mineralisation. Some of the drilling was completed on a closer
spaced 35m by 35m grid. The majority of the drill holes at
Retortillo are vertical however, select 2014 drill holes were
inclined to validate the interpreted orientation of the mineralised
zone.
Berkeley drill hole collar locations were surveyed by qualified
surveyors using standard DGPS equipment achieving sub decimetre
accuracy in horizontal and vertical position. Berkeley down-hole
surveys were undertaken using a Geovista down-hole deviation probe.
Measurements were taken every 1cm down hole and averaged every 10m.
All diamond and RC drill samples were geologically logged, with all
relevant data being recorded. Diamond core was also geotechnically
logged. Berkeley core boxes and samples and RC samples and chip
trays were photographed for future reference.
Diamond core was quarter or half cut and sampled on 0.3-2.5m
intervals. RC samples were collected over 1m intervals and split in
the field using two riffle splitters in cascade or a cone and
quarter method to provide an approximately 3-5kg sample. Samples
were further split in the core shed using a riffle splitter such
that 0.7-1kg samples were sent to external laboratories for
preparation and analysis. Quality assurance procedures were
employed, including the use of standards, blanks and
duplicates.
Down-hole gamma logging was undertaken for all probe accessible
holes drilled by Berkeley to provide eU(3) O(8) data. The down-hole
gamma response was converted eU(3) O(8) by correcting for radon,
hole diameter, air/water and a deconvolution filter was also
applied. eU(3) O(8) data was only considered in the mineral
resource estimation process when chemical assay data was not
available.
Bulk density values were derived from over 470 solid--fluid
pycnometer measurements. In situ dry bulk densities were applied to
all blocks in the resource model based on the degree of
weathering.
Sample Analysis Method
Sample preparation of all drill samples involved oven drying,
crushing and pulverising to achieve a grind size of 85% passing
75<MU>m. Sample pulps from the Berkeley drilling were
analysed for uranium using either of the DNC or pressed powder XRF
methods. Historical drilling samples were analysed for uranium
using the XRF, AAS or fluorometric methods.
Resource Estimation Methodology
Surpac software was used for geological modelling, block
modelling, grade interpolation, MRE classification and reporting.
Sectional geological interpretations were joined to create a series
of 3D mineralised wireframes (domains) that showed continuity above
a grade of 100 ppm U(3) O(8) . Statistical and geostatistical
variogram modelling was used to determine appropriate parameters
for estimation of uranium grade using Ordinary Kriging.
Cut-off Grades
The MRE has been reported using a lower cut-off grade of 200 ppm
U(3) O(8) , which is consistent with the grade used to report
previous MRE's for this style of mineralisation.
Mining and Metallurgical methods and parameters
The PFS demonstrated that the Retortillo resource can
potentially be extracted using open pit mining methods, with the
recovery of uranium through the application of acid heap leach
methods.
Berkeley has completed a number of metallurgical testwork
programs for Retortillo as part of the Scoping Study, PFS and DFS,
including column leach tests at commercial stack heights (6m). The
results of these testwork programs have shown that heap leaching
can achieve uranium recoveries in the order of 85%.
Resource Classification Criteria
The MRE has been classified and is reported as Measured,
Indicated or Inferred based on guidelines recommended in the JORC
Code (2012). The reported MRE has been classified with
consideration of the quality and reliability of the raw data, the
confidence of the geological interpretation, the number, spacing
and orientation of intercepts through the mineralised zones, and
knowledge of grade continuity gained from observations and
geostatistical analysis. There is adequate mining, metallurgy and
processing knowledge to imply reasonable prospects for eventual
economic extraction.
Appendix C: JORC Code, 2012 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 The Retortillo deposits
techniques sampling (eg cut channels, were sampled using Diamond
random chips, or specific Drill (DD), Open Hole (OH)
specialised industry and Reverse Circulation
standard measurement (RC) holes on a spacing
tools appropriate to varying between 50m x 50m
the minerals under investigation, and 35m x 35m. A total of
such as down hole gamma 396 DD, 63 OH and 646 RC
sondes, or handheld XRF holes for 74,099m were drilled.
instruments, etc). These Most holes were vertical.
examples should not be Berkeley DD core was sampled
taken as limiting the using 0.3-2.5m intervals
broad meaning of sampling. in the mineralised zones,
allowing for 2m of internal
low grade or waste. In addition,
the sampling was extended
3-5m up and down hole from
the interpreted mineralised
zone. Half or quarter core
was used for sampling.
Berkeley RC drill samples
are collected over 1m intervals
and split on site using
two riffle splitters in
cascade to provide an approximately
3-5kg sample. In rare cases,
wet samples are split using
a cone and quarter method.
Field tests show that both
methods produce representative
samples.
Junta de Energía Nuclear
(JEN) and Empresa Nacional
de Uranio (ENUSA) DD core
was sampled using 0.25m,
0.50m and 1m intervals in
the mineralised zones, with
0.25m intervals being the
most frequent sample length.
ENUSA RC drill samples were
collected over 1m intervals.
Splitting method is unknown.
----------------------------------------- --------------------------------------
Include reference to Berkeley sampling protocols
measures taken to ensure include the insertion of
sample representivity standards and blanks into
and the appropriate calibration the sample stream to assess
of any measurement tools the accuracy, precision
or systems used. and methodology of the external
laboratories used. In addition,
field duplicate samples
are inserted to assess the
variability of the uranium
mineralisation. 15-20% of
samples were for quality
control purposes. The laboratories
undertake duplicate sampling
as part of their internal
Quality Assurance/Quality
Control (QA/QC) processes.
Analysis of the QA/QC sample
data indicates satisfactory
performance of both the
field sampling protocols
and assay laboratories procedures,
indicating acceptable levels
of precision and accuracy.
Berkeley drill hole collar
locations were surveyed
by qualified surveyors (Cubica
Ingeniería Metrica,
S.L.) using differential
global positioning system
(DGPS) equipment achieving
sub decimetre accuracy in
horizontal and vertical
position. Down-hole surveys
were undertaken using a
Geovista down-hole deviation
probe. Measurements are
taken every 1cm down hole
and averaged every 10m.
No strongly magnetic rocks
are present within the deposit
which may affect magnetic
based readings. JEN and
ENUSA maps used local grid
coordinates which required
transformation and georeferencing.
Historic collar coordinates
were extracted from the
referenced maps and transformed
to UTM coordinates. Berkeley
re-assigned the elevation
to each collar.
Berkeley owns two down-hole
gamma probes. Both probes
are sent to Borehole Wireline
Pty. Ltd. in South Australia
for annual recalibration
in the Adelaide-model test
pits. Calibration includes
the determination of k-factor,
deadtime, bore hole diameter
and fluid corrections, which
are reported in the "Primary
Probe Calibration" document.
All parameters are then
applied during the in-house
equivalent grade (eU(3)
O(8) ) calculation process.
JEN and ENUSA QA/QC protocols
are unknown.
----------------------------------------- --------------------------------------
Aspects of the determination Berkeley RC drill samples
of mineralisation that are collected over 1m intervals
are Material to the Public and split on site using
Report. In cases where cone and quarter method
'industry standard' work (previous campaigns) or
has been done this would two riffle splitters in
be relatively simple cascade (2014 campaign)
(eg 'reverse circulation to provide an approximate
drilling was used to 3-5kg field sample.
obtain 1 m samples from Scintillometer measurements
which 3 kg was pulverised were taken on all Berkeley
to produce a 30 g charge RC samples and this data
for fire assay'). In was then used to select
other cases more explanation the samples to be sent to
may be required, such external laboratories for
as where there is coarse sample preparation and analysis.
gold that has inherent Mineralised intervals determined
sampling problems. Unusual from scintillometer values
commodities or mineralisation greater than 150cps were
types (eg submarine nodules) extended up and down hole
may warrant disclosure by at least 2-5m to ensure
of detailed information. adequate definition of waste
boundaries.
Field samples were split
in the core shed using a
riffle splitter to 0.7-1kg
and sent to ALS laboratories
for preparation (Seville,
Spain) and analysis (Loughrea,
Ireland and Vancouver, Canada).
Samples were dried, crushed
down to 70% below 2mm, split
to obtain 250g and pulverised
with at least 85% of the
sample passing 75um. 10g
of sample was used for uranium
analysis by pressed powder
X-ray fluorescence (XRF)
method.
During 2006 to 2008 samples
were sent to Actlabs Canada
for Delayed Neutron Counting
(DNC) analysis. Since 2008
ALS laboratories with pressed
powder XRF analysis have
been used. The percentage
of samples analysed at ActLabs
and ALS is 22% to 43% of
the total assay database
respectively. JEN and ENUSA
core samples were prepared
in internal company laboratories
and assayed for uranium
using XRF, Atomic absorption
spectroscopy (AAS) or fluorometric
methods. The JEN and ENUSA
assay data represents 35%
of the total assay database.
------------------ ----------------------------------------- --------------------------------------
Drilling Drill type (eg core, Berkeley drilling comprised
techniques reverse circulation, both DD (HQ) and RC drilling
open-hole hammer, rotary using a 140mm diameter face
air blast, auger, Bangka, sampling hammer.
sonic, etc) and details For angled DD, oriented
(eg core diameter, triple core was achieved using
or standard tube, depth a plasticine method (previous
of diamond tails, face-sampling campaigns) and DeviCore
bit or other type, whether measurements (2014 campaign).
core is oriented and The historical JEN and ENUSA
if so, by what method, drilling comprised both
etc). DD (NQ) and RC drilling
using a 114mm diameter face
sampling hammer. Historical
drilling accounts for approximately
25% of the total drilling.
------------------ ----------------------------------------- --------------------------------------
Drill Method of recording and Berkeley, JEN and ENUSA
sample assessing core and chip DD typically recorded overall
recovery sample recoveries and core recoveries in excess
results assessed. of 90%, which is considered
acceptable.
Berkeley RC drill samples
are collected over 1m intervals
through a cyclone. Plastic
sample bags are strapped
to the cyclone to maximise
sample recovery. Individual
sample bags were not weighed
to assess sample recovery
but a visual inspection
was made by the Company
geologist to ensure all
samples are of approximately
equivalent volume.
ENUSA RC drill sample collection
method is unknown.
----------------------------------------- --------------------------------------
Measures taken to maximise The DD drilling rigs used
sample recovery and ensure face discharge bits to ensure
representative nature a low contact between the
of the samples. rock and drilling fluids,
minimising ore washing.
Core was cut using a water
lubricated diamond saw with
care taken to ensure minimal
ore loss.
The RC drilling rigs utilised
suitably sized compressors
to ensure dry samples where
possible. Plastic sample
bags were strapped to the
cyclone to maximise sample
recovery. Sample logs record
whether the sample was dry,
moist or wet.
Wet samples account for
approximately 10-15% and
typically correspond to
the last 5-10m of the affected
holes.
----------------------------------------- --------------------------------------
Whether a relationship Due to potential solubility
exists between sample and mobility of the uranium
recovery and grade and minerals, the use of water
whether sample bias may in core recovery in DD is
have occurred due to controlled.
preferential loss/gain The core and RC sample recoveries
of fine/coarse material. are of an acceptable level
and no bias is expected
from any sample losses.
------------------ ----------------------------------------- --------------------------------------
Logging Whether core and chip Berkeley geological logging
samples have been geologically of DD core included recording
and geotechnically logged descriptions of lithology,
to a level of detail geological period, colour,
to support appropriate oxidation, mineralisation
Mineral Resource estimation, style, alteration, weathering,
mining studies and metallurgical structure, texture, grain
studies. size and mineralogy.
Berkeley 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)
Berkeley structural logging
of DD core included recording
descriptions of structure
type, structural angles,
contact type, infill, line
type and slip direction.
Berkeley alteration logging
of DD core included recording
descriptions of metamorphic
textures, alteration mineralogy
and mineralisation style.
Berkeley geological logging
of RC chip samples included
recording descriptions of
lithology, weathering, alteration
and mineralisation. A scintillometer
reading of counts per second
(cps) was recorded for each
1m sample (quantitative).
JEN geological logging includes
recording descriptions of
lithology, Fe oxides, sulphides,
uranium mineralogy fracturing
and no recovering zones.
ENUSA geological logging
includes recording descriptions
of lithology, colour, fracturing
level, recovery, mineralogy,
radiometry and water table.
----------------------------------------- --------------------------------------
Whether logging is qualitative Geological logging is qualitative
or quantitative in nature. in nature.
Core (or costean, channel, Berkeley DD core boxes and
etc) photography. samples and RC samples and
chip trays were photographed.
JEN and ENUSA did not take
photographs of drill core
or chip trays.
----------------------------------------- --------------------------------------
The total length and All DD and RC drill holes
percentage of the relevant were logged in full by geologists
intersections logged. employed by the relevant
companies.
------------------ ----------------------------------------- --------------------------------------
Sub-sampling If core, whether cut Berkeley DD core was sampled
techniques or sawn and whether quarter, using 0.3-2.5m intervals
and sample half or all core taken. in the mineralised zones,
preparation including areas of internal
low grade or waste. The
majority of samples were
1m in length (60%), with
33% being greater than 1m
in length and 7% less than
1m in length. In addition,
the sampling was extended
3-5m up and down hole from
the interpreted mineralised
zone. Half or quarter core
was used for sampling, with
the majority (74%) being
quarter core.
JEN and ENUSA DD core was
sampled using 0.25m, 0.50m
and 1m intervals in the
mineralised zones, with
0.25m intervals being the
most frequent sample length.
Whole core was used for
sampling.
----------------------------------------- --------------------------------------
If non-core, whether Berkeley RC drill samples
riffled, tube sampled, were collected at 1m intervals.
rotary split, etc. and RC intervals were sampled
whether sampled wet or by splitting dry samples
dry. in the field to 3-5kg using
cone and quarter method
(previous campaigns) or
two riffle splitters in
cascade (2014 campaign)
and further split in the
core shed to 0.7-1kg using
a riffle splitter.
Where samples were wet they
were dried prior to splitting.
In rare cases, wet samples
were split using a cone
and quarter method.
ENUSA RC drill samples were
collected at 1m intervals.
The sampling method used
is unknown.
----------------------------------------- --------------------------------------
For all sample types, Berkeley samples were sent
the nature, quality and to ALS laboratories for
appropriateness of the preparation and analysis.
sample preparation technique. Samples were dried, fine
crushed down to 70% below
2mm, split to obtain 250g
and pulverised with at least
85% of the sample passing
75um. 10g of sample was
used for uranium analysis
by pressed powder XRF method.
During 2006 to 2008 samples
were sent to Actlabs Canada
for DNC analysis. Since
2008, ALS laboratories with
pressed powder XRF analysis
have been used. These methods
are considered appropriate
for this style of uranium
mineralisation.
JEN and ENUSA core samples
were prepared and assayed
for uranium at internal
company laboratories using
XRF, AAS or fluorometric
methods.
----------------------------------------- --------------------------------------
Quality control procedures Berkeley field tests determined
adopted for all sub-sampling that the sample size and
stages to maximise representivity method of sampling produce
of samples. representative RC samples.
QA/QC procedures involved
the use of standards and
blanks which were inserted
into sample batches at a
frequency of approximately
15-20%.
Quality control procedures
used by JEN and ENUSA are
unknown.
----------------------------------------- --------------------------------------
Measures taken to ensure Duplicate splits of RC samples
that the sampling is were taken every 10m down
representative of the hole within the sampled
in situ material collected, intervals by Berkeley. The
including for instance results from these duplicates
results for field duplicate/second-half show acceptable repeatability.
sampling. Some indications of inhomogeneity
were observed in a small
proportion (<10%) of duplicates.
----------------------------------------- --------------------------------------
Whether sample sizes The uranium is typically
are appropriate to the very fine grained. Previous
grain size of the material test work carried out by
being sampled. Berkeley using different
sample sizes demonstrated
that the selected sample
size is appropriate.
------------------ ----------------------------------------- --------------------------------------
Quality The nature, quality and Berkeley assayed samples
of assay appropriateness of the for uranium using the DNC
data assaying and laboratory method during the 2006 to
and laboratory procedures used and whether 2008 drilling campaigns
tests the technique is considered and pressed powder XRF during
partial or total. subsequent drilling campaigns.
These analytical methods
report total uranium content.
JEN and ENUSA assayed samples
for uranium were completed
at internal company laboratories
using XRF, AAS or fluorometric
methods.
The sampling and analytical
methods used by Berkeley,
JEN and ENUSA are considered
appropriate for this style
of uranium mineralisation.
----------------------------------------- --------------------------------------
For geophysical tools, Down-hole gamma logging
spectrometers, handheld was undertaken for all probe
XRF instruments, etc, accessible holes drilled
the parameters used in by Berkeley to provide eU(3)
determining the analysis O(8) ("equivalent" U(3)
including instrument O(8) grade) data. The down-hole
make and model, reading gamma response was converted
times, calibrations factors to eU(3) O(8) by correcting
applied and their derivation, for radon, hole diameter,
etc. air/water and a deconvolution
filter was also applied.
eU(3) O(8) data was used
in the mineral resource
grade estimation process
when chemical assay data
was not available. eU(3)
O(8) data was also used
to verify mineralisation
intersections based on assay
results.
----------------------------------------- --------------------------------------
Nature of quality control Standards, blanks and duplicates
procedures adopted (eg were regularly inserted
standards, blanks, duplicates, into the sample stream by
external laboratory checks) Berkeley, with approximately
and whether acceptable 15-20% of all samples used
levels of accuracy (ie for quality control. The
lack of bias) and precision external laboratories maintain
have been established. their own process of QA/QC
utilising internal standards,
repeats and duplicates.
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.
JEN and ENUSA used internal
company laboratories. No
QA/QC data is available
for this historic data.
A review of the JEN and
ENUSA mineralisation intercepts
compared to Berkeley infill
drilling shows no bias between
the two data sets.
------------------ ----------------------------------------- --------------------------------------
Verification The verification of significant Reported significant intersections
of sampling intersections by either were checked and verified
and assaying independent or alternative by Senior Geological management.
company personnel.
----------------------------------------- --------------------------------------
The use of twinned holes. Berkeley completed a program
of RC twin holes to compare
with the JEN and ENUSA results.
The results show good correlation
of uranium grade and mineralisation
thickness between the twinned
holes.
----------------------------------------- --------------------------------------
Documentation of primary All primary data was recorded
data, data entry procedures, in templates designed by
data verification, data Berkeley. Assay data from
storage (physical and the external laboratory
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.
JEN and ENUSA primary paper
data was digitalized and
recoded following the Berkeley
protocols. The validated
data was then loaded into
the password secured relational
database by a designated
Company geologist.
----------------------------------------- --------------------------------------
Discuss any adjustment Uranium (ppm) assays received
to assay data. from the external laboratory
were converted to U(3) O(8)
(ppm) using the stoichiometric
factor of 1.179.
------------------ ----------------------------------------- --------------------------------------
Location Accuracy and quality Berkeley drill hole collar
of data of surveys used to locate locations were surveyed
points drill holes (collar and by qualified surveyors (Cubica
down-hole surveys), trenches, Ingeniería Metrica
mine workings and other S.L) using standard DGPS
locations used in Mineral equipment achieving sub
Resource estimation. decimetre accuracy in horizontal
and vertical position.
Berkeley down-hole surveys
were undertaken using a
Geovista down-hole deviation
probe. Measurements were
taken every 1cm down hole
and averaged every 10m.
No strongly magnetic rocks
are present within the deposit
which may affect magnetic
based readings.
JEN and ENUSA holes were
drilled on grid coordinates
and were not surveyed after
drilling.
----------------------------------------- --------------------------------------
Specification of the The grid system is UTM ED1950
grid system used. Zone 29N.
----------------------------------------- --------------------------------------
Quality and adequacy Topographic control was
of topographic control. based on a digital terrain
model with sub metric accuracy
sourced from the Spanish
Geographical Institute (Instituto
Geográfico Nacional)
and was verified by comparison
with drill hole collar surveys
completed by the surveyor
using DGPS.
------------------ ----------------------------------------- --------------------------------------
Data Data spacing for reporting The majority of the Berkeley
spacing of Exploration Results. drilling was undertaken
and distribution on a nominal 50m by 50m
grid, with closer spaced
drilling on 35m by 35m within
open pit areas scheduled
to be mined during the initial
two years of production
based on the Pre-Feasibility
Study (PFS).
Section lines are orientated
approximately perpendicular
to the interpreted strike
of the mineralisation.
The historical JEN and ENUSA
drilling was completed on
spaced 50m by 50m grid with
some infill areas spaced
35m by 35m.
----------------------------------------- --------------------------------------
Whether the data spacing The data spacing (notionally
and distribution is sufficient 35m by 35m) is considered
to establish the degree sufficient to verify geological
of geological and grade and grade continuity, and
continuity appropriate allow the estimation of
for the Mineral Resource Measured and Indicated Mineral
and Ore Reserve estimation Resources.
procedure(s) and classifications
applied.
----------------------------------------- --------------------------------------
Whether sample compositing No compositing of RC samples
has been applied. in the field has been undertaken.
------------------ ----------------------------------------- --------------------------------------
Orientation Whether the orientation The mineralisation at Retortillo
of data of sampling achieves covers a 6km sub-vertical
in relation unbiased sampling of syncline structure with
to geological possible structures and the dominant strike direction
structure the extent to which this being SE-NW. Despite the
is known, considering general dip of the host
the deposit type. geological units and structures
ranging from 50-70deg, the
mineralised zone is interpreted
to be sub-horizontal (due
to post mineralisation supergene
processes) to shallowly
dipping to the SE.
----------------------------------------- --------------------------------------
If the relationship between The majority of DD and RC
the drilling orientation drill holes are vertical.
and the orientation of Due to the interpreted flat
key mineralised structures lying nature of the mineralisation,
is considered to have no sampling bias is considered
introduced a sampling to have been introduced
bias, this should be by the orientation of the
assessed and reported drilling. This has been
if material. validated by the drilling
of 50 inclined DD holes
and 25 inclined RC holes.
------------------ ----------------------------------------- --------------------------------------
Sample The measures taken to Chain of custody is managed
security ensure sample security. by Berkeley. Samples were
transported from the drill
site by Company vehicle
to a sample preparation
shed where samples were
prepared for dispatch. Samples
were sent directly from
the sample preparation shed
to the laboratory using
a certified courier or a
Berkeley owned vehicle authorised
for radioactive materials
transport. No other freight
was transported with the
samples which were taken
directly from the Berkeley
facility to the external
laboratory. Sample submission
forms were sent in paper
form with the samples as
well as electronically to
the laboratory. Reconciliation
of samples occurred prior
to commencement of sample
preparation for assaying.
The historical drilling
samples were prepared and
analysis using internal
company laboratories. The
chain of custody is unknown.
------------------ ----------------------------------------- --------------------------------------
Audits The results of any audits Sampling techniques and
or reviews or reviews of sampling procedures, as well as QA/QC
techniques and data. data, are reviewed internally
an ongoing basis. Malcolm
Titley (Competent Person
(CP), Geology Consultant,
Maja Mining Limited) has
independently reviewed the
sampling techniques, procedures
and data. He has undertaken
a number of site visits
to review and inspect the
application of procedures.
These reviews have concluded
that the sampling and analytical
results have resulted in
data suitable for incorporation
into Mineral Resource estimation.
------------------ ----------------------------------------- --------------------------------------
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 Retortillo deposits
tenement location and ownership lie on the Exploitation
and land including agreements Concession (Mining Licence)
tenure or material issues with CE 6605-10 which is 100%
status third parties such as owned by Berkeley Minera
joint ventures, partnerships, España S.L., a wholly
overriding royalties, owned subsidiary of Berkeley
native title interests, Resources Limited.
historical sites, wilderness The Exploitation Concession
or national park and is valid for an initial
environmental settings. period of 30 years and may
be renewed for two additional
periods of 30 years. It
covers an area of 25.2km(2)
and includes the entire
area containing the Retortillo
mineralisation.
No historical sites or national
parks are located within
the Concession.
--------------------------------- --------------------------------------
The security of the Tenure in the form of an
tenure held at the time Exploitation Concession
of reporting along with has been granted and is
any known impediments considered secure. There
to obtaining a licence are no known impediments
to operate in the area. to obtaining a licence to
operate in this area.
---------------- --------------------------------- --------------------------------------
Exploration Acknowledgment and appraisal Previous exploration at
done of exploration by other Retortillo was completed
by other parties. initially by JEN and ENUSA,
parties both Spanish state run companies,
from the late 1950's through
to the mid 1980's. Work
completed by JEN and ENUSA
included mapping, radiometric
surveys, trenching, RC and
DD drilling.
A detailed data assessment
and verification of the
historical data supplied
by JEN and ENUSA has been
undertaken by Berkeley.
No significant issues with
the data were detected.
---------------- --------------------------------- --------------------------------------
Geology Deposit type, geological The uranium mineralisation
setting and style of is hosted within Ordovician
mineralisation. metasediments adjacent to
granite. The mineralisation
typically occurs as a sub-horizontal
to shallowly dipping layer
occurring between surface
and 100m depth. The style
of the uranium mineralisation
includes veins, stockwork
and disseminated mineralisation
in joint/fracture filling
associated with brittle
deformation. Uraninite and
coffinite are the primary
uranium minerals. Secondary
uranium mineralisation is
developed in "supergene-like"
tabular zones corresponding
to the depth of weathering.
Most of the mineralisation
is hosted within totally
and partially weathered
metasediment. This deposit
falls into the category
defined by the International
Atomic Energy Association
(IAEA) as Vein Type, Sub
Type Iberian Type.
---------------- --------------------------------- --------------------------------------
Drill A summary of all information Details of new reported
hole material to the understanding drill holes (2014 campaign)
Information of the exploration results are provided in Appendix
including a tabulation A of this release.
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 All of this information
this information is is Material and has been
justified on the basis included in Appendix A of
that the information this release.
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 In reporting Exploration Reported drill intersections
aggregation Results, weighting averaging are based on chemical assay
methods techniques, maximum data and are calculated
and/or minimum grade using a 200ppm U(3) O(8)
truncations (eg cutting cut-off, no high grade cut,
of high grades) and and may include up to 2m
cut-off grades are usually of internal dilution.
Material and should
be stated.
--------------------------------- --------------------------------------
Where aggregate intercepts High grade intervals that
incorporate short lengths are internal to broader
of high grade results zones of uranium mineralisation
and longer lengths of are reported as included
low grade results, the intervals.
procedure used for such
aggregation should be
stated and some typical
examples of such aggregations
should be shown in detail.
--------------------------------- --------------------------------------
The assumptions used No metal equivalent values
for any reporting of were used.
metal equivalent values
should be clearly stated.
---------------- --------------------------------- --------------------------------------
Relationship These relationships All drilling was planned
between are particularly important in such a way as to intersect
mineralisation in the reporting of expected mineralisation
widths Exploration Results. in a perpendicular manner.
and intercept If the geometry of the The uranium mineralisation
lengths mineralisation with is interpreted to be flat
respect to the drill lying to shallowly dipping
hole angle is known, so all of the RC holes were
its nature should be drilled vertically.
reported.
--------------------------------- --------------------------------------
If it is not known and The reported down-hole intervals
only the down hole lengths are interpreted to approximate
are reported, there true widths.
should be a clear statement
to this effect (eg 'down
hole length, true width
not known').
---------------- --------------------------------- --------------------------------------
Diagrams Appropriate maps and Appropriate diagrams, including
sections (with scales) a drill plan and cross sections,
and tabulations of intercepts are included in the main
should be included for body of this release.
any significant discovery
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 All new exploration results
reporting reporting of all Exploration are reported in Appendix
Results is not practicable, A of this release.
representative reporting
of both low and high
grades and/or widths
should be practiced
to avoid misleading
reporting of Exploration
Results.
---------------- --------------------------------- --------------------------------------
Other Other exploration data, Down-hole gamma logging
substantive if meaningful and material, of all Berkeley holes was
exploration should be reported including undertaken to provide eU(3)
data (but not limited to): O(8) data. Comparison of
geological observations; eU(3) O(8) data with chemical
geophysical survey results; assay data have shown that
geochemical survey results; on average eU(3) O(8) tends
bulk samples - size to underestimate at higher
and method of treatment; grades (>500ppm) and overestimate
metallurgical test results; at lower grades (<200ppm).
bulk density, groundwater, The Mineral Resource Estimate
geotechnical and rock (MRE) reported in this release
characteristics; potential was estimated using chemical
deleterious or contaminating assay data as the primary
substances. method for grade estimation
in the modelling process.
eU(3) O(8) data was used
for grade estimation process
when chemical assay data
was not available.
The Company has reported
the results of a PFS for
the Salamanca Project which
includes the Retortillo
deposits (refer to Announcement
dated 26 September 2013).
The PFS included hydrogeological,
geotechnical, mining, metallurgical
and process engineering
studies, as well as environmental
impact assessments.
---------------- --------------------------------- --------------------------------------
Further The nature and scale Further work planned for
work of planned further work the Retortillo deposits
(eg tests for lateral includes additional infill
extensions or depth drilling focused on improving
extensions or large-scale geological confidence and
step-out drilling). resource classification
of open pit areas scheduled
to be mined post the initial
two years of production
(based on the PFS).
Geological studies will
include detailed interpretation
of lithology, structure
and weathering and an assessment
of potential relationships
between these factors and
uranium grade distribution.
Further work is also planned
on a number of other exploration
targets within the Retortillo
Region.
--------------------------------- --------------------------------------
Diagrams clearly highlighting These are shown in the main
the areas of possible body of this release.
extensions, including
the main geological
interpretations and
future drilling areas,
provided this information
is not commercially
sensitive.
---------------- --------------------------------- --------------------------------------
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in the preceding section also apply to this
section.)
Criteria JORC Code explanation Commentary
------------------ ------------------------------- -----------------------------------------------------------------
Database Measures taken to ensure Drill hole data is stored
integrity that data has not been in a password protected
corrupted by, for example, relational database (Access).
transcription or keying Drill data recorded in digital
errors, between its Excel templates is transferred
initial collection and to the database by the project
its use for Mineral geologist who is responsible
Resource estimation for reviewing and validating
purposes. the data. Assay data is
received from the external
laboratories in digital
format and is loaded directly
into the database after
QA/QC has been checked and
validates the rest of assays.
Geological logging is restricted
to appropriate codes relevant
to the local geology, mineralisation,
weathering and alteration
setting. A copy of the master
database is linked to Surpac
mining software for Mineral
Resource Estimation.
--------------------------------- -----------------------------------------------------------------
Data validation procedures Database validation checks
used. including collar survey
position, down hole survey
control, assay limits, eU(3)
O(8) profiles, sample intervals
and logging codes are completed
prior to the data being
transferred to the master
database.
---------------- --------------------------------- -----------------------------------------------------------------
Site visits Comment on any site Sampling techniques and
visits undertaken by procedures, as well as QA/QC
the Competent Person data, are reviewed internally
and the outcome of those an ongoing basis. Malcolm
visits. Titley, (CP, Geology Consultant,
Maja Mining Limited) has
reviewed the sampling techniques,
procedures, data and resource
estimation methodology.
He has undertaken a number
of site visits, the latest
being in September 2014,
to review and inspect the
application of these procedures.
He concludes that the sampling
and analytical results available
are appropriate for estimation
of the Mineral Resource.
--------------------------------- -----------------------------------------------------------------
If no site visits have Site visits have been undertaken.
been undertaken indicate
why this is the case.
---------------- --------------------------------- -----------------------------------------------------------------
Geological Confidence in (or conversely, The confidence of the geological
interpretation the uncertainty of) interpretation is appropriate
the geological interpretation for the current level of
of the mineral deposit. resource estimation. The
resource is defined within
mineralised envelopes which
encompass all zones of significant
mineralisation.
--------------------------------- -----------------------------------------------------------------
Nature of the data used Geology and mineralisation
and of any assumptions interpretation is based
made. on geological logging and
sample assays derived from
RC and DD drilling, along
with cross sectional interpretations
which include surface mapping
information and geophysical
studies.
--------------------------------- -----------------------------------------------------------------
The effect, if any, Structural studies show
of alternative interpretations dips of structures vary
on Mineral Resource between 50deg and 80deg
estimation. however; the uranium mineralisation
has undergone supergene
remobilisation and is interpreted
to be flat lying to shallowly
dipping and generally within
100m from surface.
--------------------------------- -----------------------------------------------------------------
The use of geology in On the deposit scale the
guiding and controlling uranium grade is controlled
Mineral Resource estimation. by both lithology and structure,
while on a local scale the
grade is interpreted to
be influenced by supergene
processes.
--------------------------------- -----------------------------------------------------------------
The factors affecting Geological logging and uranium
continuity both of grade assay of samples from drill
and geology. holes has demonstrated the
continuity of the grade
and lithology between mineralised
sections. Breaks in continuity
are likely due to structural
offsets, some of which have
been observed or interpreted
from surface mapping.
---------------- --------------------------------- -----------------------------------------------------------------
Dimensions The extent and variability The main deposit (including
of the Mineral Resource a small satellite zone)
expressed as length covers an area of approximately
(along strike or otherwise), 3km by 0.6km. A second smaller
plan width, and depth deposit to the NW covers
below surface to the an area of approximately
upper and lower limits 2.3km by 0.2km. The mineralisation
of the Mineral Resource. at both deposits generally
occurs within 100m of surface.
---------------- --------------------------------- -----------------------------------------------------------------
Estimation The nature and appropriateness A mineralised envelope is
and modelling of the estimation technique(s) created encompassing all
techniques applied and key assumptions, zones of significant mineralisation.
including treatment A number of different domains
of extreme grade values, have been interpreted.
domaining, interpolation Geostatistical variogram
parameters and maximum modelling was used to determine
distance of extrapolation appropriate parameters for
from data points. If estimation of uranium. Primary
a computer assisted estimation is a three pass
estimation method was with Ordinary Kriging (OK)
chosen include a description method. Where the OK algorithm
of computer software applied negative sample
and parameters used. weights resulting in negative
block grades, the OK values
were substituted by the
respective Inverse Distance
Squared (ID(2) ) values.
Surpac v6.6.2 software was
used for mineralisation
volume interpretation and
uranium grade estimation.
Four sources of drillhole
uranium grade data was used:
* Chemical U(3) O(8) (ppm): 66.3%
* Radiometric Equivalent (ppm): 30.7%
* Portable XRF (ppm): 0.4%
* Background waste values based on XRF and Gamma probe
results (10ppm U(3) O(8) ): 2.6%
The drill hole spacing is
nominally 50m by 50m, with
infill spacing at 35m by
35m within the Measured
Resource areas and part
of the Indicated Resource.
Eight mineralisation domains
were identified at Retortillo
(R2, R3, R4, R5, R6, R7,
S1 and S2). 1m samples composites
were used to estimate grade
into 10m by 10m by 3m parent
blocks, allowing sub-blocking
of 5m by 5m by 1.5m
In order to reduce local
bias due to extreme high
grades, top cuts were applied:
* R2: 1,100ppmU(3) O(8)
* R3: 1,800ppmU(3) O(8)
* R4: not applied
* R5: 3,800ppmU(3) O(8)
* R6: 2,000ppmU(3) O(8)
* R7: not applied
* S2: 2,500ppmU(3) O(8)
* S3: 2,500ppmU(3) O(8)
Number of 1m samples required
to make an estimate per
pass:
* Minimum samples = 18/12/6
* Maximum samples = 30/18/18
Maximum samples per drillhole
= 6
Search ellipse radii variable
per domain in meters, along
strike /across-strike/down-dip:
* R2: 45/30/6
* R3: 45/30/6
* R4: 45/30/6
* R5: 45/30/6
* R6: 45/30/6
* R7: 45/30/6
* S2: 30/30/6
* S3: 30/30/6
Search orientation variable
per domain (dip, plunge,
dip dir.):
* R2: (0, 0, 120)
* R3: (0, 0, 120)
* R4: (0, 0, 120)
* R5: (0, 0, 120)
* R6: (0, 0, 120)
* R7: (0, 0, 120)
* S2: (0, 0, 120)
* S3: (0, 0, 120)
Search radii used for OK
were increased by a factor
of 1.5/1.5/1.5 and 7.5/9/10
(major/semi-major/minor)
for the main deposit (R2
to R7) to estimate a grade
for blocks not estimated
in the 1(st) or 2(nd) pass
respectively. For the smaller
deposit to the NW (S2 and
S3), being a 2 pass estimation
process, the search radii
were doubled on the second
pass resulting in 60/60/12.
In-situ dry bulk densities
were assigned based on zones
of weathering intensity
and used to estimate tonnage.
--------------------------------- -----------------------------------------------------------------
The availability of The current resource estimate
check estimates, previous was compared with the previous
estimates and/or mine resource estimate (September
production records and 2013) which was based on
whether the Mineral earlier drill campaigns
Resource estimate takes (historical, 2006 to 2008,
appropriate account 2013) and to a polygonal
of such data. estimation. Both of which
support the current results.
No mining production has
taken place at Retortillo.
--------------------------------- -----------------------------------------------------------------
The assumptions made The resource model only
regarding recovery of estimates uranium.
by-products.
--------------------------------- -----------------------------------------------------------------
Estimation of deleterious At this stage, there are
elements or other non-grade no deleterious elements
variables of economic or other non-grade variables
significance (eg sulphur identified as being of economic
for acid mine drainage significance at Retortillo.
characterisation).
--------------------------------- -----------------------------------------------------------------
In the case of block The uranium grade is estimated
model interpolation, into the 10m (X) by 10m
the block size in relation (Y) by 3m (Z) blocks. This
to the average sample compares to the average
spacing and the search drill spacing of 35m by
employed. 35m in X and Y and an assumed
mining bench height of 6m.
This block size was chosen
to match the potential open
cut mining methodology.
--------------------------------- -----------------------------------------------------------------
Any assumptions behind Three selective mining units
modelling of selective dimensions have been considered
mining units. in the current model:
* Main deposit (R3 to R7) in the SE covering an area of
1.8km by 0.6km within 100m of surface.
* Main deposit satellite (R2) immediately northwest of
the Main deposit with an area of 0.7km by 0.4km
within 70m of surface.
* Smaller Deposit (S2 and S3) to the NW with an area of
2.5km by 0.2km within 60m of surface.
All areas contain mineralised
zones that average between
20m to 40m in thickness.
--------------------------------- -----------------------------------------------------------------
Any assumptions about Uranium is the only economic
correlation between metals estimated in the
variables. current resource model.
--------------------------------- -----------------------------------------------------------------
Description of how the Geological interpretation
geological interpretation controlled the volume of
was used to control the resource estimate by
the resource estimates. restricting the interpretation
of the mineralisation volume
and associated samples to
material with continuity
above a 100ppm U(3) O(8)
grade.
The domains are based on
geology, structure and uranium
grade with defined zones
of mineralisation that show
continuity along and across
strike.
A further division of the
model into completely weathered,
partially weathered and
fresh rock is applied by
triangulated surfaces interpreted
from the logging of the
drill samples. This division
is only applied for density
purposes.
--------------------------------- -----------------------------------------------------------------
Discussion of basis Uranium grade distribution
for using or not using exhibits a strong positive
grade cutting or capping. skewness, so a top cut was
applied to reduce local
bias by extreme grades outliers
- nominally approximating
the 97.5 population percentile.
The domains were assessed
independently and a top
cut grade was determined
for each domain.
--------------------------------- -----------------------------------------------------------------
The process of validation, Validation of the MRE included
the checking process visual inspection of the
used, the comparison grade distribution compared
of model data to drill to the drill data, comparison
hole data, and use of of block model statistics
reconciliation data to the sample statistics
if available. and generation of swath
plots. These confirmed that
the MRE appropriately represents
the grade and tonnage distribution
of the uranium mineralisation
at the confidence levels
reported. A comparative
grade and tonnage estimate
using Datamine software
was completed by the CP,
which compared favourably
with the estimate completed
on-site using Surpac software.
---------------- --------------------------------- -----------------------------------------------------------------
Moisture Whether the tonnages The resource tonnage is
are estimated on a dry reported on a dry bulk density
basis or with natural basis. In-situ dry bulk
moisture, and the method density measurements were
of determination of completed on dry core and
the moisture content. on RC material using a solid-fluid
pycnometer. Results were
corrected for moisture content.
Sample grades are reported
using dry weight.
---------------- --------------------------------- -----------------------------------------------------------------
Cut-off The basis of the adopted The MRE has been reported
parameters cut-off grade(s) or using a 200ppm U(3) O(8)
quality parameters applied. cut-off grade. The Salamanca
Project PFS demonstrated
that a 100ppm U(3) O(8)
cut-off is economic. Based
on the current uranium market,
reporting of the MRE at
a 200ppm cut-off grade is
both justifiable and consistent
with previous published
MRE's for this style of
mineralisation.
---------------- --------------------------------- -----------------------------------------------------------------
Mining Assumptions made regarding The PFS demonstrated that
factors possible mining methods, the Retortillo resource
or assumptions minimum mining dimensions can potentially be extracted
and internal (or, if using open pit mining methods,
applicable, external) with the recovery of uranium
mining dilution. It through the application
is always necessary of acid heap leach methods.
as part of the process Indicative parameters used
of determining reasonable for pit optimisation purposes
prospects for eventual were:
economic extraction Uranium selling price: US$65/lb
to consider potential U(3) O(8) ,
mining methods, but Total Mining Cost: US$14.5/lb
the assumptions made U(3) O(8)
regarding mining methods Mining recovery: 98%
and parameters when Mining dilution: 2%
estimating Mineral Resources Plant Process Cost: US$12.8/lb
may not always be rigorous. U(3) O(8)
Where this is the case, Recovery U(3) O(8) : 85%
this should be reported Royalties: 1.2%
with an explanation
of the basis of the
mining assumptions made.
---------------- --------------------------------- -----------------------------------------------------------------
Metallurgical The basis for assumptions Berkeley has completed a
factors or predictions regarding number of metallurgical
or assumptions metallurgical amenability. testwork programs for Retortillo
It is always necessary as part of the scoping,
as part of the process PFS and definitive feasibility
of determining reasonable studies, including column
prospects for eventual leach tests at commercial
economic extraction height (6m). These tests
to consider potential have shown that heap leaching
metallurgical methods, can achieve uranium recoveries
but the assumptions of at least 85%.
regarding metallurgical
treatment processes
and parameters made
when reporting Mineral
Resources may not always
be rigorous. Where this
is the case, this should
be reported with an
explanation of the basis
of the metallurgical
assumptions made.
---------------- --------------------------------- -----------------------------------------------------------------
Environmen-tal Assumptions made regarding Berkeley was granted a Favourable
factors possible waste and process Declaration of Environmental
or assumptions residue disposal options. Impact ('Environmental Licence')
It is always necessary for Retortillo in October
as part of the process 2013 following submission
of determining reasonable of the Company's Environmental
prospects for eventual and Social Impact Assessment
economic extraction ('ESIA') together with the
to consider the potential Exploitation Plan and the
environmental impacts Reclamation and Closure
of the mining and processing Plan.
operation. While at The Company's waste management
this stage the determination and rehabilitation assumptions
of potential environmental were detailed in the ESIA
impacts, particularly and Reclamation and Closure
for a greenfields project, Plan.
may not always be well Spent ore from the on-off
advanced, the status heap leach pads ('ripios')
of early consideration will initially be stored
of these potential environmental on the heap leach pads and
impacts should be reported. subsequently backfilled
Where these aspects into isolated and lined
have not been considered (clay layer and HDPE liner)
this should be reported areas within the mined pits
with an explanation on a continuous basis once
of the environmental sufficient space is available.
assumptions made. Acid Rock Drainage (ARD)
and Natural Occurring Radioactive
Materials (NORM) waste will
be placed onto temporary
dumps designed with the
required isolation system
(clay layer and HDPE liner)
until the waste is backfilled
into the mined pits towards
the end of the mine life.
At the end of the mine life,
the entire volume of ripios,
ARD and NORM waste will
be fully encapsulated within
the mined pits, and the
surface rehabilitated as
per the existing profile
and vegetation.
---------------- --------------------------------- -----------------------------------------------------------------
Bulk density Whether assumed or determined. Bulk density values were
If assumed, the basis derived from 477 core and
for the assumptions. solid fluid pycnometer measurements.
If determined, the method The in-situ dry bulk density
used, whether wet or values are:
dry, the frequency of * Completely weathered: 2.28g/cm(3)
the measurements, the
nature, size and
representativeness * Partially weathered: 2.39g/cm(3)
of the samples.
* Fresh rock: 2.62g/cm(3)
--------------------------------- -----------------------------------------------------------------
The bulk density for Fresh and slightly weathered
bulk material must have rock is competent enough
been measured by methods to ensure the method used
that adequately account takes into account any rock
for void spaces (vugs, porosity. A factor derived
porosity, etc), moisture from comparison with DD
and differences between core was used to adjust
rock and alteration the weathered material.
zones within the deposit.
--------------------------------- -----------------------------------------------------------------
Discuss assumptions The density measurements
for bulk density estimates have been classified by
used in the evaluation weathering intensity, defined
process of the different by the geological logging.
materials. Three dominant zones have
been identified - completely
weathered, partially weathered
and fresh rock. The average
of the density data from
each zone was applied in
the resource model.
---------------- --------------------------------- -----------------------------------------------------------------
Classification The basis for the classification The reported MRE has been
of the Mineral Resources classified as Measured,
into varying confidence Indicated or Inferred after
categories. consideration of the following:
* Adequate geological evidence and drill hole sampling
is available to imply geological and grade
continuity.
* Adequate in-situ dry bulk density data is available
to estimate appropriate tonnage factors.
* Adequate mining, metallurgy and processing knowledge
to imply potential prospect for eventual economic
extraction.
--------------------------------- -----------------------------------------------------------------
Whether appropriate The reported MRE has been
account has been taken classified with consideration
of all relevant factors of the quality and reliability
(ie relative confidence of the raw data, the confidence
in tonnage/grade estimations, of the geological interpretation,
reliability of input the number and spacing of
data, confidence in intercepts through the mineralised
continuity of geology zones and knowledge of grade
and metal values, quality, continuity gained from observation
quantity and distribution and geostatistical analysis.
of the data).
--------------------------------- -----------------------------------------------------------------
Whether the result appropriately The reported MRE and its
reflects the Competent classification are consistent
Person's view of the with the CP's view of the
deposit. deposit. The CP was responsible
for determining the resource
classification.
---------------- --------------------------------- -----------------------------------------------------------------
Audits The results of any audits An external review was undertaken
or reviews or reviews of Mineral by SRK on the MRE reported
Resource estimates. in July 2012. The review
concluded that the estimate
was considered to reflect
the understanding of the
geology and grade continuity.
Malcolm Titley (Geology
Consultant, Maja Mining
Limited) reviewed this and
the previous MRE reported
in September 2013 and concluded
that the estimates appropriately
represented the grade and
tonnage distribution of
uranium mineralisation at
confidence levels commensurate
with the reported resource
classification.
---------------- --------------------------------- -----------------------------------------------------------------
Discussion Where appropriate a The confidence level is
of relative statement of the relative reflected in the resource
accuracy/ accuracy and confidence classification category
confidence level in the Mineral chosen for the reported
Resource estimate using MRE. The definition of current
an approach or procedure Mineral Resources is appropriate
deemed appropriate by for the level of study and
the Competent Person. the geological confidence
For example, the application imparted by the drilling
of statistical or geostatistical grid.
procedures to quantify The reported MRE is considered
the relative accuracy appropriate and representative
of the resource within of the grade and tonnage
stated confidence limits, at the 200ppm U(3) O(8)
or, if such an approach cut-off grade. The application
is not deemed appropriate, of geostatistical methods
a qualitative discussion has helped to increase the
of the factors that confidence of the model
could affect the relative and quantify the relative
accuracy and confidence accuracy of the resource
of the estimate. on a global scale. It relies
on historical data being
of similar standard as recent
infill drilling. The relevant
tonnages and grade are variable
on a local scale.
The nature of the mineralisation
and the relatively high
nugget effect may result
in local grade estimates
being lower confidence,
with smoothing of the grade
tonnage distribution at
cut-off grades above 200ppm
U(3) O(8) .
The CP considers that the
drilling grid in the area
that was the focus of the
2014 infill drilling campaign
is sufficient for classification
of a Measured Mineral Resource.
--------------------------------- -----------------------------------------------------------------
The statement should The Retortillo deposits
specify whether it relates are likely to have local
to global or local estimates, variability. The global
and, if local, state assessment is an indication
the relevant tonnages, of the average tonnages
which should be relevant and grade estimate for each
to technical and economic geological domain.
evaluation. Documentation
should include assumptions
made and the procedures
used.
--------------------------------- -----------------------------------------------------------------
These statements of No production has been carried
relative accuracy and out at Retortillo.
confidence of the estimate
should be compared with
production data, where
available.
---------------- --------------------------------- -----------------------------------------------------------------
Appendix D: Summary of Mineral Resource Estimates as at April
2015
(Reported at a cut-off grade of 200 ppm U(3) O(8) )
April 2015
=================== =========== ==========================
Deposit Resource Tonnes U(3) U(3)
O(8) O(8)
Name Category (Mt) (ppm) (Mlbs)
=================== =========== ======= ======= ========
Retortillo Measured 4.8 412 4.4
Indicated 11.7 349 9.0
Inferred 0.2 373 0.1
------------------------------- ------- ------- --------
Total 16.6 367 13.5
------------------------------- ------- ------- --------
Zona 7 Inferred 23.2 589 30.1
------------------- ----------- ------- ------- --------
Las Carbas Inferred 0.6 443 0.6
Cristina Inferred 0.8 460 0.8
Caridad Inferred 0.4 382 0.4
Villares Inferred 0.7 672 1.1
Villares North Inferred 0.3 388 0.2
------------------- ----------- ------- ------- --------
Total Retortillo
Satellites Inferred 2.8 492 3.0
------------------- ----------- ------- ------- --------
Alameda Indicated 20.0 455 20.1
Inferred 0.7 657 1.0
------------------------------- ------- ------- --------
Total 20.7 462 21.1
------------------------------- ------- ------- --------
Villar Inferred 5.0 446 4.9
Alameda Nth
Zone 2 Inferred 1.2 472 1.3
Alameda Nth
Zone 19 Inferred 1.1 492 1.2
Alameda Nth
Zone 21 Inferred 1.8 531 2.1
------------------- ----------- ------- ------- --------
Total Alameda
Satellites Inferred 9.1 472 9.5
------------------- ----------- ------- ------- --------
Gambuta Inferred 12.7 394 11.1
=================== =========== ======= ======= ========
Salamanca Project Measured 4.8 412 4.4
===================
Indicated 31.7 416 29.1
Inferred 48.7 511 54.8
------------------------------- ------- ------- --------
Total 85.2 470 88.2
=============================== ======= ======= ========
All figures are rounded to reflect appropriate levels of
confidence. Apparent differences occur due to rounding.
Appendix E: Summary of Mining Tenements
As at 31 March 2015, the Company had an interest in the
following tenements:
Location Tenement Name Interest Status
------------- -------------------------- --------- ---------
Spain
Salamanca D.S.R Salamanca 100% Granted
28 (Alameda)
D.S.R Salamanca 100% Granted
29 (Villar)
E.C. Retortillo-Santidad 100% Granted
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 Águlia 100% Granted
I.P. Espinera 100% Granted
I.P. Horcajada 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Oñoro 100% Granted
I.P. Pedreras 100% Granted
I.P. El Vaqueril 100% Pending
I.P. Halcón 100% Pending
E.P. Herradura 100% Pending
Cáceres I.P. Almendro 100% Granted
I.P. Ibor 100% Granted
I.P. Olmos 100% Granted
Badajoz I.P Don Benito 100% Granted
Este - U
I.P Don Benito 100% Granted
Este - C
I.P Don Benito 100% Granted
Oeste - U
I.P Don Benito 100% Granted
Oeste - C
Ciudad Real I.P Damkina Fraccion 100% Granted
1
I.P Damkina Fraccion 100% Granted
2
I.P Damkina Fraccion 100% Granted
3
------------- -------------------------- --------- ---------
A new application for Exploration Permit Herradura was
submitted, replacing Investigation Permit Alimoche which was
surrendered during the quarter. There were no 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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