BERKELEY RESOURCES LIMITED
AIM RELEASE | 14 JULY 2015 | ASX/AIM:BKY
INFILL DRILLING AND COMMENCEMENT OF PERMITTING AT ZONA 7
· Infill and Extension drilling at Zona 7 well advanced.
· Program designed to upgrade the Zona 7 resource from the Inferred to the Indicated category and to test extensions to the existing mineralisation.
· Permitting to incorporate the development of Zona 7 resource into existing development plans have commenced.
Berkeley Resources Limited (Berkeley or the Company) is pleased to announce that an infill drilling programme at the Zona 7 deposit is well advanced with results expected to be released next month followed by an upgraded mineral resource estimate in September.
The 101 hole 6,500 metre infill programme is designed to upgrade the Inferred Mineral Resource estimate (MRE) of 30.1 million pounds of U3O8 (23.2 million tonnes averaging 589 ppm at a cut-off grade of 200 ppm) to the Indicated category.
The programme is also testing for extensions to the mineralisation both along strike to the southwest and along the western boundary.
Recent studies have defined Zona 7 as a shallow, high grade deposit of significant scale located 10 km from the proposed processing facility at Berkeley's Salamanca Project. The incorporation of the Zona 7 resource into the Definitive Feasibility Study is well underway and will be completed once the upgraded MRE has been finalised.
Given the positive impact the Zona 7 resource is expected to have on the Salamanca Project's overall economics, the Company has decided to push ahead with the preparation of the core documents to start the permitting of Zona 7, which will be submitted in the fourth quarter of 2015
The Salamanca Project permitting program is now well advanced, with the Mining Licence and the Environmental Licence already granted and the applications for the remaining permits lodged with the relevant authorities.
For further information contact:
Paul Atherley |
Hugo Schumann |
John Prior / Paul Gillam |
Managing Director |
Corporate Manager |
Numis Securities |
+44 207 478 3900 |
+44 207 478 3900 |
Nomad & Broker
+44 207 260 1000 |
[email protected] |
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Competent Persons Statement
The information in this report that relates to the Mineral Resources for Zona 7 is extracted from the report entitled 'Salamanca Project Total Resource increased by 43% to 88.2 Mlbs U3O8 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 ASX Announcement that relates to the 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.
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.
