TIDMBKY
RNS Number : 3521A
Berkeley Resources Limited
31 January 2011
31 December 2010
BERKELEY RESOURCES LIMITED
Quarterly Activities Report - December 2010
During the quarter the Company commenced diamond drilling at
Sageras, Alameda South and Retortillo as part of the Phase 2
Feasibility Study (FS) heap and tank leach metallurgical test work
programme. The Phase 1 FS tank leach metallurgical test work
programme was completed and returned very encouraging results with
uranium extraction in excess of 93% in acid batch leach tests for
bulk samples from Palacios and Alameda and in excess of 87% for
representative samples from Sageras.
In October negotiations were initiated with OAO Severstal
following a potential takeover bid, however, following lengthy
discussions on the 14th January 2011 Berkeley announced that
Severstal's right to subscribe to shares in Berkeley had
expired.
In January 2011 the Company has arranged a fully underwritten
capital raising of AUD$55 million, at AUD$1.70 per share, of which
AUD$26 million is subject to shareholder approval.
Key Corporate Developments
-- A potential takeover bid was announced by OAO Severstal
(Severstal) on the 29th October 2010 subject to financial,
technical and legal due diligence. By the 29th December 2010,
Berkeley and Severstal were unable to agree terms upon which
Severstal may make an agreed bid for the company, and the
exclusivity granted to Severstal on the 29th October 2010 expired
on the 29th December, however Severstal's right to subscribe to
shares in Berkeley remained in force until the 14th January 2011.
On the 14th January 2011 Berkeley announced that Severstal's right
to subscribe for shares in Berkeley expired. Discussions between
both parties are continuing in respect of other possible
arrangements.
-- Henry Horne was appointed to the Berkeley Board as Executive
Director on 11th October 2010.
-- On the 26th November 2010, 3.3 million shares were issued to
Resource Capital Fund at AUD$1.45 per share for gross proceeds of
approximately AUD$4.8 million
-- With reference to the notice given to ENUSA during October
2010 to extend the completion of the feasibility study by one year
to 26 November 2011, the Euro 1 million payment was made to ENUSA
at the end of December 2010.
-- On the 30th December it was announced that Ian Stalker has
resigned as Managing Director due to personal reasons but will stay
on the Board as a non-Executive Director. Henry Horne was appointed
Acting Managing Director until a suitable replacement is found.
-- Berkeley has advised ENUSA of its decision to progress to the
exploitation phase when the decision to exploit was announced on
the 17th January, 2011. Negotiations regarding the formation of
Newco, a joint venture company between Berkeley (90%) and ENUSA
(10%), will start first week in February.
-- The Company has also entered into agreements with RBC Capital
Markets ("RBC"), BMO Capital Markets ("BMO") and Dundee Securities
Corporation whereby RBC and BMO have agreed to jointly underwrite
an equity raising of AUD$55 million at a price of AUD$1.70 per
share, via a placement to institutional investors (a separate
announcement with further details on the placement is to follow).
These funds will be utilised to meet the cost of the EUR20 million
payment to ENUSA, to fund further feasibility work including a
1,200 hour pilot plant to be carried out in a reputable laboratory
located in Australia, and to enable exploration drilling of high
quality targets within the State Reserves and adjacent Berkeley
fully owned tenements.
-- On the 14th January Berkeley announced the appointment of Dr
James Ross AM as Chairman, following the retirement of Dr Robert
Hawley CBE from the Board due to health reasons.
Key Technical Developments
-- Results from the tank leach metallurgical test work programme
being undertaken at the SGS laboratory in Perth have produced very
encouraging results with 93% uranium extraction achieved in acid
batch leach tests for bulk samples from Palacios and Alameda and
87% at Sageras.
-- Heap leach test work is in its initial stages, however,
average recoveries from four 50 day column leach tests of Sageras
samples were similar to tank leach results, although with slightly
higher acid consumption.
-- A seventy hole, 5,000m metallurgical diamond drilling
program, located entirely within the proposed mine plan, has
commenced at Sageras and Alameda South, and will be followed by
drilling at Palacios North. The e-grade results from the first
eight diamond holes at Sageras show excellent correlation in both
grade and thickness, with the updated resource model announced in
September.
-- Diamond drilling also commenced at the 100% owned Retortillo
deposit and 3 holes were completed by the end of the quarter.
Berkeley Resources Acting Managing Director, Mr Henry Horne
commented "The metallurgical results confirm the amenability of the
Salamanca uranium ore to tank leaching which verifies the
historical Quercus Plant processing records. Significant milestones
were reached by taking the decision to exploit and completing the
placement successfully."
Enquiries - Acting Managing Director: Henry Horne Tel: +34 608
221 497
RBC Capital Markets: Martin Eales Tel: +44 20 7029 7881
Corporate
Severstal
On the 29th October 2010 Berkeley entered into a Subscription
Rights Deed with Severstal whereby it has granted Severstal the
right to subscribe for approximately 16.3 million new Berkeley
shares at a price of AUD$1.70 per share, subject to the condition
that Severstal publicly announces an intention to proceed with a
takeover bid for the Company at a price of AUD$2.00 per share (any
such takeover bid would be subject to conditions). The shares that
may be issued to Severstal pursuant to the Subscription Rights Deed
would represent approximately 9.1% of the fully diluted share
capital of Berkeley. Severstal's right to subscribe for shares in
Berkeley was initially due to expire on the 10th December 2010 but
an extension was granted until the 14th January 2011, unless it has
announced an intention to proceed with such a takeover bid on or
before that date. Details of the OAO Severstal Takeover bid are in
the Berkeley announcement to the Australian Securities Exchange
(ASX) on the 29th October 2010.
On the 30th December 2010 Berkeley announced that the
exclusivity granted to OAO Severstal expired on the 29th December
2010. Berkeley and Severstal were unable to agree terms upon which
Severstal may make an agreed bid for the Company. Severstal's right
to exercise for shares in Berkeley remained in force until the 14th
January 2011. For full details please see Berkeley's announcement
to the ASX on the 30th December 2010.
On the 14th January 2011 Berkeley announced that Severstal's
right to subscribe for shares in Berkeley expired on the 14th
January.
Management and Board
The decision was made by the Board of Directors to reinstate
Mathew Syme as a Non-Executive Director considering the significant
increase in corporate activity.
On the 11th October 2010 Henry Horne was appointed an Executive
Director of the company, please see ASX announcement on the 11th
October for details.
On the 26th November 2010 Ian Stalker informed the Board of his
intention to stand down as Managing Director of the Company after
negotiations with Severstal had been completed. This was followed
on the 30th December 2010 by confirmation of Ian Stalkers
resignation due to personal reasons and the appointment of Henry
Horne as Acting Managing Director until a permanent appointment is
made.
Share Placement
On the 26th November 2010 Berkeley completed the placement of
3,300,000 new shares at AUD$1.45 per share to Resource Capital
Fund. For full details of the placement please see the ASX
announcement dated the 26th November 2010.
SALAMANCA URANIUM PROJECT
Berkeley's Feasibility Study process for the Salamanca Uranium
Project commenced in May 2009, following Cabinet approval of the
Co-Operation Agreement between Berkeley and ENUSA. The Study
objective is to assess the viability of restarting mining within
the Salamanca State Reserves, based on a number of known uranium
deposits. .
A large amount of work was undertaken during the quarter in
progressing the first phase of the Feasibility Study. A summary of
the various works completed follows.
1. Drilling
Diamond drilling for the heap leach metallurgical test work
material commenced during the quarter at Sageras, Alameda South and
Retortillo with a total of 20 holes completed for 1,483 metres
(Table 1).
Table 1 - 4th Quarter Drilling Totals
Deposit DDH
--------------- ---------------
Holes Metres
---------------
Sageras 13 934
--------------- ------ -------
Alameda South 4 290
--------------- ------ -------
Retortillo 3 259
--------------- ------ -------
Total 20 1,483
--------------- ------ -------
All of the drill holes are planned within the proposed mine
plans and all e-grade results are consistent in both thickness and
grade with the resource models.
A list of notable intersections for the quarter is shown in
Table 2. The diamond drill holes are presented as eU3O8 grades
calculated from down hole radiometrics.
Table 2 - Notable Intersections
Deposit DDH From To Interval eU3O8
Hole ID (m) (m) (m) (ppm)
Alameda
South ASD-062 30 49 19 405
--------- --------- ----- ---- --------- ------
Alameda
South ASD-063 46 62 16 1,563
--------- --------- ----- ---- --------- ------
Sageras SGD-056 11 18 7 829
--------- --------- ----- ---- --------- ------
Sageras SGD-057 21 42 21 1,377
--------- --------- ----- ---- --------- ------
Sageras SGD-059 13 29 16 378
--------- --------- ----- ---- --------- ------
Sageras SGD-060 7 33 26 467
--------- --------- ----- ---- --------- ------
Sageras SGD-060 35 73 38 612
--------- --------- ----- ---- --------- ------
Sageras SGD-061 5 19 14 748
--------- --------- ----- ---- --------- ------
Sageras SGD-064 23 35 12 646
--------- --------- ----- ---- --------- ------
Sageras SGD-065 45 61 16 732
--------- --------- ----- ---- --------- ------
Sageras SGD-066 44 65 21 927
--------- --------- ----- ---- --------- ------
Sageras SGD-067 57 67 10 641
--------- --------- ----- ---- --------- ------
Sageras SGD-067 80 88 8 1,018
--------- --------- ----- ---- --------- ------
A full table of intersections for the quarter is included in the
Appendix. They have been calculated using a nominal 200 ppm eU3O8
lower cut-off and a minimum thickness of at least 1 metre.
2. Metallurgical Test Work
Tank Leach Test Results
The Phase 1 Feasibility Study tank leach metallurgical test work
programme was cut back during the quarter in order to advance the
column test work. Only limited test work was completed and these
delivered very encouraging results with uranium extraction rates in
excess of 93% at both Alameda and Palacios and in excess of 87% at
Sageras. All tests to date have employed a coarse grind to the
leach feed of P80750 microns with the aim of minimizing energy
requirements in the comminution circuit without sacrificing
yield.
A detailed report of the tank leach results was announced on the
16th December 2010. The typical process conditions are summarised
in Table 3.
Table 3 - Leach Process Conditions for Palacios, Alameda and
Sageras
Material Units Palacios Alameda Sageras
---------------------- ---------- ---------- ---------- ----------
Recovery % 93 93 87
---------------------- ---------- ---------- ---------- ----------
Sulphuric acid (kg/t) 23 - 25 15 - 18 7 - 12
---------------------- ---------- ---------- ---------- ----------
Leach Time (hrs) 8 - 12 10 - 12 12 - 14
---------------------- ---------- ---------- ---------- ----------
Pyrolusite (kg/t) 1.7 - 2.2 1.4 - 1.8 2.0 - 2.5
---------------------- ---------- ---------- ---------- ----------
Temperature ( C) 20 20 20
---------------------- ---------- ---------- ---------- ----------
Leach Slurry Density % Solids 65 - 70 65 - 70 65 - 70
---------------------- ---------- ---------- ---------- ----------
Slurry Specific 1.7 - 1.8 1.7 - 1.8 1.7 - 1.8
Gravity
---------------------------------- ---------- ---------- ----------
The relatively coarse ground leach residues are readily filtered
and washed to yield good recoveries of soluble uranium.
Heap Leach Test Results
During the December quarter intermittent bottle roll leach tests
(IBRT's) were conducted on sub-composites of Sageras and Alameda
drill core crushed to 12.5mm to establish general leach trends by
lithology, depth, grade and oxidation level. In total, 17 IBRT's
were conducted on Sageras sub-composites while 29 IBRT's were
conducted on Alameda sub-composites.
The majority of tests were run for a period of 5 days with
intermittent rolling (1 minute per hour) to better simulate heap
leach conditions and minimise breakage of the rock particles.
Average results on the Sageras samples were 70% recovery of uranium
(range of 61 to 82%) at an average acid consumption of 11.7 kg/t
(range: 8.5 to 18.9 kg/t. There were no indications of trends of
recovery or acid consumption by lithology, oxidation level or depth
although there was a trend of increasing recovery with increasing
head grade.
The results for the Alameda 5-day tests averaged 73% average
uranium recovery (range of 52 to 89%) with an average acid
consumption of 14.6 kg/t (range: 6.0 to 35.3 kg/t). Again, the only
identifiable trend was that of increasing recovery with increasing
head grade.
Repeat coarse bottle roll tests were conducted on 3 selected
Sageras sub-composites. In the repeat tests, the leach period was
extended to 10 days (from 5 initially) with the leach solution
changed out for fresh solution at Day 5. Comparative results are
given in Table 4.
Table 4 - Sageras and Alameda Intermittent Bottle Roll Leach
Test Results
Description 5-Day IBRT 10-Day IBRT
------------- ------------------ ------------------
Sub Grade, Depth Recovery Residue Recovery Residue Increase in
Composite Oxidation % U3O8 ppm U3O8 ppm U3O8 ppm U3O8 Recovery
---------- ------------- -------- -------- -------- -------- -----------
Avg, Mid,
S7 Primary 74.6 107 86.0 58 11.4
---------- ------------- -------- -------- -------- -------- -----------
High,
Shallow,
S8 Primary 71.0 326 91.2 106 20.2
---------- ------------- -------- -------- -------- -------- -----------
Avg, Shallow,
S12 Transition 63.7 102 70.7 81 7.0
---------- ------------- -------- -------- -------- -------- -----------
Low, Mid,
A14 Primary 64.4 88 69.3 71 4.9
---------- ------------- -------- -------- -------- -------- -----------
Avg, Mid,
A16 Primary 76.4 80 85.8 46 9.4
---------- ------------- -------- -------- -------- -------- -----------
High, Deep,
A18 Primary 71.8 74 91.7 49 19.9
---------- ------------- -------- -------- -------- -------- -----------
The first 12 one metre column tests of the Sageras and Alameda
optimisation programme were initiated in mid-November. Each deposit
is represented by 2 master composites which were initially leached
at crush sizes of 25mm, 12.5m and 6.3mm (P100) using leach
conditions as established for the Retortillo columns from the 2009
test program at SGS. Final results are presented in Table 5.
Table 5 - Sageras and Alameda Column Leach Test Results
Calc'd Acid
Master Crush Head Days Recovery Cons.
Composite Size, mm ppm U3O8 Leaching % U3O8 kg/t
---------- -------- -------- -------- -------- -----
SMC-1 25 480 42 82.6% 16.8
---------- -------- -------- -------- -------- -----
SMC-1 12.5 584 42 90.9% 17.2
---------- -------- -------- -------- -------- -----
SMC-1 6.3 485 42 91.2% 16.8
---------- -------- -------- -------- -------- -----
SMC-2 25 647 42 64.7% 17.4
---------- -------- -------- -------- -------- -----
SMC-2 12.5 485 42 88.1% 18.6
---------- -------- -------- -------- -------- -----
SMC-2 6.3 525 42 92.4% 19.5
---------- -------- -------- -------- -------- -----
AMC-1 25 475 42 88.8% 19.5
---------- -------- -------- -------- -------- -----
AMC-1 12.5 554 42 91.1% 20.6
---------- -------- -------- -------- -------- -----
AMC-1 6.3 552 42 95.3% 20.6
---------- -------- -------- -------- -------- -----
AMC-2 25 282 42 86.2% 23.2
---------- -------- -------- -------- -------- -----
AMC-2 12.5 331 42 89.3% 23.9
---------- -------- -------- -------- -------- -----
AMC-2 6.3 343 42 93.1% 24.0
---------- -------- -------- -------- -------- -----
Recoveries are final and are based on uranium leached and
residue assays. Recoveries and acid consumptions at Day 15 would be
expected to be realised in an on/off heap leach operation. The
projected leach data are shown in Table 6.
Table 6 - Sageras and Alameda Projected Column Leach Test
Results
Calc'd 15-Day 15-Day
Master Crush Head Recovery Acid Cons.
Composite Size, mm ppm U3O8 % U3O8 kg/t
---------- -------- -------- -------- ----------
SMC-1 25 480 73% 11.0
---------- -------- -------- -------- ----------
SMC-1 12.5 584 81% 11.1
---------- -------- -------- -------- ----------
SMC-1 6.3 485 83% 11.0
---------- -------- -------- -------- ----------
SMC-2 25 647 51% 11.6
---------- -------- -------- -------- ----------
SMC-2 12.5 485 77% 12.0
---------- -------- -------- -------- ----------
SMC-2 6.3 525 87% 11.6
---------- -------- -------- -------- ----------
AMC-1 25 475 82% 12.0
---------- -------- -------- -------- ----------
AMC-1 12.5 554 82% 12.4
---------- -------- -------- -------- ----------
AMC-1 6.3 552 91% 12.2
---------- -------- -------- -------- ----------
AMC-2 25 282 80% 12.9
---------- -------- -------- -------- ----------
AMC-2 12.5 331 83% 13.0
---------- -------- -------- -------- ----------
AMC-2 6.3 343 89% 12.6
---------- -------- -------- -------- ----------
After review of the final results (still awaiting tailings size
fraction analyses with fraction assays), the optimum crush size
will be selected and carried forward to the next round of
optimisation testing which is planned to evaluate acid strength in
agglomeration and leach solutions, oxidant types and
concentrations, irrigation rate and the effect of colder
temperatures on leach performance.
Two columns of Palacios material (reject material from
comminution testing), crushed to 12.5mm, were set up in column
tests in mid-November. The current results indicate that the
coarser grained transitional material is leaching well with some
79% indicated recovery after 35 days of leaching at an acid
consumption of 18 kg/t. However, the finer grained reduced material
is leaching much slower with an indicated recovery of 67% and an
acid consumption of 30 kg/t and rising. Final results from these
tests are expected in January. The finer grained material is still
consuming acid and acid levels in leach solution are being
gradually increased to achieve optimum leach conditions. Higher
acid consumptions for Palacios ores are consistent with agitated
leach and coarse bottle roll leach test results.
In late November, an agitated leach test was conducted on a
composite of the two Palacios samples used in the column tests.
Leach conditions were the same as those in optimised testing and
resulted in a uranium extraction of 84% (residue of 62 ppm U3O8)
and an acid consumption of 31.7 kg/t.
In summary column test results to date on Sageras and Alameda
lithology composites have been similar to the excellent results
obtained on Retortillo samples in a programme conducted in 2009.
Extremely consistent leach results have been returned with
excellent uranium recoveries and exceptionally low acid
consumptions.
Heap leach testwork results to date are notable for their
overall coherence which suggests that the dominant control on
recoveries is uranium mineralogy, textures and grain size.
A full version of this announcement including images can be
downloaded from Berkeley's website at
www.berkeleyresources.com.au.
APPENDIX
Sageras DDH Intersections (e-grades)
Hole
ID Easting Northing Elevation Depth Azimuth Dip From To Interval eU3O8
(
(m) (m) (m) (m) ( ) ) (m) (m) (m) (ppm)
--------- -------- ----
SGD-056 700483 4502556 652.9 46.60 0 -90 6 7 1 237
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
11 18 7 829
----- ---- --------- ------
30 32 2 200
----- ---- --------- ------
37 41 4 580
-------- --------- ---------- ------ ----- ---- ------
SGD-057 700482 4502555 653.0 94.80 224 -60 7 10 3 305
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
16 18 2 408
----- ---- --------- ------
21 42 21 1,377
----- ---- --------- ------
47 48 1 297
SGD-058 700353 4502847 645.2 92.59 224 -60 5 6 1 232
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
8 9 1 218
----- ---- --------- ------
14 19 5 334
----- ---- --------- ------
22 28 6 559
----- ---- --------- ------
32 35 3 299
----- ---- --------- ------
45 50 5 348
----- ---- --------- ------
53 54 1 354
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
SGD-059 700354 4502848 645.2 94.88 0 -90 9 10 1 357
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
13 29 16 378
----- ---- --------- ------
32 37 5 557
----- ---- --------- ------
44 48 4 456
----- ---- --------- ------
52 53 1 466
---------
SGD-060 700357 4502848 645.4 88.50 44 -60 7 33 26 467
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
35 73 38 612
----- ---- --------- ------
76 80 4 1,118
-------- --------- ---------- ----- ---- ------
SGD-061 700172 4502873 652.2 51.25 224 -60 5 19 14 748
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
22 29 7 286
----- ---- --------- ------
32 35 3 457
----- ---- --------- ------
47 48 1 404
--------- -------- --------- ---------- ------ -------- ---- --------- ------
SGD-062 700173 4502874 652.2 68.00 0 -90 7 15 8 461
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
21 23 2 768
----- ---- --------- ------
26 27 1 213
----- ---- --------- ------
29 33 4 263
----- ---- --------- ------
36 37 1 232
----- ---- --------- ------
39 40 1 241
----- ---- --------- ------
53 55 2 929
--------- -------- --------- ---------- ------ -------- ---- ----- ---- ------
SGD-063 700176 4502878 652.0 70.25 44 -60 22 35 13 283
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
44 55 11 379
----- ---- --------- ------
57 59 2 423
----- ---- --------- ------
63 64 1 264
-------- --------- ---------- --------- ------
SGD-064 700049 4502868 664.3 91.05 44 -60 23 35 12 646
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
42 51 9 390
--------- -------- --------- ---------- ------ -------- ---- ----- ---- ------
SGD-065 700048 4502867 664.3 92.63 0 -90 15 20 5 377
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
29 40 11 339
----- ---- --------- ------
45 61 16 732
----- ---- --------- ------
67 73 6 220
--------- -------- --------- ---------- ------ -------- ---- --------- ------
SGD-066 700045 4502862 664.5 92.00 224 -60 27 38 11 302
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
44 65 21 927
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
Hole
ID Easting Northing Elevation Depth Azimuth Dip From To Interval eU3O8
(
(m) (m) (m) (m) ( ) ) (m) (m) (m) (ppm)
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
SGD-067 700029 4502952 672.2 99.00 224 -60 29 31 2 249
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
33 34 1 236
----- ---- --------- ------
36 45 9 356
----- ---- --------- ------
57 67 10 641
----- ---- --------- ------
70 73 3 712
----- ---- --------- ------
76 77 1 2,680
----- ---- --------- ------
80 88 8 1,018
--------- -------- --------- ---------- ------ -------- ---- --------- ------
SGD-068 700030 4502953 672.2 97.30 0 -90 33 38 5 256
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
45 46 1 249
----- ---- --------- ------
49 53 4 457
----- ---- --------- ------
63 65 2 341
----- ---- --------- ------
71 82 11 256
----- ---- --------- ------
85 86 1 209
----- ---- --------- ------
89 90 1 305
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
Alameda South DDH Intersections (e-grades)
Hole
ID Easting Northing Elevation Depth Azimuth Dip From To Interval eU3O8
(
(m) (m) (m) (m) ( ) ) (m) (m) (m) (ppm)
--------- -------- ----
ASD-062 689294 4501347 748.7 70.50 102 -60 26 28 2 327
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
30 49 19 405
----- ---- --------- ------
56 57 1 352
--------- -------- --------- ---------- ------ -------- ---- ---------
ASD-063 689293 4501347 748.7 84.10 0 -90 46 62 16 1,563
----- ---- --------- ------
ASD-064 689424 4501239 757.5 67.50 103 -60 Results pending
--------- -------- --------- ---------- ------ -------- ----
ASD-065 689423 4501239 757.5 67.80 0 -90 Results pending
--------- -------- --------- ---------- ------ -------- ---- ------------------------------
Retortillo DDH Intersections (e-grades)
Hole
ID Easting Northing Elevation Depth Azimuth Dip From To Interval eU3O8
(
(m) (m) (m) (m) ( ) ) (m) (m) (m) (ppm)
RTD-097 718645 4521133 754.1 85.35 208 -65 25 29 4 409
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
40 42 2 204
----- ---- --------- ------
45 54 9 345
----- ---- --------- ------
58 59 1 219
----- ---- --------- ------
64 68 4 426
----- ---- --------- ------
71 73 2 425
--------- -------- --------- ---------- ------ -------- ---- ----- ---- --------- ------
RTD-098 718788 4521081 746.4 89.85 28 -60 Results pending
--------- -------- ------------------------------
RTD-099 718682 4521098 752.7 84.2 0 -90 Results pending
--------- -------- --------- ---------- ------ -------- ---- ------------------------------
SUPPLEMENTARY INFORMATION
The uranium grades reported in this release that are annotated
with a sub-prefix "e" have been reported as uranium equivalent
grades derived from down-hole gamma ray logging results and so they
should be regarded as approximations only.
The Berkeley drill holes were logged with a GeoVista total count
gamma tool. The gamma tool is calibrated each year in Adelaide at
the Department of Water, Land and Biodiversity Conservation in
calibration pits constructed under the supervision of CSIRO. The
various calibration factors were calculated by David Wilson BSc MSc
MAusIMM from 3D Exploration Ltd based in Perth, Western
Australia.
Drill intersections are calculated using a 200 ppm eU3O8 lower
cut-off with a minimum one metre intersection. All intersections
are approximately true thickness.
The Mineral Resources are presented in accordance with the 2004
Edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resource and Ore Reserves" (JORC Code).
The information in this report that relates to the metallurgical
test work results is based on information compiled by Mr Grenvil
Dunn, who is a Chemical Engineer and a Member of the South African
Institute of Mining and Metallurgy. Mr Dunn is a Technical
Consultant with Orway Mineral Consultants who are consultants of
Berkeley Resources. Mr Dunn 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 (The JORC Code).
The information in this report that relates to Exploration
Results, Mineral Resources or Ore Reserves is based on information
compiled by Mr. Ross Corben, who is a Member of The Australian
Institute of Mining and Metallurgy and an employee of Berkeley
Resources Limited. Mr. Corben has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr. Corben consents to the inclusion
in the report of the matters based on his information in the form
and context in which it appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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