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LONDON (Alliance News) - Berkeley Resources Ltd saw its shares rise on Monday morning after it said it has intersected additional high grade mineralisation at the Zona 7 deposit at its Salamanca project in Spain.
Berkeley shares were up 14% to 16.00 pence per share Monday morning.
The drilling campaign at Zona 7 has now been completed and consisted of 45 reverse circulation holes and four diamond drill holes. From the final 29 reverse circulation holes drilled on the deposit, significant intercepts include:
- 19 metres at 2,332 parts per million of Triuranium octoxide
- 20 metres at 1,238 parts per million of Triuranium octoxide
- 12 metres at 1,42 parts per million of Triuranium octoxide
- 18 metres at 825 parts per million of Triuranium octoxide
- 13 metres at 1,067 parts per million of Triuranium octoxide
"Results from the 2014 drilling program at Zona 7 confirm continuity of the mineralised zone extending well beyond the current resource boundary, and highlight the significant exploration and resource growth potential of the broader Salamanca project," said Berkeley in a statement.
The company expects to receive an updated mineral resource for the Zona 7 deposit in late November. The current inferred mineral resource at the deposit is 3.9 million tonnes averaging 414 parts per million of triuranium octoxide, for a contained 3.6 million pounds of triuranium octoxide.
Berkeley has also identified that mineralisation extends north-west and south-west of the current drilling programme, which will be targeted in the next drilling campaigns, it said in a statement.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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