Last checked at 24 Apr 2012 07:39
24 April 2012
BERKELEY RESOURCES LIMITED
SHALLOW, HIGH GRADE URANIUM MINERALISATION INTERSECTED AT THE 100% OWNED VILLARES PROSPECT, SALAMANCA I PROJECT AREA.
·; Intercepts at a cut-off of 200ppm include:
- 15m at 1524ppm U3O8 (VIR-001) from 1m below surface
- 9m at 2363ppm U3O8 (VIR-007) from 6m below surface
Berkeley Resources Ltd ('Berkeley' or the 'Company') is pleased to announce encouraging results from initial drilling at the Villares Prospect, located about 7km north of the Retortillo deposit. This drilling program has focussed on the Zone 19 and Zone 4 areas, and is the first step in identifying additional resources aimed at increasing and extending production from the proposed heap leach operation to be based at Retortillo.
Assays have been received for only nine of the 59 RC holes (total of 3331m) drilled to date. All assay results are from the Zone 19 area and significant mineralisation was intersected in four of these holes. Results include: 15m at 1524ppm U3O8 from 1m and 3m at 612ppm U3O8 from 25m in VIR-001; 2m at 1990ppm U3O8 from 9m in VIR-003; 9m at 2363ppm U3O8 from 6m in VIR-007 and 4m at 857ppm U3O8 from 4m and 3m at 1299ppm U3O8 from 19m in VIR-009 (Table 1). Comparison of down hole radiometric results and assays for these nine drill holes indicates that anomalous mineralisation has been intersected in another 19 of the remaining holes where only radiometric data is available, including 7 holes at the nearby Zone 4 area.
Table 1: Villares Significant Drill Intersections
Drill Intersections> 200ppm U3O8 | ||||
Villares | From | To | Metres | Grade |
VIR-001 | 1.0 | 16.0 | 15.0 | 1524 |
25.0 | 28.0 | 3.0 | 612 | |
VIR-003 | 2.0 | 5.0 | 3.0 | 312 |
9.0 | 11.0 | 2.0 | 1990 | |
VIR-007 | 6.0 | 15.0 | 9.0 | 2363 |
VIR-009 | 4.0 | 8.0 | 4.0 | 857 |
19.0 | 22.0 | 3.0 | 1299 | |
At Zone 19 the assay and radiometric data has outlined mineralisation ranging from 25-75m in width over a strike length of about 300m. The thickness ranges from 2-15m at depths from surface to 28m. Uranium mineralisation is hosted within sediments similar to the host rocks found at Retortillo and Santidad. It is open along strike to the northwest and southeast, where negotiations are continuing with landowners to gain access to undertake further drilling.
The downhole radiometric data from Zona 4 has outlined potential mineralisation up to 100m in width over a strike length of at least 300m. The thickness ranges from 2-25m at a depth of 5-50m depth. However, whilst most radiometric grades within this 300m long zone appear to be >200ppm U3O8, assay data is required to assess their significance.
The Villares Prospect was first identified in the extensive helicopter-borne radiometric and magnetic survey that Berkeley carried out in 2007. The potential of the airborne radiometric anomalies at Zone 19 and Zone 4 was confirmed with a ground radiometric survey, and by historical results from localised drilling by ENUSA. Villares, and other anomalies in the Salamanca I area, have remained untested since Berkeley halted exploration in 2008, following onset of the GFC.
These initial results confirm the presence of shallow high grade mineralisation at Villares and show the potential to identify additional uranium resources in outcropping and covered areas within proximity to the Retortillo and Santidad deposits. Further drilling is planned for the Salamanca I Satellites project over the coming months to test additional targets identified.
For further information, visit the Company's web site at www.berkeleyresources.com.au or contact:
Berkeley Resources | Brendan James (MD) | +34 92 3193 903 |
RBC Capital Markets | Martin Eales | +44 20 7029 7881 |
Tavistock Communications | Emily Fenton / Ed Portman | +44 20 7920 3150 |
The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Craig Gwatkin, who is a Member of The Australian Institute of Mining and Metallurgy and is an employee of Berkeley Resources Limited. Mr. Gwatkin has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Gwatkin consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Drill Intersections from Villares
Drill Intersections> 200ppm U3O8 | ||||||||||
Hole ID | Easting | Northing | Elev. | Depth | Azim | Dip | From | To | Thick | U3O8 |
(m) | (m) | (m) | (m) | (º) | (º) | (m) | (m) | (m) | (ppm) | |
VIR-001 | 718548 | 4527388 | 711.8 | 58.0 | 0 | -90 | 1.0 | 16.0 | 15.0 | 1524 |
25.0 | 28.0 | 3.0 | 612 | |||||||
VIR-002 | 718568 | 4527433 | 712.0 | 50.0 | 0 | -90 | No significant intersection | |||
VIR-003 | 718510 | 4527405 | 710.7 | 50.0 | 0 | -90 | 2.0 | 5.0 | 3.0 | 312 |
9.0 | 11.0 | 2.0 | 1990 | |||||||
VIR-004 | 718528 | 4527454 | 709.6 | 50.0 | 0 | -90 | No significant intersection | |||
VIR-005 | 718527 | 4527339 | 715.3 | 50.0 | 0 | -90 | No significant intersection | |||
VIR-006 | 718478 | 4527352 | 715.5 | 50.0 | 0 | -90 | No significant intersection | |||
VIR-007 | 718638 | 4527337 | 714.3 | 50.0 | 0 | -90 | 6.0 | 15.0 | 9.0 | 2363 |
VIR-008 | 718655 | 4527384 | 714.2 | 50.0 | 0 | -90 | No significant intersection | |||
VIR-009 | 718618 | 4527304 | 716.0 | 46.0 | 0 | -90 | 4.0 | 8.0 | 4.0 | 857 |
19.0 | 22.0 | 3.0 | 1299 | |||||||