Outstanding Zona 7 intercepts expected to increase overall resource grade

Final results from the recently completed infill drill programme at the important Zona 7 deposit have confirmed the overall continuity of the mineralisation and have reported significantly higher grades.

A number of the most recent results have recorded broad intersections with grades nearly fifteen times higher than the previously reported resource grade.

It is anticipated that these results will increase the overall grade of the upgraded mineral resource estimate which is currently being estimated and will be reported shortly.

Outstanding intercepts include high grade intersections recorded from shallow depths of just four metres from surface with thicknesses up to 52 metres:
 

• 13 metres @ 8,543 ppm U₃O₈
• 18 metres @ 3,658 ppm U₃O₈
• 14 metres @ 2,261 ppm U₃O₈
• 10 metres @ 2,118 ppm U₃O₈
• 52 metres @ 1,909 ppm U₃O₈
• 20 metres @ 1,565 ppm U₃O₈
• 12 metres @ 1,144 ppm U₃O₈
• 17 metres @ 1,354 ppm U₃O₈
• 31 metres @ 1,332 ppm U₃O₈
• 26 metres @ 1,327 ppm U₃O₈

 
The programme comprised ninety drill holes for 6,226 metres and has been designed to upgrade the resource to the Indicated category enabling the Zona 7 deposit to be incorporated into a Pre-Feasibility Study for the 100% owned Salamanca project which will be reported during the current quarter.

The inclusion of the deposit into the study will enable the overall economics of the project to be reported for the first time. The increase in the resource grade foreshadowed by these latest results combined with the recently reported impressive metallurgical testwork results is expected to increase the already significant positive impact the deposit will have on the overall economics of the project.

The deposit is located within ten kilometres of the approved location of the proposed processing plant and currently hosts an Inferred Mineral Resource Estimate of 23.2 million tonnes averaging 589 ppm U₃O₈ for 30.1 million pounds of U₃O₈ (at a 200 ppm U₃O₈ cut-off grade).

As previously advised given the very positive impact the deposit is expected to have on the project’s economics the Board has decided to push ahead with the permitting required to rapidly incorporate this resource into the overall development of the Salamanca project.

To read today's announcement in full, please click here. 

To watch Berkeley's Managing Director Paul Atherley commenting on today's release please click here.