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BERKELEY RESOURCES LIMITED
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Berkeley Resources Limited is an ASX and AIM listed exploration and development group with a dominant land holding and advanced uranium exploration and development projects in Spain with total Mineral Resources of 83.2 Mlbs (37.7 Kt) U3O8 (200 ppm cut-off).
Berkeley's focus is on the successful completion of a Feasibility Study at its flagship Salamanca Uranium Project, incorporating the Spanish State Reserves and the Quercus Uranium Processing Plant.
The Salamanca Uranium Project has a number of identified uranium deposits with Mineral Resources totaling 73.9 Mlbs (33.5 Kt) of U3O8 (200ppm cut-off) and substantial exploration upside. Spain offers an environment conducive to Berkeley's activities, with no prohibitions on uranium mining, good mining infrastructure, skills and power, a reliable legal and mining title jurisdiction and a local energy market which is 18% nuclear dependent.
Berkeley's right to use the Quercus Uranium Processing Plant (along with associated infrastructure, in its current state) has the potential to save Berkeley significant upfront capital costs upon the decision to proceed to mining. The plant (which currently lacks a comminution circuit), along with associated infrastructure, is permitted to produce 2.1 Mlbs (0.95 Kt) pa of U3O8 per annum.
Berkeley is committed to aggressively pursuing the ongoing exploration, appraisal and potential development of this outstanding uranium Project in order to fulfill its strategic objective of becoming the next European uranium producer in the near-term.
Berkeley's flagship Salamanca Uranium Project includes the Salamanca State Reserves (in which Berkeley has a right to acquire a 90% interest) as well as a large parcel of wholly owned permits. The Salamanca Uranium Project includes:
* Águila area deposits (State Reserves) with Mineral Resources of 22.2 Mlbs (10.1 Kt) at an average grade of 418ppm U3O8 (200ppm cut-off), including 22% Measured and 40% Indicated Resources;
* Alameda area deposits (State Reserves) with Mineral Resources of 24.4 Mlbs (11.0 Kt) at an average grade of 455ppm U3O8 (200ppm cut-off), including 75% Indicated Resources;
* Villar area deposits (State Reserves) with an Inferred Mineral Resource of 4.9 Mlbs (2.2 Kt) at an average grade of 446ppm U3O8 (200ppm cut-off);
* Retortillo area deposits (100% Berkeley) with Mineral Resources of 22.5 Mlbs (10.2 Kt) at an average grade of 512ppm U3O8 (200ppm cut-off), including 27% Indicated Resources;
* The right to use the Quercus Uranium Processing Plant (which currently lacks a comminution circuit), along with associated infrastructure, permitted to produce 2.1 Mlbs (0.95 Kt) pa of U3O8 per annum; and
* Substantial exploration potential in the State Reserves and Berkeley's wholly owned holding, including a number of less vigorously evaluated deposits.
Berkeley commenced a Feasibility Study in May 2009 which is expected to take up to 18 months.
Berkeley has a number of other projects in Spain including the Caceres VI Project where an initial Inferred Mineral Resource of 9.2 (4.2 Kt) Mlbs U3O8 at an average grade of 371ppm U3O8 (200ppm cutoff) for the Gambuta deposit has been estimated.
All of the Berkeley projects have been extensively explored in the past by reputable uranium explorers – notably the Junta de Energia Nuclear (“JEN”) predecessors to ENUSA (the Spanish national uranium company) who also undertook extensive exploration campaigns and Areva NC (the world’s largest ore producer or second largest uranium producer, depending on the measure used). As a result, a large volume of data was available, which Berkeley has purchased.
Since acquiring these projects, Berkeley has undertaken a substantial exploration program, with highly encouraging progress, including:
* Compilation and interpretation of a very substantial database of historical exploration results throughout Spain;
* Undertaken combined diamond and reverse circulation drilling campaigns (>35,000m) at Salamanca I and II (now part of the Salamanca Uranium Project), Caceres III and Caceres VI projects;
* Over 5,000 line kilometers of airborne radiometric and magnetic surveys have been flown over the Salamanca I, Salamanca II and Caceres VI projects highlighting the exploration potential of these tenements and generating a significant number of strong anomalies;
* Completion of a Scoping Study at Salamanca I (now part of the Salamanca Uranium Project) confirming the potential economic viability of the project with forecast cash operating costs of US$25/lb and capital for a new process plant totaling US$109m; and
* Generating a total Mineral Resource base, reported in accordance with the JORC Code (2004), of 83.2 Mlbs (37.7 Kt) U3O8 (200ppm cut-off) with 6% Measured, 40% Indicated and 54% Inferred.
Location of operation(s)
Level 2, 91 Havelock St
WEST PERTH, WA, AUSTRALIA
(61 8) 9214 7585
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.