29th Jul 2015 10:38
LONDON (Alliance News) - Berkeley Resources Ltd Wednesday said it expects to receive the results from the infill drilling at the Zona 7 deposit at the Salamanca uranium project in Spain in mid-August and the company is expecting them to have a "very positive impact".
The point of the infill drilling is to move the resource at Zona 7 to the indicated category from inferred and to also identify potential extensions to the mineralisation.
"Given the very positive impact the Zona 7 resource is expected to have on the project's overall economics the board has decided to push ahead with the permitting required to rapidly incorporate this resource into the overall development plans," said Berkeley.
The Salamanca project also includes the Retortillo, Alameda, Gambuta and several satellite deposits and has already secured environmental and mining licenses. The entire project has a total mineral resource estimated at 88.2 million pounds of contained uranium trioxide with an average grade of 470 parts per million
The company is in the process of changing its name to Berkeley Energy Ltd to reflect the move from an explorer to a producer, subject to shareholder approval at an EGM to be held on Friday.
The company was seeking to change its name to Berkeley Energy Corp Ltd but on Tuesday it decided to drop Corp from the name, calling it "more favourable".
Berkeley shares were up 1.5% to 17.25 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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