31st Jan 2008 10:17
Berkeley Resources Limited31 January 2008 BERKELEY RESOURCES LIMITED QUARTERLY ACTIVITIES REPORT For the Quarter Ended 31 December 2007 KEY DEVELOPMENTS • Calculation of a revised JORC total inferred and indicated resourcefor the Salamanca I project of 16.9m lb of U3O8 at an average grade of 563ppm -an increase of 42%. • An initial indicated resource at Retortillo of 4.8m lb of U3O8 at581ppm included in the above. • Drilling subsequent to the JORC resource calculation has extended theknown mineralisation at Santidad a further 800m in total. • An airborne geophysical survey was completed over key target areas,with favourable initial indications. • AMC Consultants commenced a Scoping Study on the potential for miningat the Salamanca I project. • Sipa Resources completed further drilling at the Miriam-Bouchersproject near Coolgardie. Enquiries - Managing Director: Matt Syme Telephone: +61 417 906 717 Email: [email protected] Salamanca I Berkeley's drilling objectives in the December quarter were to generatesufficient data to allow calculation of a revised resource for the Retortillodeposit and an initial resource for the Santidad deposit, and also to continueto test the potential extensions of the Retortillo-Santidad stratigraphy. Bothobjectives were successfully completed and ongoing drilling continues to testthe potential for additional resources in the Salamanca I project area. New Resource Estimates Results from the new resource calculations were as follows: At a 200ppm U3O8 cutoff, total inferred and indicated resources are: Ore Tonnes Grade (ppm Contained (m lb U3O8) at U3O8) (Mt) 200ppm U3O8 cutoffRetortillo 9.6 615 13.0Santidad 3.4 382 2.9Zona 7 0.6 760 1.0TOTAL 13.6 563 16.9 including the following indicated resources: Ore Tonnes Grade (ppm Contained (m lb U3O8) at U3O8) 200ppm U3O8 cutoff (Mt) Retortillo 3.8 581 4.8 At a 100ppm cut-off the total inferred and indicated resources are: Ore Tonnes Grade (ppm Contained (m lb U3O8) at U3O8) 100ppm U3O8 cutoff (Mt) Retortillo 15.6 432 14.9Santidad 6.7 255 3.8Zona 7* 0.6 760 1.0TOTAL 22.9 389 19.6 * Zona 7 resources have been calculated at a 200ppm cut-off only. including the following indicated resources: Ore Tonnes Grade (ppm Contained (m lb U3O8) at (Mt) U3O8) 100ppm U3O8 cutoff Retortillo 5.7 431 5.4 Note - for comparative purposes - previously published resource targets atSalamanca 1 (based on historic ENUSA estimates) included an additional 590,000pounds of U3O8 in 3 small deposits which are excluded from the abovecalculations because detailed work has not yet commenced. These estimates are based on data from historical drilling campaigns by theJunta de Energia Nuclear (JEN) and Empresa Nacional Uranio S.A. (ENUSA) in theperiod from the late 1950's to the mid 1980's at Retortillo and Zona 7,supplemented by Berkeley drilling of 72 diamond and RC holes at Retortillo, 87RC and diamond holes at Santidad and 7 diamond holes at Zona 7. They have beendeveloped by a team of in-house and consulting geoscientists with calculationsbased on block modeling methods (for Retortillo and Santidad) and the polygonalmethod (for Zona 7). Full details of the new resource calculation are included in the announcementdated 19 November 2007. Drilling Results Drilling in the quarter comprised: • Retortillo - 12 diamond drill holes holes totalling 1167.9m • Santidad - 13 diamond drill holes totalling 948.4m and 70 reversecirculation drill holes totalling 4041.0m Full details of the drilling are set out in the Appendix. Notable intersections(at a cut-off grade of 200ppm U3O8) include: RetortilloRTO-067 3.0m @ 0.046% U3O8 from 33.0m and 6.0m @ 0.058% U3O8 from 45.0mRTO-068 5.0m @ 0.038% U3O8 from 46.0m and 13.0m @ 0.050% U3O8 from 68.0mRTO-069 18.0m @ 0.069% U3O8 from 32.0mRTO-070 43.0m @ 0.024% U3O8 from 39.0mRTO-072 10.0m @ 0.086% U3O8 from 28.0m and 3.0m @ 0.044% U3O8 from 45.0mRTO-075 3.0m @ 0.060% U3O8 from 40.0m. SantidadSANR-047 11.0m @ 0.031% U3O8 from 24.0mSANR-052 9.0m @ 0.066% U3O8 from 14.0m and 5.0m @ 0.036% U3O8 from 33.0mSANR-059 13.0m @ 0.035% U3O8 from 33.0mSANR-071 14.0m @ 0.048% U3O8 from 3.0m and 6.0m @ 0.037% U3O8 from 31.0mSANR-077 24.0m @ 0.026% U3O8 from 15.0m and 7.0m @ 0.029% U3O8 from 49.0mSANR-081 16.0m @ 0.020% U3O8 from 10.0mSAN-089 6.0m @ 0.070% U3O8 from 16.0mSANR-102 10.0m @ 0.076% U3O8 from 9.0mSANR-125 9.0m @ 0.037% U3O8 from 14.0mSANR-130 10.0m @ 0.076% U3O8 from 3.0m and 3.0m @ 0.024% U3O8 from 21.0m. Subsequent to the calculation of the revised JORC inferred resource on 19November 2007, ongoing drilling extended the known limits of the Santidadmineralisation by approximately 550m to the North West and 250m to the SouthEast. The Santidad mineralisation remains open along strike in both directions.Drilling in the March quarter is aimed at testing for extensions to the NorthWest and also in the area immediately North of the Santidad deposit where twopositive holes were drilled in the September quarter and where a potentialparallel structure is interpreted. Land access is limited to the South East forthe time being due to quarantine issues with a cattle herd. Drilling at Retortillo was focussed on upgrading resources and increasingconfidence in the geological, structural and mineralogical interpretations forthe new resource estimate. The Santidad mineralisation occurs in the same sequence of greenschist faciesmetamorphosed slates and shales as the Retortillo mineralisation. The Santidadmineralisation is generally of a weaker tenor than that at Retortillo, probablydue to the lack of Tertiary cover and the eroded topography. These featurescause the Santidad mineralisation to be at exposed at the surface and to begenerally at shallow depth with low strip ratios. The Retortillo diamond drilling and petrological studies on the resultant corehave led to a better understanding of the Retortillo mineralisation. Preliminaryinterpretations of the petrology into a predictive geological model show theuranium mineralisation is related to the weathering process withcordierite-biotite-pyrrhotite being converted to pinnate-kaolinite-pyrite. Thisprocess is affected by the presence or absence of Tertiary cover and may explainthe lower tenor of the Santidad mineralisation, relative to Retortillo. The geological logging and petrology has also show the mineralisation to bedominantly controlled by the host lithologies and the degree of the weatheringprocess. Continuing petrological work on these aspects will help to prioritisedrill targets as determined from the airborne surveys and geologicalinvestigations. AIRBORNE GEOPHYSICAL SURVEY Aretech Solutions completed flying a 5,924 line kilometre, low level,close-spaced airborne magnetic and radiometric survey in the quarter. The surveycovered Salamanca I, part of the Salamanca II, and the Caceres VI and Toledo IIareas. The survey had two objectives: 1. to better define controlling structures and host lithologies associatedwith uranium mineralisation; and 2. to provide direct and indirect criteria for targeting new areas withpotential for mineralisation, particularly in areas of partial or completecover. Initial indications are that the survey has provided very good data for bothobjectives. Compilation, processing and interpretation of data is ongoing and isexpected to be completed in coming weeks. SALAMANCA REGIONAL TENEMENTS A number of additional exploration permits were applied for in the quarter -collectively known as the "Salamanca Regional" project. This project comprises anumber of regional scale exploration permits with the potential for similarlithologies to Santidad and Retortillo, including • potential extensions of the Retortillo-Santidad stratigraphy itself; • potential areas of similar carbonaceous shale stratigraphy, includingbeneath Tertiary cover; and • areas of contact between carbonaceous shales and granites. It is understood that little or no uranium exploration work has been undertakenon most of the Salamanca Regional tenements. A review for any availablehistorical data is presently underway. SALAMANCA I SCOPING STUDY The successful increase in the resource base at Salamanca I, along with theoutstanding potential for additional resources, gave the Company impetus tocommence a scoping study on the potential for mining at Salamanca I. AMCConsultants were engaged to prepare the study and substantial progress was madein the quarter. AMC expect to complete the study in early February. COOLGARDIE GOLD PROJECT (Sipa Resources Ltd earning 70% from Berkeley) Eight Reverse Circulation holes for 858 metres were drilled at two Prospects atCoolgardie in December. Six holes on six sections were drilled at the Forest Gold Prospect adjacent tothe Burbanks Shear Zone to follow-up previous Sipa RAB intersections such as 10metres at 2.5 g/t gold. A best result of 5 metres grading 8 g/t gold wasreturned. Whilst all other holes returned zones of anomalous gold, no otherpotentially ore-grade intercepts resulted, including from holes 50 metres northand south along strike of the best result. Two holes were drilled into a significant northerly trending soil anomaly 1.5kilometres long known as the Comet Shear Prospect, located 5 kilometresnorthwest of the Forest Gold Prospect. These holes were drilled scissoredtowards each other. The hole drilled to the west returned 50 metres grading 0.2g/t from 20 metres, whilst the hole drilled to the east (and probably down dip)returned 83 metres at 0.3 g/t from 25 metres. Results are being evaluated andmore drilling may be required. The information in this report that relates to Exploration Results, MineralResources or Ore Reserves is based on information compiled by Mr Peter Ellis,who is a Member of The Australian Institute of Geoscientists and an employee ofBerkeley Resources Limited. Mr Ellis has sufficient experience which is relevantto the style of mineralisation and type of deposit under consideration and tothe activity which he is undertaking to qualify as a Competent Person as definedin the 2004 Edition of the 'Australasian Code for Reporting of ExplorationResults, Mineral Resources and Ore Reserves'. Mr Ellis consents to the inclusionin the report of the matters based on his information in the form and context inwhich it appears. APPENDIX A - Drill results for December quarter Santidad Drilling and Assay Summary (31.12.07)HOLE ID UTM UTM North RL Inclination End of Minimum Intersections > 200ppm U3O8 East Hole FROM TO M %SAN-043 716,535 4,522,807 753.044 -60 59.90 3.00 4.00 1.00 0.0236SAN-044 716,503 4,522,751 762.023 -60 70.00 No significant mineralisationSAN-045 716,480 4,522,709 769.894 -60 55.45 15 23 8 0.035 33 34 1 0.026SAN-046 716,457 4,522,665 778.552 -60 56.70 32 36 4 0.039SANR-047 716,807 4,522,437 771.189 -90 60.00 24.00 35.00 11.00 0.0306SANR-048 716,891 4,522,606 756.408 -90 49.00 Not SampledSANR-049 716,873 4,522,571 759.828 -90 50.00 Not SampledSANR-050 716,780 4,522,616 752.113 -90 50.00 Not SampledSANR-051 716,715 4,522,704 752.366 -90 50.00 Not SampledSANR-052 716,385 4,522,821 764.067 -90 50.00 7.00 8.00 1.00 0.0230 14.00 23.00 9.00 0.0660 28.00 29.00 1.00 0.0230 33.00 38.00 5.00 0.0360 40.00 41.00 1.00 0.0310 46.00 47.00 1.00 0.0250SANR-053 716,404 4,522,875 756.361 -90 50.00 9.00 11.00 2.00 0.0538SANR-054 716,432 4,522,913 753.921 -90 50.00 Not SampledSANR-055 716,151 4,522,943 763.648 -90 50.00 Not SampledSANR-056 716,177 4,522,984 758.133 -90 50.00 Not SampledSANR-057 716,332 4,522,726 783.321 -90 50.00 Not SampledSANR-058 716,347 4,522,779 772.324 -90 50.00 Not SampledSANR-059 716,601 4,522,478 786.337 -90 70.00 33.00 46.00 13.00 0.0353SANR-060 716,852 4,523,084 724.019 -90 50.00 3.00 4.00 1.00 0.0381SAN-061 716,534 4,522,704 762.468 -90 61.00 7.00 8.00 1.00 0.0277 12.00 13.00 1.00 0.0212 14.00 15.00 1.00 0.0275 18.00 20.00 2.00 0.0564 22.00 24.00 2.00 0.0682 27.00 29.00 2.00 0.0279 36.00 37.00 1.00 0.0587SANR-062 716,032 4,522,945 758.181 -90 60.00 7.00 8.00 1.00 0.0230SANR-063 716,085 4,523,030 748.174 -90 51.00 27.00 28.00 1.00 0.0230SANR-064 716,065 4,522,994 751.326 -90 69.00 42.50 44.50 2.00 0.0330SANR-065 716,111 4,523,079 747.346 -90 50.00 Not SampledSANR-066 716,123 4,523,124 743.157 -90 50.00 Not SampledSANR-067 716,156 4,523,165 740.104 -90 50.00 Not SampledSANR-068 716,244 4,523,119 743.56 -90 50.00 Not SampledSANR-069 716,223 4,523,073 748.839 -90 45.00 Not SampledSANR-070 716,191 4,523,028 753.491 -90 50.00 Not SampledSANR-071 715,857 4,523,286 738.937 -90 57.00 3.00 17.00 14.00 0.0480 20.00 22.00 2.00 0.0310 24.00 25.00 1.00 0.0300 27.00 29.00 2.00 0.0340 31.00 37.00 6.00 0.0370SANR-072 715,835 4,523,245 738.11 -90 50.00 No significant mineralisationSANR-073 715,880 4,523,330 738.504 -90 60.00 19.00 20.00 1.00 0.0210 21.00 22.00 1.00 0.0210 48.00 49.00 1.00 0.0270SANR-074 715,905 4,523,373 739.09 -90 50.00 Not SampledSANR-075 715,784 4,523,160 743.404 -90 50.00 3.00 4.00 1.00 0.0240 5.00 6.00 1.00 0.0210SANR-076 715,808 4,523,200 740.36 -90 60.00 34.00 37.00 3.00 0.0210 38.00 39.00 1.00 0.0210 43.00 44.00 1.00 0.0250 48.00 51.00 3.00 0.0260SANR-077 715,753 4,523,370 752.831 -90 75.00 15.00 39.00 24.00 0.0260 49.00 56.00 7.00 0.0290SANR-078 715,741 4,523,325 755.282 -90 45.00 Not SampledSANR-079 716,007 4,523,072 735.036 -90 50.00 Not SampledSANR-080 715,962 4,522,992 743.486 -90 50.00 No significant mineralisationSANR-081 716,502 4,522,750 762.184 -90 48.00 10.00 26.00 16.00 0.0200 35.00 37.00 2.00 0.0200SANR-082 716,761 4,522,393 778.73 -90 80.00 46.00 47.00 1.00 0.0220 51.00 53.00 2.00 0.0220SANR-083 716,753 4,522,336 782.966 -90 60.00 Not SampledSANR-084 716,893 4,522,192 771.129 -90 50.00 Not SampledSANR-085 716,934 4,522,250 764.115 -90 50.00 Not SampledSANR-086 716,965 4,522,341 751.916 -90 51.00 Not SampledSANR-087 716,950 4,522,288 758.178 -90 50.00 Not SampledSANR-088 717,004 4,522,377 749.566 -90 60.00 No significant mineralisationSAN-089 716,688 4,522,550 767.259 -90 75.45 16.00 22.00 6.00 0.0697SANR-090 717,144 4,522,253 752.148 -90 54.00 Not SampledSAN-091 716,657 4,522,508 775.365 -90 75.20 41.00 42.00 1.00 0.0206SANR-092 716,679 4,522,439 781.027 -90 80.00 No significant mineralisationSANR-093 716,904 4,522,433 759.623 -90 57.00 3.00 6.00 3.00 0.0210SANR-094 716,880 4,522,392 758.691 -90 57.00 Not SampledSANR-095 716,925 4,522,481 767.32 -90 60.00 Not SampledSAN-096 716,705 4,522,590 761.535 -90 74.80 Not SampledSANR-097 717,012 4,522,442 754.492 -90 60.00 Not SampledSANR-098 716,865 4,522,325 768.433 -90 60.00 No significant mineralisationSANR-099 716,830 4,522,290 775.094 -90 60.00 Not SampledSANR-100 717,163 4,522,297 746.64 -90 60.00 Not SampledSANR-101 717,120 4,522,195 758.768 -90 60.00 Not SampledSANR-102 717,095 4,522,164 764.175 -90 60.00 9.00 19.00 10.00 0.0755SANR-103 717,067 4,522,122 766.748 -90 60.00 No significant mineralisationSANR-104 717,047 4,522,072 770.238 -90 60.00 Not SampledSANR-105 717,317 4,522,145 768.429 -90 60.00 Not SampledSANR-106 717,293 4,522,112 769.147 -90 60.00 Not SampledSAN-107 716,726 4,522,632 758.507 -90 66.30 13.00 14.00 1.00 0.0200 23.00 24.00 1.00 0.0238SANR-108 717,189 4,522,110 770.678 -90 60.00 33.00 34.00 1.00 0.0373 37.00 38.00 1.00 0.0371 54.00 55.00 1.00 0.0364SANR-109 717,215 4,522,152 766.752 -90 69.00 Not SampledSANR-110 717,165 4,522,067 770.752 -90 75.00 24.00 26.00 2.00 0.0303SANR-111 717,230 4,522,195 759.747 -90 60.00 Not SampledSANR-112 717,054 4,522,295 748.102 -90 54.00 14.00 15.00 1.00 0.0206SAN-113 716,750 4,522,678 750.985 -90 74.70 Not SampledSANR-114 717,032 4,522,245 754.324 -90 60.00 5.00 7.00 2.00 0.0218 8.00 9.00 1.00 0.0210SAN-115 716,642 4,522,462 784.137 -90 76.90 Not SampledSANR-116 717,061 4,522,327 744.838 -90 54.00 Not SampledSANR-117 717,091 4,522,383 743 -90 55.00 Not SampledSANR-118 717,015 4,522,206 757 -90 59.00 No significant mineralisationSANR-119 716,981 4,522,160 761 -90 60.00 No significant mineralisationSAN-120 717,130 4,522,150 764 -60 81.40 Not SampledSANR-121 716,564 4,522,439 788 -90 87.00 Not SampledSANR-122 715,648 4,523,599 751 -90 59.00 Not SampledSANR-123 715,625 4,523,556 756 -90 60.00 11.00 12.00 1.00 0.0320 17.00 19.00 2.00 0.0210SANR-124 715,596 4,523,506 762 -90 69.00 Not SampledSANR-125 715,585 4,523,463 770 -90 60.00 14.00 23.00 9.00 0.0370 29.00 30.00 1.00 0.0220SAN-126 716,624 4,522,646 763 -60 84.60 Awaiting AssaysSANR-127 715,550 4,523,416 778 -90 60.00 48.00 50.00 2.00 0.1690SAN-128 716,771 4,522,523 763 -60 81.35 Not SampledSANR-129 715,769 4,523,413 752 -90 60.00 Not SampledSANR-130 715,615 4,523,551 756 -90 30.00 3.00 13.00 10.00 0.0760 14.00 15.00 1.00 0.0210 21.00 24.00 3.00 0.0240SANR-131 715,798 4,523,450 750 -90 62.00 37.00 38.00 1.00 0.0220SANR-132 715,398 4,523,554 782 -90 60.00 Not SampledSANR-133 715,418 4,523,603 776 -90 60.00 Not SampledSANR-134 715,440 4,523,650 769 -90 52.00 Not SampledSANR-135 715,463 4,523,691 762 -90 40.00 Not SampledSANR-136 715,249 4,523,687 789 -90 60.00 Awaiting AssaysSANR-137 715,283 4,523,727 781 -90 55.00 Not SampledSAN-138 715,846 4,523,285 739 -90 84.55 Awaiting AssaysSANR-139 715,300 4,523,775 774 -90 62.00 Awaiting AssaysSANR-140 715,661 4,523,371 767 -90 60.00 Awaiting AssaysSANR-141 715,678 4,523,412 762 -90 60.00 Awaiting Assays Retortillo Drilling and Assay Summary (31.12.07)HOLE ID UTM East UTM North RL Inclination End of Minimum Intersections > 200ppm Hole U3O8RTO-064 720,139.652 4,519,883.908 741.945 -90 79.50 41.50 44.50 3.00 0.0260RTO-065 720,220.074 4,519,842.163 740.263 -90 98.20 Not SampledRTO-066 719,754.591 4,520,345.004 731.621 -60 93.00 Not SampledRTO-067 720,050.696 4,519,927.986 741.746 -90 80.00 33.00 36.00 3.00 0.0460 45.00 51.00 6.00 0.0580RTO-068 719,445.021 4,520,541.961 746.567 -60 119.15 46.00 51.00 5.00 0.0380 68.00 81.00 13.00 0.0498RTO-069 720,009.677 4,519,952.072 743.474 -90 93.20 32.00 50.00 18.00 0.0690RTO-070 720,050.907 4,519,815.984 748.271 -90 96.30 39.00 82.00 43.00 0.0240RTO-071 719,882.643 4,520,240.221 742.883 -60 110.40 Not SampledRTO-072 719,457.880 4,520,408.368 751.575 -90 101.50 25.00 26.00 1.00 0.0776 28.00 38.00 10.00 0.0859 40.00 42.00 2.00 0.0382 43.00 44.00 1.00 0.0712 45.00 48.00 3.00 0.0442 50.00 51.00 1.00 0.0448 53.00 55.00 2.00 0.0443RTO-073 719,369.405 4,520,343.385 750.572 -90 95.30 No significant mineralisationRTO-074 720,319.199 4,519,678.652 747.248 -90 101.30 48.00 49.00 1.00 0.0630 56.00 58.00 2.00 0.0293 78.00 79.00 1.00 0.0303RTO-075 720,425.228 4,519,671.746 748.135 -90 100.00 40.00 43.00 3.00 0.0600 45.00 46.00 1.00 0.0231 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Berkeley Eng