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Berkeley Energy reports big increase in uranium resource grade at Salamanca

Published: 08:23 07 Oct 2015 BST

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Approaches from potential financiers are “well advanced”.
Berkeley Energy’s (LON:BKY) Salamanca uranium property in Spain is “rapidly emerging as one of the best new projects around”, according to managing director Paul Atherley.
 
His comment followed the publication of an updated mineral resource estimate on the Zona 7 deposit.
 
This reported grades in line with some of world’s best open pits; what’s more the bulk of the resource lies within 50 metres of the surface, which makes the material accessible.
 
The company will compile a pre-feasibility study to assess the economics of the overall project.
 
However the early indications are that Salamanca’s capital costs will be lower than previously estimated, thanks in part to the grade, but also the “impressive metallurgy” and favourable currency movements.
 
It should be no surprise to learn the company has received approaches from potential financiers that are now “well advanced”.
 
Berkeley said the total resource for Zona 7 now stands at 31.4mln pounds of Triuranium octoxide, or simply U3O8 to those in the know. The cut-off grade used was 200 parts per million.
 
Encouragingly, 27.8mln pound of the resource now resides in the higher confidence indicated catergory following a programme of infill drilling on the area.
 
Overall, the Salamanca Project is now host to 89.5mln pounds of U3O8.

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