Berkeley Resources (ASX:BKY) has updated its Mineral Resource Estimate for Zona 7, the largest of the Retortillo Satellite Deposits and part of the Salamanca Project in Spain.
This inferred resource has been estimated at 23.2 million tonnes averaging 589 ppm uranium for a contained 30.1 million pounds at a lower cut-off grade of 200 ppm.
Notably, 90% of the resource is within 50 metres of surface, and the total Salamanca Project resource base has been boosted by 43% to 88.2 million pounds of uranium.
The updated resource incorporates drilling results from the 2013 and 2014 campaigns which essentially doubled the strike length of the Zona 7 mineralisation, extending it by 1,200 metres to the southwest.
Significant shallow, high grade intersections were recorded and the mineralisation remains open along the north-western margin and along strike. Both areas will be targeted in subsequent drilling campaigns.
Given the significant scale, high grade and shallow depth of the Zona 7 deposit, the company has advanced its evaluation to the Scoping Study stage.
A Scoping Study has commenced with completion scheduled for the March quarter of 2015.
As Zona 7 is located within 10 kilometres of the proposed centralised processing plant at Retortillo, there is scope for integration with development of Retortillo and Alameda, and potentially increased production and mine life at Salamanca.
Assays received earlier this month included 19 metres at 2,332 ppm, 20 metres at 1,238 ppm, 12 metres at 1,422 ppm, 18 metres at 825 ppm and 13 metres 1,067 ppm.
Berkeley is looking good with uranium prices stabilising well above US$40 per pound, and Japan planning to restart the first Sendai nuclear plant.
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