Berkeley Energia starts drilling Salamanca project

AIM-listed Berkeley Energia has started the first phase of a major exploration programme targeting further uranium deposits at its Salamanca project.

Mining

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15:45 15/11/24

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The clean energy company said an extensive geological review has identified 11 new targets with the potential to host the new style of mineralisation discovered at the Zona 7 deposit in Salamanca.

“The Zona 7 deposit has transformed the economics of the project and has moved the company closer to its aim of becoming one of the world's lowest cost producers of uranium with an operating cost of $15.60 per pound which is less than half the current spot price,” Berkeley said.

It said two rigs have commenced the 10,000 metre programme by drill testing the Luis target located 5km northwest of the process plant and will then follow up the broad, high grade intersections reported from immediately below the shallow Zona 7 deposit itself.

The other 10 targets will be tested over the next few months and Berkeley will update the market with significant results as they come to hand.

Managing director Paul Atherley said that if successful, the exploration programme “has the potential to add significant scale and mine life to this already exceptional project”.

At 1445 GMT, Berkeley shares were up 2% to 22.70p.