Berkeley Resources Ltd has released its maiden resource estimate for its Gambuta uranium deposit in Spain, with investors liking the news and pushing the company share price up nearly 10 per cent.
Berkeley Resources Ltd has released its maiden resource estimate for its Gambuta uranium deposit in Spain, with investors liking the news and pushing the company share price up nearly 10 per cent.
The company announced an initial inferred resource estimate of 9.23 million pounds of uranium oxide at an average grade of 371 parts per million urainum oxide.
The deposit remains open to the north-west however exploration drilling has stopped due to the country's current fire season.
There area several categories of resource estimates a company can give depending on the level of confidence of the assessor, with categories starting from inferred then progressing to indicated and then measured.
Following that the estimate then progresses to reserves status.
Berkeley said the next round of drilling will start at the end of the fire season which is likely to be in early October.
Shares in the company climbed 5 cents or over seven per cent to last trade at 75c at 14:31 AEST.
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