RNS Number : 1387S
URU Metals Limited
28 September 2017
URU Metals Limited
("URU Metals" or "the Company")
Significant Drill Update at Zebediela
2.25m intersection defined in a new lower horizon with nickel grades 570% higher than the Indicated Mineral Resource estimate at Zebediela
URU Metals is pleased to announce the continued continuity of the near-surface mineralisation and an intersection of higher-grade nickel (Ni) mineralisation at a depth of 412 m down hole, in diamond drill hole Z017, on the Zebediela Project, located in Limpopo, South Africa.
· The near-surface intersection returned grades of 0.23% total Ni over 323 m from a depth of 67.22 m. This is consistent with assay results for holes previously drilled at the project, Z01 to Z016, which were included in the 2012 Preliminary Economic Assessment ("PEA") on the Indicated Mineral Resource estimate of 485.4 million tonnes at a grade of 0.245% Ni.
· A lower intersection at 412 m down hole, in previously untested footwall lithologies, returned a weighted average grade by sample length of 1.66% Ni and 0.62% Cu over 2.25 m. This equates to a vertical depth below surface of approximately 325 m.
· A second phase of sampling will now be conducted to the end of the hole, as the sampling reported here ended in mineralisation.
John Zorbas, CEO of URU Metals, commented:
"We are excited about the new high-grade nickel-copper-PGE discovery, which is located below the existing mineral resource estimate at the Zebediela Project. Our next steps will be to confirm the along strike continuation of the deeper mineralisation. Mineralisation appears to be similar to that of the Nkomati Nickel Mine, also located in South Africa, in that the mineralisation is semi-massive sulphide located in the footwall to a Bushveld Complex-aged ultramafic intrusion. Nkomati mines at a resource grade of 0.35% Ni and 0.95% 3PGE+Au and in 2016 the mine produced 157,600 Oz of PGE's and c. 21,600 tonnes of Ni. Assays for Z018 are expected to be received shortly"
This announcement contains inside information.