URU Metals Limited Zebediela Project Update (3420T)

TIDMURU

RNS Number : 3420T

URU Metals Limited

11 October 2017

URU Metals Limited

("URU Metals" or "the Company")

Zebediela Update

Recent drill programme concluded with results from drill hole Z018. Further drilling to commence within the first week of November

URU Metals is pleased to announce the successful conclusion of its recent three-hole drilling programme on the Zebediela Project, located in Limpopo, South Africa, which exceeded all expectations. The drill programme:

-- proved continuity of mineralisation between existing drill holes on the 0.25% nickel mineral resource estimate, which will contribute towards moving the resource from an Indicated Category to a Measured Resource category;

   --      intercepted PGE mineralisation on the property; and 
   --      obtained fresh material for nickel leach test work. 

The programme exceeded expectations by:

-- proving excellent continuity of mineralisation within the nickel mineral resource estimate in drill holes Z017 and Z018, which achieved 0.23% total Ni over 323 m (Z017) and 0.20% Ni over 160 m (Z018), consistent with previous drilling;

   --      intersecting 2 g/t 3PGE+Au over 9m and 1.6 g/t 3 PGE & Au over 1.8 m (Z019); and 

-- intersecting 1.66% Ni and 0.62% Cu over 2.25m in previously unidentified mineralisation in the footwall (Z017) to the nickel mineral resource estimate.

On the back of these excellent results, further drilling will commence within the first week of November in order to trace the extent of the PGE mineralisation obtained in drill hole Z019.

John Zorbas, CEO of URU Metals, commented:

" We are delighted by the resent results delivered from ongoing drilling at Zebediela. I am grateful to our team for the industrious nature in which they have worked, by not only proving the continuity of the nickel mineralisation from the existing nickel mineral resource estimate but additionally discovering semi-massive sulfides in the footwall to the mineral resource estimate.

Our initial work program has shown the Project to contain significant copper, nickel, and PGE content. We have also identified a substantial intersection containing PGE mineralisation with base metal credits above those typically obtained on the Platreef. As a team, we are thrilled by these result and excited at the future prospects as we now begin tracing the extent of mineralisation, where we intend to demonstrate additional value to the resource."

Drill results from recently completed programme at Zebediela

 
 Drill    Depth     Depth     Sample     Cu (%)   Ni (%)   3PGE+Au* 
  hole     From     To (m)    Interval 
   ID       (m)                 (m) 
-------  -------  --------  ----------  -------  -------  --------- 
  Z017    67.22    391.00     323.78      0.01     0.23      -** 
-------  -------  --------  ----------  -------  -------  --------- 
  Z017    412.75   415.00      2.25       0.62     2.06      0.92 
-------  -------  --------  ----------  -------  -------  --------- 
  Z018     90.4    251.00     160.60     0.004     0.26      -** 
-------  -------  --------  ----------  -------  -------  --------- 
  Z019     133       142         9        0.15     0.43      1.97 
-------  -------  --------  ----------  -------  -------  --------- 
  Z019     169      170.8       1.8       0.10     0.44      1.60 
-------  -------  --------  ----------  -------  -------  --------- 
 

*3PGE+Au equals platinum + palladium + rhodium + gold;

** Intersection not assayed for 3PGE+Au, as previous work has revealed that this portion of the orebody typically does not contain PGE's at economic concentrations

The information in this release has been compiled and reviewed by Richard Montjoie, the Exploration Manager for the Zebediela Project. Mr. Montjoie holds a B.Sc. Honours in Geology from the University of Witwatersrand, South Africa, and is fellow of the Geological Society of South Africa (GSSA), a member of the Society of Economic Geologists, and a registered member of the South African Council for Natural Scientific Professions (SACNASP). He has over 14 years' experience in mineral project development globally. Richard has been involved in several exploration programs in South Africa and Northern Canada, including various Ni-PGE, diamond, coal, coal bed methane and gold exploration and mining projects. Richard provides sound geoscientific input in development planning to ensure effective data acquisition, management and project execution. Richard successfully acted as Project Manager for a 39 Moz platinum feasibility study, advancing the project from exploration stage to a completed bankable feasibility study with proven and probable reserves, on time and under budget, managing all aspects of the programme, from exploration programme design to various licencing applications. Mr. Montjoie is a Qualified Person for the purposes of the AIM Note for Mining and Oil & Gas Companies.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 11, 2017 08:30 ET (12:30 GMT)