URU Metals Limited Significant PGE Drill Results at Zebediela (6948Q)

TIDMURU

RNS Number : 6948Q

URU Metals Limited

14 September 2017

URU Metals Limited

("URU Metals" or "the Company")

Significant PGE Drill Results at Zebediela

2 g/t Platinum Group Elements (PGE) over 9 m in latest drill hole

URU Metals is pleased to announce two significant intersections of platinum group elements (PGE) in diamond drill hole Z019 on the Zebediela Project, located in Limpopo, South Africa.

-- The first intersection returned a combined average grade of 1.97 g/t for platinum (Pt), palladium (Pd), rhodium (Rh) and gold (Au) (3 PGE & Au) over 9 m from a depth of 133 m (see Table 1 for further detail). A second intersection returned a combined average grade of 1.6 g/t 3 PGE & Au over 1.8 m from a depth of 169 m (see Table 2 for further detail).

-- A total of three drill holes (Z017, Z018 and Z019) have now been completed in the current drill programme at Zebediela. Nickel and copper assays remain outstanding for all three holes, and the first of these, together with the results of the metallurgical testwork from the first drill hole Z017, are expected to be received shortly and all outstanding assay results will be reported thereafter.

John Zorbas, CEO of URU Metals, commented:

"We are delighted in that this drill hole returned two significant PGE intersections. While this drill programme was expected to focus on collecting samples of the nickel and magnetite mineralisation for metallurgical testing, the discovery of PGE mineralisation is not completely unexpected as the Project is located in a major PGE producing area. It is only 10 km away from Ivanhoe Mines' Platreef Project, and about 20 km away from Anglo American's Mogalakwena mine, which is the world's largest open pit platinum operation. The PGE mineralisation at Zebediela is found in magmatic rocks of similar age and proximally related to the rocks that host the Platreef mineralisation mined at Mogalakwena. The discovery of PGE minerals at Zebediela gives us another target for further work as we continue to advance the Zebediela Project."

This announcement contains inside information.

END

For further information, please contact:

 
URU Metals Limited 
 John Zorbas 
 (Chief Executive Officer)              [phone] 
Northland Capital Partners Limited 
 (Nominated Adviser and Joint Broker) 
 Edward Hutton / Matthew Johnson        + 44 (0) 203 861 6625 
Beaufort Securities Limited 
 (Joint Broker) 
 Jonathan Belliss                       + 44 (0) 207 382 8300 
SVS Securities Plc 
 (Joint Broker) 
 Tom Curran                             [phone] 
 

APPENDIX

Table 1

First PGE intersection in hole Z019

 
                  Depth    Depth    Sample 
                   From     To       Interval 
 Sample Number     (m)      (m)      (m)          Au     Pt     Pd     Rh   3PGE+Au* 
---------------  -------  -------  ----------  -----  -----  -----  -----  --------- 
 FT6079           133.00   134.00        1.00   0.10   0.60   1.31   0.08       2.09 
---------------  -------  -------  ----------  -----  -----  -----  -----  --------- 
 FT6081           134.00   135.00        1.00   0.10   0.55   1.60   0.10       2.35 
---------------  -------  -------  ----------  -----  -----  -----  -----  --------- 
 FT6082           135.00   136.00        1.00   0.05   0.41   1.03   0.07       1.56 
---------------  -------  -------  ----------  -----  -----  -----  -----  --------- 
 FT6083           136.00   137.00        1.00   0.05   0.46   0.71   0.04       1.26 
---------------  -------  -------  ----------  -----  -----  -----  -----  --------- 
 FT6084           137.00   138.00        1.00   0.06   0.78   1.19   0.09       2.12 
---------------  -------  -------  ----------  -----  -----  -----  -----  --------- 
 FT6085           138.00   139.00        1.00   0.06   0.54   1.09   0.06       1.75 
---------------  -------  -------  ----------  -----  -----  -----  -----  --------- 
 FT6086           139.00   140.00        1.00   0.07   0.89   1.32   0.09       2.37 
---------------  -------  -------  ----------  -----  -----  -----  -----  --------- 
 FT6087           140.00   141.00        1.00   0.05   0.64   1.32   0.09       2.10 
---------------  -------  -------  ----------  -----  -----  -----  -----  --------- 
 FT6088           141.00   142.00        1.00   0.06   0.57   1.37   0.09       2.09 
---------------  -------  -------  ----------  -----  -----  -----  -----  --------- 
 

*3PGE+Au equals Pt+Pd+Rh+Au

This intersection equates to a depth of 112 m below surface. The drill hole was drilled at an inclination of 57.5deg below the horizontal, approximately perpendicular to the dip of the lithologies hosting the mineralisation.

Table 2

Second PGE intersection in hole Z019

 
                  Depth    Depth    Sample 
                   From     To       Interval 
 Sample Number     (m)      (m)      (m)           Au     Pt     Pd      Rh   3PGE+Au* 
---------------  -------  -------  ----------  ------  -----  -----  ------  --------- 
 FT6118           169.00   169.20        0.20    0.06   0.62   0.98    0.14       1.80 
---------------  -------  -------  ----------  ------  -----  -----  ------  --------- 
 FT6119           169.20   169.40        0.20    0.07   1.82   1.36    0.23       3.48 
---------------  -------  -------  ----------  ------  -----  -----  ------  --------- 
 FT6121           169.40   169.60        0.20    0.04   0.36   0.68    0.05       1.13 
---------------  -------  -------  ----------  ------  -----  -----  ------  --------- 
 FT6122           169.60   169.80        0.20    0.03   0.44   0.60    0.04       1.11 
---------------  -------  -------  ----------  ------  -----  -----  ------  --------- 
 FT6123           169.80   170.12        0.32    0.03   0.21   0.42    0.02       0.68 
---------------  -------  -------  ----------  ------  -----  -----  ------  --------- 
 FT6124           170.12   170.35        0.23   <0.01   0.08   0.09   <0.01       0.17 
---------------  -------  -------  ----------  ------  -----  -----  ------  --------- 
 FT6125           170.35   170.60        0.25    0.02   0.33   1.80    0.98       3.13 
---------------  -------  -------  ----------  ------  -----  -----  ------  --------- 
 FT6126           170.60   170.80        0.20    0.05   0.70   0.47    0.08       1.30 
---------------  -------  -------  ----------  ------  -----  -----  ------  --------- 
 

*3PGE+Au equals Pt+Pd+Rh+Au

This intersection equates to a depth of 143 m below surface. The drill hole was drilled at an inclination of 57.5deg below the horizontal, approximately perpendicular to the dip of the lithologies hosting the mineralisation.

Note

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) and a member for 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. Richard is a Competent Person as defined in the AIM Note for Mining, Oil and Gas Companies.

This information is provided by RNS

The company news service from the London Stock Exchange

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