REG - URU Metals Limited - Drilling results from ZEB Nickel Corp
15/03/2022 07:00
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RNS Number : 7490E URU Metals Limited 15 March 2022
15 March 2022
URU Metals Limited
("URU")
Drilling results from ZEB Nickel Corp
URU announces that ZEB Nickel Corp. has today announced the completion of the
most recent phase of exploration drilling on the Zebediela Nickel Project
("Project").
URU successfully completed the disposal of the Project to ZEB Nickel Corp. in
August 2021 and the Project remains the primary focus of URU, through its
74.82% interest in Zeb Nickel Corp. and URU's continuing role as the technical
operator of the Project.
The ZBNI announcement is as follows:
Higher grade nickel sulfide and associated PGE mineralization of up to 1.7%
nickel intersected in Critical Zone and adjacent lithologies during
exploration drilling on the Zebediela Project.
Zeb Nickel confirming that the Project hosts the up-dip extension of Ivanplats
geology.
Highlights of results:
· 0.71 g/t 3PGE+Au (58% palladium content) and 1.7 % nickel at a
depth of 260 m below surface;
· 6.4 g/t 3PGE+Au (89% platinum content) and 0.39% nickel at a
depth of 72 m below surface;
· 2.13 g/t 3PGE+Au (61% palladium content) and 0.47% nickel at a
depth of 214 m below surface;
· 1.27 g/t 3PGE+Au (45% palladium content) and 0.69% nickel at a
depth of 320 m below surface;
Vancouver, BC, March 15, 2022 - ZEB Nickel Corp. (ZBNI:TSX-V) (OTC:ZBNIF)
("Zeb" or the "Company") is pleased to announce that the Company has
completed Phase 2 of exploration drilling on the Zebediela Project and has
successfully intersected Critical Zone lithologies in all drillholes with
reported assay results in this recent phase, located beneath the historical
43-101-compliant 1.5 billion-ton sulfide nickel resource which contains
approximately 3,955 kt of nickel.
A weighted average calculation using a cut-off grade of 0.31% Ni from this
phase of drilling has resulted in an increased grade of 76% higher than that
declared in the historical resource used in the existing Preliminary Economic
Assessment (PEA). This existing historical resource consists of an Indicated
Resource of 485.4 million tonnes averaging 0.245% Ni, with an additional
Inferred Resource of 1,115.1 million tonnes at 0.248% Ni using a cut-off grade
of 0.1% Ni.
The Critical Zone of the Bushveld Complex is the geological horizon that hosts
Platreef-style mineralization in the Northern Limb, which is the mineralised
zone currently being mined at Anglo American Platinum's flagship Mogalakwena
Mine, and Ivanhoe Mines Platreef Mine (average depth of 800 m). The location
of the project in relation to Mogalakwena Mine and Platreef Mine is shown in
Figure 1 below.
http://www.rns-pdf.londonstockexchange.com/rns/7490E_1-2022-3-14.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7490E_1-2022-3-14.pdf)
Figure 1: Location of the Zebediela Project in relation to Mogalakwena Mining
Complex and Platreef Mine.
This phase of drilling is a continuation of the first phase conducted by the
Company for a total of 4,901 m in both Phase 1 and Phase 2, targeting higher
grade nickel PGE mineralisation in Critical Zone rocks found beneath the
existing NI43-101 compliant nickel resource.
The Company is pleased to announce that these Critical Zone rocks have been
discovered along a strike length of at least 3 km.
6 holes were completed in the Phase 1 drill campaign and a further 8 holes
were completed in the Phase 2 drill campaign (assay results for 5 holes are
outstanding).
Exploration results from the drilling campaign are presented in the table
below, and the location of these holes are presented in Figure 2 below. Drill
core diameter for all holes is NQ and drill holes are drilled at an
inclination of 50 degrees on an azimuth of approximately 45 degrees.
Table 1: Exploration Program Results from the drill program
Drillhole ID Depth From Depth To Sample Interval Depth Below Surface Ni^ Cu Pt Pd Rh Au 3PGE + Au* Mineralisation Style
meters meters meters meters % % g/t g/t g/t g/t g/t
Z017 37.43 415.00 377.57 23.61 0.24 0.01 ** Lower Zone (Target 1)
including 38.00 110.00 72.00 23.97 0.25 0.01 ** Lower Zone (Target 1)
including 124.00 136.00 12.00 78.20 0.33 0.02 ** Lower Zone (Target 1)
including 170.00 178.00 8.00 107.21 0.28 0.01 ** Lower Zone (Target 1)
including 193.00 198.00 5.00 121.72 0.37 0.01 ** Lower Zone (Target 1)
including 212.10 239.60 27.50 133.76 0.25 0.01 ** Lower Zone (Target 1)
including 304.00 308.00 4.00 191.73 0.40 0.02 ** Lower Zone (Target 1)
including 319.63 386.00 66.37 201.58 0.27 0.01 ** Lower Zone (Target 1)
including 412.75 415.00 2.25 260.31 1.67 0.51 0.21 0.41 0.03 0.06 0.71 Lower Zone (Target 1)
Z018 33.00 394.00 361.00 21.48 0.25 0.01 ** Lower Zone (Target 1)
including 88.00 125.19 37.19 57.27 0.30 0.01 ** Lower Zone (Target 1)
including 144.00 171.80 27.80 93.71 0.28 0.01 ** Lower Zone (Target 1)
including 328.00 348.00 20.00 213.45 0.31 0.01 ** Lower Zone (Target 1)
Z019 89.00 103.00 14.00 52.81 0.22 0.06 0.20 0.36 0.02 0.03 0.61 Critical Zone (Target 2)
Z019 133.00 170.80 37.80 78.92 0.29 0.09 0.40 0.68 0.07 0.04 1.19 Critical Zone (Target 2)
including 133.00 142.00 9.00 78.92 0.42 0.15 0.60 1.22 0.08 0.07 1.97 Critical Zone (Target 2)
including 169.00 170.60 1.60 100.29 0.50 0.12 0.73 0.92 0.22 0.04 1.90 Critical Zone (Target 2)
Z020 53.00 71.00 18.00 41.19 0.41 0.13 0.53 1.07 0.10 0.05 1.75 Critical Zone (Target 2)
including 55.00 64.00 9.00 42.74 0.51 0.18 0.73 1.47 0.13 0.07 2.45 Critical Zone (Target 2)
Z020 106.00 145.00 39.00 82.38 0.30 0.11 0.31 0.64 0.06 0.04 1.05 Critical Zone (Target 2)
Z020 174.00 176.07 2.07 135.22 0.59 0.15 0.90 0.95 0.11 0.05 2.00 Critical Zone (Target 2)
Z021 187.00 210.00 23.00 169.62 0.32 0.10 0.36 0.79 0.05 0.05 1.25 Critical Zone (Target 2)
including 194.00 199.00 5.00 175.97 0.48 0.12 0.57 1.45 0.08 0.06 2.16 Critical Zone (Target 2)
Z022 38.08 41.74 3.66 28.87 0.35 0.08 0.30 0.46 0.10 0.03 0.89 Critical Zone (Target 2)
Z022 69.00 76.00 7.00 52.31 0.25 0.08 0.20 0.42 0.02 0.03 0.67 Critical Zone (Target 2)
Z022 95.00 95.50 0.50 72.02 0.39 0.13 5.68 0.63 0.02 0.04 6.37 Critical Zone (Target 2)
Z026 277.50 290.00 12.50 209.43 0.35 0.15 0.74 0.97 0.06 0.06 1.82 Critical Zone (Target 2)
including 284.00 287.00 3.00 214.35 0.47 0.19 0.70 1.30 0.07 0.06 2.13 Critical Zone (Target 2)
including 288.50 290.00 1.50 217.73 0.41 0.16 0.55 1.20 0.07 0.06 1.88 Critical Zone (Target 2)
Z027 406.50 411.50 5.00 310.02 0.31 0.11 0.23 0.52 0.03 0.05 0.84 Critical Zone (Target 2)
including 406.50 408.50 2.00 310.02 0.32 0.11 0.26 0.59 0.04 0.05 0.94 Critical Zone (Target 2)
Z027 413.00 426.00 13.00 314.98 0.17 0.04 0.15 0.28 0.04 0.03 0.50 Critical Zone (Target 2)
Including 420.00 421.50 1.50 320.32 0.69 0.11 0.31 0.67 0.25 0.25 1.27 Critical Zone (Target 2)
Z028 413.00 449.50 36.00 314.98 0.22 0.08 0.24 0.48 0.04 0.03 0.80 Critical Zone (Target 2)
Including 427.00 433.50 6.50 325.65 0.37 0.18 0.54 1.10 0.10 0.06 1.80 Critical Zone (Target 2)
* 3PGE+Au equals platinum + palladium + rhodium + gold by fire assay with
ICP-AES Finish;
^Total Ni assay by complete digestion, representing the silicate and sulfide
portion of Ni;
Additional drilling is required to determine true thickness;
"Depth From", "Depth To" and "Sample Thickness" reported are depths from
surface down the drill hole.
http://www.rns-pdf.londonstockexchange.com/rns/7490E_2-2022-3-14.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7490E_2-2022-3-14.pdf)
Figure 2: Location of drillholes overlain on satellite imagery
Based on whole rock geochemistry and methodologies developed by the Zebediela
technical team, this exploration program has now conclusively proved that
mineralized Critical Zone rocks are present beneath the historical NI43-101
resource that could be mined using open pit mining methods.
The Company is extremely pleased with the successful drill campaign which has
confirmed the geological model targeting higher-grade Ni-PGE mineralization
beneath the historical NI43-101 resource, and towards the north and south,
expanding the strike length of the Critical Zone mineralization. The Company
looks forward to reporting the outstanding results from this phase of the
drilling program, as well as commencing with the next phase of drilling. This
next phase should allow for the declaration of a maiden Ni-PGE resource
statement on this higher-grade Ni-PGE mineralization target and allow for a
new PEA with improved project economics.
"With two major mining companies in our area exploiting the same Critical Zone
lithologies which host the Ni-PGE mineralization that we have recently
discovered as part of our recent exploration campaign, and the recent
increases in nickel and palladium prices, we are encouraged with the results
to date. We look forward to receiving the remaining assay results and we are
confident that these will continue to add value to the overall project
economics.", commented Wayne Isaacs, Chief Executive Officer and Director.
Qualified Person and Quality Control/Quality Assurance
Richard Montjoie has supervised the preparation of the scientific and
technical information that forms the basis for this news release and has
approved the disclosure herein. Mr. Montjoie is not independent of the
Company. Mr. Montjoie is a registered member of the South African Council for
Natural Scientific Professions (SACNASP) membership number 400131/09. Mr.
Montjoie holds a M.Sc. Honors in Economic Geology from the University of
Witwatersrand, South Africa, and is fellow of the Geological Society of South
Africa (GSSA).
The analytical work reported on herein was performed by SGS South Africa
Proprietary Limited, based in Randfontein, South Africa, an internationally
recognized analytical services provider.Samples are analysed for Ni using a
nitric acid leach and sodium peroxide fusion, followed by an ICP-AES finish;
and Au, Pt, Pd by lead fusion followed by an ICP-AES finish; and for Rh using
palladium collection followed by ICP-OES finish.
For further information, please visit http://www.zebnickel.com
(http://www.zebnickel.com)
ZBNI announcement ends
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with URU's obligations under Article 17 of MAR.
For further information, please contact:
URU Metals Limited +1 416 504 3978
John Zorbas
(Chief Executive Officer)
SP Angel Corporate Finance LLP + 44 (0) 203 470 0470
(Nominated Adviser and Broker)
Ewan Leggat
Harry Davies-Ball
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