REG - URU Metals Limited - Drilling results from ZEB Nickel Corp

URU MetalsAnnouncement

12/04/2022 07:00

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RNS Number : 0291I  URU Metals Limited  12 April 2022

12 April 2022

URU Metals Limited

("URU")

Drilling results from ZEB Nickel Corp

URU announces that ZEB Nickel Corp. has today announced a new gold zone
discovery on its Zeb Project, located in Limpopo, South Africa (the
"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
adviser on the Project.

 

The ZBNI announcement is as follows:

 

New high-grade gold zone discovered at Zeb Nickel Project

Highlights:

·    Hole Z029 intersected 9.05 g/t Au over 28.32 m, including 12.21 g/t
Au over 10.86 m and including 11.25 g/t Au over 10.64 m

·    Hole Z027 intersected 1.67 g/t Au over 33.81 m, including 5.07 g/t Au
over 4.81 m.

Vancouver, BC, April 12, 2022 - ZEB Nickel Corp. (ZBNI:TSX-V) (OTC:ZBNIF)
("Zeb" or the "Company") is pleased to report a new gold zone discovery on its
Zeb Project, located in Limpopo, South Africa. In addition to reporting on
this new discovery, the Company is pleased to report positive assay results
from the remaining 5 holes in its recently completed Phase 2 drill program.
These assays have confirmed both the grade and continuity of the Ni
mineralization, as well as the presence of higher-grade Ni-PGE bearing
Critical Zone lithologies on the project area.

The gold zone discovery is located in lithologies adjacent to and beneath the
Ni and PGE mineralized zones.

Gold was intersected in two of the eight holes in the recently completed phase
2 drilling program. Intersections are summarised in the table below.

Table 1: Drill results for newly discovered gold zone

 Drillhole ID  Dip    Depth From  Depth To  Measured Interval  Gold Grade
 Units                Meters      Meters    Meters             Au g/t
 Z029          -50°   387.68      416.00    28.32              9.05
 including            387.68      398.54    10.86              12.21
 including            402.00      412.64    10.64              11.25
 Z027          -50°   290.00      324.00    33.81              1.67
 including            305.00      310.00    4.81               5.07

 

All intervals represent drill core length.

True widths are unknown at this time.

 

Drillholes Z027 and Z029 were drilled at an inclination of 50° on an azimuth
of 45°. The location of these drill holes is shown in Figure 1 below.

The discovery of the gold mineralization now means the there are three known
different styles and zones of mineralization within the project area, namely
the nickel mineralization in Lower Zone lithologies, the Ni-PGE mineralization
associated with Critical Zone lithologies, and lastly, the newly discovered
gold mineralization. These are schematically shown on the cross-section in
Figure 2.

http://www.rns-pdf.londonstockexchange.com/rns/0291I_1-2022-4-11.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0291I_1-2022-4-11.pdf)

Figure 1: Geological map overlain with the location of all drillholes on the
project area. The white dashed line joining the points "A" and "B" represents
the location on surface of the cross-section along strike presented in Figure
2 below.

 

http://www.rns-pdf.londonstockexchange.com/rns/0291I_2-2022-4-11.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0291I_2-2022-4-11.pdf)

 

Figure 2: Cross section along strike along Section Line A-B as shown in Figure
1, schematically showing the three different zones of mineralization, namely
the nickel mineralization in Lower Zone lithologies, the Ni-PGE mineralization
associated with Critical Zone lithologies, and lastly, the newly discovered
gold mineralization.

Historical drilling was largely focussed on defining the nickel resource in
the Lower Zone lithologies, and consequently, many of these historical holes
stopped short of intersecting the lithologies that host the Ni-PGE
mineralization, and potential gold mineralization. Based on the exploration
successes in Phase 1 of this drill program, the Zeb Exploration team made the
decision that Phase 2 holes should all be drilled into the Penge Iron
Formation to test for Ni-PGE mineralization in footwall rocks of any Critical
Zone lithologies present on the project area. This policy has resulted in
numerous intersections of Ni-PGE mineralization in Critical Zone rocks which
was not previously identified in historical drilling, as well as the new gold
discovery.

A total of 14 holes were drilled in Phase 1 and Phase 2 of the campaign. The
initial results of these holes were presented in the news release dated 15
March 2022,
(https://zebnickel.com/wp-content/uploads/2022/03/220315-Zeb-Nickel-Press-Release-Exploration-Drilling-Results.pdf
(https://zebnickel.com/wp-content/uploads/2022/03/220315-Zeb-Nickel-Press-Release-Exploration-Drilling-Results.pdf)
). The remaining results of the 2021 drill campaign are outlined below.

All 14 holes drilled in Phase 1 and Phase 2 demonstrated the presence of
nickel sulphide in magmatic rocks, and 13 of these holes demonstrated
intersections of economic value. Of these, 12 holes contributed towards an
increase in the overall basket price of the Zeb Project.

The results from Phase 1 and Phase 2 exploration programs are presented in
Table 2 below. Drill core diameter for all holes is NQ except for Z024, which
was drilled BQ, and drill holes are drilled at an inclination of 50 degrees on
an azimuth of approximately 45 degrees.

 

 

Table 2: 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*  Mineralization Style
               meters      meters    meters           meters               %              %         g/t       g/t       g/t   g/t    g/t
 Phase 1 Drill Results
 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)
 Phase 2 Drill Results
 Z023(1)       214.00      217.00    3.00             163.93               0.22           0.11      0.71      0.25      0.03  0.12   1.10        Critical Zone (Target 2)
 including     214.50      215.50    1.00             164.32               0.44           0.25      1.80      0.45      0.06  0.24   2.54        Critical Zone (Target 2)
 Z024(1)       63.00       212.00    144.03           48.26                0.19                                                      **          Lower Zone (Target 1)
 including     155.00      168.78    13.63            118.74               0.23                                                      **          Lower Zone (Target 1)
 including     196.23      211.00    2.18             150.32               0.41                                                      **          Lower Zone (Target 1)
 Z025(1)       87.00       93.00     5.00             66.65                0.07           0.02      0.08      0.13      0.01  0.01   0.24        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)
 Z027(1)       290.00      324.00    33.81            222.15               <0.01     0.01                                     1.67               Gold Zone Discovery
 Including     305.00      310.00    4.81             233.64               <0.01     0.01                                     5.07               Gold Zone Discovery
 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)
 Z029(1)       87.00       375.55    286.36           66.65                0.16      0.02                                            **          Lower Zone (Target 1)
 Including     87.00       114.55    54.55            66.65                0.20      0.02                                            **          Lower Zone (Target 1)
 Z029(1)       387.68      416.00    28.32            296.98               <0.01     0.01      †         †         †          9.05   -           Gold Zone Discovery
 Including     387.68      398.54    10.86            296.98               <0.01     0.01      †         †         †          12.21  -           Gold Zone Discovery
 Including     402.00      412.64    10.64            307.95               <0.01     0.01      †         †         †          11.25  -           Gold Zone Discovery
 Z030(1)       84.0        347.00    263.00           64.35                0.21      0.01                                            **          Lower Zone (Target 1)
 Including     103.00      110.00    7.00             78.90                0.23      0.01                                            **          Lower Zone (Target 1)
 Including     183.00      272.78    89.78            140.18               0.24      0.01                                            **          Lower Zone (Target 1)
 Including     227.00      237.00    10.00            173.89               0.32      0.01                                            **          Lower Zone (Target 1)
 Including     311.00      333.00    3.00             328.23               0.35      0.01                                            **          Lower Zone (Target 1)

( )

(1) Hole previously not reported

* 3PGE+Au equals platinum + palladium + rhodium + gold by fire assay with
ICP-AES Finish;

** 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
quantities

†Values below detection limit of laboratory

^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;

All drillholes are drilled NQ diameter except for Z024 which was drilled BQ
diameter

 

Similarities to Ivanhoe Mines Flatreef PGE Deposit

 

Critical Zone intersections from drill hole Z028 demonstrated similar
stratigraphic horizons to those seen at Ivanplats' Flatreef (Grobler, D. F.,
Brits, J. A. N., Maier, W. D., & Crossingham, A. (2019). Litho-and
chemostratigraphy of the Flatreef PGE deposit, northern Bushveld
Complex. Mineralium Deposita, 54(1), 3-28. and Kekana, S. M., (2014) An
investigation of mineralization controls in the upper section of the Platreef
in the southern sector, on Turfspruit, Northern Limb, Bushveld Complex South
Africa. MSc from the University of the Witwatersrand, Johannesburg, South
Africa pg 1-143.).

 

Based on the similarities in lithostratigraphy between Critical Zone
lithologies intersected in Z028 and that described in the references listed
above; the Zeb exploration team was able to conclude that Z028 intersected the
probable equivalent of the Upper Critical Zone that hosts similar mineralized
zones at Ivanhoe Mines Flatreef PGE deposit (Figure 3).

 

The style of the mineralization and location of this mineralization within the
stratigraphic column in Z028 shows broad similarities with the style and
location of mineralization at Ivanhoe's Flatreef Deposit. Z028 has a
mineralized interval near the top of the Upper Critical Zone, which could
possibly be correlated with the T1 Main Mineralized Zone identified in the
Ivanplats stratigraphy, and similarly the mineralized interval near the base
of the Critical Zone in Z028 could possibly be correlated with the T2 Main
Mineralized Zone at Ivanplats. Z028 does however have two minor mineralized
intervals between the upper and lower mineralized zones that have not yet been
correlated with any known mineralized zones at Ivanplats. These mineralized
zones are shown in Figure 4 below.

 

http://www.rns-pdf.londonstockexchange.com/rns/0291I_3-2022-4-11.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0291I_3-2022-4-11.pdf)

 

Figure 3: Simplified stratigraphic columns showing the broad
lithostratigraphic correlation between the stratigraphy found at Ivanhoe Mines
Flatreef PGE deposit on the left hand side and Z028 stratigraphy.

 

http://www.rns-pdf.londonstockexchange.com/rns/0291I_4-2022-4-11.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0291I_4-2022-4-11.pdf)

 

Figure 4: Detailed stratigraphic columns showing the location of Platinum
Group Element (3PGE+Au) mineralization in the Upper Critical Zone lithologies
at Ivanhoe Mines' Flatreef Deposit and Z028.

 

The results from this program will be used to update the three-dimensional
geological model and used to site drillholes for the next phase of drilling,
planned to commence in Q2 2022. The Company plans to present an updated
mineral resource on the Lower Zone orebody using the newly acquired data from
these two phases of drilling. In addition to this, the Company plans to drill
over 30,000 m of exploration drilling in 2022 and present a new Preliminary
Economic Assessment (PEA) with improved project economics in 2023.

 

The extent and continuity of the high-grade gold mineralization is untested,
and the next phase of drilling will aim to prove the continuity and extent of
this gold mineralization while simultaneously testing for Ni-PGE
mineralization.

 

The presence of this high-grade gold mineralization will likely improve the
overall project economics, especially when combined with the higher-grade
Ni-PGE mineralization found in Critical Zone rocks.

 

"This new gold zone discovery adds another exciting element to the Zeb Nickel
Project. These grades and thicknesses warrant follow up drilling on this gold
horizon which we look forward to commencing shortly.

On the nickel front, the recently completed drill campaign successfully
demonstrated the presence of Critical Zone rocks across the project, and with
the team correlating these Critical Zone rocks with the higher-grade
mineralized horizons at our neighbours, Ivanhoe, the next phase of drilling
will target the areas identified to carry Ni-PGE mineralization.", commented
Wayne Isaacs, Chief Executive Officer and Director.

 

About the Company and Project

Zeb Nickel Corp is focused on exploring for and developing world-class mineral
deposits, with a focus on metals that are critical in the production of
rechargeable batteries, such as nickel, graphite, lithium, cobalt, manganese,
copper and aluminum. The Company is currently focused on developing its
flagship Zeb Nickel Project, located in Limpopo, South Africa. The Zeb Nickel
Project is a developing Class 1 nickel sulfide project strategically located
in the Bushveld Complex in South Africa. The Zeb Project Contains a historical
NI 43-101 compliant resource over 3.9 million tons of contained sulfide
nickel, ranking it number 8 in the global top ten nickel sulfide resources
(Mudd, G. M., & Jowitt, S. M. (2014). A detailed assessment of global
nickel resource and trends and endowments. Economic Geology, 109(7),
1813-1841).

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.

A full Quality Control and Quality Assurance (QAQC) program was conducted on
all assay results, and all reported assays where deemed to be acceptable. The
program was designed and implemented by Dr. Matthew McCreesh. Dr. McCreesh is
a registered member of the South African Council for Natural Scientific
Professions (SACNASP) membership number 132928. Dr. McCreesh holds a Ph.D. in
Geology from the University of Witwatersrand, South Africa, and is member of
the Geological Society of South Africa (GSSA).

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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