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

URU MetalsAnnouncement

19/09/2022 14:45

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RNS Number : 9231Z  URU Metals Limited  19 September 2022

19 September 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:

 

Gold mineralization identified at Zeb Nickel Project significantly extends
area of interest for potential gold resources

Highlights:

·    Historical hole drilled by Falconbridge, UIT01-5 and Zeb Nickel hole,
Z026, both intersected anomalously high gold mineralization in the northern
portion of the Project Area.

·    UIT01-5 intersected 2.45 g/t Au over 1 m from a depth of 93 m to 94 m
down the hole, and 0.82 g/t Au over 1 m from a depth of 97 m to 98 m down the
hole.

·    Hole Z026 intersected 0.68 g/t Au over 1.83 m from a depth of 221.41
m to 223.20, and 1.36 g/t Au over 1.50 m from a depth of 250.50 m to 252m. 1 
(#_ftn1)

·    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. 2  (#_ftn2)

·    Hole Z027 intersected 1.67 g/t Au over 33.81 m, including 5.07 g/t Au
over 4.81 m. 3  (#_ftn3)

·    This means that gold mineralization is present over large parts of
the Project area, and the Project now holds significant potential for both
Ni-Cu-PGE and gold mineralization, which we plan on expanding with further
exploration drilling.

Vancouver, BC, September 19(th), 2022 - ZEB Nickel Corp. (ZBNI:TSX-V)
(OTC:ZBNIF) ("Zeb" or the "Company") is pleased to announce that an analysis
of reports detailing historical drilling on the Zebediela Project ('the
Project") has revealed the presence of anomalously high gold mineralization in
hole UIT01-5, as referenced in the  Project's NI 43-101 report, available on
the Company's website. This hole is located about 530 m north of hole Z026,
which also contained anomalously high gold mineralization. The nickel-PGE
results of Z026 were reported in a news release on March 15, 2022. Drillhole
UIT01-5 intersected 2.45 g/t Au over 1 m from a depth of 93 m to 94 m down the
hole, and 0.82 g/t Au over 1 m from a depth of 97 m to 98 m down the hole.
Drillhole Z026 intersected 0.68 g/t Au over 1.83 m from a depth of 221.41 m to
223.20, and 1.36 g/t Au over 1.50 m from a depth of 250.50 m to 252m. There is
no drilling between UIT01-5 and Z026.

These two holes are located more than 2 km to the northwest of drillholes Z027
and Z029, the results of which were reported in a news release on April 12,
2022.

Gold mineralization on the Project is almost certainly related to gold
mineralization which occurs on the Pietersburg Greenstone Belt, which hosts
the historical Eersteling Gold Mine.

Figure 1: Map showing the target zones of gold mineralization in yellow, based
on intersections from Z027 and Z029 in the south, and UIT01-5 and Z026 in the
north, with the approximate location of Strike Section A - B as shown in
Figure 2 below.

 

Figure 2: Southeast - northwest strike section along line A - B as shown in
Figure 1, showing the location of the gold mineralization in relation to the
nickel and nickel-copper-PGE mineralization.

 

The presence of gold mineralization on both the northern and southern portions
of the Project area means that the gold mineralization is a lot more prevalent
than initially thought; and improves the chances of the Project hosting an
economic gold deposit that may be independent of the known nickel and platinum
group element mineralization as documented in the Company's NI43-101,
available on the Company's website.

Wayne Isaacs, Chief Executive Officer and Director of Zeb Nickel, commented
"The presence of significant gold values found in drill core on the northern
part of the Project area is especially significant when combined with the
fantastic gold discovery in drillholes Z027 and Z029, located more than 2 km
to the southeast. This means that a considerable portion of the project area
is generally enriched in gold mineralization.

 

The spacing between the drillholes bearing gold is around 450 m in the south
and over 800 m in the north, with no drilling between these intersections. As
a consequence, the potential for further significant gold intersections by
drilling in and around these gold bearing zones is enormous. The location of
these gold bearing zones in close proximity to the nickel-copper-PGE bearing
Critical Zone rocks means that drilling will coincidently test for both gold
mineralization and nickel-copper-PGE mineralization once Critical Zone rocks
are intersected.

 

The Company's technical team are currently finalising the proposed locations
of the next phase of drilling, and we look forward to commencing the next
phase of exploration to advance the Project and simultaneously provide more
confidence in Targets 1, the historical nickel resource, Target 2, the
nickel-copper-PGE bearing Critical Zone mineralization and now Target 4, the
gold mineralization".

 

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

 

 

 1  (#_ftnref1) Company Press Release dated March 15, 2022

 2  (#_ftnref2) Company Press Release dated April 12, 2022

 3  (#_ftnref3) Company Press Release dated April 12, 2022

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