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URU MetalsAnnouncement

28/09/2017 14:55

RNS Number : 1387S
URU Metals Limited
28 September 2017
URU Metals Limited

("URU Metals" or "the Company")
Significant Drill Update at Zebediela
2.25m intersection defined in a new lower horizon with nickel grades 570% higher than the Indicated Mineral Resource estimate at Zebediela
URU Metals is pleased to announce the continued continuity of the near-surface mineralisation and an intersection of higher-grade nickel (Ni) mineralisation at a depth of 412 m down hole, in diamond drill hole Z017, on the Zebediela Project, located in Limpopo, South Africa.
 The near-surface intersection returned grades of 0.23% total Ni over 323 m from a depth of 67.22 m. This is consistent with assay results for holes previously drilled at the project, Z01 to Z016, which were included in the 2012 Preliminary Economic Assessment ("PEA") on the Indicated Mineral Resource estimate of 485.4 million tonnes at a grade of 0.245% Ni.
 A lower intersection at 412 m down hole, in previously untested footwall lithologies, returned a weighted average grade by sample length of 1.66% Ni and 0.62% Cu over 2.25 m. This equates to a vertical depth below surface of approximately 325 m.
 A second phase of sampling will now be conducted to the end of the hole, as the sampling reported here ended in mineralisation.
John Zorbas, CEO of URU Metals, commented:
"We are excited about the new high-grade nickel-copper-PGE discovery, which is located below the existing mineral resource estimate at the Zebediela Project. Our next steps will be to confirm the along strike continuation of the deeper mineralisation. Mineralisation appears to be similar to that of the Nkomati Nickel Mine, also located in South Africa, in that the mineralisation is semi-massive sulphide located in the footwall to a Bushveld Complex-aged ultramafic intrusion. Nkomati mines at a resource grade of 0.35% Ni and 0.95% 3PGE+Au and in 2016 the mine produced 157,600 Oz of PGE's and c. 21,600 tonnes of Ni. Assays for Z018 are expected to be received shortly"
This announcement contains inside information.
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For further information, please contact:
URU Metals Limited
John Zorbas
(Chief Executive Officer)
+1 416 504 3978
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
+44 (0) 203 700 0093
Table 1 Mineralised intersections in drill hole Z017
*3PGE+Au equals platinum + palladium + rhodium + gold; 
Depth From (m)
Depth To (m)
Sample Interval (m)
Cu (%)
Ni (%)
3PGE+Au*
67.22
391.00
323.78
0.01
0.23
-**
412.75
415.00
2.25
0.62
2.06
0.92
** 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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