URU Metals Limited Zebediela Project Update (9240N)
01 November 2016 - 6:00PM
UK Regulatory
TIDMURU
RNS Number : 9240N
URU Metals Limited
01 November 2016
URU Metals Limited
("URU Metals" or "the Company")
Zebediela Project Update
URU Metals is pleased update shareholders on progress at the
Zebediela Nickel Project, located in Limpopo Province, South
Africa.
Highlights:
-- Prospecting licences that make up the Zebediela Nickel
Project renewed for an additional two years
-- The Company has submitted an application to consolidate the
three prospecting licences into one to reduce costs going
forward
-- A new work programme is planned for 2017 that includes drill
testing potential extensions of the nickel mineralisation, infill
drilling, metallurgical studies and the completion of an updated
mineral resource estimate
-- URU is investigating the potential for processing the by-product magnetite mineralisation
-- Further details on the 2017 work programme will be provided in due course
-- Mr Richard Montjoie and Mr Innes Buurman have joined the
Company as Exploration Manager and Project Geologist respectively
for the Zebediela Project
Further information on the Zebediela Project including
photographs and maps are available on the Company's website
www.urumetals.com
Licence renewal and consolidation plan
The Company is pleased to announce that South African Department
of Mineral Resources ("DMR") has renewed the three prospecting
licences that make up the Zebediela Nickel Project for an
additional two years. The renewal of the licences follows a
successful site visit by the DMR in June 2016.
The prospecting rights that make up the Project are held by
URU's wholly owned South African Subsidiary Lesego Platinum Uitloop
("LPU"). LPU has also made an application to the DMR to consolidate
the three prospecting licences into one licence area which the
Directors believe will reduce costs going forward.
New work programme
A new work programme is planned for 2017 that includes drill
testing potential extensions of the nickel mineralisation, infill
drilling, metallurgical studies and the completion of an updated
mineral resource estimate. This programme expands on the previous
planned drilling programme which was postponed following technical
problems encountered by the drilling contractor.
Magnetite potential
As part of its new work programme, the Company will investigate
the potential processing of the magnetite resource at Zebediela in
the oxide and sulphide zones as part of the Preliminary Economic
Assessment of the project. The Directors believe the potential
magnetite resource in the oxide zone alone could generate revenues
prior to nickel and magnetite production in the sulphide zone. A
bulk modal analysis of a composite sample of oxide zone material
during the Preliminary Economic Assessment (PEA) showed that the
sample consists of 15.34% magnetite by mass. Stripping of oxide
zone material required to access the sulphide zone is in the order
of 182 Mt. A preliminary estimated amount of magnetite present in
the stripped material will be 27 Mt (non-compliant), potentially
leading to significant early revenue prior to revenue from nickel
production.
Technical Team
The Company is pleased to announce that Richard Montjoie and
Innes Buurman have joined the Company in the role of Exploration
Manager and Project Geologist respectively.
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). Richard 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 Buurman holds a B.Sc. Honours degree in Geology from the
University of the Free State, South Africa and is currently
studying for a M.Sc. degree in Economic Geology at the University
of Witwatersrand, South Africa. Innes is a member of the Geological
Society of South Africa (GSSA) and a candidate member of the South
African Council for Natural Scientific Professions (SACNASP). He is
experienced in exploration, project development and small scale
mining, pertaining to PGE's in the Bushveld Complex; Tin - Tantalum
- Niobium in Rwanda; and Gold in Zimbabwe, Mozambique and
Democratic Republic of Congo.
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
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
Project background
The prospecting rights that make up the Zebediela Nickel Project
are held by URU's wholly owned South African Subsidiary Lesego
Platinum Uitloop ("LPU"). The Project is situated approximately 7km
north east of Mokopane (formerly Potgietersrus), in Limpopo
Province, South Africa. The project area is located less than 5km
from the N1 national highway linking two major cities, and access
onto the farms is by all-weather tar and dirt roads. In addition,
the national Johannesburg to Polokwane railway line has a siding on
the property.
A previously completed NI 43-101 Mineral Resources Estimate at
the Project defined:
-- An Indicated resource of 485.4 Mt at a grade of 0.245% Ni
-- An Inferred resource of 1.115.1 Mt at a grade of 0.248% Ni
This information is provided by RNS
The company news service from the London Stock Exchange
END
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