URU Metals Limited Positive test results and commencement of drilling (7369D)
28 April 2017 - 11:38PM
UK Regulatory
TIDMURU
RNS Number : 7369D
URU Metals Limited
28 April 2017
URU Metals Limited
("URU Metals" or "the Company")
Positive Magnetite Test Results
Commencement of Drill Programme at Zebediela
URU Metals is pleased to announce the preliminary results of the
magnetite metallurgical test work conducted on an oxide sample from
a previously untested zone of the Zebediela Project, located in
Limpopo, South Africa. The analysis was carried out by Metanza
Laboratories located in Johannesburg, South Africa.
A 104 kg sample of oxide material was tested from a zone located
to the northeast of the previous magnetite metallurgical test work,
within the area of our existing mineral resource estimate. These
results increase our knowledge and indicate positive continuity of
the metallurgical results from the magnetite mineralisation with
the deposit. A drill programme is now underway to expand the area
of defined mineralisation to the north.
Initial Sample Testing
Preliminary test work was carried out by passing the sample of
oxide material over a magnetic separator. The results returned a
mass recovery of 25.7% of magnetic material. These results are in
line with earlier observations, which demonstrated that a composite
sample of oxide material consisted of 15.34% magnetite by mass.
These tests are encouraging and further tests will be carried
out.
The Company is awaiting the results of the acid leaching testing
which if positive could decrease the capex of the magnetite
concentrate portion of the project, the Company will update the
market shortly.
The initial results from this round of metallurgical analysis
give us the confidence to continue to advance our studies into the
potential of the magnetite mineralisation to provide earlier cash
flow from the processing of magnetite concentrate.
As we have already stated, the Company is conducting a series of
metallurgical tests and expects the second set of results of the
metallurgical test work shortly.
Commencement of drilling
Drilling has commenced today. The objectives of the 1,500 metre
drilling programme are to:
1. improve the underlying nickel resource category from indicated to measured;
2. obtain additional oxide material to conduct further metallurgical test work;
3. obtain additional nickel bearing material to conduct further
acid and bioleaching metallurgical test work.
The Company will update investors on the progress of the drill
programme in due course.
Option to extend the licences at Zebediela
In 2014, the Company acquired the right to extend the Zebediela
prospecting licences up to a range of 5km. The Company can confirm
that the process to extend the licences will begin shortly and a
final decision to extend the area will be taken once the Company
has analyzed the drill assays, the further metallurgical test work
and the acid leach test results. The Company is awaiting regulatory
confirmation of the amendment to the Zebediela prospecting right to
include two adjacent prospecting licenses, thereby expanding the
project area.
John Zorbas, CEO of URU Metals commented "These initial
metallurgical results are very encouraging and we look forward to
updating the market once the additional metallurgical work is
completed."
This announcement contains inside information.
END
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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