TIDMURU
RNS Number : 5242X
URU Metals Limited
26 April 2023
26 April 2023
URU Metals Limited
("URU")
Update from ZEB Nickel Corp
URU notifies that ZEB Nickel Corp. has today announced the
commencement of exploration drilling at the Zeb Project, as well as
the appointment of a capital markets advisor and market maker.
URU successfully completed the disposal of the Zeb Project,
located in Limpopo, South Africa (the "Project") to ZEB Nickel
Corp. in August 2021 and the Project remains the primary focus of
URU, through its 73.81% interest in Zeb Nickel Corp. and URU's
continuing role as the technical adviser on the Project.
The ZBNI announcement is as follows:
Exploration Drilling Commenced at Zeb Nickel Project Area
Vancouver, BC, April 26, 2023 - ZEB Nickel Corp. (ZBNI:TSX-V)
(OTC:ZBNIF) ("Zeb" or the "Company") is pleased to announce that
further exploration drilling has commenced at the Company's
flagship Zeb Nickel Project.
Figure 1: Drill rig site establishment at the Zeb Project.
This phase of exploration drilling will simultaneously target
three mineralized zones, as shown in figure 2 below:
1. a higher-grade nickel mineralized zone identified at the base
of the historical drilling within ZEB 1 mineralized package;
2. last completed exploration program discovered
nickel-copper-platinum group element (Ni-Cu-PGE) mineralization
located adjacent to and beneath ZEB 1, this style of mineralization
is referred to as Target 2. Target 2 was intersected in 10 pervious
drillholes and accounts for approximately 3000 meters of
drilling.
3. a massive to semi-massive Ni-PGE mineralization seemingly
associated with what appears to be an ultramafic "plumbing system"
beneath and to the east of the (Target 3). Target 3 has been
intersected in three drillholes with a total of 1100 meters of
drilling.
Figure 2: Schematic geological cross section showing 7 of the 32
existing drillholes, and the location of the new drilling planned
to intersect higher-grade nickel near the base ZEB 1, the down dip
extension of Target 2; and semi-massive to massive nickel sulfide
mineralization (Target 3).
The Company looks forward to updating the market with the
results from this phase of drilling.
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).
James Nieuwenhuys , Non-executive Chairman of Zeb Nickel,
commented: "Over the years the Project team have assimilated and
refined the geological model and we are now confident that this
next round of drilling will confirm areas of high-grade Ni and
Ni-Cu-PGE mineralization. Our aim is to produce a preliminary
economic assessment to map out an achievable path, subject to a
positive feasibility study, to the development of a fully
de-risked, low-cost, high-grade nickel sulfide project."
Furthermore, the Company is pleased to announce that it has
retained INFOR Financial Inc. ("INFOR Financial") to provide
capital markets advisory and market making services for the
Company.
The Company has entered a services agreement (the "Agreement")
with INFOR Financial, pursuant to which INFOR Financial has agreed
to perform the following general capital markets support
services:
-- introduce the Company to capital market participants and
institutional investors that may include investment funds, mutual
funds, private capital sources and other potential strategic
investors; and
-- market making services, with the objective of maintaining
active and orderly trading in the market and improving liquidity of
the Company's common shares, undertaken by one of INFOR Financial's
proprietary traders in compliance with all applicable rules of the
TSX Venture Exchange (TSXV) and the New Self-Regulatory
Organization of Canada (New SRO), and all applicable laws.
For its services, INFOR Financial will be paid a monthly fee of
$10,000 CAD, plus applicable tax. The Agreement may be terminated
by either party on 30 days' notice, subject to a minimum six-month
term following its commencement date. Zeb Nickel Corp and INFOR
Financial act at arm's length, and to the Company's knowledge INFOR
Financial has no present interest, directly or indirectly, in the
Company or its securities, but may acquire securities in the future
in connection with additional capital market services that may be
provided to the Company. The funds and shares required for the
market making service are provided by INFOR Financial. The fee
payable by the Company to INFOR Financial is for services only.
INFOR Financial will be responsible for the costs it incurs in
buying and selling the Company's shares, and no third party will be
providing funds or securities for the market making activities.
INFOR Financial and the Company are unrelated and unaffiliated
entities, but INFOR Financial and/or its clients may have an
interest, directly or indirectly, in the securities of the Company
.
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.
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
John Zorbas
(Chief Executive Officer) +1 416 504 3978
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker)
Ewan Leggat
Harry Davies-Ball + 44 (0) 203 470 0470
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDQLBLXZLXBBZ
(END) Dow Jones Newswires
April 26, 2023 09:00 ET (13:00 GMT)
Uru Metals (LSE:URU)
Historical Stock Chart
From Jan 2025 to Feb 2025
Uru Metals (LSE:URU)
Historical Stock Chart
From Feb 2024 to Feb 2025
