TIDMURU
RNS Number : 9201H
URU Metals Limited
16 March 2018
URU Metals Limited
("URU Metals" or "the Company")
Assay Results
Drill results exceed Company's expectation. Recent drilling
successful in obtaining further intersections of PGE-Nickel-Copper
mineralisation
URU Metals is pleased to announce the assay results from the
successful additional three-hole drilling programme that targeted
platinum group element (PGE) nickel copper (PGE-Ni-Cu)
mineralisation on the Company's Zebediela Project, located on the
largest known PGE repository in the world, the Bushveld Complex,
Limpopo Province, South Africa.
In addition to the three holes concluded in Q3 2017 which
discovered PGE mineralisation, a further three inclined holes
(Z020, Z021 and Z022) were completed in December 2017 with the aim
of intersecting further PGE mineralisation and to further
understand the geology and geometry of the body hosting the PGE
mineralisation.
All three additional holes intersected PGE-Ni-Cu mineralisation,
and the results are summarised in the table below:
Drill Depth
hole Depth Depth Sample Below 3PGE
ID From To Interval Surface Cu Ni** Ni*** + Au*
------- ------- ------- ---------- --------- ----- ----- ------ -------
meters meters meters meters % % % g/t
------- ------- ------- ---------- --------- ----- ----- ------ -------
Z020 55.0 65.0 10.0 43.2 0.18 0.52 0.43 2.39
Z020 174.0 176.1 2.1 137.0 0.15 0.59 0.42 2.00
Z021 194.0 198.8 4.8 176.0 0.12 0.48 0.34 2.15
Z022 38.1 41.7 3.6 28.9 0.09 0.35 0.33 0.89
Z022 95.0 95.5 0.5 70.0 0.13 0.39 0.37 6.37
------- ------- ------- ---------- --------- ----- ----- ------ -------
* 3PGE+Au equals platinum + palladium + rhodium + gold by fire
assay with ICP-MS Finish
**Total Ni assay by complete digestion, representing the Ni in
both silicate and sulphide minerals
***Citric acid leach, representing mostly the Ni in sulphide
minerals
The company is pleased to highlight the relatively high base
metal content along with significant PGE grades in the
intersections at shallow depths. Due to the high Ni values, the
basket price in drill intersections for Zebediela is higher than
that at Anglo American Platinum's Mogalakwena Mine, the world's
largest open pit platinum mine. The basket price of the drill
intersections also compares favourably with that of other major
platinum projects and mine reserves on the Bushveld Complex, South
Africa. The Company believe that the shallow depths of the
intersections will translate into a lower mining cost.
The Bushveld Complex is the world's largest known repository of
platinum group metals.
Average grade relative to other PGE-Ni-Cu producers in South
Africa
3PGE + Au *
Company Project/Reef g/t Pt g/t Pd g/t Rh g/t Au g/t Ni % Cu %
----------------------- --------------- ------------ ------- ------- ------- ------- ----- -----
Anglo Platinum Mogalakwena 2.73 1.14 1.35 0.09 0.15 0.18 0.10
PTM Waterberg Project T-Zone 3.94 1.14 1.93 0.04 0.83 0.08 0.16
F-Zone 3.69 1.11 2.36 0.04 0.18 0.16 0.07
Ivanplats Flatreef 4.40 1.95 2.01 0.14 0.30 0.34 0.17
URU Zebediela 1.67 0.55 0.96 0.10 0.05 0.55 0.14
Merensky Reef Mine reserves 4.11 2.52 1.18 0.21 0.21 0.15 0.06
UG2 Reef Mine reserves 4.80 2.54 1.64 0.46 0.16 0.04 0.02
Basket price comparison with other PGE-Ni-Cu producers in South
Africa
Company Project/Reef Pt $/t Pd $/t Rh $/t Au $/t Ni $/t Cu $/t Basket Price $/t
----------------------- --------------- ------- ------- ------- ------- ------- ------- -----------------
Anglo Platinum Mogalakwena 35.52 43.58 5.01 6.39 25.05 7.01 122.55
PTM Waterberg Project T-Zone 35.52 62.30 2.22 35.36 11.13 11.22 157.75
F-Zone 34.58 76.18 2.22 7.67 22.26 4.91 147.83
Ivanplats Flatreef 60.75 64.88 7.79 12.78 47.31 11.92 205.43
URU Zebediela 17.13 30.99 5.56 2.13 76.53 9.82 142.17
Merensky Reef Mine reserves 78.51 38.09 11.68 8.95 20.87 4.21 162.31
UG2 Reef Mine reserves 79.13 52.94 25.59 6.82 5.57 1.40 171.44
Combined with the previous Q3 drilling results, the Company is
developing an exploration strategy to define a PGE-Ni-Cu resource.
This exploration programme would include induced polarization (IP)
and soil geochemistry to the north and south, along strike of the
targeted PGE-Ni-Cu zone, to identify zones for future drilling. It
is anticipated that this would be followed up with drilling of six
inclined diamond drill holes.
Metallurgical testwork to determine PGE-Ni-Cu recoveries will be
conducted in due course during resource definition drilling.
John Zorbas, CEO of URU Metals, commented:
"We are extremely excited about the additional discovery of what
appears to be a continuous horizon that contains PGE-Ni-Cu at
potentially economic grades at an extremely shallow depth. By
comparison, similar projects with a similar basket price are
mining, or plan to mine, at greater depths. The team is now working
on a strategy to conduct further exploration with the goal of
defining a mineral resource. The aim of the program is to prove a
shallow Ni-PGE resource with high base metal credits that, due to
the width and depth, sits in the lowest quartile of the cost curve
of PGE producers and highest equivalent PGE quartile, thanks to the
high base metal credits. Our project was initially based only on
nickel, but this discovery means that the Zebediela Project can
potentially generate a significant revenue stream from the PGE
credits."
A complete summary of drill results from the recently completed
drill programme targeting PGE-Ni-Cu mineralisation at Zebediela
Drill Depth
hole Depth Depth Sample Below 3PGE
ID From To Interval Surface Cu Ni** Ni*** + Au*
------- ------- ------- ---------- --------- ----- ----- ------ -------
meters meters meters meters % % % g/t
------- ------- ------- ---------- --------- ----- ----- ------ -------
Z019 133.0 142.0 9.0 78.92 0.15 0.43 0.34 1.97
Z019 169.0 170.8 1.8 100.28 0.10 0.44 0.34 1.60
Z020 55.0 65.0 10.0 43.2 0.18 0.51 0.43 2.39
Z020 174.0 176.1 2.1 137.0 0.15 0.59 0.42 2.00
Z021 194.0 199.0 5.0 176.0 0.12 0.48 0.34 2.15
Z022 38.1 41.7 3.6 28.9 0.08 0.35 0.33 0.89
Z022 95.0 95.5 0.5 70.0 0.13 0.39 0.37 6.37
------- ------- ------- ---------- --------- ----- ----- ------ -------
Competent Person Statement
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 15 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 million ounce 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.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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 & Charlie Bouverat + 44 (0) 203 470 05470
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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