Source - RNS
RNS Number : 9858H
URU Metals Limited
13 June 2017
 

URU Metals Limited

("URU Metals" or "the Company")

Zebediela Nickel Project

Drilling campaign update

 

URU Metals is pleased to announce that it has completed drilling its first hole (Hole Z017) at the Zebediela Nickel Project, located in Limpopo Province, South Africa. The hole was drilled to a depth of 422m. The drilling has enabled the Company to obtain additional material to conduct further metallurgical test work. This work will assist the Company in assessing the potential to generate revenue from the magnetite mineralisation, as well as allowing it to obtain fresh material to assess the potential for an acid and bioleaching operation, compared to the previously envisaged floatation operation. The Company believes that acid and bioleaching could reduce the upfront capital cost and the projected operational costs of the project. Additional drilling is currently underway as part of this 1,500m drilling campaign.

 

Initial onsite tests of the samples were performed and the Company is now awaiting assay results from Setpoint Laboratories. The Company will use the samples taken, in combination with previous samples taken, to further test the acid and bioleaching process. Mintek Biotechnology Division, a global leader in the development of bioleaching technologies, is undertaking the acid and bioleaching testing.

 

John Zorbas, CEO of URU Metals, commented "We look forward to the assay results from the first hole of this campaign and indeed the rest of the campaign. The appointment of Henry Kloepper to the Board will ensure that he has full technical oversight of the Zebediela Nickel Project. We remain focused on monetising the value of the Zebediela Nickel Project."

 

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

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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