15 March 2022
URU Metals Limited
(“URU”)
Drilling results from ZEB Nickel Corp
URU announces that ZEB Nickel Corp. has today announced the completion of the most recent phase of exploration drilling on the Zebediela Nickel Project (“Project”).
URU successfully completed the disposal of the Project to ZEB Nickel Corp. in August 2021 and the Project remains the primary focus of URU, through its 74.82% interest in Zeb Nickel Corp. and URU’s continuing role as the technical operator of the Project.
The ZBNI announcement is as follows:
Higher grade nickel sulfide and associated PGE mineralization of up to 1.7% nickel intersected in Critical Zone and adjacent lithologies during exploration drilling on the Zebediela Project.
Zeb Nickel confirming that the Project hosts the up-dip extension of Ivanplats geology.
Highlights of results:
· 0.71 g/t 3PGE+Au (58% palladium content) and 1.7 % nickel at a depth of 260 m below surface;
· 6.4 g/t 3PGE+Au (89% platinum content) and 0.39% nickel at a depth of 72 m below surface;
· 2.13 g/t 3PGE+Au (61% palladium content) and 0.47% nickel at a depth of 214 m below surface;
· 1.27 g/t 3PGE+Au (45% palladium content) and 0.69% nickel at a depth of 320 m below surface;
Vancouver, BC, March 15, 2022 – ZEB Nickel Corp. (ZBNI:TSX-V) (OTC:ZBNIF) (“Zeb” or the “Company”) is pleased to announce that the Company has completed Phase 2 of exploration drilling on the Zebediela Project and has successfully intersected Critical Zone lithologies in all drillholes with reported assay results in this recent phase, located beneath the historical 43-101-compliant 1.5 billion-ton sulfide nickel resource which contains approximately 3,955 kt of nickel.
A weighted average calculation using a cut-off grade of 0.31% Ni from this phase of drilling has resulted in an increased grade of 76% higher than that declared in the historical resource used in the existing Preliminary Economic Assessment (PEA). This existing historical resource consists of an Indicated Resource of 485.4 million tonnes averaging 0.245% Ni, with an additional Inferred Resource of 1,115.1 million tonnes at 0.248% Ni using a cut-off grade of 0.1% Ni.
The Critical Zone of the Bushveld Complex is the geological horizon that hosts Platreef-style mineralization in the Northern Limb, which is the mineralised zone currently being mined at Anglo American Platinum’s flagship Mogalakwena Mine, and Ivanhoe Mines Platreef Mine (average depth of 800 m). The location of the project in relation to Mogalakwena Mine and Platreef Mine is shown in Figure 1 below.
http://www.rns-pdf.londonstockexchange.com/rns/7490E_1-2022-3-14.pdf
Figure 1: Location of the Zebediela Project in relation to Mogalakwena Mining Complex and Platreef Mine.
This phase of drilling is a continuation of the first phase conducted by the Company for a total of 4,901 m in both Phase 1 and Phase 2, targeting higher grade nickel PGE mineralisation in Critical Zone rocks found beneath the existing NI43-101 compliant nickel resource.
The Company is pleased to announce that these Critical Zone rocks have been discovered along a strike length of at least 3 km.
6 holes were completed in the Phase 1 drill campaign and a further 8 holes were completed in the Phase 2 drill campaign (assay results for 5 holes are outstanding).
Exploration results from the drilling campaign are presented in the table below, and the location of these holes are presented in Figure 2 below. Drill core diameter for all holes is NQ and drill holes are drilled at an inclination of 50 degrees on an azimuth of approximately 45 degrees.
Table 1: Exploration Program Results from the drill program
| Drillhole ID | Depth From | Depth To | Sample Interval | Depth Below Surface | Ni^ | Cu | Pt | Pd | Rh | Au | 3PGE + Au* | Mineralisation Style | ||
| meters | meters | meters | meters | % | % | g/t | g/t | g/t | g/t | g/t | ||||
| Z017 | 37.43 | 415.00 | 377.57 | 23.61 | 0.24 | 0.01 | ** | Lower Zone (Target 1) | ||||||
| including | 38.00 | 110.00 | 72.00 | 23.97 | 0.25 | 0.01 | ** | Lower Zone (Target 1) | ||||||
| including | 124.00 | 136.00 | 12.00 | 78.20 | 0.33 | 0.02 | ** | Lower Zone (Target 1) | ||||||
| including | 170.00 | 178.00 | 8.00 | 107.21 | 0.28 | 0.01 | ** | Lower Zone (Target 1) | ||||||
| including | 193.00 | 198.00 | 5.00 | 121.72 | 0.37 | 0.01 | ** | Lower Zone (Target 1) | ||||||
| including | 212.10 | 239.60 | 27.50 | 133.76 | 0.25 | 0.01 | ** | Lower Zone (Target 1) | ||||||
| including | 304.00 | 308.00 | 4.00 | 191.73 | 0.40 | 0.02 | ** | Lower Zone (Target 1) | ||||||
| including | 319.63 | 386.00 | 66.37 | 201.58 | 0.27 | 0.01 | ** | Lower Zone (Target 1) | ||||||
| including | 412.75 | 415.00 | 2.25 | 260.31 | 1.67 | 0.51 | 0.21 | 0.41 | 0.03 | 0.06 | 0.71 | Lower Zone (Target 1) | ||
| Z018 | 33.00 | 394.00 | 361.00 | 21.48 | 0.25 | 0.01 | ** | Lower Zone (Target 1) | ||||||
| including | 88.00 | 125.19 | 37.19 | 57.27 | 0.30 | 0.01 | ** | Lower Zone (Target 1) | ||||||
| including | 144.00 | 171.80 | 27.80 | 93.71 | 0.28 | 0.01 | ** | Lower Zone (Target 1) | ||||||
| including | 328.00 | 348.00 | 20.00 | 213.45 | 0.31 | 0.01 | ** | Lower Zone (Target 1) | ||||||
| Z019 | 89.00 | 103.00 | 14.00 | 52.81 | 0.22 | 0.06 | 0.20 | 0.36 | 0.02 | 0.03 | 0.61 | Critical Zone (Target 2) | ||
| Z019 | 133.00 | 170.80 | 37.80 | 78.92 | 0.29 | 0.09 | 0.40 | 0.68 | 0.07 | 0.04 | 1.19 | Critical Zone (Target 2) | ||
| including | 133.00 | 142.00 | 9.00 | 78.92 | 0.42 | 0.15 | 0.60 | 1.22 | 0.08 | 0.07 | 1.97 | Critical Zone (Target 2) | ||
| including | 169.00 | 170.60 | 1.60 | 100.29 | 0.50 | 0.12 | 0.73 | 0.92 | 0.22 | 0.04 | 1.90 | Critical Zone (Target 2) | ||
| Z020 | 53.00 | 71.00 | 18.00 | 41.19 | 0.41 | 0.13 | 0.53 | 1.07 | 0.10 | 0.05 | 1.75 | Critical Zone (Target 2) | ||
| including | 55.00 | 64.00 | 9.00 | 42.74 | 0.51 | 0.18 | 0.73 | 1.47 | 0.13 | 0.07 | 2.45 | Critical Zone (Target 2) | ||
| Z020 | 106.00 | 145.00 | 39.00 | 82.38 | 0.30 | 0.11 | 0.31 | 0.64 | 0.06 | 0.04 | 1.05 | Critical Zone (Target 2) | ||
| Z020 | 174.00 | 176.07 | 2.07 | 135.22 | 0.59 | 0.15 | 0.90 | 0.95 | 0.11 | 0.05 | 2.00 | Critical Zone (Target 2) | ||
| Z021 | 187.00 | 210.00 | 23.00 | 169.62 | 0.32 | 0.10 | 0.36 | 0.79 | 0.05 | 0.05 | 1.25 | Critical Zone (Target 2) | ||
| including | 194.00 | 199.00 | 5.00 | 175.97 | 0.48 | 0.12 | 0.57 | 1.45 | 0.08 | 0.06 | 2.16 | Critical Zone (Target 2) | ||
| Z022 | 38.08 | 41.74 | 3.66 | 28.87 | 0.35 | 0.08 | 0.30 | 0.46 | 0.10 | 0.03 | 0.89 | Critical Zone (Target 2) | ||
| Z022 | 69.00 | 76.00 | 7.00 | 52.31 | 0.25 | 0.08 | 0.20 | 0.42 | 0.02 | 0.03 | 0.67 | Critical Zone (Target 2) | ||
| Z022 | 95.00 | 95.50 | 0.50 | 72.02 | 0.39 | 0.13 | 5.68 | 0.63 | 0.02 | 0.04 | 6.37 | Critical Zone (Target 2) | ||
| Z026 | 277.50 | 290.00 | 12.50 | 209.43 | 0.35 | 0.15 | 0.74 | 0.97 | 0.06 | 0.06 | 1.82 | Critical Zone (Target 2) | ||
| including | 284.00 | 287.00 | 3.00 | 214.35 | 0.47 | 0.19 | 0.70 | 1.30 | 0.07 | 0.06 | 2.13 | Critical Zone (Target 2) | ||
| including | 288.50 | 290.00 | 1.50 | 217.73 | 0.41 | 0.16 | 0.55 | 1.20 | 0.07 | 0.06 | 1.88 | Critical Zone (Target 2) | ||
| Z027 | 406.50 | 411.50 | 5.00 | 310.02 | 0.31 | 0.11 | 0.23 | 0.52 | 0.03 | 0.05 | 0.84 | Critical Zone (Target 2) | ||
| including | 406.50 | 408.50 | 2.00 | 310.02 | 0.32 | 0.11 | 0.26 | 0.59 | 0.04 | 0.05 | 0.94 | Critical Zone (Target 2) | ||
| Z027 | 413.00 | 426.00 | 13.00 | 314.98 | 0.17 | 0.04 | 0.15 | 0.28 | 0.04 | 0.03 | 0.50 | Critical Zone (Target 2) | ||
| Including | 420.00 | 421.50 | 1.50 | 320.32 | 0.69 | 0.11 | 0.31 | 0.67 | 0.25 | 0.25 | 1.27 | Critical Zone (Target 2) | ||
| Z028 | 413.00 | 449.50 | 36.00 | 314.98 | 0.22 | 0.08 | 0.24 | 0.48 | 0.04 | 0.03 | 0.80 | Critical Zone (Target 2) | ||
| Including | 427.00 | 433.50 | 6.50 | 325.65 | 0.37 | 0.18 | 0.54 | 1.10 | 0.10 | 0.06 | 1.80 | Critical Zone (Target 2) | ||
| * 3PGE+Au equals platinum + palladium + rhodium + gold by fire assay with ICP-AES Finish; | ||||||||||||||
| ^Total Ni assay by complete digestion, representing the silicate and sulfide portion of Ni;Additional drilling is required to determine true thickness;”Depth From”, “Depth To” and “Sample Thickness” reported are depths from surface down the drill hole. | ||||||||||||||
http://www.rns-pdf.londonstockexchange.com/rns/7490E_2-2022-3-14.pdf
Figure 2: Location of drillholes overlain on satellite imagery
Based on whole rock geochemistry and methodologies developed by the Zebediela technical team, this exploration program has now conclusively proved that mineralized Critical Zone rocks are present beneath the historical NI43-101 resource that could be mined using open pit mining methods.
The Company is extremely pleased with the successful drill campaign which has confirmed the geological model targeting higher-grade Ni-PGE mineralization beneath the historical NI43-101 resource, and towards the north and south, expanding the strike length of the Critical Zone mineralization. The Company looks forward to reporting the outstanding results from this phase of the drilling program, as well as commencing with the next phase of drilling. This next phase should allow for the declaration of a maiden Ni-PGE resource statement on this higher-grade Ni-PGE mineralization target and allow for a new PEA with improved project economics.
“With two major mining companies in our area exploiting the same Critical Zone lithologies which host the Ni-PGE mineralization that we have recently discovered as part of our recent exploration campaign, and the recent increases in nickel and palladium prices, we are encouraged with the results to date. We look forward to receiving the remaining assay results and we are confident that these will continue to add value to the overall project economics.”, commented Wayne Isaacs, Chief Executive Officer and Director.
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).
The analytical work reported on herein was performed by SGS South Africa Proprietary Limited, based in Randfontein, South Africa, an internationally recognized analytical services provider.Samples are analysed for Ni using a nitric acid leach and sodium peroxide fusion, followed by an ICP-AES finish; and Au, Pt, Pd by lead fusion followed by an ICP-AES finish; and for Rh using palladium collection followed by ICP-OES finish.
For further information, please visit http://www.zebnickel.com
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 LimitedJohn Zorbas(Chief Executive Officer) | +1 416 504 3978 |
| SP Angel Corporate Finance LLP(Nominated Adviser and Broker)Ewan LeggatHarry Davies-Ball | + 44 (0) 203 470 0470 |
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