URU Metals Limited
Zebediela and Corporate Update
22 August 2018
URU Metals Limited
(“URU Metals” or “the Company”)
Zebediela and Corporate Update
URU is pleased to provide shareholders with an update on the geophysics programme and metallurgical test work at the Company’s Zebediela Ni-PGE Project and a general corporate update.
Geophysics Program Update
Phase 1 of the geophysics program consisted of two lines of ground-based geophysics to test whether the geophysics can detect known higher-grade Ni-PGE mineralisation intersected in the 2017 drilling campaign. The geophysics was successful in delineating IP (inverse polarisation) anomalies over the mineralisation. The next phase of the program is underway with the aim of generating further IP anomalies to be followed up by a proposed multi-element soil geochemistry survey and a six-hole diamond exploration drilling campaign as detailed in the RNS released on 18 July 2018.
Metallurgical Testwork Update
Metallurgical test work has been completed to establish whether a Rados XRF ore sorter could be used to upgrade the metal content of samples from the Zebediela Nickel project. The Rados XRF ore sorter uses well established technology to analyse the surface of the ore and discard lower grade samples, thereby cost effectively increasing the mill-feed grade to the processing plant and potentially reducing acid consumption further, an objective of the test work stated in the RNS released on 03 November 2017.
Analysis of pieces of drill core showed that the Rados XRF ore sorter can identify particles with high Rados metal analyses as well as particles with low Rados metal analyses. The distribution of Rados metal analyses shows that the sample can be sorted with the Rados XRF ore sorter. During the testing process the upgrade in overall mill feed grade was increased however, in the Company’s view, it was not to levels substaintial enough to justify the use of an XRF Rados ore sorter in the process due to an overall lack of variation in nickel grade in the samples submitted.
Corporate Update
The Company announced on 13 June 2017 that it was evaluating Lithium projects and that it was in the process of concluding final negotiations for the expected acquisition of certain Lithium projects.
Whilst the Company is still evaluating a number of Lithium project opportunities it is no longer actively negotiating terms for the acquisition of any Lithium projects at this time.
A further announcement on Lithium project opportunities will only be made in the event that the Company concludes preliminary or final terms for the acquisition of a Lithium project.
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 | + 44 (0) 203 470 0470 |
| SVS Securities Plc (Joint Broker) Tom Curran | +44 (0) 203 700 0093 |
