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Isn’t more drilling required for proof of concept MrKing, looking at the presentation that would take 5 months all going well including assessment to supply a JORC coded resource. Also would the proof of concept/drilling/assessment equate to a measure resource? It’s would still only be around 30 holes drilled in total plus some historic ones. Still, funding is the priority at present as it’s all irrelevant if that doesn’t get sorted soon.
Page 20/21 latest presentation it states that:
“Proof of Concept with potential declaration of a JORC-Compliant Resource” timeline September through to October, again we know looking at what previously has been stipulated against the actual timing is roughly 2 months behind I would say this has just been recently completed ?! This would fall in nicely with the DMR review Feb / March (in Q1)
Maybe Zorbas isn’t planning on building the garage but letting one of the majors build a multi storey one instead !
A non-Jorc inferred and indicated through a PEA that was conducted in 2012, which basically only says ‘potential’ hence why the other studies are usually carried out proving up the resource to allow the company to raise finance for production. It’s like the Zorb is getting planning permission to build a garage with no intension of building one.
The prospecting Rights will expire on 2 December 2021. Roughly two more years ! Don’t forget the previous one was 3 years when we could have had 5 !
Zorbas has mentioned on numerous occasions that Zeb is fundamentally proved up !
In regards to Page 3/21 latest presentation it states
Three targets exist for nickel mineralisation on the Project:
1. Already well-defined nickel mineralisation:
• Indicated resource of 485.4 Mt @ 0.245%
Ni
• Inferred resource of 1.115.1 Mt @ 0.248% Ni
2. Nickel-PGE mineralisation:
• Recent drilling in previously untested zones intersected significant Ni-PGE Asmineralisation at nickel equivalent grades of 1.14% Ni with an untested strike extent
3. As yet unfound massive sulphide nickel
“We remain extremely excited by the highly prospective Zebediela Project, and the acceptance of the mining right application grants us the flexibility to develop the existing nickel resource into a mine, and to continue developing the
newly discovered Ni-PGE resource found adjacent to and in the footwall of the existing nickel resource.”
Courtesy of the CEO
UMH have had their pay off, they received 33m shares in URU plus a contract to supply UML with services. LPU own the licences now on Zebediela who are owned by UML. So unless UMH have given those shares back then they won’t have much say as the yearly covenants regarding spending etc haven’t yet been set.
Hi Amtech it is was the last time the current holder UML can hold the prospecting license. As UML can not renew the license wouldn’t they just change the deeds of the license to Uru and apply under Uru metals for another prospecting license if we needed it? I get the feeling zorbas is no longer pulling the strings and UMH are now in control of zebedelia and want their pay off.
Would you stump up £m’s on the back of just kicking dirt at the surface? Even with the limited amount of holes drilled I doubt anyone would pay much for the licence area in its present stage. It’s all about proving up the resource to add value. PEA, pre-feasibility, feasibility etc each stage mitigates the risk as each stage is a more in depth process.
True enough but "proof through these studies that it is economically viable" its pretty much at surface ( so we are told ) so I'm not sure why it wouldn't be viable
It’s not courtesy of me zibi, it’s courtesy of URU. It’s also a standard statement regarding a mining stock that’s not yet proved up a commercial resource through feasibility studies. It’s why I found it odd applying for a mining licence at this time, think the current prospecting licence runs until sometime in 2021. At the speed that the Zorb is working here any feasibility studies/DFS etc wouldn’t be completed in time to make a decision to mine before the prospecting licence runs out hence why I think uru/Zorb has been pushed into the mining application because they can’t get another prospecting one. (See earlier posts). All a bit strange to be honest and certainly not in the correct order. If they have no proof through these studies that it is economically viable , which is the whole idea of them what value will a mining licence add to the sp?
No I’m not saying that, uru went from $475k ish (top of the head) to $78k within that period so that’s probably how they spent it, but what stage/phase are they up to now.
No problem Amtech. In the latest presentation page 21 it’s states that
“Prepartion of SLP, MWP and assoc. documents” timeline was April through to May 19
Then “Mining Right Application Lodged” timeline was June through to July 19.
We know those dates weren’t met but we do know that the mining licence application was accepted on or before August 30th ?! So these documents would have to be included within the mining application (SLP)
The final scoping report was submitted in December as well which we will get to know in Q1
The mining rights costs for “Annual Fees, Mining Right Application, Environmental Impact Assessments and Integrated Water Use Licence.” amount to $240k are you saying we’ve been given credit ?
Cheers MrKing, so due to the lack of progress the Zorb has been pushed into a mining right application as they can’t apply for another prospecting licence even though the potential resource is still yet to proved as economically viable. Also regarding financing URU are telling investors that ‘theoretical full funding’ is needed (30th Aug RNS) not that finance has to be in place. If URU has secured finance already without telling investors they will be in breach of the rules as it will materially affect the sp. URU also say in the FY report ‘The Group has not yet established whether its mineral properties contain reserves that are economically recoverable’ , so if URU can’t establish this yet without further feasibility studies then how can the DMR under the SLP?
Good morning!
Looks like you got out the bed the right side today Amtech ;) that’s correct as far as I can recall you can only apply for an prospecting license renewal once.
A prospecting right is a permit which allows you or your company to survey or investigate an area of land for the purpose of identifying an actual or probable mineral deposit.
A prospecting right is valid for five years. After the expiry of the five years you may request renewal of the prospecting right for a period of no longer than three years.
https://www.gov.za/services/mining-and-water/apply-prospecting-right
In regards to the mining application again it clearly stipulates that finances has to be in place and proven to be able to apply !
Financial and technical competence
Provide detailed documents proving that the applicant has the technical ability and financial resources that are readily available or how they will be provided for.
https://www.miningreview.com/base-metals/apply-mining-permit-south-africa/
So all the scaremongering that’s been going on and “stuck record syndrome” it’s states quite clearly by the DMR what is required to apply for a mining license regardless!
14 REGULATION 11 (1) (g) (vii): DETAILS REGARDING THE APPLICANTS RESOURCES OR PROPOSED MECHANISMS TO FINANCE THE PROPOSED MINING OPERATION, AND DETAILS REGARDING THE IMPACT OF SUCH FINANCING ARRANGEMENTS ON THE CASH FLOW FORECAST.
14.2 Detail regarding the financing arrangements
(Elaborate on the financing arrangements that are described in item 14.1 above, in terms of where the finance will be sourced, extent to which the financing has been finalized and on the level of certainty that such financing can be secured.)
http://portal.samradonline.co.za/apptemps/mining%20work%20programme%20template.doc
looking at the latest presentation Page 20/21
“Mining Right Application and associated Licencing
Prepartion of SLP, MWP and assoc. documents”
FYI The meaning are as follows :
(SLP) Social and labour plans. When a company applies for a mining right, it is required to submit a number of documents on its plans to mine, which the Department of Mineral Resources then uses to assess whether the potential mine is viable. One of these documents is a social and labour plan (or 'SLP').
(MWP) Mining Work Program
(a) the mineral can be mined optimally in accordance with the mining work. programme. (b) the applicant has access to financial resources and has the technical. ability to conduct the proposed mining operations optimally.
It all there !
Too be fair AIM there’s still hope while still listed. The way the Zorb works anything can happen and no doubt will. He has a potential resource in an area full of producing mine’s but sits on his hands with it while taking deferred payments ($688k total). LTH’s know all this and most don’t defend him. Thing is even with a mining licence how much is this worth as a sale price today, not what people will expect. Now maybe I’m getting confused with another stock but I’m sure I read it was the last time uru could get a prospecting licence (Mr King, that’s your department with great research). Yet there’s still years worth of work to prove this is a viable and economically extractable resource. There’s some genuine posters on here who I hope get something out/back from this, it’s just I can’t see how the way the Zorb is pithing around.
Good attitude wia. Glad you mentioned your exploits @ Ast. My 1st of only 2 multi baggers on my merry self investing journey. Had only really started on AIM market and only allowed myself a max of £500 in any Co, so multi bag of £500 although great at the time didn't exactly lead to untold riches. But it was what it was then, and now i think we and many on here all accept URU just for what it is, even with all the well documented faults as pointed out repetitively and tediously by the uninvested, mostly. We certainly wouldn't choose to be so short of funds, so it seems. Who knows what JZ has got going on in the background?. Them molecules will undoubtedly be oscillating around a longer term solution or temporary fix to this "crisis", ha ha!. ATB. :o).