Angus Energy to drill new Saltfleetby side-track before First Gas to avoid safety complications. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksUru Metals Share News (URU)

Share Price Information for Uru Metals (URU)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 355.00
Bid: 340.00
Ask: 370.00
Change: 0.00 (0.00%)
Spread: 30.00 (8.82%)
Open: 380.00
High: 380.00
Low: 355.00
Yest. Close: 380.00
URU Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

URU Metals Set To Restart Zebediela Exploration Work In South Africa

Thu, 27th Aug 2020 12:26

(Alliance News) - URU Metals Ltd on Thursday said it plans to recommence geological exploration work shortly on its flagship Zebediela nickel sulphide project in South Africa.

Shares in URU were down 15% at 224.00 pence in London at midday.

Zebediela is located on the northern limb of South Africa's Bushveld Complex, hosting an estimated 11.9 million tons of nickel. The exploration work will target battery and higher-grade nickel-sulphide mineralisation located east of the Zebediela nickel-sulphide resource.

Zebediela itself contains an NI43-101-compliant nickel sulphide resource of over 1,600 million tons at 0.245% nickel and could produce more than 500,000 tons of nickel using an open pit method, which URU said would put it "amongst the top ten largest nickel sulphide resources globally".

URU has identified a target geological zone east of and adjacent to the existing Zebediela resource which has produced a result of 0.56% nickel over a width exceeding 4 metres from exploration drilling, as well as notable cobalt and platinum group elements, giving it a 3.01% nickel equivalent grade.

Drill hole Z017 has intersected 1.7% nickel and 0.7 grams of platinum plus palladium, rhodium, and gold per tonne of ore over a width of 2.25 metres, 20 metres below the NI43-101 complaint resource.

Additional exploration drilling is to test this target, which is an estimate 5,000 metes in strike length and has a varying thickness of between 1.8 metres and 10 metres from depth of 40 metres below surface down to depths exceeding 400 metres bellow surface.

"The project team is confident that this drilling will result in increasing the overall grade of the project," said URU.

Drilling is set to start in the fourth quarter of 2020 provided the company secures enough funding for the programme.

As a result of South Africa's Covid-19 lockdown, URU was granted an extension for the submission date of its environmental impact assessment and environmental management programme, which now are set to be submitted in January 2021. The EIA is underway.

Next steps for URU will be a 12-hole drill programme, set to start in October and complete in March 2021 with enough funding. Results of this will help the firm estimate the necessary infill drilling to update its project resource statement.

Chief Executive John Zorbas said: "With the current trend of increasing demand for class 1 nickel in battery technologies, we see a tremendous long-term growth potential for the nickel market. URU's Zebediela nickel sulphide deposit, located in a burgeoning nickel-PGE mining belt, is potentially an important future source of class 1 nickel due to a lack of major nickel sulphide mines coming online in recent years. URU is looking to improve the current project economics by targeting a higher-grade nickel resource, and ultimately develop the project in an environmentally friendly manner, eventually contributing towards green energy and helping to meet the increasing demand for battery-grade nickel products for use in the electric vehicle markets."

By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News

TRADING UPDATES: Helium One in Rukwa backing; Atalaya earnings jump

TRADING UPDATES: Helium One in Rukwa backing; Atalaya earnings jump

13 May 21 14:55

TRADING UPDATES: Supreme annual revenue jumps; Pelatro in Asia deal

TRADING UPDATES: Supreme annual revenue jumps; Pelatro in Asia deal

4 May 21 19:13

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

25 Mar 21 16:02

TRADING UPDATES: Cambria drives on amid virus; Argo crypto mining up

TRADING UPDATES: Cambria drives on amid virus; Argo crypto mining up

3 Mar 21 20:16

AIM WINNERS & LOSERS: Nichols profit tumbles 80% in 2020

AIM WINNERS & LOSERS: Nichols profit tumbles 80% in 2020

3 Mar 21 10:59

TRADING UPDATES: Character Extends Peppa Pig Deal; Dekel Raises Cash

TRADING UPDATES: Character Extends Peppa Pig Deal; Dekel Raises Cash

29 Jan 21 18:26

UK TRADING UPDATE SUMMARY: SkinBioTherapeutics Starts Food Study

UK TRADING UPDATE SUMMARY: SkinBioTherapeutics Starts Food Study

13 Jan 21 21:58

UK WINNERS & LOSERS SUMMARY: Astra Up On Covid Vaccine Approval In UK

UK WINNERS & LOSERS SUMMARY: Astra Up On Covid Vaccine Approval In UK

30 Dec 20 10:39

Uru Metals Positive On Future Despite Widened First-Half Loss

Uru Metals Positive On Future Despite Widened First-Half Loss

30 Dec 20 09:01

URU Metals H1 losses widen

(Sharecast News) - Exploration and development firm Uru Metals said on Wednesday that first-half losses had widened as a result of higher costs and the settlement of debts.

30 Dec 20 08:24

UK TRADING UPDATE SUMMARY: SourceBio Tips Jump In Virus Testing Demand

UK TRADING UPDATE SUMMARY: SourceBio Tips Jump In Virus Testing Demand

25 Nov 20 18:00

Uru Metals Notes Progress In Environmental Study For Nickel Project

Uru Metals Notes Progress In Environmental Study For Nickel Project

16 Oct 20 10:56

URU Metals makes positive progress at Zebediela

(Sharecast News) - URU Metals reported progress in its environmental impact assessment as part of the application for a mining right for the Zebediela Project on Friday, to mine the indicated and inferred resource of more than nine billion pounds of nickel.

16 Oct 20 10:01

UK EARNINGS SUMMARY: Itaconix 2019 Loss Narrows On Strong Revenue Rise

UK EARNINGS SUMMARY: Itaconix 2019 Loss Narrows On Strong Revenue Rise

30 Sep 20 18:37

URU Metals Set To Restart Zebediela Exploration Work In South Africa

URU Metals Set To Restart Zebediela Exploration Work In South Africa

27 Aug 20 12:26

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.