URU Metals Ltd - exploration and development firm - South African Department of Mineral Resources accepts application for prospecting right over ten portions of the farm Piet Potgietersrust Town and Townlands 44 KS, totalling 246 hectares.
Area under application could contain platinum group metals, nickel and copper mineralisation, based on the exploration model developed on the Zebediela project.
The company is required to conduct a brief environmental impact assessment and submit a final environmental report on or before November 24, after which the prospecting right can be awarded.
"The acceptance of this prospecting right application increases the exposure of URU to the massive nickel sulphide and PGE exploration potential on the Northern Limb of the Bushveld Complex, probably the largest known repository of nickel sulphide globally. We look forward to fast tracking the development of this project in order to quickly understand any economic potential the ground may hold," says Chief Executive Officer John Zorbas.
Current stock price: 340.00 pence
Year-to-date change: up 51%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Uru Metals (URU)