(Alliance News) - URU Metals Ltd announced on Wednesday that ZEB Nickel Corp has started a third party airborne geophysical survey over South Africa's Zeb Project area.
URU Metals, a mineral exploration and development company, is headquartered in Toronto. Since establishment in 2007, URU has developed a portfolio of large-scale exploration assets, investments and joint venture projects in Africa, North America and Europe.
According to URU, ZEB stated that results from the geophysical survey should be received in July this year. The company will process the data to improve its knowledge of the Project area's geology and geological structure.
ZEB also hopes to better understand the distribution of known nickel and nickel-copper-platinum group element mineralisation, and to identify potential new targets that may host nickel mineralisation.
ZEB said that previous drilling at the Project has revealed higher-grade sulphide nickel zones of 1.67% over 2.25 metres, as well as Ni-Cu-PGE mineralised zones, at the base of the historical nickel resource estimate. The company will correlate the zones' locations with the survey results, to identify targets that may contain similar styles of mineralisation.
"The acquisition of this geophysical data will allow us to further advance our geological understanding of the Project area, particularly with regards to identifying extensions of known high-grade Ni and Ni-PGE mineralization, as well as our understanding of the geological structure," explained Richard Montjoie, ZEB's chief executive officer.
Montjoie added: "By combining this new data with our existing drill results, we will hopefully be able to target higher grade Ni-Cu-PGE mineralization in upcoming drill campaigns, allowing us to rapidly delineate a higher-grade Ni resource."
The Zeb project is located in Limpopo, South Africa, and its disposal to ZEB was successfully completed in mid-2021. URU remains as a technical advisor on the project, and has a 74% interest in ZEB.
The project contains a historical NI 43-101 compliant resource over 3.9 million tonnes of contained sulfide nickel, ranking it number eight in the global top ten nickel sulfide resources, according to a source cited by Uru Metals.
Shares in URU plummeted by 33% to 100.00 pence each on Wednesday in London.
By Emma Curzon, Alliance News reporter
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Uru Metals (URU)