LONDON (Alliance News) - URU Metals Ltd Wednesday said it has received first analytical results from its Narke Uranium-Oil Project in Sweden.
The base metals and uranium explorer and development company said source rock analysis and metals geochemistry studies found a high level of type II kerogen ranging from 16.6% to 21.1% total organic content.
URU Metals said that between 66.2 and 106.9 milligrams of hydrocarbons per gram of rock was extracted from cracking the kerogen at a temperature of around 420 degrees celsius.
"The hydrocarbon testing indicates that we may be able to extract much more oil than we previously thought possible, and suggests that the potential exists to produce gas hydrocarbons as well," Chief Executive Roger Lemaitre said in a statement.
URU Metals shares were flat at 1.88 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Uru Metals (URU)