16th Mar 2018 15:14
URU has drilled three new holes - Z020, Z021 and Z022 - which produced further mineralisation discoveries.
At Z020, between 55 and 65 metres they discovered copper mineralisation of 0.18%, nickel mineralisation of 0.52% and platinum group metals and gold at 2.39 grams per tonne. Between 174.0 and 176.1 metres they discovered copper mineralisation of 0.15%, nickel mineralisation of 0.59% and platinum group metals and gold at 2.00 grams per tonne.
At Z021, between 194.0 and 198.8 metres they discovered copper mineralisation of 0.12%, nickel mineralisation of 0.48% and platinum group metals and gold at 2.15 grams per tonne.
At Z022, between 38.1 and 41.7 metres they discovered copper mineralisation of 0.09%, nickel mineralisation of 0.35% and platinum group metals and gold at 0.89 grams per tonne. Between 95.0 and 95.5 metres they discovered copper mineralisation of 0.13%, nickel mineralisation of 0.39% and platinum group metals and gold at 6.37 grams per tonne.
''We are extremely excited about the additional discovery of what appears to be a continuous horizon that contains PGE-Ni-Cu at potentially economic grades at an extremely shallow depth," URU Chief Executive Officer John Zorbas said. "By comparison, similar projects with a similar basket price are mining, or plan to mine, at greater depths."
"The team is now working on a strategy to conduct further exploration with the goal of defining a mineral resource," Zorbas added. "The aim of the program is to prove a shallow Ni-PGE resource with high base metal credits that, due to the width and depth, sits in the lowest quartile of the cost curve of PGE producers and highest equivalent PGE quartile, thanks to the high base metal credits. Our project was initially based only on nickel, but this discovery means that the Zebediela Project can potentially generate a significant revenue stream from the PGE credits."
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