Application for new Prospecting Right Accepted

RNS Number : 4832L

URU Metals Limited

13 September 2021

 

13 September 2021

URU Metals Limited

("URU" or "the Company")

Application for a new Prospecting Right adjacent to the Zebediela Project accepted by the South Africa Department of Mineral Resources

URU is pleased to announce that the South African Department of Mineral Resources ("DMRE") has accepted an application for a Prospecting Right over ten portions of the farm Piet Potgietersrust Town and Townlands 44 KS, totalling 246 hectares. The Prospecting Right under application is immediately south of the Zebediela Project, and located approximately 4 km east of Ivanhoe Mines Platreef Project, and approximately 20 km south of Anglo American Platinum's Mogalakwena Mine.

The area under application could potentially contain platinum group metal, nickel and copper mineralisation, based on the exploration model  developed on the Zebediela Project.

The Company is now required to conduct a brief Environmental Impact Assessment and submit a Final Environmental Report on or before 24^th November 2021, after which the DMRE can award the Prospecting Right.

Once awarded, the right will be valid for a period of five years, and renewable for a period of no longer than 3 years. The Company has committed to a work expenditure of GBP 826,000 over this five year period.

CEO of URU Metals, Mr John Zorbas, commented: "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"

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information, please contact:

URU Metals Limited John Zorbas (Chief Executive Officer)	[phone]
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Ewan Leggat	+ 44 (0) 203 470 0470

 

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