URU Files NI 43-101 for its Nueltin Lake Project

RNS Number : 8568H

URU Metals Limited

26 June 2013

 



26 June, 2013

URU Metals Limited

("URU" or "the Company")

URU Announces Filing of an NI 43-101 Technical Report

 for its Nueltin Lake Project in Canada

The Directors of URU, (AIM:URU), the  base metals and uranium explorer and development company, are pleased to announce the filing of an NI 43-101 compliant Technical Report on the Nueltin Lake Project in Canada.  The Independent Technical Report, entitled "Independent Technical Report on the Nueltin Lake Project, Nunavut" and dated April  2013, was prepared by D.E. Jiricka, M.Sc., P.Geo., P.Eng., an "independent person" as defined by NI 43-101. This report provides a summary of the geology of the region and the results of exploration activities up to April 30, 2013.

The report highlights that despite almost 30 years of sporadic exploration, the Nueltin Lake project remains at an early stage of exploration. The discovery of bedrock gold-uranium mineralization of the Sandybeach Gold Uranium Zone in 2008 has provided a major step forward and is a promising development.   Recommendations are made for additional compilation and interpretation of existing data, ongoing prospecting and geological mapping, geophysical surveying, additional gold assaying and petrogenetic research. In addition a "first phase", 7 to 10 hole follow-up diamond drilling program has been planned with the objective of extending the size of the Sandybeach Zone.

The full Technical Report has been filed by the company and will soon be available on its website: www.urumetals.com.

Background information on Nueltin Project

The Nueltin Lake project is located in the Kivalliq Region of the Territory of Nunavut, Canada, and is centered approximately 10 km north of the border between Nunavut and the Province of Manitoba near Nueltin Lake.  The project consists of 34 mineral claims and 1 mineral lease covering a combined area of approximately 27,279 ha (67,407 acres).

The Nueltin Lake project contains the Sandybeach Gold-Uranium Zone, a relatively new bedrock gold-uranium discovery made by Cameco during a diamond drilling program carried out in 2008.  During the Cameco program, previously unknown bedrock mineralization was encountered in drill core at shallow depths (7 metres to 94 metres from surface), with assay grades up to 8.98 gAu/t over 5.95 metres, 3.27 gAu/t over 7.25 metres, 0.24% U₃O₈  over 1.25 metres and 0.22% over 2.33 metres.  True thicknesses of these intersections have not been fully established.

Cameco's 15 hole-1,553 metre program was the only drilling campaign ever conducted on the Nueltin Lake Project.  This program was designed to test for the presence of a bedrock source(s) for the mineralized gold and uranium bearing boulders that were initially discovered by GSC staff in 1982.  Intermittent prospecting by various project operators between 1984 and 2008 outlined three main clusters of similar gold-uranium mineralized boulders located over a 1.5 km by 0.5 km wide area near Sandybeach Lake.  Several of these boulders contain high grade gold, up to 2,080 gAu/t and 13.68% U₃O_8,  and were believed to be derived from a proximal bedrock source.

Mineralization was intersected by Cameco in three of eleven drill holes collared to test magnetic and IP/Resistivity geophysical targets in the vicinity of one of the mineralized boulder clusters near Sandybeach Lake.  The IP anomalies that are spatially associated with the three mineralized drill holes extend several hundred metres along strike and have not yet been adequately tested by diamond drilling.

The Sandybeach Lake area also contains at least two additional unsourced radioactive boulder clusters and a large positive magnetic anomaly.  The magnetic anomaly, in turn, hosts several additional untested or undertested IP anomalies.

Although the origin and classification or mineralization at the Sandybeach Lake Gold-Uranium Zone is not fully understood, it shares numerous characteristics of gold-uranium occurrences at Kiyuk Lake, Nunavut and Gillander Lake, Manitoba.  These gold-uranium occurrences can be characterized as pyrrhotite and arsenopyrite bearing albite and calc-silicate (pyroxene-tremolite) altered calcareous metasedimentary rocks of probable metasomatic origin. 

A compilation of targeting characteristics for metasomatic gold-uranium occurrences in this region has been included in the NI 43-101 report.  This compilation has been used to identify specific priority drill targets for ongoing exploration targeting in the Sandybeach Lake Gold-Uranium Zone area.

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Contact details:

URU Metals Limited Roger Lemaitre, CEO	+ 1 416 892 2870
WH Ireland Limited (Nominated Adviser and Broker) Adrian Hadden James Bavister	+ 44  (0) 207 220 1666
Ribeiro Communications Ana Ribeiro	[phone]

 

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