LONDON (ShareCast) - (Sharecast News) - URU Metals reported assay results from two drillholes at its Zeb Nickel Project in South Africa's Limpopo province on Friday, confirming the presence of higher-grade nickel-copper-PGE mineralisation beneath the historic open-pit resource.
The AIM-traded firm said the results supported its geological model, and indicated that the mineralisation remained open both along strike and at depth.

Drilling intersected multiple mineralised zones, including thicker, higher-grade intervals in zone 2 and semi-massive sulphide mineralisation in zone 3.

Notable results from zone 2 included 2.27 metres at 0.27% nickel, 0.17% copper and 2.27 grams of platinum group elements and gold per tonne, and 4.06 metres at 0.23% nickel, 0.14% copper and 1.36 grams of PGE and gold per tonne.

Zone 3 highlights included 0.7 metres at 0.65% nickel and 0.40% copper within a broader 2.73 metre interval grading 0.39% nickel.

The company said the intersections validated the geological continuity of mineralisation, and reinforced analogies to world-class systems such as Ivanhoe Mines' Platreef and Valterra Platinum's Mogalakwena complexes.

The data also suggested the potential presence of a feeder-style chronolith structure that could link known mineralised zones and host significant massive sulphide accumulations.

"These results validate our geological model and confirm that Zeb Nickel has the scale and grade to become a significant critical-metal asset," said chief executive officer John Zorbas.

"With mineralisation open in multiple directions, and several exciting targets identified from the recent airborne magnetic and gravity survey, we are as excited as ever about the growth runway ahead and look forward to updating the market on further exploration plans."

The company said further drilling was planned to follow up on the promising results, and expand its understanding of the scale and grade potential of the Zeb deposit.

At 1044 BST, shares in URU Metals were down 5.67% at 4.58p.

Reporting by Josh White for Sharecast.com.

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