TIDMURU
RNS Number : 2556C
URU Metals Limited
16 October 2020
URU Metals Limited
16 October 2020
("URU Metals" or "the Company")
URU Metals makes progress on Environmental Impact Assessments
for Mining Right Application
URU Metals is pleased to announce progress in its environmental
impact assessment as part of the application for a Mining Right for
the Zebediela Project to mine the NI43-101 compliant indicated and
inferred resource of over 9 billion pounds of nickel, which was
ranked in 2014 as one of the top ten Class 1 nickel sulphide
resources globally (Mudd,, & Jowitt, (2014). A detailed
assessment of global nickel resource trends and endowments.
Economic Geology, 109(7), 1813-1841).
The Company submitted an application to convert its existing
Prospecting Rights to a Mining Right to the South African
Department of Mineral Resources (DMRE) as announced on the 30
August 2019. As part of the application, the Company is required to
conduct an environmental impact assessment to understand the impact
of an open pit operation to mine the nickel resource. The
environmental impact assessment consists of various specialist
studies which are currently underway.
Specialist studies include:
1. Ecological Impact Assessment
2. Wetland Impact Assessment
3. Soils, Agricultural Potential and Land Capability Assessment
4. Archaeological and Palaeontological Assessment
5. Socio-Economic Impact Assessment
6. Visual Impact Assessment
7. Geohydrological Impact Assessment including water supply
options analysis, geochemical assessment, aquifer characterisation,
which includes geophysics to identify potential aquifers, water
borehole drilling and aquifer testing and analysis.
8. Mine Water Balance
9. Traffic Impact Assessment
10. Air Quality Impact Assessment
11. Noise Impact Assessment
12. Blasting & Vibration Assessment
13. Financial Closure Provision and Rehabilitation Plan
14. Stormwater Management Plan
15. Floodline Delineation
16. Social and Labour Plan
17. Geotechnical Risk Assessment
As part of the geohydrological assessment, a surface geophysical
resistivity survey consisting of 6 lines totalling 6,500 m was
completed using an ABEM LUND Resistivity Imaging System and seven
drill targets were identified. Four of these targets will be
drilled using a percussion drilling technique to assess the
hydrogeological characteristics using a 212 mm / 8(1/2) diameter
drill bit to final depth.
The drilling of these holes for the geohydrological assessment
is currently underway and pump testing is expected to be completed
by the end of October 2020.
20 geotechnical test pits to understand the surface geotechnical
characteristics of the mining right area have also been completed.
Each pit was geotechnically logged and soil samples taken for soil
characterisation.
The rest of the specialist studies are scheduled for completion
in December 2020, which should allow for the submission of the
final EIA report 15 January 2021.
The site is about 7 km from the nearest town, Mokopane, and
consists primarily of farmland and no village or town relocations
will be required.
Should a mining right be granted, the Company will secure the
rights to mine and explore for, for the next 30 years, the
following commodities: nickel, chrome, cobalt, copper, gold, iron,
vanadium, platinum, palladium, rhodium, osmium, ruthenium and
iridium.
The area to the immediate east of the existing nickel resource
was partly drilled in 2017, drill results contained nickel and
platinum group elements (PGE's) at a higher grade than that found
in the Company's existing NI43-101 compliant resource. The company
believe this target area could be the up-dip extension of Ivanhoe
Mines' 800 m deep Platreef project. Ivanhoe's Platreef Project is
located immediately west and adjacent to URU's Zebediela
Project.
John Zorbas, CEO of URU Metals, commented:
The Company believes that nickel demand will outstrip supply,
and the timing is right for the Zebediela nickel project to come
online to meet the increasing demand for sulphide nickel. The
Company believe this resource can be mined using a safe,
cost-effective, efficient and environmentally friendly open-pit
mining method. The Company is currently investigating the potential
use of technologies which could allow for the construction of a
nickel mine with a much reduced environmental impact in comparison
to operational peers. These technologies include renewable energy
sources, hydrogen fuel cells and carbon sequestration. The
Zebediela Project has the potential to supply high volumes of
sulphide nickel and due to the proposed open pit mining method.
In addition to the low-cost mining method, we believe that the
up-dip extension of the same ore body that is found on Ivanplats
ground, our neighbours to the west of us, will yield us more
shallow, high-grade nickel-PGE intersections. The Company believe
that this geological horizon appears to be the same horizon as that
mined at Anglo Platinum's flagship open pit Mogalakwena Mining
Complex. Mogalakwena has a basket price of $208 / ton, and our
drill results indicate a more favourable basket price of $233 /
ton, due to our higher nickel grade. We believe this can only
assist with enhancing the already favourable project economics.
Competent Person Statement
The information in this release has been compiled and reviewed
by Richard Montjoie, the Exploration Manager for the Zebediela
Project. Mr. Montjoie holds a M.Sc. in Economic Geology from the
University of Witwatersrand, South Africa, and is fellow of the
Geological Society of South Africa (GSSA) and a registered member
of the South African Council for Natural Scientific Professions
(SACNASP). He has over 17 years' experience in mineral project
development globally. Richard has been involved in several
exploration programs in South Africa and Northern Canada, including
various Ni-PGE, diamond, coal, coal bed methane and gold
exploration and mining projects. Richard provides sound
geoscientific input in development planning to ensure effective
data acquisition, management and project execution. Richard
successfully acted as Project Manager for a 39 million ounce
platinum feasibility study, advancing the project from exploration
stage to a completed bankable feasibility study with proven and
probable reserves, on time and under budget, managing all aspects
of the programme, from exploration programme design to various
licencing applications. Mr. Montjoie is a Qualified Person for the
purposes of the AIM Note for Mining and Oil & Gas
Companies.
Market Abuse Regulation (MAR) Disclosure
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) +1 416 504 3978
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker)
Ewan Leggat & Charlie Bouverat + 44 (0) 203 470 05470
SVS Securities Plc
(Joint Broker)
Tom Curran +44 (0) 203 700 0093
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