URU Metals Limited announced on Friday that it has received assay results from its Zebediela project which is located on the largest platinum group element (PGE) repository in the world.
Three holes drilled at the project in Q3 2017 discovered the PGE nickel copper (Ni-Cu) mineralisation at the South African project and the announced assay results stem from a further three holes drilled in December.
Hole 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 and found further mineralisation at other depths.
With hole Z021, between 194.0 and 198.8 metres copper mineralisation of 0.12% was discovered, nickel mineralisation of 0.48% and platinum group metals and gold at 2.15 grams per tonne.
Finally, at hole 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, with further mineralisation found at other depths.
John Zorbas, chief executive of URU Metals Limited, said: "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. By comparison, similar projects with a similar basket price are mining, or plan to mine, at greater depths."
Along with the encouraging assay results, URU noted in a statement that the shallow depths of intersections at the site will lead to lower mining costs.
"The team is now working on a strategy to conduct further exploration with the goal of defining a mineral resource. 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," said Zorbas.
As of 1524 GMT, URU Metals Limited's shares
were down 3.13% at 0.77p.