TIDMURU
RNS Number : 9851X
URU Metals Limited
02 May 2023
2 May 2023
URU Metals Limited
("URU")
Update from ZEB Nickel Corp
URU notifies that ZEB Nickel Corp. announced on 1 May 2023 post
close, the filing of its audited Year-End Financial Statements and
associated Management Discussion and Analysis. Copies of these can
be obtained on SEDAR at: www.sedar.com and will be available on the
Company's website at: www.zebnickel.com.
In addition, ZEB Nickel Corp. also issued a clarifying press
release on 1 May 2023 post close.
URU successfully completed the disposal of the Zeb Project,
located in Limpopo, South Africa (the "Project") to ZEB Nickel
Corp. in August 2021 and the Project remains the primary focus of
URU, through its 73.81% interest in ZEB Nickel Corp. and URU's
continuing role as the technical adviser on the Project.
The ZEB Nickel Corp. announcements are as follows:
Zeb Nickel Corp. Files 2022 Year End Financial Statements and
Management Discussion and Analysis
Vancouver, BC, May 1, 2023 - ZEB Nickel Corp. (ZBNI:TSX-V)
(OTC:ZBNIF) ("Zeb" or the "Company") today announced that it has
filed its audited Year-End Financial Statements and associated
Management Discussion and Analysis for the year ended December 31,
2022.
Shareholders can obtain copies of the Company's audited Year-End
Financial Statements and associated Management Discussion and
Analysis on SEDAR at: www.sedar.com and on the Company's website
at: www.zebnickel.com .
Zeb Nickel Issues Clarifying Press Release
Vancouver, BC, May 1, 2023 - ZEB Nickel Corp. (ZBNI:TSX-V)
(OTC:ZBNIF) ("Zeb" or the "Company") announces that a s a result of
a review by the British Columbia Securities Commission of the
Company's press release dated March 15, 2022 and certain other
disclosures, the Company is issuing this press release to clarify
and retract certain disclosures with respect to the Company's
Zebediela nickel project (the "Project" or the "Zeb Project").
In the aforementioned press release it referred to an "existing"
preliminary economic estimate on the Project. In addition, the
Company has also made disclosures of a mineral resource estimate on
nickel mineralization in the Lower Zone Uitloop II body at the
Project (the "Historical Resource Estimate") that was completed by
MSA Geoservices (Pty) Ltd (MSA) in March 2012 that did not fully
comply with the requirements of National Instrument 43-101.
The Company clarifies that the press release was referring to
the Historical PEA and not to any subsequent economic assessment.
The Zeb Project property does not contain a current mineral
resource estimate and there is no preliminary economic estimate. In
addition, the following disclosure is provided with respect to the
Historical Resource Estimate. The Historical Resource Estimate used
categories that conformed to CIM Definition Standards on Mineral
Resources and Mineral Reserves (CIM, 2010) at the time of
completion of the Historical Resource Estimate. The Historical
Resource Estimate has an effective date of March 31, 2012 and
estimated an Indicated Resource of 485.4 million tonnes averaging
0.245% Ni, with an additional Inferred Resource of 1,115.1 million
tonnes at 0.248% Ni, using a cut-off grade of 0.1% TNi (Total
Nickel). The Historical Resource Estimate used a nickel price of
US$8.50 per pound or US$18,739.00 per ton. The mineral resources
were quoted as TNi and were restricted to mineralization in the
"Sulphide Zone". They were stated as in-situ with no geological
losses applied. The mineralization in the Uitloop II body was
constrained by a TNi grade-derived envelope. Although the intrusive
body is largely coincident with this, there is no uniform
geological control on the mineralization across the body.
Additional drilling was determined to be required to further
investigate the morphology of the mineralized envelope and to
in-fill sparsely-drilled areas. The Company's drill program planned
for 2023 is intended to determine a current estimate of mineral
resources on the Zeb Project and the extent to which the Historical
Resource Estimate may be considered current. The Historical
Resource Estimate is not supported by a compliant NI 43-101
technical report, and the Historical Resource Estimate should not
be relied on until it has been verified and supported by a
compliant NI 43-101 technical report.
No qualified person has done sufficient work to classify any of
the Historical Resource Estimate as current mineral resources or
mineral reserves and the Company is not treating the Historical
Resource Estimate as current mineral resources or mineral reserves.
Investors are cautioned that the Historical Resource Estimate does
not mean or imply that economic deposits exist on the Zeb
Project.
Richard Montjoie has supervised the preparation of the
scientific and technical contained in this press release and has
approved the disclosure herein. Mr. Montjoie is the CEO & VP
Exploration of the Company and is not, therefore, independent of
the Company. Mr. Montjoie is a registered member of the South
African Council for Natural Scientific Professions (SACNASP)
membership number 400131/09. Mr. Montjoie holds a M.Sc. Honors in
Economic Geology from the University of Witwatersrand, South
Africa, and is fellow of the Geological Society of South Africa
(GSSA).
About the Company and Project
Zeb Nickel Corp is focused on exploring for and developing
world-class mineral deposits, with a focus on metals that are
critical in the production of rechargeable batteries, such as
nickel, graphite, lithium, cobalt, manganese, copper and aluminum.
The Company is currently focused on developing its flagship Zeb
Nickel Project, located in Limpopo, South Africa. The Zeb Nickel
Project is a developing Class 1 nickel sulfide project
strategically located in the Bushveld Complex in South Africa.
ZBNI announcement ends
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
URU's obligations under Article 17 of MAR.
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
Harry Davies-Ball + 44 (0) 203 470 0470
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END
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