LONDON: URU Metals Limited announced Tuesday that it has secured a £420,000 investment from a prominent institutional investor to accelerate exploration at its flagship Zeb Nickel Project in Limpopo, South Africa.
The investment was raised through the issuance of 12 million new ordinary shares at 3.5 pence per share. The funds will support advanced exploration efforts, including airborne electromagnetic surveys, 3D modeling and targeted drilling.
Recent 3D geophysical studies have identified four high-priority drill targets, with one showing particularly dense mineralization. The company also achieved a key regulatory milestone after securing a Mining Right in compliance with South Africa’s Mining Charter III.
“This strategic funding positions URU to unlock the significant potential of the Zeb Nickel Project,” the company said in a statement.
The project’s latest studies, conducted by Geofocus (Pty) Ltd, suggest a conduit-style nickel sulphide system resembling globally significant deposits. Targets 1 and 2 align with gravity-magnetic anomalies, indicating potential massive sulphide deposits at depths ranging from 100 to over 800 meters.
Proceeds from the investment will also support geophysical interpretation, geological modeling and additional working capital. The new shares will rank equally with existing ordinary shares, including rights to dividends.
URU Metals is focused on developing high-grade nickel sulphide assets, with the Zeb Nickel Project as its primary exploration target.
Key Details:
- Investment: £420,000 via 12 million new shares at 3.5 pence each
- Project: Zeb Nickel Project, Limpopo, South Africa
- Exploration Plans: Airborne surveys, 3D modeling, precision drilling
- Recent Milestone: Mining Right secured under Mining Charter III