Shares in URU Metals Ltd (AIM:URU) jumped 18% in early trading on Friday as the company said it had confirmed the presence of higher-grade nickel-copper-PGE mineralisation across multiple zones at its Zeb Nickel Project in Limpopo, South Africa.
The company completed two vertical drillholes and two deflections, which intersected mineralised material in both Zone 1 and Zone 2, and said the results validate the Zeb geological model and demonstrate that mineralisation remains open both along strike and at depth.
The consistent occurrence of semi-massive sulphide mineralisation in Zone 3 supports the potential presence of a "feeder-style chonolith", the company said, with the geological model suggesting that further drilling may encounter significantly higher-grade material.
CEO John Zorbas said: "These results validate our geological model and confirm that Zeb Nickel has the scale and grade to become a significant critical-metal asset.
"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."