URU Metals has applied for the renewal of the prospecting rights that make up its Zebediela nickel project, in South Africa.
The Department of Mineral Resources (DMR) has completed a site visit, a precondition of any prospecting rights renewal process and granted the renewal in principle for prospecting right 148PR, the right which forms the primary prospecting right over all known mineralisation at Zebediela.
However, the right has not yet been counter signed by URU and the DMR and the renewal period will only start upon the signature of the renewed licences, which is expected to occur next month.
Meanwhile, an application in terms of Section 102 of the Mineral and Petroleum Resources Development Act has also been made to append licences 1074PR and 11921PR to 148PR.
This application will be processed once the execution of the renewals has occurred, which will have consolidated these prospecting rights into a single prospecting right (148PR) that will provide operational efficiencies to the company going forward.
URU has received an indication from the DMR that the rights will be renewed for a further period of two to three years and expects the consolidation process to be completed by January 2019.