Aim-listed URU Metals says the South African Department of Mineral Resources and Energy (DMRE) has accepted its application for a prospecting right over ten portions of the farm Piet Potgietersrust Town and Townlands 44 KS, totalling 246 ha.
The prospecting right under application is immediately south of URU’s Zebediela project, about 4 km east of Ivanhoe Mines’ Platreef project and about 20 km south of Anglo American Platinum's Mogalakwena mine.
The area under application could potentially contain platinum group metals, nickel and copper mineralisation, based on the exploration model developed on the Zebediela project.
URU is now required to conduct a brief environmental impact assessment and submit a final environmental report on or before November 24, after which the DMRE will make a final decision on awarding the prospecting right.
Once awarded, the right will be valid for a period of five years, and renewable for a period of no longer than three years.
URU has committed to a work expenditure of £826 000 over this five-year period.
"The acceptance of this prospecting right application increases the exposure of URU to the massive nickel sulphide and platinum group elements exploration potential on the northern limb of the Bushveld Complex, probably the largest known repository of nickel sulphide globally.
“We look forward to fast-tracking the development of this project in order to quickly understand any economic potential the ground may hold,” URU CEO John Zorbas says.