Premier African Minerals Limited (“Premier” or the “Company”), is pleased to provide interim updates on progress at Premier’s Zulu Lithium and Tantalum Project (“Zulu”).
- Encouraging mineralization and early results suggest important on-strike extensions to main ore body.
- Bore hole ZDD033: From 86.15-90.15m, 4m Ave grade 1.05 % Li2O.
- Bore hole ZDD034: From 68.62-105.16m, 36.54m, Ave grade 1.3 % Li2O, including:
- 9m from 72.82-81.82m, at Ave grade 2.02 % Li2O, and
- 12,41m from 84.82-97.23m, at Ave grade 1.8 % Li2O.
- Shango Solutions appointed to update resource statement.
- Stark Resources appointed for flow sheet development and plant design.
- Agua Terra appointed as additional drill contractors.
- 6,000 meters drilled to date (14 December 2021: 5,000 meters drilled).
- Non-binding heads of terms on possible Zulu investment.
George Roach, CEO commented ,” I am pleased to confirm that we have received a small number of assay results that are concerned with boreholes in an extended zone on strike to the southeast of the main zone and which are as predicted by the geological model of the Zulu pegmatites developed by Shango Solutions. At the same time, that geological model now suggests further extensions to the northwest of the previously announced resource statement. This northerly extension is also supported by previous drilling from our 2017 campaign. This work now underway, together with infill drilling in respect of which results are still outstanding, may potentially elevate confidence and increase the tonnage of the resource and the exploration target.
Unseasonal and hugely excessive rains have led to difficult conditions at the Zulu exploration site and to supplement drilling activities, we have engaged Aqua Terra who have mobilised another three drill rigs from their operations in Mozambique and who are expected to complete their camp establishment and commence drilling during the week commencing the 14 February 2022. Extra rigs operating will both expedite development of the extension zones and facilitate exploration in other parts of the Exclusive Prospecting Area (“EPO”) where mineralisation has been detected through non-intrusive exploration methods.
Recent appointments include Shango Solutions who have been appointed to provide expertise in mapping the main ore body and updating the historic in-house resource estimates, Stark Resources, who will integrate test work, flow sheet development and mine design with Dorfner Anzaplan who are expected to commence with ore sorting and allied test work this month, in addition to Agua Terra on drilling as noted above”.
The Board has also noted the recent speculation regarding possible third-party interest in Zulu and announces that Premier has signed a non-binding Heads of Terms (“HoT”) with a leading Lithium manufacturer for a direct investment into Premier’s wholly owned Zulu Lithium Mauritius Limited and which owns the Zulu. The HoT outlines the basis of cooperation between the parties to negotiate the detailed terms and conditions of a direct Investment and is indicative at this stage for discussion purposes only. Under the HoT it is envisaged that the partner may invest into Zulu in a series of tranches.
The HoT remains subject to further negotiations, legal, corporate, and technical due diligence currently underway. Shareholders should note that discussions with the Partner are at a very early stage and there is no certainty that there may be any final agreement, nor that due diligence will conclude successfully. Discussions also continue with other potentially interested parties. Further announcements will be made in due course as appropriate.
Quality Assurance/Quality Control (QA/QC)
The spatial location of the drill holes is derived by using a Global Positioning System device within the existing and historical activity tenement areas. The drill core was geologically logged, core was selected to be sampled, and was subsequently split, sample ID number given, bagged, and sent for analysis. The drill holes were surveyed downhole to provide spatial accuracy of the assay results, as we incorporate those results into the greater-known resource. All samples were analysed for lithium and tantalum by SGS Laboratory Services (“SGS”) in South Africa using fire assay (SGS code FAA303). Multi-element scans (30 elements) were carried out by ICP-OS and ICP-MS after sodium peroxide fusion (SGS code ICM90A).
Chris Male, Geologist with Premier, has reviewed and approved this release to the extent that reference is made to Zulu. Mr. Male is a SACNASP and GSSA registered geoscientist with 13 years’ experience in exploration and project management, in multicommodity projects throughout Africa.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.
The person who arranged the release of this announcement on behalf of the Company was George Roach.
Forward Looking Statements:
Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identiﬁed by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. Nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements reﬂect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward looking statements.
Notes to Editors:
Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe.
The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company holds 5,010,333 shares in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset. This holding represents 4,8% of Circum shares in issue.
In addition, the Company holds a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.
Premier African Minerals Limited
Tel: +27 (0) 100 201 281
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