Zulu Lithium Drilling Update

RNS Number : 6635P

Premier African Minerals Limited

04 September 2017

 

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

4 September 2017

Premier African Minerals Limited

("Premier" or the "Company")

Zulu Lithium Drilling Update

Assay Results Confirm Southern Extension of the Mineralisation in the Main Zone

Premier African Minerals Limited (AIM: PREM), the London listed mining and exploration company, is pleased announce that the current drilling programme undertaken at the Company's Zulu Lithium and Tantalum Project ("Zulu") confirms good continuity to the South of the Main Zone.  

The current drilling programme is proving successful in confirming continuity in the Main Zone as well as identifying additional targets such as massive pegmatites with visually high-grade lithium mineralisation intersected in the new south-eastern zone.  Assay results are now being received and any significant intersections will be published in the near future. The Company previously declared a Maiden Mineral Resource Estimate at Zulu of 20.1 million tonnes grading 1.06% Li₂O including 7 million tonnes grading 1.5% Li₂O, and an Exploration Target of 60-80 million tonnes (as announced on 6 June 2017).

George Roach, Premier's CEO, commented: "These initial results again confirm continuity in the mineralisation of the Main Zone and support our internal exploration target of 60 to 80 million tonnes for this zone. I look forward to updating results in the near future.

Drilling at Zulu:

The Company has now completed a further 16 drill holes, equivalent to 2,278m since completion of the initial 2,500m drilling programme that resulted in the Maiden Mineral Resource Estimate at Zulu of 20.1 million tonnes grading 1.06% Li₂O (as announced on 6 June 2017). The current drilling programme is focussed on expanding as well as upgrading the resources in the Main Zone, and, to delineate further the Li mineralisation in the new south-eastern zone.

About Zulu:

The Zulu Lithium Project comprises 14 mineral claims covering a surface area of 3.5 km² which are prospective for tantalum and lithium mineralisation. The project is located 80 km as the crow flies east of Bulawayo. Fort Rixon is some 15 km further to the west of the project; the nearest village is Pioneer village n°2, some 1 km to the south. To date, three principal lithium bearing minerals, spodumene, petalite and lepidolite are known from the Zulu pegmatites.  Locally the host rocks of the pegmatites contain also noteworthy amounts of holmquistite, a lithium bearing amphibole. The Company declared a Maiden Inferred Mineral Resource Estimate of 20.1 million tonnes grading 1.06% Li₂0 using a cut-off grade of 0.5% LI₂0. The exploration target for the Zulu is Main Zone is believed to be between 120- 160 million tonnes. Metallurgical testwork carried out by German based Dorfner Anzaplan achieved commercial grade lithium concentrate from both the spodumene and petalite mineralisation.      

Qualified Person:

Wolfgang Hampel, Exploration Manager of Premier African Minerals Limited, has reviewed and approved this release to the extent that reference is made to the Zulu Lithium Project. Mr Hampel has 26 years' experience in the African, American, European and Asian exploration and mining industry and holds a Diploma in Economic Geology (Dipl.-Geol.) from the Technical University of Munich. He is a registered European Geologist (EurGeol). n° 1261 with the European Federation of Geologists.

Enquiries:

Fuad Sillem	Premier African Minerals Limited	Tel: [phone]
Michael Cornish / Roland Cornish	Beaumont Cornish Limited (Nominated Adviser)	Tel: [phone]
Jerry Keen/Edward Mansfield	Shore Capital Stockbrokers Limited	Tel: [phone]
Jon Belliss	Beaufort Securities Limited	Tel: [phone]
Charles Goodwin/Harriet Jackson	Yellow Jersey PR Limited	Tel: [phone]

Notes to Editors:

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused in Southern and Western Africa with production started at its flagship RHA project in Zimbabwe.

The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, gold, lithium and tantalum in Zimbabwe and Benin, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company has a 52% controlling stake in Mozambique-based TCT Industrias Florestais Limitada, which owns a substantial limestone deposit and forestry business located on rail in the Sofala Province of Mozambique. In addition, the Company holds 5,010,333 million shares in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset. At present those shares are valued at US$10.2 million based on the latest price at which Circum has accepted subscriptions. Premier also has an interest in Casa Mining Limited, a privately-owned exploration company that has a 71.25% interest in the 1.5 million ounce inferred resource Akyanga gold deposit in the DRC.

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.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Glossary of Technical Terms:

"Li₂O" means Lithium oxide

 "lepidolite" is the mineral name for lithium bearing mica KLi₂Al(Si₄O₁₀)(F,OH)₂  an important ore of lithium

"pegmatite" is an exceptionally coarse-grained igneous rock, with interlocking crystals, usually found as irregular dikes, lenses, or veins, esp. at the margins of granitic intrusions

 "petalite" is the mineral name for lithium aluminium silicate LiAl(Si₄O₁₀) an important ore of lithium

 "spodumene" is the mineral name for lithium aluminium silicate LiAlSi₂O₆ an important ore of lithium.
 

ENDS

 

END

 

 

DRLGMGGLMFKGNZZ