Zulu Lithium Project - Drilling Update

RNS Number : 0763M

Premier African Minerals Limited

10 October 2016

 

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

For immediate release

10 October 2016

Premier African Minerals Limited

("Premier" or the "Company")

Zulu Lithium Project - Drilling Update

Premier African Minerals Limited (AIM: PREM), the London listed mining and exploration company, is pleased to provide an update on its 2,500-meter drilling programme at the Company's Zulu Lithium Project near Fort Rixon in Zimbabwe ("Zulu").

Premier is drilling a series of 20 diamond drill holes designed to test for strike and depth extensions at the Zulu Lithium Project, which currently has a strike length of 3.5km. In addition, the drilling programme is designed to establish a maiden resource.

Highlights

·     The first two diamond core holes complete

·     Significant massive visible spodumene petalite lithium mineralisation intersected in both holes as predicted in our geological model

·     Hole ZDD14 intersected 14 meters of mineralisation from 11 meters down hole to 46 meters; and Hole ZDD16, 26 meters of mineralisation from 18 meters to 58 meters down hole.

·     First drill core logged and split. Sample preparation underway   

George Roach, Premier's CEO, commented: 

"It is very encouraging that we continue to intersect visible hard rock lithium mineralisation from near surface to depth as predicted in our geological model. The extent and hardness of the mineralisation has contributed to a slower drilling rate than originally anticipated and a second rig has been deployed and commences operation today to expedite this drilling program.  Sample preparation is progressing at our in-house facilities at RHA and granting of export permits for shipment of samples is underway. We will report assay results as they come to hand."

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 tenements. Mr Hampel has 25 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.

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.

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]
Charles Goodwin/Aidan Stanley /Dominic Barretto	Yellow Jersey PR Limited	Tel: [phone]

Notes

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 includes 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 also holds 2 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$4 million based on the latest price at which Circum has accepted subscriptions.

ENDS

Technical Glossary

 "Li₂O" means Lithium oxide

 "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.

 

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