Zulu Update

RNS Number : 9331A

Premier African Minerals Limited

07 February 2022

 

7 February 2022

Premier African Minerals Limited

Zulu Update

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").

Highlights:

·	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".

Zulu Investment

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.

Lithium Results

Sample ID	Tag Sample Nr	DDH	From	To	Length	Li PPM	Li2O	Ta PPM	Rb PPM	Description
Z00529	A6529	ZDD033	86,15	87,15	1	6520	1,40	14.3	1974	SPP
Z00530	A6530	ZDD033	87,15	88,15	1	5740	1,24	22.2	2949	SPP
Z00531	A6531	ZDD033	88,15	89,15	1	2275	0,49	28.1	3263	SPP
Z00532	A6532	ZDD033	89,15	90,15	1	4880	1,05	20.8	2622	SPP
Z00566	A6566	ZDD034	72,82	73,82	1	10245	2,21	16.6	2462	SPP
Z00567	A6567	ZDD034	73,82	74,82	1	7895	1,70	16.2	2146	SPP
Z00568	A6568	ZDD034	74,82	75,82	1	8165	1,76	10.0	1600	SPP
Z00569	A6569	ZDD034	75,82	76,82	1	2595	0,56	10.5	1793	SPP
Z00570	A6570	ZDD034	76,82	77,82	1	11814	2,54	56.0	1046	SPP
Z00571	A6571	ZDD034	77,82	78,82	1	11769	2,53	67.9	1592	SPP
Z00572	A6572	ZDD034	78,82	79,82	1	15674	3,37	22.4	519	SPP
Z00573	A6573	ZDD034	79,82	80,82	1	10119	2,18	32.4	1406	SPP
Z00574	A6574	ZDD034	80,82	81,82	1	6109	1,32	41.5	1298	SPP
Z00575	A6575	ZDD034	81,82	82,82	1	224	0,05	72.3	1646	SPP
Z00576	A6576	ZDD034	82,82	83,82	1	119	0,03	98.0	2529	SPP
Z00577	A6577	ZDD034	83,82	84,82	1	144	0,03	89.5	1943	SPP
Z00578	A6578	ZDD034	86,15	85,82	1	5199	1,12	78.3	1629	SPP
Z00579	A6579	ZDD034	87,15	86,82	1	9944	2,14	96.0	1128	SPP
Z00581	A6581	ZDD034	86,82	87,82	1	12344	2,66	96.5	984	SPP
Z00582	A6582	ZDD034	87,82	88,82	1	9619	2,07	103	1981	SPP
Z00583	A6583	ZDD034	88,82	89,82	1	11234	2,42	94.2	1792	SPP
Z00584	A6584	ZDD034	89,82	90,82	1	8224	1,77	64.5	2497	SPP
Z00585	A6585	ZDD034	90,82	91,82	1	6089	1,31	94.9	2552	SPP
Z00586	A6586	ZDD034	91,82	92,82	1	9564	2,06	<0.5	2917	SPP
Z00587	A6587	ZDD034	92,82	93,82	1	7869	1,69	85.5	1799	SPP
Z00588	A6588	ZDD034	93,82	94,82	1	7794	1,68	44.2	3264	SPP
Z00589	A6589	ZDD034	94,82	95,82	1	8049	1,73	62.5	2443	SPP
Z00590	A6590	ZDD034	95,82	96,60	0,78	8469	1,82	83.6	1415	SPP
Z00591	A6591	ZDD034	96,60	97,23	0,63	3894	0,84	6.2	8241	B
Z00592	A6592	ZDD034	97,23	97,88	0,65	2609	0,56	<0.5	4280	SP
Z00593	A6593	ZDD034	97,88	98,88	1	1849	0,40	2.3	1662	CB
Z00594	A6594	ZDD034	98,88	100,08	1,2	2859	0,62	3.3	4922	CB
Z00595	A6595	ZDD034	100,08	101,08	1	139	0,03	108	1104	PP
Z00596	A6596	ZDD034	101,08	102,08	1	4299	0,93	95.8	1657	PP
Z00597	A6597	ZDD034	102,08	103,08	1	1354	0,29	120	1604	PP
Z00598	A6598	ZDD034	103,08	104,08	1	1499	0,32	149	695	PP
Z00599	A6599	ZDD034	104,08	105,16	1,08	3674	0,79	183	4833	PP

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).

Qualified Person:

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.

Enquiries:

George Roach	Premier African Minerals Limited	Tel: [phone]
Michael Cornish / Roland Cornish	Beaumont Cornish Limited (Nominated Adviser)	Tel: [phone]
John More/Toby Gibbs	Shore Capital Stockbrokers Limited	Tel: [phone]
Matthew Bonner	EAS Advisors LLC	Tel: [phone]

Glossary of Technical Terms:
"B"	Biotite schist.
"C"	Chlorite.
"CB"	Chlorite Biotite.
"DD"	Due diligence.
"Li2O"	Lithium Oxide and is the standard referenced in our Mineral Resource Estimate.
"PP"	petalite pegmatite.
"Metallurgical"	describing the science concerned with the production, purification and properties of metals and their applications.
"SPP"	Spodumene petalite pegmatite.

Ends

 

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