Zulu Update

RNS Number : 2567C

Premier African Minerals Limited

21 February 2022

 

21 February 2022

Premier African Minerals Limited

Zulu Update

Premier African Minerals Limited ("Premier" or the "Company"), is pleased to provide an update on progress at Premier's Zulu Lithium and Tantalum Project ("Zulu").

Highlights:

·	Bore hole ZDD035R intersected 21.1 meters from 37.1 meters at an average grade of 1.23% Li2O and 920 Rb ppm.
·	Bore hole ZDD036 intersected 20.72 meters from 21.66 meters at an average grade of 1.44% Li2O and 4,318 Rb ppm.

George Roach, CEO commented , "I am pleased to see that drill results are now starting to come in, and particularly that these results announced today are from an area not included in our initial resource estimates. They do support our expectations of further discoveries and a probable increase in the mineral resource at Zulu. At the same time, considerable work is focussed on refinement and upgrade of the resource. Further updates will follow.

Our current objective is to secure direct trade investment into Zulu from a potential leading industry partner and while there is no certainty that a final investment agreement will be concluded, negotiations, together with legal, corporate, and technical due diligence, continue ."

Lithium Results

The table below sets out the external laboratory assay results for holes ZDD035R and ZDD036. The two drill holes were drilled along the southern extension of the resource, which is open ended:

Table 1 - Assay Summary Results from Drill Holes ZDD35R and ZDD36

DDH	From (m)	To (m)	Length (m)	Li2O (%)	Ta (ppm)	Rb (ppm)
ZDD035R	37.1	58.3	21.1	1.23	56	920
ZDD036	5.86	42.38	36.52	0.86	287.43	2,780
Including	21.66	42.38	20.72	1.44	163	4,318

Drillhole ZDD035R was drilled at an inclination of 60 degrees towards southwest along the southern extension of the inferred mineral resource, completing at a final depth of 152.9 m.

Drillhole ZDD036 was drilled at an inclination of 60 degrees towards the northeast along the southern extension of the inferred mineral resource, completing at a final depth of 156.06 m.

Quality Assurance/Quality Control

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 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 has a ccepted a share offer by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8% interest in Circum Minerals Limited  ("Circum"), the owners of the Danakil Potash Project in Ethiopia, for a 13.1% interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7% in Circum .

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 (Joint Broker)	Tel: [phone]
Matthew Bonner	EAS Advisors LLC (Joint Broker)	Tel: [phone]

Glossary of Technical Terms:
" Li "	Lithium
"SPL"	Spodumene petalite lepidolite
"SPP"	Spodumene petalite pegmatite
"Rb"	Rubidium
"PP"	Petalite pegmatite
"ppm"	parts per million
"m"	meters
"Ta"	Tantalum

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