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Premier African Min (PREM)

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Thursday 25 November, 2021

Premier African Min

Zulu Update

RNS Number : 5267T
Premier African Minerals Limited
25 November 2021
 

25 November 2021  

Premier African Minerals Limited

Zulu Update

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

Highlights:

·

Drilling at Zulu continues to demonstrate significant mineralised intersections in extensions to the existing resource location.

·

4,190 meters drilled to date (5 November 2021: 3, 231) .

·

24 holes completed (5 November 2021: 19).

·

11 complete bore hole sample sets (5 November: 5) and 499 samples now submitted for independent assay.

·

Samples submitted over known step out zone 1, of which strike extension is yet to be determined.


George Roach, CEO commented ," Whilst we wait for assay results and modelling, it is most encouraging to note the pegmatite intersections encountered in a zone not previously included in any of our exploration target assessments or in the existing resource estimate. Together with preliminary results from exploration activities in the wider Exclusive Prospecting Area, this continues to support my view that Zulu is likely to emerge as one of the more substantial hard rock lithium rich regions in Zimbabwe, a country already hosting significant LCT pegmatites, and a deposit with world class potential.

As announced on 5 November 2021, I indicated that Premier was in discussion with interested parties regarding investment into Zulu. I can confirm that due diligence visits are underway, and indications are that Premier is dealing with strong and growing interest as we progress Zulu."

Drilling at Zulu:

 

In recent weeks, the Company has encountered significant intersections in a zone immediately south and east of the previously declared Inferred Resource Estimate (as declared on 6 June 2017). Details are set out below.

 

The Company has now completed 24 drill holes and 11 bore hole sample sets, equivalent to approximately 4,190 meters since the start of the DFS.

 

Recent intersections in this new zone include:

 

Table 1. Recent Drill Results.

 

Hole ID

Major Intersections

From (M)

To (M)

Width

Description.

ZDD33

61.22

69.95

8.73

Spodumene rich with subordinate petalite.

86.09

91.33

5.24

Spodumene rich with subordinate petalite.

ZDD34

62.96

65.88

2.92

Petalite rich pegmatite.

71.72

96.60

24.88

Lepidolite, spodumene rich with subordinate petalite.

142.28

149.42

7.14

Lepidolite, spodumene rich with subordinate petalite.

151.81

156.55

4.74

Lepidolite, spodumene rich with subordinate petalite.

158.92

164.58

5.66

Petalite rich pegmatite.

ZDD35R

26.96

27.48

0.52

Petalite rich pegmatite.

37.34

39.00

1.66

Petalite rich pegmatite.

45.46

57.28

11.82

Spodumene and lepidolite rich with subordinate petalite.

108.65

111.10

2.45

Petalite rich pegmatite.

ZDD36

7.86

15.84

7.98

Spodumene and petalite rich.

16.08

21.66

5.58

Lepidolite rich with spodumene and petalite.

21.66

44.30

22.64

Lepidolite rich with spodumene and petalite.

110.45

113.88

3.43

Lepidolite with spodumene and petalite.

114.35

116.34

1.99

Lepidolite with spodumene and petalite.

132.54

135.66

3.12

Petalite pegmatite.

ZDD61

116.66

122.42

5.76

Petalite rich pegmatite. 

ZDD62

7.45

11.93

4.48

Spodumene rich weathered pegmatite.

54.50

62.90

8.40

Spodumene rich. Huge white prismatic spodumene crystals.

GT-SP-07

43.18

44.40

1.22

Spodumene rich with subordinate petalite.

46.90

56.83

9.93

Spodumene rich with subordinate petalite.

GT-SP-06

0.00

9.60

9.60

Spodumene rich. Huge white prismatic spodumene crystals.

14.50

33.57

19.07

Spodumene rich with holmquistite close to contact.

42.46

47.84

5.38

Pink and white spodumene crystals dominant.

51.30

57.33

6.03

Spodumene rich with subordinate petalite.

61.10

62.70

1.60

Petalite rich.

GT-SP-01

20.30

25.20

4.90

Weathered pegmatite spodumene rich.

66.95

74.90

7.95

Spodumene rich with subordinate petalite and lepidolite.

GT-SP-02

131.95

140.44

8.49

Spodumene rich and weak lepidolite.

144.27

146.75

2.48

White and pink spodumene abundant crystals.

167.43

175.26

7.83

Spodumene rich with subordinate petalite.

Qualified Person:

Chris Male, Geologist with Premier, has reviewed and approved this release to the extent that reference is made to the 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: +27 (0) 100 201 281

Michael Cornish / Roland Cornish

Beaumont Cornish Limited

(Nominated Adviser)

Tel: +44 (0) 20 7628 3396

Jerry Keen/Toby Gibbs/John More

Shore Capital Stockbrokers Limited

Tel: +44 (0) 20 7408 4090

Matthew Bonner

EAS Advisors LLC

Tel: +1 646 495 2225


Glossary of Technical Terms:

"DFS"

Definitive Feasibility Study.

"LCT pegmatite"

A coarse-grained igneous rock containing economic quantities of Li, caesium ("C") and tantalum ("T").
 

"lepidolite"

Is the mineral name for lithium bearing mica KLi2Al(Si4O10)(F,OH)2  an important ore of lithium.

 

"Li"

Lithium.

"li2O"

Lithium Oxide and is the standard referenced in our Mineral Resource Estimate.

"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.
 

"M"

Meters.

 

Ends

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