TIDMPREM
RNS Number : 4980V
Premier African Minerals Limited
03 November 2017
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
3 November 2017
Premier African Minerals Limited
("Premier" or the "Company")
Casa Intersects High-Grade Mineralisation
Premier African Minerals Limited (AIM: PREM), the London listed
mining and exploration company, is pleased to provide update on
Casa Mining Limited in which Premier has a 4.5% interest.
Casa Mining Limited ("Casa") is carrying out a 5,000 metre
drilling programme on its Akyanga Deposit in Democratic Republic of
the Congo ("DRC") with the aim to increase and upgrade the existing
Mineral Resource Estimate.
Highlights:
-- 8 holes completed to date totalling 1,920 metres
-- Hole MSDD0110 intersected 24.75m at 8.04 g/t from 200.75m including:
o 5.40m at 22.63 g/t Au from 207.10m
-- Akyanga Deposit remains open in multiple directions
George Roach, Chief Executive Officer of Premier, commented:
"Well done to the team at Casa as these results are extremely
encouraging and again confirm the continuity as well as high-grade
potential in the southern part of the Akyanga Deposit where these
holes were drilled. We look forward to further developments over
the coming weeks."
Drilling Results
The table below sets out the results of the latest drill holes
for which assays have been received by Casa from SGS Laboratory
Services in Mwanza in Tanzania.
Table 1. Drill Intercepts
Hole Id From To (m) Length Au Gold
(m) (m) (g/t)
----------- ------- ------- ------- --------
MSDD0110 142.00 145.30 3.30 2.27
----------- ------- ------- ------- --------
200.75 225.50 24.75 8.04
----------- ------- ------- ------- --------
MSDD0110
Includes 207.10 212.50 5.40 22.63
-----------
216.50 217.50 1.00 10.50
-----------
223.50 225.50 2.00 7.29
----------- ------- ------- ------- --------
MSDD0111 129.00 137.00 8.00 1.14
----------- ------- ------- ------- --------
MSDD0112 100.15 107.30 7.15 1.10
----------- ------- ------- ------- --------
118.40 124.20 5.80 3.49
----------- ------- ------- ------- --------
Notes: 1) intercept lengths are expressed in drilled widths
2) Intersections have been reported using a 0.5g/t cutoff and a
minimum intersected width of 3m with allowance for up to 3m of
internal waste. Some +0.5g/t intersections have not been reported
if they are single metre intersections or are not considered to be
significant due to their isolated position compared to the other
intersections.
3) The information in Table 1 above is based on information
provided by Casa. Premier has not independently verified the drill
results.
Quality Assurance/Quality Control (QA/QC)
The drilling was conducted using diamond core drilling with
samples being collected at one metre intervals and half core sample
of approximately 2-4kg was sent to SGS Laboratory Services in
Mwanza, Tanzania, an ISO accredited laboratory. The sample was
fully pulverised and analyses for gold obtained using a 50g lead
collection fire assay and an atomic absorption spectrometry finish
to 0.01ppm Au detection limit. Full analytical QA/QC is achieved
using a suite of certified standards, laboratory standards, field
duplicates, repeats, blanks and grind-size analysis.
The spatial location of the samples is derived using GPS collar
survey pickups and Reflex single shot downhole surveys taken every
40m down hole. True widths have not been determined as the level of
detail required to calculate accurate true widths is not yet
available, as a result down hole widths have been reported. However
true widths are not expected to differ significantly from the down
hole widths reported.
Qualified Person
The information in this announcement that relates to Exploration
Targets, Exploration Results (including drilling results) and
Mineral Resources or Ore Reserves is based on information compiled
by Mr Thomas Rogers (BSc. Hons, MSAIMM, MEIZ) of African Mining
Consultants (AMC). Mr Rogers has sufficient experience in the
activity which he is undertaking to qualify as a Competent Person
as defined under the JORC Code (2012). AMC consents to the
inclusion in this announcement of the matters based on this
information, including the drilling results set out in Table 1
above, and the references to their name, in the form and context in
which it appears.
The information in this announcement is based on information
provided and approved by Casa Mining Limited and AMC. The drill
results have not been independently verified by Premier African
Minerals Limited.
Casa Mining Limited
Casa has a 71.25% interest and is the operator of the Misisi
Gold Project located in South Kivu, eastern DRC, approximately
350km south of Bukavu and 180km north of Kalemie.
In 2014, SRK Consultants (UK) Limited ("SRK") reported an
Inferred Mineral Resource at the Akyanga deposit of 5.5 Mt at a
grade of 1.5 g/t Au for approximately 272koz of contained metal.
SRK has further reported an Inferred transition gold Mineral
Resource of 16.2 Mt at a grade of 1.8 g/t Au for approximately
927koz of contained metal.
MDM Engineering Projects Limited ("MDM"), in conjunction with
SRK, completed a scoping feasibility study for an 80,000 oz year
heap-leach operation at the Akyanga Deposit resulting in an
ungeared net present value ("NPV") (at a discount of 8%) and
internal rate of return ("IRR") of US$171 million and 35%
respectively at a US$1,300/oz gold price. This assumes a contract
mining scenario with an initial capital cost estimate of US$87.4
million and a total operating cost of US$628/oz.
African Mining Consultants Limited ("AMC") recently completed a
review and re-interpretation of the geological model of the Akyanga
deposit and reported a 1.05Moz JORC inferred resource at a grade of
2.27 g/t Au (using a 1.5 g/t Au cut-off) within a lower grade
envelope of 1.57Moz at a grade of 1.65 g/t Au (using a 0.5g/t
cut-off grade).
For more information, please visit www.casamining.com
Enquiries:
Premier African Tel: +44 (0)7734
Fuad Sillem Minerals Limited 922074
------------------------ --------------------------- -----------------
Michael Cornish Beaumont Cornish Tel: +44 (0)
/ Roland Cornish Limited 20 7628 3396
(Nominated Adviser)
------------------------ --------------------------- -----------------
Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0)
Mansfield Limited 20 7408 4090
------------------------ --------------------------- -----------------
Beaufort Securities Tel: +44 (0)
Jon Belliss Limited 20 7382 8300
------------------------ --------------------------- -----------------
Charles Goodwin/Harriet Yellow Jersey PR Tel: +44 (0)7544
Jackson Limited 275882
------------------------ --------------------------- -----------------
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. 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 ounces
inferred resource Akyanga gold deposit in the DRC.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Glossary of Technical Terms:
"Assay" The laboratory test conducted
to determine the proportion of
a mineral within a rock or other
material. For copper, usually
reported as percentage which is
equivalent to percentage of the
mineral (i.e. copper) per tonne
of rock
------------------- ----------------------------------------
"Au" Gold
------------------- ----------------------------------------
"g/t" grams per tonne; equivalent to
parts per million ('ppm').
------------------- ----------------------------------------
"intercept" Refers to a sample or sequence
of samples taken across the entire
width or an ore body or mineralised
zone. The intercept is described
by the entire thickness and the
average grade of mineralisation
------------------- ----------------------------------------
"Mineral Resource" A "Mineral Resource" is a concentration
or occurrence of diamonds, natural
solid inorganic material, or natural
solid fossilised organic material
including base and precious metals,
coal, and industrial minerals
in or on the Earth's crust in
such form and quantity and of
such a grade or quality that it
has reasonable prospects for economic
extraction. The location, quantity,
grade, geological characteristics
and continuity of a Mineral Resource
are known, estimated or interpreted
from specific geological evidence
and knowledge.
------------------- ----------------------------------------
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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