TIDMPREM
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
identi ed 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 re ect
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 Tel: +44 (0) 20 7628 3396
(Nominated Adviser)
----------------------------------- --------------------------
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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END
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