TIDMPREM
RNS Number : 1898T
Premier African Minerals Limited
03 January 2017
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
3 January 2017
Premier African Minerals Limited
("Premier" or the "Company")
Zulu Lithium and Tantalum Project Update, based on results to
date the expansion of current drilling programme approved
Premier African Minerals Limited (AIM: PREM), the London quoted
mining exploration and production company, is pleased to report
that it has completed 1,958 metres of the current 2,500 metre
drilling programme at the company's Zulu Lithium and Tantalum
Project ("Zulu").
Highlights:
-- 15 diamond drill holes completed for 1,842 metres.
-- 2 drill rigs now operating.
-- Drilling programme designed to increase known resources over the known 3.5 km strike length.
-- Only 22% of assay results received to date from the South African assay laboratories.
-- Core logging of completed diamond drill holes has identified
more lithium and tantalum mineralisation than previously
anticipated.
-- Drilling programme to be expanded from the original 2,500 metre programme.
To date, lithium bearing pegmatites (mainly spodumene and
petalite) have been identified not only at vertical depths of over
200 meters but also along the strike length of some 3.5 km on the
Zulu concessions, with some holes showing visible lithium
mineralisation over drilled widths of up to 37 metres.
The current 2,500 metre drilling programme is expected to be
completed in the middle of February and significant drill
intersections will be reported when they become available.
George Roach, Premier's CEO, commented:
"The drill programme at Zulu Lithium Project is progressing very
well and we are seeing significantly more lithium mineralisation
from the drilling than originally anticipated. The results to date
warrant an extension of the current drilling programme and Premier
believes that Zulu has the potential to rank as one of the best
global hard rock lithium projects being explored at this time."
About the Zulu Lithium Project:
Zulu is located 80km east of Bulawayo and easily accessible by
road. The project comprises 14 claims covering a surface area of
3.5km(2). Zulu is generally regarded as potentially the largest
undeveloped lithium bearing pegmatite in Zimbabwe. The project was
first pegged in 1955 and intensely explored until the early 1960s.
Minor petalite production was reported for 1961 and 1962. The
pegmatite bodies intruded along serpentine and sedimentary rocks
over a strike length of several kilometres. The width varies
between 10 and 25 meters. The bigger pegmatites to the north of the
Machakwe River are rich in spodumene and lepidolite, the smaller
pegmatites south of the Machakwe River are rich in petalite. The
pegmatite bodies strike N20deg and dip between 70deg - 90deg to the
west. Parts of the pegmatites are rich in tantalite-(Mn).
Qualified Person:
Wolfgang Hampel, Exploration Manager of Premier African Minerals
Limited, has reviewed and approved this release to the extent that
reference is made to the Zulu tenements. Mr Hampel has 25 years'
experience in the African, American, European and Asian exploration
and mining industry and holds a Diploma in Economic Geology
(Dipl.-Geol.) from the Technical University of Munich. He is a
registered European Geologist (EurGeol). ndeg 1261 with the
European Federation of Geologists.
Enquiries:
Premier African Tel: +44 (0)7734
Fuad Sillem Minerals Limited 922074
------------------------ --------------------------- -----------------
Michael Cornish Beaumont Cornish Tel: +44 (0)
/ Roland Cornish Limited 207 628 3396
(Nominated Adviser)
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0)
Mansfield Limited 207 408 4090
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Charles Goodwin/Harriet
Jackson /Dominic Yellow Jersey PR Tel: +44 (0)
Barretto Limited 7544 275 882
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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. The Company
recently acquired a 52% controlling stake in Mozambique-based TCT
Industrias Florestais Limitada, which owns a substantial limestone
deposit and forestry business located on rail in the Sofala
Province of Mozambique. In addition, the Company holds 2 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$4
million based on the latest price at which Circum has accepted
subscriptions. Premier also has a 4.5% interest in Casa Mining
Limited, a privately-owned exploration company that has a 71.25%
interest in the 1.2 million ounce inferred resource Akyanga gold
deposit in the DRC.
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.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Glossary of Technical Terms
"lepidolite" is the mineral name for lithium bearing mica KLi(2)
Al(Si(4) O(10) )(F,OH)(2) an important ore of lithium
"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(Si(4) O(10) ) an important ore of lithium
"spodumene" is the mineral name for lithium aluminium silicate
LiAlSi(2) O(6) an important ore of lithium.
"tantalite" a mostly dark grey to black mineral, manganese
bearing varieties are called manganotantalite or tantalite-(Mn); a
major tantalum ore.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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