21 December 2015
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
Zulu Tantalum and Lithium update
Premier African Minerals Limited ('Premier' or 'the Company')
Premier African Minerals Limited, the AIM traded, multi-commodity natural resource company with mineral projects located in Western and Southern Africa, is pleased to provide this interim update on progress at Zulu Tantalum and Lithium project ("Zulu") located in the Fort Rixon area of Zimbabwe.
Further to our RNS of 24 November 2015, we are pleased to report as follows:
· Two anomalous zones identified within the limited area pitted to date.
· Estimated tantalite grades in the -4mm fraction in the anomalous zones of up to 990 ppm.
· High Ta2O5 grades and low Th and U.
· Test work on composite samples to commence in January 2016.
Independent laboratory assay of selected samples has provided Premier with a standard reference to our in-house analyses and based on the adjusted values, we have identified distinct high grade zones in eluvials within the area pitted. The contained Ta2O5, the favourable ratio to Niobium and the low contained Thorium and Uranium are all encouraging and we will be proceeding with further test work that will utilise the entire size fraction. This is expected to commence in January 2016 and this outcome will guide the development of tantalite exploitation of Zulu. In particular, it will allow for a final decision on whether to proceed with a low capital cost smaller scale mining operation. It is important to note that tantalite was always expected to be an addition to the main anticipated commercial exploitation of hard rock Lithium compounds at Zulu.
George Roach, CEO of Premier, commented: "Zulu remains a multi-commodity opportunity and the possible production of tantalum would represent a real value addition if developed in conjunction with the exploitation of Lithium minerals. In addition, we note the presence of an average 450 grams per ton in the -4mm faction, Scheelite, is a Tungsten bearing mineral with possible value as a byproduct if tantalum production proceeds."
Competent Person
Wolfgang Hampel, Exploration Manager of Premier African Minerals Limited in West Africa, has reviewed and approved this release with regards to exploration work on the Zulu pegmatite. Mr Hampel has 24 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), n° 1261, with the European Federation of Geologists.
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.
Enquiries
Pamela Hueston |
Premier African Minerals Limited |
Tel: +44 (0) 755 778 3855 |
Michael Cornish / Roland Cornish |
Beaumont Cornish Limited (Nominated Adviser) |
Tel: +44 (0) 207 628 3396 |
Jerry Keen/ Edward Mansfield |
Shore Capital Stockbrokers Limited |
Tel: +44 (0) 207 408 4090 |
Dominic Barretto/Aidan Stanley/Charles Goodwin |
Yellow Jersey PR Limited |
Tel: +44 (0) 779 900 3220 |
Notes
Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and 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 includes 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 also 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.
Glossary of Technical Terms
"eluvial "is said of an incoherent mineral deposit resulting from the decomposition or disintegration of rock in place. The material may have slumped or washed downslope for a short distance but has not been transported by a stream.
"Nb2O5" is diniobium pentoxide.
"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.
"Potash" is any of various mined and manufactured salts that contain potassium in water-soluble form
"ppm" is parts-per-million or gram per tonne.
"Spodumene" is the mineral name for lithium aluminium silicate LiAlSi2O6 an important ore of lithium.
"Ta2O5" is ditantalum pentoxide.
"tantalite "a mostly dark grey to black mineral, iron bearing varieties are called ferrotantalite or tantalite-Fe ; a major tantalum ore.
ENDS
