Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
9 November 2016
Premier African Minerals Limited
("Premier" or the "Company")
Zulu Lithium and Tantalum Project Update
Excellent Lithium Grades in the First Results from the Drilling Programme
Premier African Minerals Limited (AIM: PREM), the London quoted mining exploration and production company, is pleased to report that significant lithium grades have been recorded from the current 2,500 metre drilling programme at the company's Zulu Lithium and Tantalum Project ("Zulu") in Zimbabwe.
Highlights:
· Greater than 2% Lithium (as Li2O) grades reported over bore hole intersections of up to 20 metres.
· Massive lithium enriched mineralised intersections in all 8 holes drilled to date.
George Roach, Premier's CEO, commented:
"These early lithium results have confirmed the historic data and our expectations that Zulu has the hallmarks of a significant lithium and tantalum enriched pegmatite. Lithium grades of up to 2.67% and enriched drill core lengths of up to 5 metres, contained within a 38 metre wide zone with over 20 metres grading in excess of 2%, are seldom seen. This data supports our belief that Zulu is potentially amongst the best hard rock lithium exploration projects at this time."
Lithium Results
We report results from drill holes ZDD-14 and ZDD-16 in regard to lithium bearing intersections (externally analysed by SGS South Africa) in the table below:
DDH Number |
From (metres) |
To (metres) |
Length (metres) *) |
Li2O (%) |
ZDD-14 |
11.59 |
14.15 |
2.56 |
0.26 |
ZDD-14 |
14.15 |
19.05 |
4.90 |
0.68 |
ZDD-14 |
44.17 |
46.66 |
2.49 |
1.44 |
ZDD-14 |
51.66 |
52.34 |
0.68 |
0.31 |
Total length: |
|
|
10.63 |
|
ZDD-16 |
20.25 |
21.33 |
1.08 |
1.04 |
ZDD-16 |
27.73 |
30.64 |
2.91 |
2.20 |
ZDD-16 |
30.74 |
35.95 |
5.21 |
2.03 |
ZDD-16 |
40.80 |
45.50 |
4.70 |
1.75 |
ZDD-16 |
46.22 |
48.80 |
2.58 |
1.73 |
ZDD-16 |
51.79 |
54.22 |
2.43 |
2.39 |
ZDD-16 |
54.82 |
55.72 |
0.90 |
2.67 |
ZDD-16 |
56.48 |
58.78 |
2.30 |
1.57 |
Total length: |
|
|
22.11 |
|
(*) drilled widths
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). 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.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Fuad Sillem |
Premier African Minerals Limited |
Tel: +44 (0)7734 922074 |
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 |
Charles Goodwin/Harriet Jackson /Dominic Barretto |
Yellow Jersey PR Limited |
Tel: +44 (0) 7544 275 882 |
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 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 recently acquired a 52% controlling stake in 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.
Glossary of Technical Terms
"Li2O" means Lithium oxide
"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.
ENDS
