Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
21 March 2017
Premier African Minerals Limited
("Premier" or the "Company")
Exceptional Lithium Grades and Intersections at Zulu Lithium Project
Premier African Minerals Limited (AIM: PREM), the London quoted mining exploration and production company, is pleased to report an update on the drilling programme at the Zulu Lithium and Tantalum Project ("Zulu") and the latest assay results which have identified a significant width and well mineralised central zone within the Zulu deposit. The maiden resource statement will focus on this zone and the ongoing drilling will now both better define and simultaneously expand the zone.
Highlights:
· Recent assay results include wide mineralised intersections of up to 45 metres in ZDD-13, including:
Ø Li2O grades of up to 2.76% over 1.38 metre widths
Ø Li2O grades up to 1.6% over 5.3 metres
Ø Li2O grades at 1.3% over 24.7 metres, and
Ø Li2O grades at 1% on a fully diluted basis over a continuous 34.93 metres from 107.52 metres down hole.
Premier is now focussed on completion of a maiden resource statement and furthering discussions with parties who have expressed an interest in participation and/or acquisition of this major project.
George Roach, Premier's CEO, commented:
"We are expecting results from the metallurgical test-work undertaken by international process specialists, Dorfner Anzaplan, while also focusing on the maiden resource statement and how best to understand the true scale of this world class deposit. At same time, we will continue to consider monetization of all or part of this important asset."
Lithium Results:
Relevant details of ZDD-13 are set out below. Assays compiled externally by SGS South Africa:
DDH Number |
From (metres) |
To (metres) |
Mineralised Length (metres) (*) |
Li2O (%) |
Notes |
ZDD-13 |
111.86 |
120.00 |
8.14 |
1.13% |
Including 1.00 metre @ 2.41% Li2O |
ZDD-13 |
122.62 |
127.94 |
5.32 |
1.60% |
Including 1.38 metres @ 2.76% Li20 |
ZDD-13 |
130.81 |
142.07 |
11.26 |
1.27% |
Including (1.00 metre @ 2.73% Li20 |
(*) drilled widths
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 3.5km². 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 metres. 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 N20° and dip between 70° - 90° 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 26 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.
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 |
Jon Belliss |
Beaufort Securities Limited |
Tel: +44 (0) 207 7382 8300 |
Charles Goodwin/Harriet Jackson |
Yellow Jersey PR Limited |
Tel: +44 (0) 07544 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 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 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.
Glossary of Technical Terms
"Li2O" means Lithium oxide
"lepidolite" is the mineral name for lithium bearing mica KLi2Al(Si4O10)(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(Si4O10) an important ore of lithium
"spodumene" is the mineral name for lithium aluminium silicate LiAlSi2O6 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
