Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
1 August 2017
Premier African Minerals Limited
("Premier" or the "Company")
Independent Zulu Site Visit Report
Summary
Premier African Minerals Limited, the AIM-traded, multi-commodity mining and natural resource development company focused in Southern Africa, is pleased to report the independent confirmation of the prospectivity and size potential of the Zulu Lithium and Tantalum Project ("Zulu") in Zimbabwe following a site visit by Don Hains from Hains Engineering Company Limited ("Hains Engineering"), an independent geological consulting group with significant experience in industrial minerals and lithium.
Highlights
· Independent report on the Zulu Lithium and Tantalum Project
· Significant additional tonnage potential within the Zulu claims
· Good potential for additional pegmatites to be found
· Zulu's geological potential is considerable
· Regional potential for lithium mineralisation could be significant
George Roach, CEO commented: "I am pleased to see this independent confirmation of the potential of Zulu Lithium Project carried out by Don Hains, an acknowledged expert in industrial minerals. The Board believes that this study provides further vindication that we should look to maximise value from Zulu before reaching any final decision regarding the various ongoing strategic discussions at this time. We believe that the potential scale and size of Zulu is analogous to other world-class lithium enriched pegmatite deposits and hence Zulu has the potential to be a company-making asset."
Zulu Lithium
Reference to the report has been approved by the author, Don Hains from Hains Engineering. Premier will also progress its review of strategic options for the development of Zulu and the options for unlocking value for the Company and its shareholders, including possible strategic partnerships and / or the possibility of a separate listing for Zulu Lithium.
Premier released a maiden resource statement on the 6 June 2017, reporting a SAMREC compliant inferred mineral resource estimate for Zulu of 20.1 million tonnes @ 1.06 % Li2O and 51 ppm Ta2O5 using a cut-off grade of 0.5% Li2O, including 7,159,048 tonnes @1,5% Li2O.
The resource estimate contained 526,000 tonnes of lithium carbonate equivalent (LCE) and 1,025 tonnes of tantalum pentoxide. The maiden resource estimate covered only 35% of Zulu's known 3.5km surface strike length and drilling continues in order to potentially upgrade and expand the mineral resource estimate. Premier's resource target lies between 60-80 million tonnes; however, this does not include the recently discovered pegmatite zones on the east and southern parts of the licence.
Metallurgical test results from test-work conducted by German based Dorfner Anzaplan confirmed both in the projected commercial grades of concentrates, and the low iron content that offers additional markets not only for spodumene and petalite but also the potential for high grade feldspar and high purity quartz. Ongoing drilling at Zulu has yielded most encouraging mineralisation in the core and assay results are expected over the coming weeks. The assay results are likely to upgrade and expand the compliant resource.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
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 |
Jon Belliss |
Beaufort Securities Limited |
Tel: +44 (0) 20 7382 8300 |
Charles Goodwin/ Harriet Jackson |
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 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 per cent 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 3,685,332 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$7.3 million based on the latest price at which Circum has accepted subscriptions. Premier also has an interest in Casa Mining Limited, a privately-owned exploration company that has a 71.25 per cent interest in the 1.2 million ounce inferred resource Akyanga gold deposit in the DRC.
ENDS
