Premier African Minerals Limited RHA Drilling Update (7666C)

TIDMPREM

RNS Number : 7666C

Premier African Minerals Limited

03 October 2018

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

3 October 2018

Premier African Minerals Limited

RHA Drilling Update

Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide an update on its drilling programme at the RHA Tungsten Mine ("RHA") in Zimbabwe in which Premier has a 49% interest and is the operator. As announced on 14 September the Company is drilling up to 2,750 metres to expand as well as to increase the Resources at RHA with the view to resume mining activities.

Highlights

   --     9 diamond drill holes completed for 941 metres. 
   --     Hole RHADD34 intersected 1.86 metres of 2.39 kg/t WO and 44.8 kg/t over 0.29m 

-- Drilling programme designed to expand and as well increase the resource confidence and guide future mine planning

-- Sample preparation and assay is completed on site using owned XRF and standard reference material. Validations to be conducted by SGS

-- Core logging of completed diamond drill holes has identified numerous wolframite and chalcopyrite bearing intercepts.

The preliminary analytical results set out in this announcement from underground drilling at RHA have been returned from the Company's own on-site analysis and samples are being submitted to SGS South Africa and the results of this analysis will be released in due course.

George Roach, Premier's CEO, commented: "The preliminary internal assay results from RHADD34 indicate multiple mineralised load structures with wolframite at commercial grades and visible copper mineralisation in the form of chalcopyrite co-existent in the same ore bodies as the wolframite. Wolframite concentrates previously produced at RHA have always contained copper, but no attempt was made to separately recover any copper, and whilst the production of any potential by- product is speculative at this time, the visibly pervasive presence needs a fuller investigation, and independent assay.

This is likely to include floatation tests to understand what recoveries could be expected from these copper co-existent intersections. Whilst it is still too early to take a decision on whether to extend the underground operations at RHA through a new decline shaft or deepening of the current vertical shaft, projected mineralisation at depth is confirmed. Whilst drilling in the open pit has not been completed, the results obtained so far from the western end of the pit do not support a continuation of mining with the current plant configuration.

The results did however indicate that mineralisation is increasing in an easterly direction and it is likely that the pit may be extended at a time in the future if a decline shaft is constructed. Any significant extension to the open pit in an easterly direction will interfere with the existing vertical shaft."

Drilling Programme

Premier commenced a diamond drilling programme at RHA in the beginning of September 2018. The drilling programme is designed to expand the underground declared resource base as well as assisting with a determination of the future mining of the open pit. To date 9 holes have been drilled totalling 941 metres. The Company expects to complete the drilling programme by the end of October and will announce further meaningful intersections. Significant preliminary drilling results (subject to confirmation by SGS South Africa) returned to date include:

Table 1 - Drilling intercepts

 
 Hole ID    From (m)   To (m)   Length (cm)   WO kg/t 
 RHADD34       58,96    59,24            28      1,47 
           ---------  -------  ------------  -------- 
 RHADD34        60,1    61,17           107      0,99 
           ---------  -------  ------------  -------- 
 RHADD34       95,85    96,14            29     44,88 
           ---------  -------  ------------  -------- 
 RHADD34      118,64   119,02            38      4,13 
           ---------  -------  ------------  -------- 
 RHADD34      126,02      127            98      1,12 
           ---------  -------  ------------  -------- 
 RHADD34      145,32   145,62            30      9,08 
           ---------  -------  ------------  -------- 
 RHADD34      155,26   155,34             8      1,67 
           ---------  -------  ------------  -------- 
 RHADD34       167,1   167,39            75      1,54 
           ---------  -------  ------------  -------- 
 RHADD34      167,39   167,85            46      0,67 
           ---------  -------  ------------  -------- 
 RHADD34      169,21   169,86            65      6,87 
           ---------  -------  ------------  -------- 
 RHADD34      173,86    174,2            34      7,24 
           ---------  -------  ------------  -------- 
 RHADD34       180,3    181,2            90      0,91 
           ---------  -------  ------------  -------- 
 RHADD34      205,58   205,93            35      4,99 
           ---------  -------  ------------  -------- 
 RHADD34      211,22   213,08           186      2,39 
           ---------  -------  ------------  -------- 
 RHADD34      215,14   215,54            40      4,07 
           ---------  -------  ------------  -------- 
 RHADD34      218,09   218,37            28      1,31 
           ---------  -------  ------------  -------- 
 RHADD34      223,64   224,19            55      2,02 
           ---------  -------  ------------  -------- 
 RHADD34      226,68   226,82            14      0,88 
           ---------  -------  ------------  -------- 
 RHADD34      238,84   239,04            20      3,80 
           ---------  -------  ------------  -------- 
 

Notes:

   (i)            Reported intervals are downhole widths, the true widths may be narrower. 

(ii) RHA's on-site laboratory is not certified for analysis and these results should be considered preliminary in nature. Results from a certificated laboratory will be released as and when available

QA/QC

Sample preparation is done at site and sample assays and the analytical results set out in this announcement from underground drilling at RHA have been returned from the Company's own on-site analysis out using RHA's own XRF. Every eighth sample analysed is a Certified Standard Reference Material ("CRM", GW-02 by Geostats, Australia) for tungsten. At least 20 per cent. of all samples will be submitted to SGS, South Africa, for verification of mineralisation and grades. The Company would further expect that in the preparation of any future independent reserve / resource statement undertaken in compliance with a recognised standard, the independent authors of such a statement would not use preliminary assay results but would only use assay results reported by an appropriately certificated laboratory.

Qualified Person

Wolfgang Hampel, Senior Geologist with Premier African Minerals Limited, has reviewed and approved this release to the extent that reference is made to RHA. Wolfgang Hampel has 27 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.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement. The person who arranged for the release of this announcement on behalf of the Company was George Roach, Director.

Enquiries:

 
                      Premier African Minerals    Tel: [phone] 
 Fuad Sillem                   Limited                      922074 
 Michael Cornish /    Beaumont Cornish Limited     Tel: +44 (0) 20 
  Roland Cornish         (Nominated Adviser)             7628 3396 
                    ---------------------------  ----------------- 
 Jerry Keen/Edward   Shore Capital Stockbrokers    Tel: +44 (0) 20 
  Mansfield                    Limited                   7408 4090 
                    ---------------------------  ----------------- 
 

Notes to Editors:

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA project in Zimbabwe.

The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe, encompassing brownfield projects with near-term production potential to grass-roots exploration. In addition, the Company holds 5,010,333 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. Premier also has an interest in Arc Minerals that has a number of mineral assets in Europe and Africa.

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. Many 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.

ENDS

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October 03, 2018 02:05 ET (06:05 GMT)