Premier African Minerals Limited Zulu Drilling Update (2978Z)

TIDMPREM

RNS Number : 2978Z

Premier African Minerals Limited

14 December 2017

14 December 2017

Premier African Minerals Limited

Zulu Drilling Update

Premier African Minerals Limited ("Premier" or the "Company") is pleased to share further assay results from the Company's Zulu Lithium Project near Fort Rixon in Zimbabwe ("Zulu").

The focus of the current drilling programme is to upgrade and expand the Resources in the Main Zone, where the Company has declared a Maiden Inferred Mineral Resource Estimate of 20.1 million tonnes grading 1.06% Li O, and to convert the exploration targets in both the Main Zone and step-out zones to code compliant status.

Highlights:

Hole ZDD-45

Ø New intersection of 1.74m at 1.69% Li 0 from 148.77m

Ø Updated hole result now 40.58m containing an average grade of 1.56% Li 0 in multiple intersections

Ø Assay results from another 20m of drilling still outstanding

Hole ZDD-27/2

Ø Located to the east of the Main Zone intersected 9.62m of pegmatite in multiple intersections, including:

Ø 5.19m at 1.86% Li(2) O from 114.38m

Ø 4.43m at 1.27% Li(2) O from 121.25m

George Roach, Premier's CEO, commented: "ZDD-45 is our best hole to date and continues to deliver excellent results that are well supported by further assay results now becoming available. The close proximity of the mineralised sections supports a cost efficient and bulk mining scenario. The current drilling programme continues to intersect exceptional high-grade spodumene pegmatite and we have been successful in both discovering new mineralisation and also advancing our understanding as well as generating drill targets. I look forward to reporting on similar excellent results in the near future."

Drilling at Zulu:

The Company has now completed a further 24 drill holes, equivalent to 3,638.54m since completion of the initial 2,500m drilling programme that resulted in the Maiden Inferred Mineral Resource Estimate at Zulu of 20.1 million tonnes grading 1.06% Li O (as announced on 6 June 2017). The current drilling programme is focussed on expanding as well as upgrading the resources in the Main Zone, and, to delineate further the Li mineralisation in the new south-eastern zone. All of the 24 new drill holes have intersected mineralisation with ZDD-45 having the best intersections so far. ZDD-45 was drilled on an apparent triple junction of step-out zones SO1, SO2 and the Main Zone. The intersected pegmatites are predominantly spodumene rich, petalite and lepidolite are scarce. The other two holes were drilled in step-out zone SO3, close to the central part of the Main Zone.

Table 1 below sets out the drilling results for hole ZDD-45, and includes the results announced on 12 December 2017 together with the additional results for interval 148.77m to 150.51m, and the new results for holes ZDD-27/2 and ZDD-28.

Table 1: Drill Intercepts

ZDD-45 (Azimuth: N237, dip: -60deg, total length: 277.53m)

ZDD-27/2 (Azimuth: N140, dip: -60deg, total length: 140.08m)

ZDD-28 (Azimuth: N240, dip: -60deg, total length: 140.28m)

 
                                Interval 
 Drill         From              length      Li(2)          Comments 
  hole          (m)    To (m)     (m)*       O (%) 
-----------  -------  -------  ---------  --------  --------------------- 
 ZDD-45       101.24   150.51      40.58      1.56 
-----------  -------  -------  ---------  --------  --------------------- 
                                                     Incl. 2.96m at 2.81% 
                                                                  Li(2) O 
                                                       and 1.96m at 2.90% 
 Including    101.24   109.46       8.22      1.96                Li(2) O 
-----------  -------  -------  ---------  --------  --------------------- 
                                                      Incl. 1.60 at 1.74% 
 including    111.70   115.23       3.53      1.06                Li(2) O 
-----------  -------  -------  ---------  --------  --------------------- 
                                                     Incl. 2.40m at 1.73% 
 including    117.18   123.12       5.94      0.94                Li(2) O 
-----------  -------  -------  ---------  --------  --------------------- 
 including    124.40   125.60       1.20      2.08 
-----------  -------  -------  ---------  --------  --------------------- 
                                                     Incl. 0.95m at 4.24% 
                                                                  Li(2) O 
                                                       and 1.17m at 3.64% 
 including    126.77   138.24      11.47      1.90                Li(2) O 
-----------  -------  -------  ---------  --------  --------------------- 
                                                     Incl. 1.68m at 2.35% 
                                                                  Li(2) O 
                                                       and 2.00m at 1.74% 
 including    138.96   147.44       8.48      1.25                Li(2) O 
-----------  -------  -------  ---------  --------  --------------------- 
 Including    148.77   150.51       1.74      1.69 
-----------  -------  -------  ---------  --------  --------------------- 
 
 ZDD-27/2     114.38   125.68       9.62      1.59 
-----------  -------  -------  ---------  --------  --------------------- 
                                                      Incl. 1.07 at 2.03% 
 Including    114.38   119.57       5.19      1.86                   Li O 
-----------  -------  -------  ---------  --------  --------------------- 
                                                      Incl. 2.40 at 1.73% 
 Including    121.25   125.68       4.43      1.27                   Li 0 
-----------  -------  -------  ---------  --------  --------------------- 
 
 ZDD-28        53.55    62.40       8.85      0.89 
-----------  -------  -------  ---------  --------  --------------------- 
 Including     65.26    66.29       1.03      0.96 
-----------  -------  -------  ---------  --------  --------------------- 
 

*: drilled widths

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 the Zulu Lithium Project. 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). ndeg 1261 with the European Federation of Geologists.

Enquiries:

 
                                Premier African         Tel: [phone] 
 Fuad Sillem                    Minerals Limited                  922074 
------------------------  ---------------------------  ----------------- 
 Michael Cornish                Beaumont Cornish            Tel: +44 (0) 
  / Roland Cornish                   Limited                20 7628 3396 
                               (Nominated Adviser) 
------------------------  ---------------------------  ----------------- 
 Jerry Keen/Edward         Shore Capital Stockbrokers       Tel: +44 (0) 
  Mansfield                          Limited                20 7408 4090 
------------------------  ---------------------------  ----------------- 
                              Beaufort Securities           Tel: +44 (0) 
 Jon Belliss                         Limited                20 7382 8300 
------------------------  ---------------------------  ----------------- 
 Charles Goodwin/Harriet        Yellow Jersey PR            Tel: +44 (0) 
  Jackson                            Limited               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. 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. At present those shares are valued at US$10.2 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% interest in the 1.5 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 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. 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 
-------------  --------------------------------------- 
 

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

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December 14, 2017 02:00 ET (07:00 GMT)