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Premier African Minerals Limited LSE:PREM London Ordinary Share VGG7223M1005 ORD NPV (DI)
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  0.00 0.0% 0.185 0.18 0.19 0.1875 0.185 0.1875 72,565,873 14:00:28
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
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Premier African Minerals Limited Zulu Drilling Update

05/11/2021 5:00pm

UK Regulatory (RNS & others)


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TIDMPREM

RNS Number : 5519R

Premier African Minerals Limited

05 November 2021

5 November 2021

Premier African Minerals Limited

Zulu Drilling Update

Premier African Minerals Limited ("Premier" or the "Company"), is pleased to provide this update on progress at Premier's Zulu Lithium and Tantalum ("Zulu") project in Zimbabwe.

Highlights:

 
      --   Preliminary drilling of first step out zones one and two now completed 
      --   Three rigs now operating 
      --   Geotechnical training of local technical staff completed 
      --   Geotechnical core logging and inspections have commenced, using industry standard operating procedures 
      --   Resource estimate update commenced 
      --   19 bore holes now completed, and 3,231 meters drilled 
      --   Complete sample set from first 5 drill holes submitted to external laboratories for assay 
 

George Roach, CEO commented ," We continue to make good progress and visible mineralised intersections in core from drilling in the main zone continue to add confidence to the original 20.1 million tonnes inferred resource estimate already declared on 6 June 2017. At the same time, preliminary drilling in the first two step out zones has now completed and based on visible intersections and observations by our geological team at site, and subject to assay and modelling, we do expect that this will add substantially to the existing resource estimate. The step out zones drilled to date form extensions to the main ore body and had not formed part of the original resource estimate.

Our sample preparation team at Zulu has been strengthened with a second core cutting and management team and the commissioning of a second primary laboratory crusher. It is worth noting that whilst the act of analysing a prepared sample using the LIBS system is a matter of seconds, the accuracy, repeatability and confidence in that analysis is entirely dependent on the quality of the sample prepared. Considerable time, effort and expertise goes into this, over and above the care and effort associated with drilling through particularly abrasive wide intersections of pegmatite.

On the one hand, this is frustratingly slow, but on the other, it is indicative of widely dispersed pegmatite and wide intersections of potentially mineralised material at Zulu. It should also be noted that Premier only drills core and whilst this is considerably slower and more expensive than other drilling methods such as reverse circulation, the benefits include the ability to better define the ore body, better identify mineralisation and minerology, deal with geo-technical requirements needed to support mine and pit design, and generally allow other aspects of the Definitive Feasibility Study ("DFS") to proceed simultaneously with the drilling programme.

We have submitted sample material from the first 5 bore holes to independent laboratories for definitive assay and will be using these results to specifically validate and calibrate our LIBS system which will facilitate a better turn-around as we progress. I do not have an indication of the time that the laboratory will require to process the 159 samples submitted but I will update as soon as I do.

At the same time, exploration activities in the wider Exclusive Prospecting Area ("EPO") area continue and preliminary results of spectral mapping and interpretation are generating anomalous areas of further potential interest for ground follow up. Premier is not restricted to any specific mineral within this EPO area, that is known to include historic gold workings.

Upward price pressure on chemical grade spodumene for lithium hydroxide production is pervasive and strongly supports our efforts to optimise timelines to completion of our DFS, scheduled for Q3 2022.

Premier is in negotiations with interested parties that have indicated an intention to consider a direct investment such that the complete DFS program may be fully funded in return for acquisition of a minority interest in the Zulu project. Premier continues to consider all alternatives and options that may add value and accelerate development of the project including further direct funding. No agreement has been reached at this time in regard to future funding for the balance of the DFS programme."

Drilling at Zulu:

The Company has now completed 19 drill holes, equivalent to approximately 3,231 meters since the start of the DFS programme. All bar one has intersected visible mineralisation. The current drilling programme is focussed on expanding as well as upgrading the resources in the main zone, and, to delineate further the Lithium mineralisation in the step out zone.

It should be noted that constant near surface mineralisation intersections occur throughout the Step-out Zones and due to the fragmented nature of this weathered near-surface core, it is not all reported in the summaries below. The location of the bore holes now added and their relationship to the main zone can be viewed on the webpage link below:

http://www.rns-pdf.londonstockexchange.com/rns/5519R_1-2021-11-5.pdf

Table 1. Recent Drill Results.

 
 Hole        Collar Coordinates               Inclination                 End of 
  ID          (UTM Arc 1950 Z35S)              -( )                      Hole Depth         Major Intersections 
                                                                            (m) 
             Easting   Northing   Elevation                 Azimuth                     From (M)   To       Width 
                                                             ( )                                    (M) 
            --------  ---------  ----------                                            ---------  -------  ------ 
 ZDD55       751237    7782438    1313        60            225       211,2             7,55       8,13      0,58 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        15,82      16,67     0,85 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        50,54      51,00     0,46 
                                                                                       ---------  -------  ------ 
                                                                                        58,10      64,28     6,18 
                                                                                       ---------  -------  ------ 
                                                                                        81,39      82,23     0,84 
                                                                                       ---------  -------  ------ 
                                                                                        90,92      91,46     0,54 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 ZDD54       751290    7782516    1316        60            225       180,3             62,62      62,72     0,10 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        129,68     129,96    0,28 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        134,11     134,30    0,19 
                                                                                       ---------  -------  ------ 
                                                                                        134,98     135,20    0,22 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 ZDD52       751293    7782408    1315        60            225       190               23,91      25,70     1,79 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        30,20      30,91     0,71 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        42,93      43,13     0,20 
                                                                                       ---------  -------  ------ 
                                                                                        47,32      59,47    12,15 
                                                                                       ---------  -------  ------ 
                                                                                        77,34      77,93     0,59 
                                                                                       ---------  -------  ------ 
                                                                                        170,54     176,05    5,51 
                                                                                       ---------  -------  ------ 
                                                                                        179,85     181,02    1,17 
                                                                                       ---------  -------  ------ 
                                                                                        182,24     183,52    1,28 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 ZDD50       751217    7782592    1319        60            225       180,3             11,46      12,06     0,60 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        13,33      13,49     0,16 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        16,39      17,27     0,88 
                                                                                       ---------  -------  ------ 
                                                                                        28,27      28,71     0,44 
                                                                                       ---------  -------  ------ 
                                                                                        29,05      29,40     0,35 
                                                                                       ---------  -------  ------ 
                                                                                        52,56      55,48     2,92 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 ZDD58       751182    7782514    1316        60            225       180,3             2,24       5,00      2,76 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        45,43      45,54     0,11 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        50,35      50,79     0,44 
                                                                                       ---------  -------  ------ 
                                                                                        53,92      54,60     0,68 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 ZDD59       751246    7782580    1319        60            45        180,1             32,82      34,52     1,70 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        36,29      37,16     0,87 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        39,80      39,94     0,14 
                                                                                       ---------  -------  ------ 
                                                                                        45,33      46,51     1,18 
                                                                                       ---------  -------  ------ 
                                                                                        57,46      62,14     4,68 
                                                                                       ---------  -------  ------ 
                                                                                        65,34      65,49     0,15 
                                                                                       ---------  -------  ------ 
                                                                                        84,00      88,17     4,17 
                                                                                       ---------  -------  ------ 
                                                                                        142,76     143,25    0,49 
                                                                                       ---------  -------  ------ 
                                                                                        144,07     144,72    0,65 
                                                                                       ---------  -------  ------ 
                                                                                        146,04     146,61    0,57 
                                                                                       ---------  -------  ------ 
                                                                                        161,03     165,25    4,22 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 ZDD51       751257    7782553    1319        60            225       180,3             3,56       4,10      0,54 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        4,77       6,23      1,46 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        13,41      14,00     0,59 
                                                                                       ---------  -------  ------ 
                                                                                        16,64      16,94     0,30 
                                                                                       ---------  -------  ------ 
                                                                                        17,20      17,49     0,29 
                                                                                       ---------  -------  ------ 
                                                                                        36,54      36,69     0,15 
                                                                                       ---------  -------  ------ 
                                                                                        69,50      69,87     0,37 
                                                                                       ---------  -------  ------ 
                                                                                        142,68     143,20    0,52 
                                                                                       ---------  -------  ------ 
                                                                                        150,66     150,85    0,19 
                                                                                       ---------  -------  ------ 
                                                                                        168,90     169,33    0,43 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 ZDD57       751211    7782482    1316        60            225       194,7             28,25      28,49     0,24 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        49,67      49,96     0,29 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        66,77      67,16     0,39 
                                                                                       ---------  -------  ------ 
                                                                                        98,98      99,47     0,49 
                                                                                       ---------  -------  ------ 
                                                                                        161,93     162,05    0,12 
                                                                                       ---------  -------  ------ 
                                                                                        162,33     162,56    0,23 
                                                                                       ---------  -------  ------ 
                                                                                        174,33     174,55    0,22 
                                                                                       ---------  -------  ------ 
                                                                                        179,80     180,79    0,99 
                                                                                       ---------  -------  ------ 
                                                                                        187,43     190,20    2,77 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 ZDD56       751309    7782515    1316        60            45        180,4             40,19      40,43     0,24 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        59,49      59,88     0,39 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        85,47      86,91     1,44 
                                                                                       ---------  -------  ------ 
                                                                                        90,00      90,15     0,15 
                                                                                       ---------  -------  ------ 
                                                                                        111,32     111,49    0,17 
                                                                                       ---------  -------  ------ 
                                                                                        113,09     113,63    0,54 
                                                                                       ---------  -------  ------ 
                                                                                        114,18     114,68    0,50 
                                                                                       ---------  -------  ------ 
                                                                                        134,08     134,89    0,81 
                                                                                       ---------  -------  ------ 
                                                                                        140,91     141,05    0,14 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 ZDD60       751145    7782554    1317        60            225       180,2             0,50       2,87      2,37 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        2,87       9,89      7,02 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        12,96      13,34     0,38 
                                                                                       ---------  -------  ------ 
                                                                                        35,29      36,54     1,25 
                                                                                       ---------  -------  ------ 
                                                                                        40,40      41,30     0,90 
                                                                                       ---------  -------  ------ 
                                                                                        42,33      42,60     0,27 
                                                                                       ---------  -------  ------ 
                                                                                        45,00      49,00     4,00 
                                                                                       ---------  -------  ------ 
                                                                                        59,12      59,70     0,58 
                                                                                       ---------  -------  ------ 
                                                                                        62,39      64,02     1,63 
                                                                                       ---------  -------  ------ 
                                                                                        106,39     106,58    0,19 
                                                                                       ---------  -------  ------ 
                                                                                        109,14     117,25    8,11 
                                                                                       ---------  -------  ------ 
                                                                                        125,06     126,76    1,70 
                                                                                       ---------  -------  ------ 
                                                                                        127,64     129,19    1,55 
                                                                                       ---------  -------  ------ 
                                                                                        147,00     147,75    0,75 
                                                                                       ---------  -------  ------ 
                                                                                        148,86     149,18    0,32 
                                                                                       ---------  -------  ------ 
                                                                                        171,18     172,73    1,55 
                                                                                       ---------  -------  ------ 
                                                                                        173,27     175,00    1,73 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 ZDD33       751109    7782154    1323        60            360       157,3             61,22      69,95     8,73 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        86,09      91,33     5,24 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 ZDD34       751111    7782156    1323        60            275                         62,96      65,88     2,92 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                      Not completed     71,72      96,60    24,88 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 ZDD35R      751086    7782107    1322        60            255                         26,96      27,48     0,52 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        37,34      39,00     1,66 
----------  --------  ---------  ----------  ------------  --------                    ---------  -------  ------ 
                                                                                        45,46      57,28    11,82 
                                                                                       ---------  -------  ------ 
                                                                                        108,65     111,10    2,45 
                                                                                       ---------  -------  ------ 
                                                                                        23,50      27,26     3,76 
                                                                                       ---------  -------  ------ 
                                                                                        59,00      63,14     4,14 
                                                                                       ---------  -------  ------ 
                                                                                        79,20      98,40    19,20 
                                                                                       ---------  -------  ------ 
                                                                                        102,85     105,07    2,22 
                                                                                       ---------  -------  ------ 
                                                                                        112,72     114,34    1,62 
                                                                                       ---------  -------  ------ 
                                                                                        124,84     125,80    0,96 
                                                                                       ---------  -------  ------ 
                                                                                        132,45     133,73    1,28 
                                                                                       ---------  -------  ------ 
                                                                                        138,85     148,71    9,86 
                                                                                       ---------  -------  ------ 
                                                                      Not completed     166,70     169,73    3,03 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 GT-SP-05    751154    7782536    1317        70            184       196,4             20,77      21,40     0,63 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        32,00      32,55     0,55 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        50,25      52,39     2,14 
                                                                                       ---------  -------  ------ 
                                                                                        68,28      68,70     0,42 
                                                                                       ---------  -------  ------ 
                                                                                        74,15      74,92     0,77 
                                                                                       ---------  -------  ------ 
                                                                                        124,70     131,35    6,65 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 GT-SP-06    751355    7782182    1311        70            220       153,1             0,00       9,59      9,59 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        14,98      33,57    18,59 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        37,05      38,30     1,25 
                                                                                       ---------  -------  ------ 
                                                                                        42,46      47,86     5,40 
                                                                                       ---------  -------  ------ 
                                                                                        51,30      57,37     6,07 
                                                                                       ---------  -------  ------ 
                                                                                        61,14      62,72     1,58 
                                                                                       ---------  -------  ------ 
                                                                                        95,86      96,43     0,57 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 GT-SP-07    751346    7782101    1311        70            184       196,4             43,18      44,40     1,22 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        46,86      55,90     9,04 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
                                                                                        130,65     131,45    0,80 
----------  --------  ---------  ----------  ------------  --------  ----------------  ---------  -------  ------ 
 
 GT-SP-01    751132    7782134    1319        70            359         Not completed   20,55      24,00     3,45 
                                                                                       ---------  -------  ------ 
 Notes: 
 
  Section in Bold under Major Intersections are Intersections 
  at 0.5 > M 
 

Qualified Person:

Chris Male, Geologist with Premier, has reviewed and approved this release to the extent that reference is made to the Zulu. Mr. Male is a SACNASP and GSSA registered geoscientist with 13 years' experience in exploration and project management, in multicommodity projects throughout Africa.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

The person who arranged the release of this announcement on behalf of the Company was George Roach.

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 Tungsten and Zulu Lithium projects in Zimbabwe.

The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company holds 5,010,333 shares in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset.

In addition, the Company holds a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.

Enquiries:

 
 George Roach                        Premier African Minerals Limited    Tel: +27 (0) 100 201 281 
 Michael Cornish / Roland Cornish        Beaumont Cornish Limited        Tel: +44 (0) 20 7628 3396 
                                            (Nominated Adviser) 
                                   -----------------------------------  -------------------------- 
 Jerry Keen/John More/Toby Gibbs    Shore Capital Stockbrokers Limited   Tel: +44 (0) 20 7408 4090 
 Matthew Bonner                              EAS Advisors LLC            Tel: +1 646 495 2225 
                                   -----------------------------------  -------------------------- 
 

Glossary of Technical Terms:

 
 "Li"     Lithium. 
 "li2O"   Lithium Oxide and is the standard referenced in our 
           Mineral Resource Estimate. 
 "LIBS"   Laser Induced Breakdown Spectroscopy 
           https://sciaps.com/libs-handheld-laser-analyzers/z-300/ 
           . 
 "M"      Meters. 
 

Ends

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