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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Premier African Minerals Limited | LSE:PREM | London | Ordinary Share | VGG7223M1005 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.0025 | -6.17% | 0.038 | 0.038 | 0.04 | 0.0405 | 0.039 | 0.0405 | 103,434,166 | 16:35:21 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Minrls,earths-ground,treated | 0 | -20.38M | -0.0006 | -0.67 | 13.88M |
From Jan 2020 to Jan 2025
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:
Hot Features
Premium
-- 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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END
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(END) Dow Jones Newswires
November 05, 2021 13:00 ET (17:00 GMT)
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