REG - Premier African Min - Zulu Update

Premier African MineralsAnnouncement

25/11/2021 07:00

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RNS Number : 5267T  Premier African Minerals Limited  25 November 2021

25 November 2021

Premier African Minerals Limited

Zulu Update

Premier African Minerals Limited ("Premier" or the "Company"), is pleased to
provide an interim update on drilling progress at Premier's Zulu Lithium and
Tantalum Project ("Zulu").

Highlights:

 ·         Drilling at Zulu continues to demonstrate significant mineralised
           intersections in extensions to the existing resource location.
 ·         4,190 meters drilled to date (5 November 2021: 3,231).
 ·         24 holes completed (5 November 2021: 19).
 ·         11 complete bore hole sample sets (5 November: 5) and 499 samples now
           submitted for independent assay.
 ·         Samples submitted over known step out zone 1, of which strike extension is yet
           to be determined.

George Roach, CEO commented," Whilst we wait for assay results and modelling,
it is most encouraging to note the pegmatite intersections encountered in a
zone not previously included in any of our exploration target assessments or
in the existing resource estimate. Together with preliminary results from
exploration activities in the wider Exclusive Prospecting Area, this continues
to support my view that Zulu is likely to emerge as one of the more
substantial hard rock lithium rich regions in Zimbabwe, a country already
hosting significant LCT pegmatites, and a deposit with world class potential.

As announced on 5 November 2021, I indicated that Premier was in discussion
with interested parties regarding investment into Zulu. I can confirm that due
diligence visits are underway, and indications are that Premier is dealing
with strong and growing interest as we progress Zulu."

Drilling at Zulu:

 

In recent weeks, the Company has encountered significant intersections in a
zone immediately south and east of the previously declared Inferred Resource
Estimate (as declared on 6 June 2017). Details are set out below.

 

The Company has now completed 24 drill holes and 11 bore hole sample sets,
equivalent to approximately 4,190 meters since the start of the DFS.

 

Recent intersections in this new zone include:

 

Table 1. Recent Drill Results.

 

 Hole ID   Major Intersections
           From (M)  To (M)  Width  Description.
 ZDD33     61.22     69.95   8.73   Spodumene rich with subordinate petalite.
           86.09     91.33   5.24   Spodumene rich with subordinate petalite.
 ZDD34     62.96     65.88   2.92   Petalite rich pegmatite.
           71.72     96.60   24.88  Lepidolite, spodumene rich with subordinate petalite.
           142.28    149.42  7.14   Lepidolite, spodumene rich with subordinate petalite.
           151.81    156.55  4.74   Lepidolite, spodumene rich with subordinate petalite.
           158.92    164.58  5.66   Petalite rich pegmatite.
 ZDD35R    26.96     27.48   0.52   Petalite rich pegmatite.
           37.34     39.00   1.66   Petalite rich pegmatite.
           45.46     57.28   11.82  Spodumene and lepidolite rich with subordinate petalite.
           108.65    111.10  2.45   Petalite rich pegmatite.
 ZDD36     7.86      15.84   7.98   Spodumene and petalite rich.
           16.08     21.66   5.58   Lepidolite rich with spodumene and petalite.
           21.66     44.30   22.64  Lepidolite rich with spodumene and petalite.
           110.45    113.88  3.43   Lepidolite with spodumene and petalite.
           114.35    116.34  1.99   Lepidolite with spodumene and petalite.
           132.54    135.66  3.12   Petalite pegmatite.
 ZDD61     116.66    122.42  5.76   Petalite rich pegmatite.
 ZDD62     7.45      11.93   4.48   Spodumene rich weathered pegmatite.
           54.50     62.90   8.40   Spodumene rich. Huge white prismatic spodumene crystals.
 GT-SP-07  43.18     44.40   1.22   Spodumene rich with subordinate petalite.
           46.90     56.83   9.93   Spodumene rich with subordinate petalite.
 GT-SP-06  0.00      9.60    9.60   Spodumene rich. Huge white prismatic spodumene crystals.
           14.50     33.57   19.07  Spodumene rich with holmquistite close to contact.
           42.46     47.84   5.38   Pink and white spodumene crystals dominant.
           51.30     57.33   6.03   Spodumene rich with subordinate petalite.
           61.10     62.70   1.60   Petalite rich.
 GT-SP-01  20.30     25.20   4.90   Weathered pegmatite spodumene rich.
           66.95     74.90   7.95   Spodumene rich with subordinate petalite and lepidolite.
 GT-SP-02  131.95    140.44  8.49   Spodumene rich and weak lepidolite.
           144.27    146.75  2.48   White and pink spodumene abundant crystals.
           167.43    175.26  7.83   Spodumene rich with subordinate petalite.

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.

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.

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. This holding represents
4,8% of Circum shares in issue.

 

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/Toby Gibbs/John More     Shore Capital Stockbrokers Limited  Tel: +44 (0) 20 7408 4090
 Matthew Bonner                      EAS Advisors LLC                    Tel: +1 646 495 2225

Glossary of Technical Terms:

 "DFS"            Definitive Feasibility Study.
 "LCT pegmatite"  A coarse-grained igneous rock containing economic quantities of Li, caesium
                  ("C") and tantalum ("T").

 
 "lepidolite"     Is the mineral name for lithium bearing mica KLi2Al(Si4O10)(F,OH)2  an
                  important ore of lithium.

 "Li"             Lithium.
 "li2O"           Lithium Oxide and is the standard referenced in our Mineral Resource Estimate.
 "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.

 
 "M"              Meters.

 

Ends

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