REG - Premier African Min - Zulu Update

Premier African MineralsAnnouncement

07/02/2022 15:30

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RNS Number : 9331A  Premier African Minerals Limited  07 February 2022

7 February 2022

Premier African Minerals Limited

 

Zulu Update

 

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

Highlights:

 ·         Encouraging mineralization and early results suggest important on-strike
           extensions to main ore body.
 ·         Bore hole ZDD033: From 86.15-90.15m, 4m Ave grade 1.05 % Li(2)O.
 ·         Bore hole ZDD034: From 68.62-105.16m, 36.54m, Ave grade 1.3 % Li(2)O,
           including:
 ·         9m from 72.82-81.82m, at Ave grade 2.02 % Li(2)O, and
 ·         12,41m from 84.82-97.23m, at Ave grade 1.8 % Li(2)O.
 ·         Shango Solutions appointed to update resource statement.
 ·         Stark Resources appointed for flow sheet development and plant design.
 ·         Agua Terra appointed as additional drill contractors.
 ·         6,000 meters drilled to date (14 December 2021: 5,000 meters drilled).
 ·         Non-binding heads of terms on possible Zulu investment.

 

George Roach, CEO commented," I am pleased to confirm that we have received a
small number of assay results that are concerned with boreholes in an extended
zone on strike to the southeast of the main zone and which are as predicted by
the geological model of the Zulu pegmatites developed by Shango Solutions. At
the same time, that geological model now suggests further extensions to the
northwest of the previously announced resource statement. This northerly
extension is also supported by previous drilling from our 2017 campaign. This
work now underway, together with infill drilling in respect of which results
are still outstanding, may potentially elevate confidence and increase the
tonnage of the resource and the exploration target.

Unseasonal and hugely excessive rains have led to difficult conditions at the
Zulu exploration site and to supplement drilling activities, we have engaged
Aqua Terra who have mobilised another three drill rigs from their operations
in Mozambique and who are expected to complete their camp establishment and
commence drilling during the week commencing the 14 February 2022. Extra rigs
operating will both expedite development of the extension zones and facilitate
exploration in other parts of the Exclusive Prospecting Area ("EPO") where
mineralisation has been detected through non-intrusive exploration methods.

Recent appointments include Shango Solutions who have been appointed to
provide expertise in mapping the main ore body and updating the historic
in-house resource estimates, Stark Resources, who will integrate test work,
flow sheet development and mine design with Dorfner Anzaplan who are expected
to commence with ore sorting and allied test work this month, in addition to
Agua Terra on drilling as noted above".

Zulu Investment

The Board has also noted the recent speculation regarding possible third-party
interest in Zulu and announces that Premier has signed a non-binding Heads of
Terms ("HoT") with a leading Lithium manufacturer for a direct investment into
Premier's wholly owned Zulu Lithium Mauritius Limited and which owns the Zulu.
The HoT outlines the basis of cooperation between the parties to negotiate the
detailed terms and conditions of a direct Investment and is indicative at this
stage for discussion purposes only. Under the HoT it is envisaged that the
partner may invest into Zulu in a series of tranches.

The HoT remains subject to further negotiations, legal, corporate, and
technical due diligence currently underway. Shareholders should note that
discussions with the Partner are at a very early stage and there is no
certainty that there may be any final agreement, nor that due diligence will
conclude successfully. Discussions also continue with other potentially
interested parties. Further announcements will be made in due course as
appropriate.

Lithium Results

 Sample ID  Tag Sample Nr  DDH     From    To      Length  Li PPM  Li2O  Ta PPM   Rb PPM  Description
 Z00529     A6529          ZDD033  86,15   87,15   1       6520    1,40  14.3     1974    SPP
 Z00530     A6530          ZDD033  87,15   88,15   1       5740    1,24  22.2     2949    SPP
 Z00531     A6531          ZDD033  88,15   89,15   1       2275    0,49  28.1     3263    SPP
 Z00532     A6532          ZDD033  89,15   90,15   1       4880    1,05  20.8     2622    SPP
 Z00566     A6566          ZDD034  72,82   73,82   1       10245   2,21  16.6     2462    SPP
 Z00567     A6567          ZDD034  73,82   74,82   1       7895    1,70  16.2     2146    SPP
 Z00568     A6568          ZDD034  74,82   75,82   1       8165    1,76  10.0     1600    SPP
 Z00569     A6569          ZDD034  75,82   76,82   1       2595    0,56  10.5     1793    SPP
 Z00570     A6570          ZDD034  76,82   77,82   1       11814   2,54  56.0     1046    SPP
 Z00571     A6571          ZDD034  77,82   78,82   1       11769   2,53  67.9     1592    SPP
 Z00572     A6572          ZDD034  78,82   79,82   1       15674   3,37  22.4     519     SPP
 Z00573     A6573          ZDD034  79,82   80,82   1       10119   2,18  32.4     1406    SPP
 Z00574     A6574          ZDD034  80,82   81,82   1       6109    1,32  41.5     1298    SPP
 Z00575     A6575          ZDD034  81,82   82,82   1       224     0,05  72.3     1646    SPP
 Z00576     A6576          ZDD034  82,82   83,82   1       119     0,03  98.0     2529    SPP
 Z00577     A6577          ZDD034  83,82   84,82   1       144     0,03  89.5     1943    SPP
 Z00578     A6578          ZDD034  86,15   85,82   1       5199    1,12  78.3     1629    SPP
 Z00579     A6579          ZDD034  87,15   86,82   1       9944    2,14  96.0     1128    SPP
 Z00581     A6581          ZDD034  86,82   87,82   1       12344   2,66  96.5     984     SPP
 Z00582     A6582          ZDD034  87,82   88,82   1       9619    2,07  103      1981    SPP
 Z00583     A6583          ZDD034  88,82   89,82   1       11234   2,42  94.2     1792    SPP
 Z00584     A6584          ZDD034  89,82   90,82   1       8224    1,77  64.5     2497    SPP
 Z00585     A6585          ZDD034  90,82   91,82   1       6089    1,31  94.9     2552    SPP
 Z00586     A6586          ZDD034  91,82   92,82   1       9564    2,06  <0.5     2917    SPP
 Z00587     A6587          ZDD034  92,82   93,82   1       7869    1,69  85.5     1799    SPP
 Z00588     A6588          ZDD034  93,82   94,82   1       7794    1,68  44.2     3264    SPP
 Z00589     A6589          ZDD034  94,82   95,82   1       8049    1,73  62.5     2443    SPP
 Z00590     A6590          ZDD034  95,82   96,60   0,78    8469    1,82  83.6     1415    SPP
 Z00591     A6591          ZDD034  96,60   97,23   0,63    3894    0,84  6.2      8241    B
 Z00592     A6592          ZDD034  97,23   97,88   0,65    2609    0,56  <0.5     4280    SP
 Z00593     A6593          ZDD034  97,88   98,88   1       1849    0,40  2.3      1662    CB
 Z00594     A6594          ZDD034  98,88   100,08  1,2     2859    0,62  3.3      4922    CB
 Z00595     A6595          ZDD034  100,08  101,08  1       139     0,03  108      1104    PP
 Z00596     A6596          ZDD034  101,08  102,08  1       4299    0,93  95.8     1657    PP
 Z00597     A6597          ZDD034  102,08  103,08  1       1354    0,29  120      1604    PP
 Z00598     A6598          ZDD034  103,08  104,08  1       1499    0,32  149      695     PP
 Z00599     A6599          ZDD034  104,08  105,16  1,08    3674    0,79  183      4833    PP

 

Quality Assurance/Quality Control (QA/QC)

The spatial location of the drill holes is derived by using a Global
Positioning System device within the existing and historical activity tenement
areas. The drill core was geologically logged, core was selected to be
sampled, and was subsequently split, sample ID number given, bagged, and sent
for analysis. The drill holes were surveyed downhole to provide spatial
accuracy of the assay results, as we incorporate those results into the
greater-known resource. All samples were analysed for lithium and tantalum by
SGS Laboratory Services ("SGS") in South Africa using fire assay (SGS code
FAA303). Multi-element scans (30 elements) were carried out by ICP-OS and
ICP-MS after sodium peroxide fusion (SGS code ICM90A).

Qualified Person:

Chris Male, Geologist with Premier, has reviewed and approved this release to
the extent that reference is made to 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)
 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:
 "B"              Biotite schist.
 "C"              Chlorite.
 "CB"             Chlorite Biotite.
 "DD"             Due diligence.
 "Li2O"           Lithium Oxide and is the standard referenced in our Mineral Resource Estimate.
 "PP"             petalite pegmatite.
 "Metallurgical"  describing the science concerned with the production, purification and
                  properties of metals and their applications.
 "SPP"            Spodumene petalite pegmatite.

 

Ends

 

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