REG - Premier African Min - Zulu Update

Premier African MineralsAnnouncement

21/02/2022 07:00

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RNS Number : 2567C  Premier African Minerals Limited  21 February 2022

21 February 2022

Premier African Minerals Limited

 

Zulu Update

 

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

Highlights:

 ·         Bore hole ZDD035R intersected 21.1 meters from 37.1 meters at an average grade
           of 1.23% Li2O and 920 Rb ppm.
 ·         Bore hole ZDD036 intersected 20.72 meters from 21.66 meters at an average
           grade of 1.44% Li2O and 4,318 Rb ppm.

George Roach, CEO commented, "I am pleased to see that drill results are now
starting to come in, and particularly that these results announced today are
from an area not included in our initial resource estimates. They do support
our expectations of further discoveries and a probable increase in the mineral
resource at Zulu. At the same time, considerable work is focussed on
refinement and upgrade of the resource. Further updates will follow.

Our current objective is to secure direct trade investment into Zulu from a
potential leading industry partner and while there is no certainty that a
final investment agreement will be concluded, negotiations, together with
legal, corporate, and technical due diligence, continue."

Lithium Results

The table below sets out the external laboratory assay results for holes
ZDD035R and ZDD036. The two drill holes were drilled along the southern
extension of the resource, which is open ended:

Table 1 - Assay Summary Results from Drill Holes ZDD35R and ZDD36

 DDH        From   To     Length  Li2O  Ta      Rb

            (m)    (m)    (m)     (%)   (ppm)   (ppm)
 ZDD035R    37.1   58.3   21.1    1.23  56      920

 ZDD036     5.86   42.38  36.52   0.86  287.43  2,780
 Including  21.66  42.38  20.72   1.44  163     4,318

 

Drillhole ZDD035R was drilled at an inclination of 60 degrees towards
southwest along the southern extension of the inferred mineral resource,
completing at a final depth of 152.9 m.

Drillhole ZDD036 was drilled at an inclination of 60 degrees towards the
northeast along the southern extension of the inferred mineral resource,
completing at a final depth of 156.06 m.

Quality Assurance/Quality Control

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 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 has accepted a share offer
by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8%
interest in Circum Minerals Limited ("Circum"), the owners of the Danakil
Potash Project in Ethiopia, for a 13.1% interest in the enlarged share capital
of Vortex. Vortex has an interest of 36.7% in Circum.

 

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

                                     (Joint Broker)

 Matthew Bonner                      EAS Advisors LLC                    Tel: +1 646 495 2225

                                     (Joint Broker)

 

 Glossary of Technical Terms:
 "Li"   Lithium
 "SPL"  Spodumene petalite lepidolite
 "SPP"  Spodumene petalite pegmatite
 "Rb"   Rubidium
 "PP"   Petalite pegmatite
 "ppm"  parts per million
 "m"    meters
 "Ta"   Tantalum

 

Ends

 

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