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(Sharecast News) - Premier African Minerals updated the market on progress and the funding strategy to be applied in the development of both Premier and Zulu Lithium and Tantalum Limited.
The AIM-traded firm said the Zulu deposits were contained within an exclusive prospecting rights area of more than 200 square kilometres with major potential lithium, cesium and tantalum pegmatite prospects over and above the existing resource estimate already defined and described in its announcement on 18 March.
It said it had appointed Bara Consulting as principal engineers for the definitive feasibility study, and Geodrill as the principal drilling contractor for the Zulu resource extensions, and technical drilling for the definitive feasibility study.
The company also appointed Hains Engineering, or 'Hainstech', as its resource and technical consultant, and Mr CJ Male as the site exploration manager for Zulu.
"On 20 November 2017 we announced the results of [the] Zulu scoping study that showed that there is an opportunity to develop a robust, low capital cost lithium mine with low operating costs," said chief executive officer George Roach.
"This combined with strong prices for spodumene concentrates and sustained demand for high-grade petalite, support our confidence that the next step for Zulu is the completion of a definitive feasibility study.
"The projected timeline to complete the study at Zulu has been ratified by Bara and their appointment is immediate."
Roach said completion in the timeline would be subject to certain laboratories to be appointed to complete additional test work and assays within the allotted time frames.
"The appointment of Geodrill is effective immediately and mobilisation is commencing.
"Premier has sufficient funds to pay the mobilisation charges from existing resources, and the full drilling camp is now expected to be completed and operational by the end of April."
Hainstech, under the guidance of Don Hains, completed a site visit to Zulu and reported on the deposit and its potential in 2017, Roach added.
"Hainstech will provide guidance in regard to both the resource development and the proposed flow sheet to follow from expanded test work to be conducted during the completion of the definitive feasibility study.
"Premier has not concluded final financing details but expects to update shareholders at our next annual general meeting which is expected to be announced in the coming weeks."
At 1618 BST, shares in Premier African Minerals were down 19.36% at 0.18p.
27 Apr 2016 10:53