(Sharecast News) - Premier African Minerals announced an update to its Zulu lithium and tantalum project on Friday, with the release of a new SAMREC-compliant mineral resource estimate, replacing the previous estimate issued in June 2017.
The AIM-traded firm said the new MRE was focussed on areas within the Zulu tenements expected to be mined and processed through the current plant, excluding the broader EPO area.
It estimated that the lithium oxide contained in spodumene amounts to 107,366 tonnes, with a direct conversion of the lithium oxide to spodumene concentrate 6 (SC6) totalling 1,789,433 tonnes.
Additionally, the MRE identified the presence of 1,045,908 kilograms of tantalum pentoxide within the ore body.
"This MRE supports the development of the Zulu mine on an expedited basis," said chief executive officer George Roach.
"It underlines our confidence in the medium and long-term future of this mine and further supports our view that Zulu has the stand-alone potential to develop a lithium sulphate plant.
"Work continues in the greater EPO area, and we have now identified areas of future potential mineralisation and secured those areas in the longer term under new mineral claims."
At 1055 GMT, shares in Premier African Minerals were down 9.72% at 0.33p.
Reporting by Josh White for Sharecast.com.
Premier African Minerals (PREM)