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Pin to quick picksPremier African Minerals Regulatory News (PREM)

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Zulu Update

7 Feb 2022 15:26

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

7 February 2022

Premier African Minerals Limited

Zulu Update

Premier African Minerals Limited聽("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 % Li2O.

Bore hole ZDD034: From 68.62-105.16m, 36.54m, Ave grade 1.3 % Li2O, including:

9m from 72.82-81.82m, at Ave grade 2.02 % Li2O, and

12,41m from 84.82-97.23m, at Ave grade 1.8 % Li2O.聽

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

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

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 identi铿乪d 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 re铿俥ct 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聽/聽Roland Cornish

Beaumont Cornish Limited

(Nominated Adviser)

Tel: +44 (0) 20 7628 3396

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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END
MSCTRMATMTTMBJT
Date   Source Headline
27th Mar 20245:00 pmRNSAGM Link and Shareholder Presentation
20th Mar 20246:00 pmRNSNotice of AGM
13th Mar 202411:00 amRNSZulu Lithium Plant and General Update
29th Feb 20246:00 pmRNSZulu Lithium Plant Update
26th Feb 20241:00 pmRNSZulu Lithium Plant Update
19th Feb 20246:00 pmRNSDirector Loan
15th Feb 20247:00 amRNSFunding of Zulu Project and Update
9th Feb 20247:00 amRNSNew Mineral Resource Statement Zulu
29th Jan 202411:15 amRNSOfftake and Prepayment Agreement
24th Jan 20247:00 amRNSZulu Lithium Update
18th Jan 20249:00 amRNSZulu Lithium Update
9th Jan 20247:00 amRNSZulu Assay Results and Update
11th Dec 202311:20 amRNSFunding of Zulu Project and Update
7th Dec 20233:00 pmRNSZulu Project and Update
20th Nov 20231:20 pmRNSZulu Update
14th Nov 202311:00 amRNSZulu Update
3rd Nov 20232:30 pmRNSZulu and Corporate Update
29th Sep 20237:05 amRNSZulu Lithium Update
29th Sep 20237:00 amRNSInterim Results
21st Sep 20238:00 amRNSZulu Lithium Update
15th Sep 20237:05 amRNSHolding(s) in Company
15th Sep 20237:00 amRNSHolding(s) in Company
11th Sep 20237:00 amRNSApproval of further funding for Zulu Project
1st Sep 20236:00 pmRNSTotal Voting Rights
30th Aug 20237:00 amRNSZulu Lithium Additional Funding
25th Aug 20237:00 amRNSFunding of Zulu Project
23rd Aug 20237:30 amRNSZulu Update
18th Aug 20233:23 pmRNSDirector/PDMR Shareholding
15th Aug 20231:30 pmRNSOfftake and Prepayment Agreement
14th Aug 20237:00 amRNSResult of Meeting
9th Aug 20236:00 pmRNSDirector Loan Update
21st Jul 20237:10 amRNSDirector's Loan
21st Jul 20237:00 amRNSNotice of GM
20th Jul 20237:00 amRNSOfftake and Prepayment Agreement Update
30th Jun 20232:57 pmRNSFinal Results
28th Jun 20234:37 pmRNSOfftake and Prepayment Agreement Update
26th Jun 20235:00 pmRNSResult of AGM
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9th Jun 20237:00 amRNSNotice of AGM
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25th May 20238:30 amRNSZulu Lithium Project Update
19th May 20237:00 amRNSFunding and Appointment of Joint Broker
15th May 20237:00 amRNSFunding of Ongoing Zulu Plant Optimisation
5th May 20235:00 pmRNSCorporate Update
28th Apr 20237:00 amRNSDirector / PDMR shareholding
27th Apr 20231:00 pmRNSZulu Lithium Update
12th Apr 202312:30 pmRNSZulu Lithium Update
3rd Apr 202310:00 amRNSZulu Lithium Update
29th Mar 20232:00 pmRNSZulu Lithium Update
27th Feb 20237:00 amRNSZulu Assay Results

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