TIDMPREM
RNS Number : 2599K
Premier African Minerals Limited
20 September 2016
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
Premier African Minerals Limited
("Premier" or the "Company")
Zulu Lithium Project - Drilling Update
Premier African Minerals Limited (AIM: PREM), the London listed
mining and exploration company, is pleased to provide a positive
early update on its 2,500-meter drilling programme at the Company's
Zulu Lithium Project near Fort Rixon in Zimbabwe ("Zulu").
Premier is drilling a series of 20 diamond drill holes designed
to test for strike and depth extensions at the Zulu Lithium
Project, which currently has a strike length of 3.5km. In addition,
the drilling programme is designed to establish a maiden
resource.
Highlights
-- The first diamond core hole (ZDD-14) drilled at Zulu has
already intersected 9,5 metres of visual spodumene petalite lithium
mineralisation, from a down hole depth of 10.5 metres.
-- The hole is located 200 metres from the surface bulk sample
area that previously reported grades of 1.55% Li(2) 0.
George Roach, Premier's CEO, commented:
"Intersection of visible hard rock lithium mineralisation from
this first borehole at the predicted downhole location described in
our exploration model is most encouraging. Core will be transported
to our in-house sample preparation facilities for logging,
splitting and sample preparation and then sent to SGS South Africa
for multi-element analysis. This borehole is located within the
southern section of the ore body and forms part of the code
compliant resource that Premier intends to establish at Zulu.
Drilling is performed at an angle of 45 degrees and is intended to
validate the presence of several multi-meter wide mineralised
pegmatites down to a vertical depth of 75 meters. This is a
positive early validation of our geological modelling and I look
forward to reporting the lithium assays as soon as they become
available."
Qualified Person
Wolfgang Hampel, Exploration Manager of Premier African Minerals
Limited has reviewed and approved this release to the extent that
reference is made to the Zulu tenements. Mr Hampel has 25 years'
experience in the African, American, European and Asian exploration
and mining industry and holds a Diploma in Economic Geology
(Dipl.-Geol.) from the Technical University of Munich. He is a
registered European Geologist (EurGeol), ndeg 1261, with the
European Federation of Geologists.
Forward Looking Statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed 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 ect
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.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
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Michael Cornish Beaumont Cornish Tel: +44 (0) 207
/ Roland Cornish Limited 628 3396
(Nominated Adviser)
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 207
Mansfield Limited 408 4090
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Charles Goodwin/Aidan
Stanley /Dominic Yellow Jersey PR Tel: +44 (0) 7584
Barretto Limited 085 670
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Notes
Premier African Minerals Limited (AIM: PREM) is a
multi-commodity mining and natural resource development company
focused in Southern and Western Africa with production started at
its flagship RHA project in Zimbabwe.
The Company has a diverse portfolio of projects, which includes
tungsten, rare earth elements, gold, lithium and tantalum in
Zimbabwe and Benin, encompassing brownfield projects with near-term
production potential to grass-roots exploration. The Company also
holds 2 million shares in Circum Minerals Limited ("Circum"), the
owners of the Danakil Potash Project in Ethiopia, which has the
potential to be a world class asset. At present those shares are
valued at US$4 million based on the latest price at which Circum
has accepted subscriptions.
ENDS
Technical Glossary
"Li(2) O" means Lithium oxide
"pegmatite" is an exceptionally coarse-grained igneous rock,
with interlocking crystals, usually found as irregular dikes,
lenses, or veins, esp. at the margins of granitic intrusions.
"petalite" is the mineral name for lithium aluminium silicate
LiAl(Si(4) O(10) ), an important ore of lithium.
"spodumene" is the mineral name for lithium aluminium silicate
LiAlSi(2) O(6,) an important ore of lithium.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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