Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Premier African Minerals LImited delighted with latest lithium drilling result

“Zulu is now justifying our belief that this is a tier 1 asset.”
picture of Tesla logo
Lithium demand is being driven by electric cars

Premier African Minerals Limited's (LON:PREM) chief executive has described as spectacular results from the latest drill hole at its Zulu lithium deposit in Zimbabwe.

Hole ZDD-45 220m south-east of the Main Zone, intersected 68m of mineralised pegmatite from a depth of 101m.

READ: Premier African delighted as scoping study highlights lithium potential at Zulu

Assay results from the first 38.84m analysed contained an average grade of 1.55% lithium oxide in multiple intersections, with some exceptionally high grades.

“Not often is a grade of 4.24% Li2O seen in drill core. Together with other known results previously reported, this supports our declared exploration target of 60 to 80 million tonne in the step-out zone,” said George Roach chief executive.

“Zulu is now justifying our belief that this is a tier 1 asset.”

He said the hole was the best of 24 drilled recently to expand the resource at Zulu, adding that Premier may now seek to develop the deposit itself.

“The changing environment in Zimbabwe and particularly new proposals related to lithium mining might encourage it to develop its own lithium carbonate production and to retain sole ownership of the entire project.”  

Elsewhere, Roach said Premier also does not expect to have provide any more significant finance for the RHA tungsten mine, also in Zimbabwe other than a short-term bridge loan while it waits for shipment payments.

READ: Premier African shines as it gives positive update on Casa Mining investee company

Premier has completed a 8,272 tonnes bulk sample of material from an open pit operation at RHA, most of which has been processed.

Underground operations are expected to reach the projected breakeven level of 6,000 tonnes per year this month, 

Premier added it also wants the Zimbabwe government to pay it share of the funding of RHA.

“To date, RHA has been sole funded by Premier and has received no contribution from the National Indigenisation and Economic Empowerment Board ("NIEEB"), which holds a 51% interest in RHA. Premier is owed in excess of US$20 million before any adjustment for the true cost of that debt,” the company said in a statement.

View full PREM profile View Profile

Premier African Minerals Ltd Timeline

Related Articles

1511183786_Lithium-drill-core---Cinovec.jpg
November 20 2017
European Metals Holdings is rapidly moving forward with Europe's largest and most significant lithium project
Copper Wiring
April 13 2018
The miner now plans to begin a fuller feasibility study as the Botswana government grants permission for an expanded drilling area around the T3 Dome
Picture of pilot plant
April 05 2018
An impressive pre-feasibility study features a pre-tax valuation of $227 million for start-up capital expenditure of $65 million.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use