Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) has announced a significant boost to the mineral resources at its Zulu Lithium and Tantalum Project in Zimbabwe.
The latest update reveals a 23% increase in lithium and a 17% rise in tantalum, compared to earlier estimates. The company also noted an improvement in the quality of the lithium ore.
The updated figures, which comply with the JORC and SAMREC codes, estimate that the deposit contains over 131,000 tonnes of lithium oxide (Li2O), which can be processed into about 2.2 million tonnes of a lithium-rich material known as spodumene concentrate, used in batteries.
The deposit also holds around 1.2 million kilograms of tantalum, a rare metal used in electronics.
This update comes after ongoing mining activities have provided more accurate data about the quality of the ore being mined. The company expects future updates as mining continues and more of the deposit is analysed.
CEO George Roach said: "The increases are attributable to several reasons that include the fact that mining development and grade control indicates in situ grade estimates are understating the actual grades being mined, an adjustment in ore body density, and additional data now included. The updated MRE has been prepared on a depleted basis following mining conducted to date."
Premier African Minerals’ Zulu Project is seen as a key development in the growing lithium market, particularly as demand for the metal rises due to its use in electric vehicles and renewable energy storage.