Premier African Minerals (LON:PREM) has raised £450,000 to fund early work at its Zulu lithium and tantalum project in Zimbabwe.
George Roach, Premier’s chief executive, said it had carried out the funding after unsolicited investor interest. Shares will be issued at 2p each with a warrant attached.
Zulu is a pegmatite formation with massive lithium mineralisation.
“Ore bodies such as this lend themselves to rapid development through pilot plant production both as an exploration tool and as a revenue producer,” said Roach.
As well as lithium and lantalum, Zulu also contains rare mineral pollucite, a source of caesium said Premier.
Roach added: “The investor support is gratifying and an endorsement of the board's strategy and will support rapid development of this project.”
Premier African recently started production of tungsten from its RHA project, also in Zimbabwe.