Shares in Premier African Minerals Ltd (LON:PREM) rocketed as it revealed serial small cap firm promoter and lithium expert David Lenigas has got aboard its Zimbabwe Zulu project.
The entrepreneur has been hired to carry out an independent review of the project, where drilling has now started - looking at potential strategic investors or joint ventures as well as financing.
He will receive a fee of £500 per month, and in addition, receives warrants to subscribe for 23mln new Premier shares.
George Roach, chief executive, at Premier, said the firm would "access" Lenigas's accumulated knowledge and experience in the junior resources lithium sector, in which he was an early investor.
In a blog in January, Lenigas suggested lithium demand was set to soar around the globe, not least to its use in electric vehicles (EVs).
"The massive Sonora Lithium Project in northern Mexico, for example, is suddenly getting a lot of attention worldwide, having signed a supply agreement with one EV major. As are some of the smaller Australian, US and Canadian discoveries," he wrote.
The Mexico project is held by Bacanora Minerals (LON:BCN, CVE:BCN), in which Rare Earth Minerals plc (LON:REM) had a stake and where David Lenigas had been chairman until he stood down last year.
REM is also invested in European Metals Holdings Limited (LON:EMH), which owns the Cinovec lithium project in the Czech Republic.
In oil, and Lenigas was also chair at UKOG until last year, which had a stake in the big and well publicised Horse Hill site near Gatwick airport, which was said to have multibillion barrel potential.
He is still involved in the project via ISDX-listed Doriemus PLC (LON:DOR), where he is chairman, and which owns a 10% interest in Horse Hill Developments Ltd, the operator and 65% shareholder of the Horse Hill licences.
Premier African said the drilling at Zulu, by a local contractor, will initially focus 600 metres on the currently known strike boundaries in the north and south.
The remaining 1,900m will target the spodumene zone in the south-centre in order to better define the main ore body, both along strike and at depth.
It is aimed at producing a maiden resource and testing extensions to the 3.5km surface strike length.
The project consists of 14 claims covering a surface area of 3.5 sq km.
Lenigas will not be involved in Premier's flagship tungsten operations at RHA or its other projects, the firm added.
Premier shares closed yesterday at 0.375p and added over 26% in early deals to stand at 0.48p each