TIDMPREM
RNS Number : 1319J
Premier African Minerals Limited
25 April 2022
25 April 2022
Premier African Minerals Limited
Joint Venture Agreement
Premier African Minerals Limited ("Premier" or the "Company"),
is pleased to confirm that it has signed a binding Joint Venture
Agreement ("JV Agreement") with Li3 Resources Inc. ("Li3
Resources") whereby Li3 Resources will acquire a 50% interest in
Premier's hard-rock lithium assets located in the Mutare Greenstone
Belt in Zimbabwe. Premier acquired these claims in June 2020 (see
RNS 10 June 2020). The assets are held by Premier's wholly-owned
subsidiary LicoMex Private Limited (the "Li3 Project").
Highlights:
-- The Li3 Project holds a number of prospective claim blocks
in the Mutare Greenstone Belt, an area prospective for
lithium and gold.
-- This JV Agreement facilitates exploration activities that
are funded independently of Premier's Zulu Lithium Private
Limited operations.
-- Li3 Resources has until 31 December 2022 to acquire the
50% interest in the Li3 Project by spending US$250,000
in further exploration works.
George Roach, CEO commented, " The Li3 Project is located in a
region in Zimbabwe that is receiving significant interest in both
Lithium and potential gold deposits. The claim blocks are well
located and, in several instances, have already attracted interest
from international lithium producers. Of particular importance is
that Li3 Resources plans to list on the Toronto Stock Exchange and
this brings to Zimbabwe, widened international interest and
investment.
To Premier, this expands our lithium interests in Zimbabwe and
whilst exploration and development at Zulu is independent of the
activities of the Li3 Project, there is bound to be benefit and
synergy. Li3 Resources has indicated that their contribution will
be settled in one complete payment and this is expected
imminently."
JV Agreement
Li3 Resources has agreed to invest US$250,000 into the Li3
Project for the ongoing exploration works, environmental and
technical studies and any administrative expenses ("Spend"). Li3
Resources will have until the 31 December 2022 to invest the Spend
in order to exercise the option to acquire the 50% interest in the
Li3 Project ("Period").
In the event that Li3 Resources do not meet the required Spend
within the Period, the Option will lapse.
About Li3 Resources
Li3 Resources is a private, lithium focused exploration company
founded and backed by senior mining executives who have had prior
success in the lithium sector. The Li3 Project is the first of a
number of targeted lithium acquisitions by Li3 Resources. The plan
is to acquire an attractive portfolio of highly prospective lithium
exploration projects worldwide and then list the company's shares
on a recognised international stock exchange. The Li3 Resources
senior management have successfully executed similar transactions
during their past 30 plus year history in the mining sector.
Li3 Project
Premier originally acquired the Li3 Project from Lithium
Consolidated Ltd on 28 July 2020. The 1,500 hectares of licences
are retained within the Mutare Greenstone Belt, located close to
the eastern border with Mozambique. The area was deemed prospective
for LCT-type pegmatites based on target generation work completed
by Douglas Haynes.
The Mutare Greenstone Belt ("MGB") is an arcuate belt
approximately 100km long with a NE-SW trend. The belt is a syncline
made up of ultramafic, mafic and banded-iron formation of the
Bulawayan Group on the flanks, and younger metasediments of the
Shamvaian Group in the core. Granitoid intrusions are present to
both the north and south of the belt.
A number of LCT pegmatites are located within the MGB including
the Grand Duke, Portree and Bepe deposits. The pegmatites have been
historically mined for beryl and tantalite, and several companies
in the region are currently conducting exploration for both
tantalite and lithium.
Market Abuse Regulation
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018.
The person who arranged the release of this announcement on
behalf of the Company was George Roach.
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.
Enquiries
George Roach Premier African Minerals Limited Tel: +27 (0) 100 201 281
Michael Cornish / Roland Cornish Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
(Nominated Adviser)
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John More/Toby Gibbs Shore Capital Stockbrokers Limited Tel: +44 (0) 20 7408 4090
Matthew Bonner EAS Advisors LLC Tel: +1 646 495 2225
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Notes to Editors
Premier African Minerals Limited (AIM: PREM) is a
multi-commodity mining and natural resource development company
focused on Southern Africa with its RHA Tungsten and Zulu Lithium
projects in Zimbabwe.
The Company has a diverse portfolio of projects, which include
tungsten, rare earth elements, lithium and tantalum in Zimbabwe and
lithium and gold in Mozambique, encompassing brownfield projects
with near-term production potential to grass-roots exploration. The
Company has accepted a share offer by Vortex Limited ("Vortex") for
the exchange of Premier's entire 4.8 per cent interest in Circum
Minerals Limited ("Circum"), the owners of the Danakil Potash
Project in Ethiopia, for a 13.1 per cent interest in the enlarged
share capital of Vortex. Vortex has an interest of 36.7 per cent in
Circum.
In addition, the Company holds a 19 per cent interest in MN
Holdings Limited, the operator of the Otjozondu Manganese Mining
Project in Namibia.
Glossary
"Beryl" A beryllium silicate (Be3Al2(Si6O18)), the most important
beryllium ore.
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"Tantalite" A tantalum oxide ((Mn,Fe)(Ta,Nb)2O6), the most important
tantalum ore.
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"LCT pegmatite" A coarse-grained igneous rock containing economic
quantities of lithium ("L"), caesium ("C") and tantalum
("T").
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"Syncline" A fold in which the core contains the stratigraphically
younger rocks; it is generally concave upward.
----------------------------------------------------------
"Ultramafic" Igneous rocks that contain more than 90 vol-% mafic
minerals are called ultramafic.
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Ends
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