Premier African Minerals Limited Interim update Zulu Lithium Project (3915O)
June 13 2022 - 1:00AM
UK Regulatory
TIDMPREM
RNS Number : 3915O
Premier African Minerals Limited
13 June 2022
13 June 2022
Premier African Minerals Limited
Premier African Minerals Limited ("Premier" or the "Company"),
is pleased to provide this interim update regarding progress and
potential alternative proposal for early production at Premier's
Zulu Lithium and Tantalum Project ("Zulu").
George Roach, CEO commented ," Since acceptance of the
subscription by Suzhou TA&A Ultra Clean Technology Co., Ltd
("Suzhou TA&A") set out in our RNS in March this year, and
pursuant to receipt of results from initial phases of test work
undertaken on ore sorting by Anzaplan in association with Stark, it
is clear that a potential opportunity exists for Zulu to be brought
into early production based on a large-scale pilot plant using ore
sorting technology to concentrate spodumene rich ore from other
lithium minerals and gangue material before milling and floatation
to produce a spodumene concentrate only and stock pile both a
tantalum-rich fraction and petalite for future processing. Based on
this plan, it is possible that such a plant could be in production
in Q1 2023, funded under an interest free prepurchase payment for
spodumene concentrate to be supplied. Shareholders should note that
no funding has yet been arranged for this possible pilot plant and
amongst many aspects of this whole concept still under scrutiny,
this will still require completion.
It is worth noting that the current demand for spodumene and the
resultant prices, significantly de-risk this concept and support
Premier's recent focus in terms of both our drilling programme at
Zulu that is now exclusively targeting high grade spodumene zones
within the ore body at an indicated resource level, and on aspects
of the DFS in relation to implementation of the pilot plant.
Importantly, operation of the pilot plant will fine tune aspects of
the process that will support the DFS. Further details will be
provided in due course along with details of any finance
arrangements, together with illustrative valuation and revenue
projections for the pilot plant.
To date a total of 18,000 meters has been drilled at Zulu, and
after a complete revision of QA/QC procedures and all aspects of
sample preparation and analysis, assay testing and results are now
continuing and the Company will publish highlights and significant
assay results in due course when these are available.
In closing, I remind shareholders that Premier is potentially
following an accelerated programme of early production to exploit
the current opportunity. There are identified risks and abatements
inherent in this to a greater extent than may be the case following
a fully developed DFS. However, the potential immediate
availability of prepurchase payment and existing Spodumene price
and demand are important and strong motivators in potentially
pursuing this option".
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.
MAR
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.
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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Glossary of Technical Terms
"DFS" Definitive Feasibility Study.
"QA/QC" Quality Assurance/Quality Control.
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% interest in Circum Minerals
Limited ("Circum"), the owners of the Danakil Potash Project in
Ethiopia, for a 13.1% interest in the enlarged share capital of
Vortex. Vortex has an interest of 36.7% in Circum.
In addition, the Company holds a 19% interest in MN Holdings
Limited, the operator of the Otjozondu Manganese Mining Project in
Namibia.
Ends
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