TIDMPREM
RNS Number : 0763M
Premier African Minerals Limited
10 October 2016
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
10 October 2016
Premier African Minerals Limited
("Premier" or the "Company")
Zulu Lithium Project - Drilling Update
Premier African Minerals Limited (AIM: PREM), the London listed
mining and exploration company, is pleased to provide an update on
its 2,500-meter drilling programme at the Company's Zulu Lithium
Project near Fort Rixon in Zimbabwe ("Zulu").
Premier is drilling a series of 20 diamond drill holes designed
to test for strike and depth extensions at the Zulu Lithium
Project, which currently has a strike length of 3.5km. In addition,
the drilling programme is designed to establish a maiden
resource.
Highlights
-- The first two diamond core holes complete
-- Significant massive visible spodumene petalite lithium
mineralisation intersected in both holes as predicted in our
geological model
-- Hole ZDD14 intersected 14 meters of mineralisation from 11
meters down hole to 46 meters; and Hole ZDD16, 26 meters of
mineralisation from 18 meters to 58 meters down hole.
-- First drill core logged and split. Sample preparation underway
George Roach, Premier's CEO, commented:
"It is very encouraging that we continue to intersect visible
hard rock lithium mineralisation from near surface to depth as
predicted in our geological model. The extent and hardness of the
mineralisation has contributed to a slower drilling rate than
originally anticipated and a second rig has been deployed and
commences operation today to expedite this drilling program. Sample
preparation is progressing at our in-house facilities at RHA and
granting of export permits for shipment of samples is underway. We
will report assay results as they come to hand."
Qualified Person
Wolfgang Hampel, Exploration Manager of Premier African Minerals
Limited has reviewed and approved this release to the extent that
reference is made to the Zulu tenements. Mr Hampel has 25 years'
experience in the African, American, European and Asian exploration
and mining industry and holds a Diploma in Economic Geology
(Dipl.-Geol.) from the Technical University of Munich. He is a
registered European Geologist (EurGeol), ndeg 1261, with the
European Federation of Geologists.
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.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
---------------------- --------------------------- ------------------
Michael Cornish Beaumont Cornish Tel: +44 (0) 207
/ Roland Cornish Limited 628 3396
(Nominated Adviser)
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 207
Mansfield Limited 408 4090
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Charles Goodwin/Aidan
Stanley /Dominic Yellow Jersey PR Tel: +44 (0) 7747
Barretto Limited 788 221
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Notes
Premier African Minerals Limited (AIM: PREM) is a
multi-commodity mining and natural resource development company
focused in Southern and Western Africa with production started at
its flagship RHA project in Zimbabwe.
The Company has a diverse portfolio of projects, which includes
tungsten, rare earth elements, gold, lithium and tantalum in
Zimbabwe and Benin, encompassing brownfield projects with near-term
production potential to grass-roots exploration. The Company also
holds 2 million shares in Circum Minerals Limited ("Circum"), the
owners of the Danakil Potash Project in Ethiopia, which has the
potential to be a world class asset. At present those shares are
valued at US$4 million based on the latest price at which Circum
has accepted subscriptions.
ENDS
Technical Glossary
"Li(2) O" means Lithium oxide
"pegmatite" is an exceptionally coarse-grained igneous rock,
with interlocking crystals, usually found as irregular dikes,
lenses, or veins, esp. at the margins of granitic intrusions.
"petalite" is the mineral name for lithium aluminium silicate
LiAl(Si(4) O(10) ) an important ore of lithium.
"spodumene" is the mineral name for lithium aluminium silicate
LiAlSi(2) O(6) an important ore of lithium.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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