9 February
2024
Premier African Minerals
Limited
New Mineral Resource
Statement Zulu
Premier African Minerals
Limited ("Premier" or
the "Company"), is pleased
to report a new SAMREC compliant Mineral Resource Estimate
("MRE" or "Mineral Resource Estimate") on its
wholly owned Zulu Lithium and Tantalum
Project ("Zulu"). The
previous Mineral Resource Estimate issued on 6 June 2017 is
simultaneously withdrawn.
Highlights
|
Ø
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This MRE is concerned with those
areas of the Zulu tenements that are expected to be mined and
processed through the present plant only and excludes the greater
EPO area.
|
Ø
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This MRE estimates Li2O
that is contained in spodumene, specifically Li2O that
is attributable to spodumene at 107,366 tonnes and the direct
conversion of the contained Li2O to spodumene
concentrate 6 (SC6) is 1,789,433 tonnes.
|
Ø
|
This MRE estimates that the ore body
contains 1,045,908 kg of Ta2O5.
|
Ø
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On-going Mineral Resource
development drilling, with the aim of identifying extensions to the
current MRE and thereto having the potential to add additional
Mineral Resources, is ongoing.
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George Roach, CEO commented:
"This MRE supports the development of the Zulu mine on an expedited
basis. It underlines our confidence in the medium and long-term
future of this mine and further supports our view that Zulu has the
stand-alone potential to develop a Lithium Sulphate plant. Work
continues in the greater EPO area, and we have now identified areas
of future potential mineralisation and secured those areas in the
longer term under new mineral claims.
It is worth noting that this MRE is
based on an assumed 80% of the total Li2O grade of the
ore body being attributable to the SQI dominant style of
mineralisation, which is conservative in our opinion and ongoing
analysis of the mineral assemblage may support an increase in this
percentage with potential increases in the contained spodumene. We
have previously set out our expectation that Zulu is likely to
produce spodumene concentrates with low iron and higher spodumene
concentrate grades.
Accordingly, we expect to receive a
premium for spodumene concentrates produced at Zulu and this
further supports our determination to bring this plant into
production now. Whilst we do not have the ability to recover
tantalite at present, relatively minor plant additions that are
under consideration are expected to see production of
Ta2O5 concentrate in the future.
At the same time, I am pleased to
note the arrival at site of all plant components and in particular
the arrival and installation of the new ball mill. Assembly is
expected to complete within the next weeks. Optimisation of the
sorters is ongoing, and we expect the overall plant to be back in
production during February 2024."
Mineral Resource Estimate:
The MRE is based on assay results
from 163 drill holes totalling 33,258 metres (m) drilled between
September 2016 and the end of August 2023. This MRE was carried out
by an independent qualified person, Mr Charles Muller of Shango
Solutions (Shango). All available data was verified prior to the
development of the 3-dimensional geological model which was
completed utilising Datamine Studio RM.
The geological model has been
developed from extensive drilling, which was undertaken on a
nominal 50 m x 50 m drill spacing, as well similarly spaced surface
trenches. Variography indicates that 50 m spacing of the borehole
pierce points is sufficient for an Indicated Mineral Resource
classification.
The MRE set out in Table 1 is
prepared in accordance with SAMREC and in compliance with Appendix
3 of the AIM Note for Mining and Oil & Gas Companies. In this
regard, specific attention is drawn to the fact that Zulu is
expected to produce spodumene concentrate and certain by products.
Not all Li2O identified in assay results is contained in
spodumene, with ongoing test work indicating that spodumene
accounts for more than 80% of the Li2O grade.
Accordingly, the overall tonnage of the Mineral Resource is reduced
to reflect only the contained Li2O that is associated
with spodumene. Premier is the Operator and 100% owner of Zulu such
that the gross and net attributable MRE attributable to Premier is
the same.
Table 1: Mineral Resource Statement for Zulu Project -
31st January 2024
Tonnage
|
Grade
|
Metal
|
Category
|
Mt
|
Li2O
|
Ta2O5
|
Li2O
|
Ta2O5
|
%
|
g/t
|
t
|
kg
|
Indicated
|
|
|
14.78
|
0.45
|
43.83
|
66,498
|
647,687
|
Inferred
|
|
|
9.97
|
0.41
|
39.95
|
40,869
|
398,222
|
Indicated and Inferred
|
|
|
24.75
|
0.43
|
42.20
|
107,366
|
1,045,908
|
Notes
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i.
|
Losses: delineated pegmatites contain 80% spodumene - tonnage
is reduced by 20% to reflect the mineral assemblage. In addition,
geological losses of 5% for Indicated Mineral Resources and 10% for
Inferred Mineral Resources have been applied.
|
ii.
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The MRE is prepared at a 0 % cut-off grade as all the
spodumene is expected to be recovered.
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iii.
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A
density of 2.78 g/cm3 has been utilised.
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iv.
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A
depth cut-off of 300 m below surface has been considered based on
cost parameters, although the majority of the pegmatites have only
been modelled to a depth to 200 m.
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v.
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The effective date of the MRE is 31 January
2024
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vi.
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The MRE is based on information compiled by the Company and
reviewed by Shango and prepared in accordance with SAMREC. Mineral
Resources are not Mineral Reserves and have not demonstrated
economic viability.
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vii.
|
The contained Li2O and Ta205 metal values are rounded, actual
grades and contained metal are accurately stated and any
differences in the totals are due to rounding.
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|
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|
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About
Zulu:
Zulu comprises 14 mineral claims
covering a surface area of 3.5 km² that are contained within a
larger Exclusive Prospecting Order (EPO), and which are prospective
for tantalum and lithium mineralisation. The project is located 80
km as east of Bulawayo. Fort Rixon is some 15 km further to the
west of the project; the nearest village is Pioneer Village n°2,
approximately 1 km to the south of the main deposits.
Geological
Setting:
The area of interest is located within the Fort
Rixon Greenstone Belt where the schist belt is north-south trending
and tear drop shaped, measuring 30 km long in and 19 km wide near
the broad section near the northern end of the belt.
The central area of the claims are underlain by
Archaean-age schists of the Bulawayan Supergroup, with
serpentinites and banded iron formations at the base of the Upper
Bulawayan Group in the east, and metamorphosed mafic volcanics
(amphibolites) and sediments of the Lower Bulawayan Group to the
west. The principal pegmatites at Zulu (the Main and South
pegmatites) are developed along the contact of the Upper and Lower
Bulawayan groups. Additional pegmatites are developed in the
footwall sediments. The metamorphic grade is retrograde Greenschist facies. In the east of the
claims blocks, epidosites, calc-silicate rocks and gneissic
granites prevail. The northern most part of the EPO is underlain by
a post-Bulawayan Supergroup aged massive granite.
The Zulu pegmatites are typical
Lithium-Caesium-Tantalum (LCT) pegmatites. Outcrop widths for the
exposed pegmatites can vary between 1 m to 50 m.
The strikes of the individual
pegmatites may varies widely but the South, Main and NE pegmatites
and their subsidiary footwall pegmatites trend approximately NNE.
The short strike length petalite-rich River Pegmatites trend in an
approximate SW-NE direction, while the SE Pegmatites strike in a
NW-SE direction. Although dips can vary locally with each
pegmatite, the dip of the South and Main pegmatites is generally
subvertical towards the west, while the River Pegmatites are
dipping subvertical to the NW and the SE Pegmatites subvertical to
the SW.
The South and Main pegmatites have exploited
the serpentinite-amphibolites contact with the subsidiary footwall
pegmatites mainly hosted in the amphibolite sediments. In the east
the pegmatites are hosted in granites.
The drilled widths of individual pegmatites can
vary from less than a metre to greater than 20 m in thickness down
hole. Occasionally along the contacts between the pegmatites and
the host amphibolites, the individual pegmatites have undergone
intense sodium metasomatism resulting in the formation of a lithium
bearing amphibole called holmquistite.
Lithium Mineralisation at Zulu:
To date, three principal lithium
bearing minerals, spodumene, petalite and lepidolite have been
identified in the Zulu pegmatites. Locally the host rocks of
the pegmatites contain noteworthy amounts of holmquistite, a
lithium bearing amphibole.
Tantalum Mineralisation at Zulu:
Many of the lithium bearing
pegmatites at Zulu are weakly mineralised with tantalum with the
best mineralised pegmatite being the South Pegmatite (South Pit)
having an overall Indicated Mineral Resource grade of 86 ppm
Ta2O5. The only tantalum bearing mineral
observed to date is tantalite. The highest tantalum grade to
date is 3,203 ppm Ta2O5 from a surface
trench.
Exploration History:
The pegmatite was first pegged in
1955 by J.S. Willemse. Subsequently the Rhodesian Selection
Trust Co. Ltd. ("RST") took
an option on the claims and carried out an extensive drilling and
excavation programme. Although much development work was carried
out, the RST declined to exercise their option on the claims. In
1961 and 1962 a small quantity of petalite was mined by W. Burchett
in partnership with J.S. Willemse.
In 2010, after decades of no
activity, consulting geologist Richard B. Dollar registered the
claims in his name and subsequently carried out diamond drilling
and trenching programmes which were financed by Premier. In 2013
the Company exercised an option to acquire the claims.
Drilling Techniques and Hole Spacing:
All the boreholes available for the
Mineral Resource estimation were diamond drill boreholes. The
drilling and trenching statistics for each exploration phase are
detailed in Table 2.
Table 2: Zulu Drilling Statistics
PROGRAMME
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Drill Holes
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Surface
Trenches
|
No.
|
Metres
|
No.
|
Metres
|
RST (1958)
|
7
|
903.9
|
|
|
ZULU - 2011 Exploration
|
6
|
2,312.9
|
|
|
ZULU - 2016-2017
|
43
|
5,809.1
|
|
|
ZULU - MRE (2021-2023)
|
143
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34,100.2
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33
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2,534.8
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TOTAL
|
199
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43,126.1
|
33
|
2,534.8
|
In 2011, six diamond drill holes
totalling 2,312 m were drilled by Ox Drilling from Zambia. Core
diameters ranged from PQ (85 mm) PQ3 (83 mm) and HQ (63.5 mm). The
aim of this drilling campaign was to establish continuity of the
pegmatite mineralisation at depth. Four boreholes, totalling 1,153
metres were surveyed in early 2017 by the new drilling contractor
as only two of the six drill holes had been surveyed in 2011.
Several of the holes had partly collapsed at depth.
The second diamond drilling
programme, totalling 43 boreholes and 5,809 m of drilling,
commenced in September 2016 and was completed by February 2017. The
Zimbabwean company Geodrill from Bulawayo supplied and operated one
and later two drill rigs on the project. 5,288 m of downhole
surveys were completed for 40 drill holes with three holes not
being surveyed due to drill hole collapses. Drill holes commenced
with HQ (63.5 mm) diameter cores in the weathered zone and once in
stable ground, the holes were completed with NQ (47 mm)
coring.
The third diamond drilling programme
commenced in 2021 and will continue through 2024. To date, 143
drill holes totalling 34,100.16 m have been completed. Drill holes
are sited on a nominal 50 m x 50 m drill spacing. Holes are
collared and drilled HQ size until the base of the weathered zone,
cased and then completed with NQ-sized coring. Two drill
contractors, supplying up to a six drill rigs, were deployed in
2022.
Sampling:
2016-2017 Drill
Programme:
Drill cores were packed into metal
core boxes which were secured on the drill site prior to being
transported to the RHA Mine by truck. At the mine, the core was
photographed and logged by Mr Wolfgang Hampel, the then Exploration
Manager of Premier. Pegmatite intersections were marked-up,
assigned unique sample numbers and cut in half, with one half
subsequently being quartered. A diamond saw was utilised to cut the
core. The quartered core was bagged for lithium and tantalum
analysis, the balance of the core was stored at the RHA core shed,
until transported to the new Zulu core shed in 2022. The lengths of
the sampled cores varied between 0.16 m and 8.79 m, depending on
the lithology (pegmatite / host rock) and the homogeneity of the
pegmatites. Any identified zoned pegmatites were sampled across
their logged mineralogical zones.
2021-2024 Drill
Programme:
Drill cores are packed into metal
core boxes at the drill site, with core block markers being
inserted into the core boxes after each core run. Core is then
transported to the Zulu core shed by company representatives. In
the core shed, basic core measurements are captured (i.e. core
recoveries and Rock Quality Designation - RQD). The core is then
photographed and geologically logged. All pegmatite intersections,
together with 1 m samples in the immediate hangingwall and footwall
of the pegmatite, are marked up for cutting and sampling. The
nominal sampling interval across a pegmatite intersection was 1 m
but, in all cases, geological contacts were respected and no
sampling across contacts took place. Unique sample numbers are
assigned to each core sample. Core is cut in half and half cores
were bagged and labelled. Bulk density determination on 10 cm
lengths of core are then measured (Archimedes Principle) for each
sample.
Samples are then transported under
company supervision to Antec Laboratories in Kwekwe, for sample
preparation.
Sample Analysis:
To date 10,129 core and trench
sample assays have been returned. In addition, 1,528 QA/QC
(Quality-Assurance / Quality-Control) samples (blanks, duplicates
and standards), or 15.1% of the analysed core samples were inserted
to ensure adequate QA/QC.
2016-2017 Drill Programme:
All sample preparation was carried
out at RHA's sample preparation facility at the mine. Every sample
of quarter core was dried, and its bulk density was determined
using a density scale (Archimedes principle). Samples were crushed
to -4 mm in a jaw crusher and a 200-250 g split was pulverised
(minimum of 85% passing 75 microns (μm)). A 50 g aliquot of the
pulverised samples was labelled and sent to SGS South Africa
(Randfontein) for multi-element analysis (49 elements). SGS code
ICM90A Multi Elements by sodium peroxide fusion, ICP-OES and ICP-MS
finishes. The sodium peroxide fusion technique is considered to be
a "total" dissolution technique for lithium-bearing silicate and
tantalum bearing oxide minerals. Detection limits for lithium are
10 ppm to 10% (i.e. 100,000 ppm) and 0.5 ppm to 1% (i.e. 10,000
ppm) for tantalum. Certified Reference Material samples (AMIS0343) for lithium
and tantalum were introduced into the sample stream at a rate of
1:16. Blanks were introduced at the same rate, the blank being
sourced from a massive barren quartz vein found some 8 km from
Zulu. A number of core samples from the earlier 2011 drilling
campaign were re-assayed using the method described above.
Initially, the samples of 2011 had only been dissolved using a
multi-acid digestion, which is a semi-quantitative technique and
not adequate to dissolve certain minerals including spodumene and
tantalite.
2021-2024 Drill
Programme:
Samples were prepared at Antec
Laboratories in Zimbabwe. At Antec, samples were crushed to -2 mm
then a 200 g aliquot was pulverised to a minimum specification of
85% passing 75 μm. Pulverised samples (pulps) were transported by
an independent logistics company to the Premier offices in
Johannesburg, where they were inspected and transported to SGS
Lakefield by a company representative. SGS performed a sodium
peroxide fusion with the 51 multi-element analytical finishes
(ICP90A50 and IMS90A50). Detection limits for lithium are 10 ppm to
5% (50,000 ppm) and tantalum 0.5 ppm to 1% (10,000 ppm). QA/QC
samples, (i.e. Certified Reference Material, blanks and duplicates)
were inserted on site into the sample stream with each sample
represented with a unique sample number. The QA/QC samples
represent 15% of the total number of samples analysed.
Estimation
Methodology:
3-dimensional geological
modelling was conducted in Datamine Studio RM on a lithological
basis by an external consultant, Shango. Information utilised to
construct the models was sourced from 194 diamond drill boreholes,
31 trenches together with surface mapping. All data that was
included within the models were verified and checked prior to
modelling. At the time of model development assays from 163
boreholes were available. Wireframe models were constructed on
lithological parameters as opposed to grade parameters. This method
was imposed in order to remove the effect of holmquistite, which is
a lithium bearing amphibole that is present in the host rock.
Therefore, the wireframes constructed for the geological model only
included mineralised pegmatites. Each of the 27 mineralised
pegmatites was modelled separately and subsequently reviewed by
Premier prior to the Mineral Resource estimation.
Each of the 27 mineralised
pegmatites was flagged and estimated separately. The sample data
were composited on a 1.5 m basis. For this exercise both
Li2O and Ta2O5 were estimated.
Statistical analyses were performed including descriptive
statistics, histogram plots, probability plots and capping of
outliers. Spatial variances were modelled in the form of downhole
and planar variograms. Kriging neighbourhood analysis (KNA)
determined the optimal block model cells sizes and search
parameters for the estimation process. Ordinary Kriging (OK) was
applied for the grade estimation and detailed model validations and
checks were performed. Visual checks and various estimation
parameters, including search volumes, number of samples, distance
to samples, kriging efficiencies and regression slope, were
utilised to classify the Mineral Resource into Indicated and
Inferred categories.
Ongoing metallurgical test work
indicated that spodumene accounts for more than 80% of the
contained Li2O and the tonnages have been reduced to
reflect only the contained Li2O that is associated with
spodumene. Test work also indicated that all of the spodumene will
be recovered and therefore a zero cut-off Li2O grade has
been applied for the Mineral Resource statement. A zero cut off is
considered applicable to this project as the Mineral Resource
reflects the recovery of mineral (spodumene), as opposed to a
metal. A further 5% geological loss has been applied for the
Indicated category and 10% for the Inferred category.
Mineral Resource Classification:
Extensive close-spaced drilling
allows that 60% of this MRE falls within the Indicated category. A
combination of results from mining activities and further in-fill
drilling is likely to see an increase in the Indicated category.
Similarly, it is anticipated that the Mineral Resource
classification will likely change to a Reserve classification with
ongoing mining activity and grade control sampling, providing real
time confirmation of the validity of the modifying factors that may
be applied to the Mineral Reserve.
Mining and Metallurgy:
The Company has developed Zulu as an
open pit mine. Plant and process design was based on metallurgical
test work conducted by German based Dorfner-Anzaplan in 2016 and
2022 and is supported by extensive additional test work undertaken
by Geolabs in South Africa and the laboratory established at Zulu
in 2023.
More Information:
Lithium
Lithium (Li) is recovered from
minerals such as spodumene, petalite and lepidolite as well as
lithium-rich brines and is used in a range of products such as
ceramics, glass, batteries and pharmaceuticals. Lithium use has
expanded significantly in recent years due to the increasing use in
rechargeable batteries in portable electronic devices and batteries
and electrical motors for hybrid and electrical motor
vehicles.
Lithium grades are normally
presented in percentages or parts per million (ppm). Grades of
deposits are also expressed as lithium compounds in percentages,
for example as a percent lithium oxide (Li2O) content or
percent lithium carbonate (Li2CO3)
content.
At Zulu, SC6 is the product
recovered. Zulu will therefore report that the estimated tonnage of
lithium is directly associated with spodumene. This assumes 100%
recovery and no process losses in the concentration
of spodumene in the plant are considered in this
MRE.
Lithium standard conversion factors
are set out in the Table 3 below:
Table 3: Conversion Factors for
Lithium Compounds and Minerals
Convert from
|
|
Convert Li
|
to Li2O
|
to
Li2CO3
|
Lithium
|
Li
|
1.000
|
2.153
|
5.323
|
Lithium Oxide
|
Li2O
|
0.464
|
1.000
|
2.473
|
Lithium Carbonate
|
Li2CO3
|
0.188
|
0.404
|
1.000
|
The current pricing of Li is set out
below (Source: Metal.Com):
i.
|
Spodumene concentrate, SC6 6%
Li2O, CIF China US$950/t.
|
ii.
|
Spodumene concentrate, >7%
Li2O, CIF China: US$1,610/t.
|
Li content of pure Spodumene
concentrate is 8.03%.
Tantalum
The primary source of tantalum is
from minerals including tantalite, columbite, wodginite and
microlite which are typically hosted in pegmatite ore bodies. The
largest deposits are located in Australia, Brazil and Africa.
Tantalum's major use is in the production of electronic components,
especially for capacitors, with additional use in components for
chemical plants, nuclear power plants, airplanes and missiles. It
is also used as a substitute for platinum.
The tantalum market is niche in size
with around 1,300 tonnes required each year. However, the market is
rapidly growing due to capacitor use in wireless and handheld
devices.
Withdrawal of Previous Mineral Resource Estimate and
declaration:
Premier has withdrawn the previous
MRE related to Zulu published in 2017 and which has been superseded
by the MRE set out in this announcement and in
particular:
i.
|
The estimation methodology in the
2017 MRE, whilst appropriate at that time based on the very limited
and widely spaced data and early stage of exploration, is
superseded by the extensive data set now available to Zulu;
and
|
ii.
|
Industry Standard reporting has
generally disregarded mineral assemblage in reporting lithium grade
only. Zulu is concerned with the recovery and production of
spodumene only and Shango Solutions considers the reporting of
overall lithium grade, without reference to mineral assemblage as
unsuitable for this project.
|
Competent
Persons Statement:
Mineral Resource Estimate
The scientific and technical
information contained in this announcement
that relates to the Mineral Resource Estimate is based on data
compiled and verified by Mr Charles Muller of Shango
Solutions, including the sampling, preparation, security and analytical
procedures.
Shango Solutions has reviewed the
information in this announcement that
relates to the Mineral Resource
Estimate and has confirmed that the
information presented is balanced and complete and not inconsistent
with the reported MRE.
Mr Charles Muller is a Competent
Person who is a Professional Natural Scientist registered with the
South African Council for Natural Scientific Professions (No.
400201/04) and a Fellow of the Geological Society of South Africa,
each of which is a "Recognised Professional Organisation"
(RPO). Mr Charles Muller
has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as
defined in the 2014 Edition of the "South African Code for the
Reporting of Mineral Resources and Mineral Reserves". Mr Charles
Muller consents to the release of the report and the information
contained therein.
Mr Charles Muller is an employee of
Shango Solutions (Shango), registered as Dunrose Trading 186 (Pty)
Ltd and established in April 2004. Shango provides a diverse range
of services to the mineral and mining sectors. Areas of
specialisation include target generation, exploration, geodatabase
compilation and management, geological modelling, resource
estimation, mineral asset valuations, due diligences, desktop
project reviews and technical reporting.
Mr Charles Muller provides
independent technical geological services to Premier. Furthermore,
Mr Muller has extensive experience in preparing technical and
competent persons' reports for exploration and mining
companies.
Mr Charles Muller is not employed by
or related to any employees, representatives or directors of
Premier Minerals. In addition, neither Shango nor its employees
have or have had any personal interest in this project resulting in
a conflict of interest.
Geology
Bruce Cumming, a consulting geologist to Premier, has reviewed
and approved this release to the extent that reference is made to
the geology and mineralogy of the Zulu pegmatites. Mr. Cumming is a
SACNASP and GSSA registered geoscientist with 48 years' experience
in exploration and project management, in multicommodity projects
throughout Africa.
Market Abuse Regulations:
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 ("UK MAR").
The person who arranged the release
of this announcement on behalf of the Company was George
Roach.
A copy of this announcement is
available at the Company's website, www.premierafricanminerals.com
Enquiries:
George Roach
|
Premier African Minerals Limited
|
Tel: +27 (0) 100 201 281
|
Michael Cornish / Roland Cornish
|
Beaumont Cornish Limited
(Nominated Adviser)
|
Tel: +44 (0) 20 7628 3396
|
Douglas Crippen
|
CMC
Markets UK Plc
|
Tel: +44 (0) 20 3003 8632
|
Toby Gibbs/Rachel Goldstein
|
Shore Capital Stockbrokers Limited
|
Tel: +44 (0) 20 7408 4090
|
Beaumont Cornish Limited
("Beaumont Cornish"), which
is authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting as nominated adviser to the Company in
connection with this announcement and will not regard any other
person as its client and will not be responsible to anyone else for
providing the protections afforded to the clients of Beaumont
Cornish or for providing advice in relation to such proposals.
Beaumont Cornish has not authorised the contents of, or any part
of, this document and no liability whatsoever is accepted by
Beaumont Cornish for the accuracy of any information or opinions
contained in this document or for the omission of any information.
Beaumont Cornish as nominated adviser to the Company owes certain
responsibilities to the London Stock Exchange which are not owed to
the Company, the Directors, Shareholders, or any other
person.
Forward Looking Statements:
Certain statements in this
announcement are or may be deemed to be forward looking statements.
Forward looking statements are identified 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 reflect 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.
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.
Glossary of Technical Terms:
"Albite"
|
is a sodium rich feldspar and
typically is the plagioclase mineral found in
pegmatites.
|
"Albitite"
|
is a rock consisting almost entirely
of albite and quartz. It can be classed as an
alkali-feldspar-granite, however it is usually a high to
medium-temperature metasomatic rock formed by the sodic alteration
of various rocks.
|
"Amphibole"
|
a group term for various rock
forming silicates with the general chemical formula
Ca-Mg-Fe-Al-OH-Si-O.
|
"Chlorite"
|
a group term for various rock
forming silicates
(Mg,Fe)6(Si,Al)4O10(OH)8.
|
"Chlorite
facies"
|
metamorphism under certain pressures
and temperatures that lead to the formation of the mineral
chlorite.
|
"Columbite"
|
a black mineral group that is an ore
of niobium and tantalum, [(Fe,
Mn)Nb2O6],
|
"Epidosite"
|
a highly altered epidote and quartz
bearing rock.
|
"felsic"
|
refers to igneous rocks that are
relatively rich in elements that form feldspar and
quartz.
|
"Indicated
Resource"
|
are economic mineral occurrences
that have been sampled (from locations such as outcrops, trenches,
pits and drill holes) to a point where an estimate has been made,
at a reasonable level of confidence, of their contained metal,
grade, tonnage, shape, densities, physical
characteristics.
|
"Inferred
Resource"
|
that part of a Mineral Resource for
which tonnage, grade and mineral content can be estimated with a
low level of confidence. It is inferred from geological evidence
and sampling and assumed but not verified geological and/or grade
continuity. It is based on information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes that may be limited or of uncertain
quality and reliability.
|
"Gneiss/gneissic"
|
a foliated rock formed by regional
metamorphism, in which bands or lenticles of granular minerals
alternate with bands or lenticles in which minerals having flaky or
elongate prismatic habits predominate. Generally, less than 50% of
the minerals show preferred parallel orientation.
|
"Holmquistite"
|
is a lithium rich amphibole
(Li2Mg3Al2(Si8O22)(OH)2).
|
"K-feldspar"
|
is a general term for potassium
bearing feldspars KAlSi3O8, a common
rock forming mineral. Microcline is the low temperature variety
found in pegmatites.
|
"Lepidolite"
|
is the mineral name for lithium
bearing mica
KLi2Al(Si4O10)(F,OH)2
an important ore of lithium.
|
"Li2O"
|
chemical formula of dilithium
oxide.
|
"Lithium Carbonate Equivalent
(LCE)"
|
is the industry standard terminology
for, and is equivalent
to, Li2CO3.
|
"mafic"
|
pertaining to or composed dominantly
of the ferromagnesian rock-forming silicates; said of some igneous
rocks and their constituent minerals.
|
"Measured Mineral
Resource"
|
that part of a Mineral Resource for
which quantity, grade or quality, densities, shape, and physical
characteristics are so well established that they can be estimated
with confidence sufficient to allow the appropriate application of
technical and economic parameters, to support production planning
and evaluation of the economic viability of the deposit. The
estimate is based on detailed and reliable exploration, sampling
and testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes that are spaced closely enough to confirm both geological and
grade continuity.
|
"Metamorphism"
|
the mineralogical, chemical, and
structural adjustment of solid rocks to physical and chemical
conditions that have generally been imposed at depth below the
surface zones of weathering and cementation, and that differ from
the conditions under which the rocks in question
originated.
|
"Metasomatism"
|
the chemical alteration of a rock by
hydrothermal and other fluids. It is the replacement of one rock by
another of different mineralogical and chemical composition. The
minerals which compose the rocks are dissolved and new mineral
formations are deposited in their place. Dissolution and deposition
occur simultaneously, and the rock remains solid.
|
"Mica"
|
is a general term for a group of
sheet silicate minerals, it includes several closely related
minerals having nearly perfect basal
cleavage, KAl2(Si3Al)O10(OH,F)2;
micas are common rock forming minerals.
|
"Microlite"
|
is a pale-yellow, reddish-brown, or
black mineral composed of sodium calcium tantalum oxide with a
small amount of fluorine
(Na,Ca)2Ta2O6(O,OH,F); locally a
tantalum ore.
|
"Mineral
Resource"
|
concentration or occurrence of
diamonds, natural solid inorganic material or natural fossilized
organic material including base and precious metals, coal, and
industrial minerals in or on the Earth's crust in such form and
quantity and of such a grade or quality that it has reasonable
prospects for economic extraction. The location, quantity, grade,
geological characteristics and continuity of a mineral resource are
known, estimated or interpreted from specific geological evidence
and knowledge.
|
"Mn"
|
is the symbol for the chemical
element manganese.
|
"Pegmatite"
|
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"
|
the mineral name for lithium
aluminium silicate LiAl(Si4O10) an important
ore of lithium.
|
"Plagioclase"
|
a group term for sodium to calcium
dominant feldspars (Na,Ca)(Al,Si)4O8, a
common rock forming silicate mineral.
|
"ppm"
|
means parts per million.
|
"Quartz"
|
one of the most common rock forming
minerals with the chemical composition SiO2 (silicon
dioxide).
|
"SAMREC"
|
is the South African Code for the
Reporting of Mineral Resources and Mineral Reserves.
|
"Schist"
|
a strongly foliated crystalline
rock, formed by dynamic metamorphism, that can be readily split
into thin flakes or slabs due to the well-developed parallelism of
more than 50% of the minerals present, particularly those of
lamellar or elongate prismatic habit, e.g., mica and
amphibole.
|
"Serpentinite"
|
a rock consisting almost wholly of
serpentine-group minerals, e.g., antigorite and chrysotile or
lizardite, derived from the alteration of ferromagnesian silicate
minerals, such as olivine and pyroxene. Accessory chlorite, talc,
and magnetite may be present.
|
"Spodumene"
|
the mineral name for lithium
aluminium silicate LiAlSi2O6 an important ore
of lithium.
|
"Ta2O5"
|
chemical formula of ditantalum
pentoxide.
|
"Tantalum pentoxide"
|
is the inorganic compound with the
formula Ta2O5.
|
"Tantalite"
|
a mostly dark grey to black mineral,
manganese bearing varieties are called manganotantalite or
tantalite-(Mn) MnTa2O6; a major tantalum
ore.
|
"Wodginite"
|
is a manganese, tin, tantalum oxide
mineral with formula Mn(Sn, Ta)Ta2O8, locally
used as a tantalum ore.
|
Ends