Exploration unlocks more lithium resource in Insiza
AIM-listed Premier African Minerals, which is developing the Zulu lithium and tantalum project in Insiza District, Matabeleland South province, has reported new intersections of lithium and tantalum.
According to the company, recent drilling activity on the southern part of the project area has shown new resource intersections including 21 metres grading 1,23 percent lithium oxide and 920 parts per million (ppm) rubidium from 37,1 metres; and 20,7 metres grading 1,44 percent lithium oxide and 4 138 ppm rubidium from 21,6m.
Group’s chief executive officer, Mr George Roach, expressed pleasure that drilling results for the project have started trickling in.
“I am pleased to see that drill results are now starting to come in, and particularly that these results announced today are from an area not included in our initial resource estimates,” he said in a latest public update.
“They do support our expectations of further discoveries and a probable increase in the mineral resource at Zulu. At the same time, considerable work is focused on refinement and upgrade of the resource. Further updates will follow,” he said.
“Our current objective is to secure direct trade investment into Zulu from a potential leading industry partner and while there is no certainty that a final investment agreement will be concluded, negotiations, together with legal, corporate, and technical due diligence continue.”
Last year, the diversified mining group made a placement of £1 million for the ongoing definitive feasibility study at the Zulu Lithium project.
The placement is intended to ensure there is no interruption to the work in progress at Zulu as well as allowing additional time to enhance value through the DFS and comprehensively and without any pressure, assess other options available to fund the balance of the DFS.
The lithium mine is one of the 25 projects that the Government, through general notice 328 of 2021, has granted Exclusive Prospecting Orders for a period of three years up to 2024.
Premier is focused on mining and developing natural resources in Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe.
The group 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.
Premier also holds over five million shares in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset.
In addition, the multi-commodity firm holds a 19 percent interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.