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Oliver Kazunga, Senior Business Reporter
DIVERSIFIED mining group, Premier African Minerals says more than 2 000 metres of the initial large diameter drilling has been completed at its Matabeleland South-based Zulu lithium project presently under development.
Completion of the drilling programme allows first pass geotechnical analysis and the provision of material for first ore test work in Germany in January next year.
In a latest update, Premier African Minerals chief executive officer Mr George Roach said the ongoing resource drilling exercise is expected to accelerate within the existing declared resource estimate area.
“Over 2 000 metres of large diameter drilling has been completed and this will allow first pass geotechnical analysis and provide the material for first ore sorting test work that will be undertaken in Germany from January 2022,” he said.
“With the completion of this initial large diameter drilling, the ongoing resource drilling is expected to accelerate both within the existing declared resource estimate area and in adjoining extensions thereto, where we continue to intersect visibly well mineralised pegmatite intersections.”
Premier has made a placement to raise £800 000 before expenses at an issue price of 0,16 pence per new ordinary share for the ongoing Definitive Feasibility Study at Zulu.
In April this year, the mining group announced that it had initiated a DFS and a funding strategy to be applied in future development of Zulu lithium and tantalum project in Matabeleland South.
“I have made reference to a number of ongoing negotiations intended to secure funding for the balance of the DFS underway at Zulu against a small disposal of a direct interest in the project and assurance of mine build and off-take finance.
“Due diligence is being undertaken by more than one capable potential off-take partner.
“As much as Premier is under due diligence, so too are those seeking to conclude an off-take agreement with us.
“Although progress is good in my opinion, there is no certainty of outcome until final agreements are concluded and that is not the case at this time,” said Mr Roach. — @KazungaOliver
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