adminTawanda Musarurwa Senior Business Reporter
Zimbabwe-focused diversified miner, Premier African Minerals has announced plans to recommence drilling at its wholly-owned Zulu lithium and tantalum project.
The Zulu Lithium and Tantalum Project is an advanced stage lithium development project.
It covers about 3,5km² and is located 80km north east of Bulawayo.
In June 2017, Premier announced a Maiden Mineral Inferred Resource Estimate on Zulu of 20,1 million tonnes grading 1,06 percent Li2O.
And in November 2017, the Company announced a Scoping Study demonstrating a robust project with a viable process route.
The group has now said that drilling is expected to commence as soon as mobilisation of funds is complete and seasonal rains permit.
Last week Premier said the budget for the initial drilling programme (including mobilisation) is approximately US$400 000 and the company issued 212 413 793 new Ordinary Shares of nil par value at an issue price of 0,145 pence per share to KME as pre-payment for mobilisation and drilling.
Said Premier CEO George Roach: “It is gratifying to finally be able to report a return to real value generative operations. With the recently announced term sheet in regard to KME, drilling activities at Zulu are likely to proceed at a much-reduced overall cost.
“We look forward to further updates on progress at Zulu as we progress into the DFS work programme.”
The drilling programme is expected to take on board recommendations identified in an earlier Definitive Feasibility Study work programme.
It will focus on expanding the current SAMREC-compliant resource at Zulu.
Premier has since lodged an application for an Exclusive Prospecting Order for a 20 200-hectare exploration licence adjacent to the current licences which, once granted, could significantly enhance the project.
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