21st Jul 2016 09:31
LONDON (Alliance News) - Premier African Minerals Ltd Thursday said there is "excellent correlation" between the recent exploration programme at the Zulu project and the historic work that has been carried out, suggesting there is potential for "massive lithium rich mineralisation".
Premier African shares were trading up 9.5% to 0.711 pence per share on Thursday.
The miner has been conducting its own exploration programme on the lithium and tantalum project located at Fort Rixon in Zimbabwe, and said the recently completed 3D modelling indicates a "direct correlation" to both the historic data and the data gathered from its own exploration activities.
Rhodesian Selection Trust was the last to explore the asset - all the way back in 1958 - and identified a mineralised ore body over some 460 meters and to a depth of some 50 meters.
Premier African's exploration on the surface has extended the strike to the pegmatite seven-fold and the depth four-fold, which increases the potential exploration target substantially. Notably, the body remains open at strike and depth.
"The company's new exploration programme at Zulu is expected to commence shortly and will test the strike extensions to a limited depth and focus on establishing an initial code-compliant resource for Zulu. Bulk samples for flowsheet development are already at the laboratory and our intention is to target production of a saleable bulk concentrate in as low a capex operation as possible," said Chief Executive George Roach.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Premier African Minerals