Premier African shares powered by positive lithium drill test results

Shares in AIM-listed Premier African Minerals soared 10% on Monday as the company reported positive lithium assay assay results from shallow drilling at its Zulu Lithium and Tantalum Project .

The company said “exceptionally high grade lithium” was encountered at Zulu with Drill-hole ZDD-3 returning grades up to 3.3% of lithium oxide (Li20) between 25.14 meters and 54.15 meters down hole, including 4.3 meters from 40.15 meters grading 2.16% Li2O.

Host rock mineralised up to 0.9% Li2O and not previously described at Zulu has potential to substantially increase overall tonnage, it added.

Premier chief executive George Roach said the company expected to receive “a lot of final assays over the coming weeks” and was looking forward to understanding the ultimate potential of the tantalum at Zulu and publishing Zulu's maiden resource statement.

“At the same time, the previously unreported mineralisation evident extensively in host rocks has the potential to substantially increase the overall tonnages at Zulu. Assays conducted on host rock return values of up to 0.9% Li2O,” Roach added.

Premier shares were up 9.1% to 0.85p at 1116 GMT.