Premier African Minerals says drill results vindicate decision not to sell-out

Premier African Minerals identified a new mineralised zone adjacent to its Zulu project which the company said vindicated its strategy not to sell-out, opting instead to develop the area further.

After drilling 14 new holes with the aim of expanding the resources at the main zone of the Zulu lithium project near Fort Rixon, Zimbabwe the company said the new zone, located in the south-east of the license area, held the potential to exceed the main zone's tonnage.

On 6 June, Premier had pegged the mineral resource at Zulu at 20.1m tonnes with a grade of 1.06% Lithium including 7m tonnes grading 1.5%, with an exploration target of 60-80m tonnes.

"These new substantial intersections of pegmatites with visually high-grade Li-bearing mineralisation in the south-east of the claims block area yet again confirm the potential of the Zulu Lithium Project and support the Board's decision to look to add value to Zulu before proceeding with any of the strategic offers Premier has received to date," said comapny chief George Roach.

Three new holes, ZDD-37, ZDD-38 and ZDD-39 were drilled in the new zone with "significant" visible lithium mineralisation zones having been intersected in all holes.

Samples for assay from the new zone had been submitted to SGS and the results would be published upon receipt.

Shares in Premier African Minerals ran up by 23.53% to 0.52p on the back of the news.