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Premier African Minerals looks to re-boot after RHA sign-off

Snapshot

  • Owns 49% of RHA tungsten mine in Zimbabwe
  • Agreement reached for funding for production re-start
  • Recently loaned US$1.35mln to manganese mine owner
Wolframite

Quick facts: Premier African Minerals Ltd

Price: 0.1425 GBX

AIM:PREM
Market: AIM
Market Cap: £15.68 m
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What it owns

RHA

RHA is situated in an area of historic production, approximately 270km northwest of Bulawayo.

The project comprises 50 Mineral Claim Blocks, covering 1,800 hectares, consisting of 10 owned by Premier and 40 which are under option.

Small-scale surface and underground mining was conducted at the site between 1931 and 1979.

The deposit is approximately 800m in strike length and 300m wide.

Premier African recently announced a resource of 22.1mln tonnes at 2.45kg per tonne in both the underground and open-pit operations.

To date, Premier African Minerals has invested around US$18mln in the acquisition and development of the mine.

 

Zulu lithium project

Situated 80km from Bulawayo in Zimbabwe, Premier believes the project is potentially the largest undeveloped lithium-bearing pegmatite in Zimbabwe.

Zulu comprises 14 mineral claims covering a surface area of 3.5 km2 which are prospective for lithium and tantalum mineralisation. 

In June 2017, Premier announced a Maiden Mineral Inferred Resource Estimate on Zulu of 20.1 million tonnes grading 1.06% Li2O.

A scoping study in 2017 indicated a value of US$127mln for a 15-year open cast operation mining a concentrate of spodumene and petalite.

Reports in October that EPO had been awarded still to be confirmed.

 

 

Circum

Premier African owns just over 5mln shares in the privately-owned natural resources group, which is developing its wholly-owned Danakil Potash project in the Danakil Depression in Northern Ethiopia.

The Danakil Project has the potential to be a world-class potash project says Premier, which said in August it would ask shareholders for approval to sell it stake.

 

MNH

MNH operates the producing Otjozundu manganese mine in Namibia.

Neil Herbert, its chairman, has joined the Premier board. He is also currently chairman of IronRidge Resources, Helium One and Siderian Resource Capital.

 

What the boss says; George Roach

 "I expect this will be the last direct placement [£250,000 in September 2019] Premier will need in advance of expectations for the exclusive prospecting order application at Zulu Lithium and Tantalum project, and the ongoing electrification at the RHA Tungsten Mine in Zimbabwe.

 “At the same time, we are pleased with reports of ongoing increases in production tonnage at Otjozondu Mining in Namibia and we look forward to the possibilities that a closer association with this mine will bring in the future to Premier and its shareholders".

 

Watch the video

 

 

Inflexion points

Raised £250,000 in September

Receipt of funds for RHA re-open

Re-start of mining at the tungsten mine 

Exclusive prospecting order (EPO) issued at Zulu

Drilling at Zulu gets underway for a definitive feasibility study

Sale of stake in Circum

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Watch

'Very encouraging signs' at Premier African Mineral Limited's Zulu project...

Premier African Minerals Limited (LON:PREM) has recorded significant lithium grades from its latest drilling at its Zulu lithium and tantalum project in Zimbabwe. Chief executive George Roach tells Proactive: ''We are very excited that every hole that we have drilled so far - we're on the 9th...

on 11/09/2016

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