Premier African Minerals will raise £1-million, before expenses, through a share placement to help fund the ongoing definitive feasibility study (DFS) at the company’s Zimbabwe-based Zulu lithium project.
CEO George Roach on August 17 said plans for a third rig and general work on the DFS were under way, and that it is time to direct more effort and resources into the rest of the exclusive prospecting order (EPO) of 205 km2.
Exploration teams have been appointed, while airborne geophysics and other remote sensing services have also been commissioned.
Premier has high expectations for both additional lithium, caesium and tantalum pegmatite discovery and other potential in respect of the Fort Rixon greenstone belt that intrudes into parts of the EPO area.
The EPO area includes known gold mineralisation and historic reports of producing gold mines.
Premier's portfolio of exploration assets and the miner’s interest in the producing manganese operations at Otjozondu in Namibia, are representative of an "in-demand" basket of industrial minerals, with improving economics and elevated demand.
Premier is well positioned to ride this wave of interest in its lithium, tungsten, manganese, rare earths, gold and fluorspar deposits and exploration projects, the company said.