London-listed Premier African Minerals will raise £800 000 before expenses through a share placement at an issue price of 0.16p a share for the ongoing definitive feasibility study (DFS) at its Zulu lithium and tantalum project, in Zimbabwe.
CEO George Roach confirmed that the DFS was progressing well, with over 2 000 m of large-diameter drilling having been completed. This will allow first pass geotechnical analysis and provide the material for first ore sorting test work that will be undertaken in Germany from January.
With the completion of this initial large-diameter drilling, the ongoing resource drilling is expected to accelerate both within the existing declared resource estimate area and in adjoining extensions thereto, where the miner continues to intersect visibly well mineralised pegmatite intersections.
This, Roach says, gives the company the confidence that it will see both an improved level of confidence in the declared resource estimate area, and important extensions thereto, that should potentially see marked increases in the overall resource estimate.