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Key Points
- The upgraded Mineral Resource Estimate focuses on spodumene and tantalum resources relevant to current mining plans, excluding the broader Exploration Permit Area.
- The updated estimates highlight significant quantities of Li2O and Ta2O5, showcasing the dual potential of the project.
- Ongoing drilling aims to expand the current Mineral Resources, further enhancing the project's viability and attractiveness to investors.
Premier African Minerals Limited (LSE:PREM) has announced a significant upgrade to the SAMREC-compliant Mineral Resource Estimate (MRE) for its wholly-owned Zulu Lithium and Tantalum Project. This updated MRE is also compliant with JORC standards, reinforcing the project's potential for future development.
Key Highlights
- Focused Resource Assessment: The updated MRE specifically pertains to the spodumene and tantalum resources contained within the deposit, focusing solely on areas of the Zulu tenements expected to be mined and processed through the current plant. Importantly, this MRE excludes the larger Exploration Permit Area (EPO).
- Lithium and Tantalum Estimates: The updated MRE estimates that the spodumene deposit contains approximately 131,627 tonnes of Li2O, with the direct conversion of this lithium content to spodumene concentrate (SC6) amounting to 2,197,800 tonnes. Additionally, the ore body is estimated to contain 1,225,058 kg of Ta2O5, underscoring the dual commodity potential of the project.
- Ongoing Development Drilling: Mineral Resource development drilling is currently in progress, aimed at identifying extensions to the existing MRE. This drilling effort holds the potential to significantly increase the Mineral Resources at the Zulu project.
Methodology and Independent Verification
The MRE is founded on assay results derived from 236 surface drill holes, totaling 46,355 meters (m), 856 grade control holes summing to 5,640 m, and 123 surface trenches amounting to 4,055 m of exploration work conducted between September 2016 and December 2023. The assessment was performed by an independent qualified person, Mr. Charles Muller from Shango Solutions (Shango), ensuring objectivity and accuracy.
The geological model was established using comprehensive drilling data, executed with a nominal spacing of 50 m x 50 m for drill holes and similarly spaced surface trenches. Variography studies indicate that this 50 m spacing is adequate for classifying resources as Indicated Mineral Resources, providing confidence in the MRE's reliability.
Compliance and Future Outlook
The updated MRE is prepared in accordance with both SAMREC and JORC guidelines, as well as the AIM Note for Mining and Oil & Gas Companies, specifically addressing the expectation that Zulu will produce both spodumene concentrate and various by-products. It is noteworthy that not all Li2O identified in assay results is derived from spodumene; ongoing testing indicates that over 80% of the Li2O grade is associated with spodumene. Consequently, the overall tonnage of the Mineral Resource has been adjusted to reflect only the contained Li2O that is directly linked to spodumene.
As the 100% owner and operator of the Zulu project, Premier African Minerals is positioned to fully capitalize on the MRE's findings. The enhanced resource estimate not only validates the potential of the Zulu Lithium and Tantalum Project but also paves the way for further exploration and development, contributing to the growing global demand for lithium and tantalum in various applications.
