British Virgin Islands-registered Premier African Minerals Ltd announced today that assay results from Zulu Lithium & Tantalum Project in Zimbabwe show 2.33% lithium oxide and 186 parts per million of tantalum pentoxide. Further, reports up to 2875 parts per million of rubidium.
"These very pleasing results are further confirmation of our decision to go ahead with the construction of the pilot plant at Zulu," Premier African Minerals chief executive officer George Roach said.
Roach said hole ZDD114 has both the most proven lithium oxide and rubidium. Meanwhile while hole ZDD111 has the most proven tantalum pentoxide.
"We remain on target for hot commissioning in the first quarter of 2023", CEO Roach stat.
Premier African Minerals had indicated in June that they were targeting to speed up production to Q1 2023 on condition that they could get funding in place.
Assay results provide an early indication of the potential value of a mineral or ore body, and therefore they are closely monitored by investors in mining companies. An exceptional assay result can trigger a sudden sharp rally in the stock of a company that holds the mineral rights of the property.
Premier African Minerals stock price immediately went up 0.4 percent to 0.36 pence on the London Stock Exchange on the back ogf the announcement. This marks an 81 percent climb in the 12-month period.
Zulu Lithium and Tantalum Project is located 80km from Bulawayo in Zimbabwe and comprises 14 mineral claims covering a surface area of 3.5 km2 which are prospective for lithium and tantalum mineralisation. The company’s website says the project is generally regarded as potentially the largest undeveloped lithium bearing pegmatite in Zimbabwe.
Lithium is highly in demand for use in rechargeable batteries for mobile phones, laptops, digital cameras and electric vehicles. Lithium is also used in some non-rechargeable batteries for things like heart pacemakers, toys and clocks.
Huayou Cobalt, China’s biggest cobalt refiner acquired the hard-rock Arcadia lithium mine which 38 km out of Harare is considered to be one of the world’s biggest hard rock lithium resources. Huayou bought the mine for $422 million and has announced plans to invest $300 million in its development.
Zimbabwean government says it is on target to a chieve its $12 billion mining industry target by 2023 and the Zulu Lithium & Tantalum Project assay results add to reasons for optimism
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