Premier African Minerals Ltd said shaft upgrades at its RHA Tungsten Mine have now been completed and that the terms for the underground mining contract have now been finalised, and separately updated on the Zulu Lithium and Tantalum Project.
Under the contract for RHA Tungsten Mine, mining contractor African Mining and Exploration was to deliver up to 16,000 tons of tungsten ore a month to the plant.
At the same time, final terms have been agreed to deliver up to 24,000 tons of tungsten ore from open pit operations per month, all commencing in March 2017.
Afmine has elected to take their second milestone payment of £100,000 in equity (as announced on 23 November 2016).
Separately, Premier African reports further assay results from shallow drilling from its high grade Zulu Lithium and Tantalum Project.
The drilling programme was designed to drill test for the extensive lithium mineralisation over the known 3.5 km strike length of this deposit.
– Exceptionally high grade lithium encountered at Zulu with Drill-hole ZDD-3 returning grades up to 3.3% Li2O between 25.14 meters and 54.15 meters down hole, including 4.3 meters from 40.15 meters grading 2.16% Li2O
– Host rock mineralised up to 0.9% Li2O and not previously described at Zulu has potential to substantially increase overall tonnage
– Drill-hole ZDD-15 returned lithium mineralisation from 73.61 meters to 79.23 meters with grades up to 2.06% Li2O
– Final Tantalum grades are still awaited
– Drill rig has not been demobilised from site and a new drilling programme has commenced with the aim of increasing the size of further defining the ore body.
At 9:33am: (LON:PREM) Premier African Minerals share price was +0.1p at 0.88p
Story provided by StockMarketWire.com