Source: Lithium miner scales up Zim ambition | Daily News
Premier African Minerals says it is scaling up activities in Zimbabwe with the resumption of drilling at its lithium assets at Fort Rixon near Bulawayo.
The Aim quoted resources firm is one of at least three firms that are actively pursuing lithium opportunities in Zimbabwe, where government hopes to turn around its flagging fortunes by exploiting vast mineral claims to restock drying up foreign exchange reserves.
The firm wholly-owns the Zulu Lithium, which also has interests in tantalum.
Another key miner, Prospect, announced last week that its Acadia reserves near Harare had been given Special Economic Zone status.
The firm said in a statement last week that mobilisation will begin immediately, with drilling kicking in immediately thereafter.
Seasonal rains in Zimbabwe will also determine how drilling will be done, Premier noted.
KME Plant Hire, has been appointed as drilling contractor, according to the statement.
“It is gratifying to finally be able to report a return to real value-generative operations,” said Premier chief executive officer George Roach.
“With the recently announced term sheet in regard to KME, drilling activities at Zulu are likely to proceed at a much-reduced overall cost,” he said.
The project has an estimated 20,1 million tonnes resource base grading 1,06 percent lithium oxide.
The drilling programme will follow the recommendations identified in a definitive feasibility study work programme and will focus on expanding both the size and confidence of the current South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves-compliant resource at Zulu, as well as the generation of geotechnical and hydrological data for the pit shell designs and future mine construction.
The statement said as previously announced on February 14, Premier has agreed to amended conditional terms to acquire 50 percent shareholding in KME.
It said the budget for the initial drilling programme, including mobilisation, is about
$400 000.
On Tuesday last week, Premier issued about 212,41 million new ordinary shares at an issue price of 0,145p apiece to KME as prepayment for mobilisation and drilling.
Lithium has emerged as one of the most sought after minerals used in the production of batteries.
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