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Shares of Premier African Minerals (LON: PREM) are climbing on Wednesday following the company’s update on the progress and funding strategy to be applied in the future development of Premier and Zulu Lithium and Tantalum Limited (Zulu).

PREM shares are currently up 4.55% at 0.230p.

The Zulu deposits have significant potential lithium, cesium, and tantalum pegmatite prospects above the company's existing resource estimate, PREM said.

They have also now made several appointments for the definitive feasibility study, including Bara Consulting's appointment as principal engineers, Geodrill Private Limited as the main drilling contractor, Hains Engineering Company as the resource and technical consultant, and CJ Male as the site exploration manager for Zulu.

“On 20 November 2017 we announced the results of Zulu scoping study that showed that there is an opportunity to develop a robust, low capital cost lithium mine with low operating costs. This combined with strong prices for spodumene concentrates and sustained demand for high-grade petalite, support our confidence that the next step for Zulu is the completion of a DFS,” commented George Roach, Chief Executive of Premier.

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