The Premier African Minerals Ltd (LON: PREM) share price barely moved after the mining company released the latest assay results from its Zulu Lithium and Tantalum Project. Investors shrugged off the results because they were just as expected.
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The mining firm noted that today’s results were from drill holes in the area where it plans to construct the pilot mining plant. The results are expected to form part of the Mineral Resource update, which will be used to create the project's Definitive Feasibility Study (DFS).
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Investors were largely unmoved by today’s results since they confirmed the nature of the underlying resources at Zulu, which are already well-known. The markets are waiting for substantial progress in moving the pilot plant forward, which could trigger a rally.
Premier African Minerals is privileged to have the services of Bruce Cumming, its lead geologist, who has 46 years of experience as a geologist working on multi-commodity projects throughout Africa. He is also registered with the GSSA and SACNASP as a geoscientist.
PREM shares have risen 33.75% since the year started as most investors look forward to the pilot plant's initial operations. The company issued an update about the status of the construction of the pilot plant last week, which is in the final stages.
The mining company noted that it was on track to produce spodumene concentrate (SC6) this Q1 as planned. Still, the company was waiting for the delivery of generators and electrical motor control centres, which would be immediately installed once they arrived from Johannesburg.
Premier African Minerals had already started pit clearing and was on track to exposing the primary ore body for mining. As were its floatation circuits, the firm’s water supply in the form of a 10-metre dam was ready to go.
George Roach, Premier African Minerals CEO, commented: “We continue to see good intersections within the main spodumene-rich pegmatite that are both encouraging for the long term and supportive of our decision to commence operations with the large-scale pilot plant as we have done.”
*This is not investment advice.
Premier African Minerals (PREM) share price.
The Premier African Minerals (PREM) share price fell 1.43% to trade at 0.69p, from Friday’s closing price of 0.70p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.