The Premier African Minerals Ltd (LON: PREM) share price rose 5.36% after releasing more assay results from the Zulu Lithium and Tantalum Project covering holes within the area planned to be mined under the operation of the Pilot Plant. The data was part of the large backlog of pending assay results.
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The company revealed that the latest assay results demonstrate good lithium values over significant widths, which support the high quality of the mineralised pegmatites the firm intends to mine during the first phases of the pilot plant operations.
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George Roach, Premier African Minerals CEO, commented: “We are into the home stretch with pilot plant construction, and site activity is frenetic with multiple work streams all targeting the same near-term completion date. Pre-strip has commenced in the initial pit area to be developed. Activity in the pilot plant assembly areas is now on a 24/7 basis. In the absence of any unforeseen issues, I expect that the first shipments of SC6 will commence in Q1 as projected.”
The CEO also took the opportunity to thank Mr Pei Zenzhue, the Chairman of Suzhou TA&A, who visited the Zulu project earlier this month and expressed his satisfaction with the progress made by the company.
Premier African Minerals still has a massive backlog of assay results pending and will keep developing a mining model for the pilot plant as it receives more assay results from the independent labs to which they were sent for analysis.
The assay results will play a critical role in compiling the Zulu mine's definitive feasibility study (DFS). The PREM CEO clarified that he could not give an accurate prediction of teh feed grade of the spodumene-rich material that would reach the flotation circuit, nor could he predict the final concentrate grade or tonnage produced by the pilot plant until it becomes operational.
Meanwhile, PREM shares have been trading at a crucial resistance level for a few days now and could trigger a rally if they break above the level. Investors should keep a close eye on the stock.
*This is not investment advice.
Premier African Minerals (PREM) share price.
The Premier African Minerals (PREM) share price rose 5.36% to trade at 0.59p, from Friday’s closing price of 0.56p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.