TORONTO, ONTARIO–(Marketwired – Nov 28, 2016) – Plateau Uranium Inc. (TSXV:PLU) is pleased to announce commencement of the initial drill program at the high-grade Pinocho uranium occurrence, an extension of the Kihitian Complex uranium deposits on the Company’s Macusani Plateau uranium project in southeastern Peru. Pinocho represents one of the most prospective of several previously untested higher grade, near-surface uranium targets on the Company’s extensive 910 km2 land package. Historical underground adits were established previously at Pinocho by IPEN (“Institute of Peruvian Nuclear Energy“). Results of channel sampling completed by the Company from these adits in 2009 suggests high grades are to be expected (see Company news release of December 14, 2009 through this link and also available at www.plateauuranium.com and www.sedar.com). Pinocho remains one of the highest priority targets on the project, but has not been followed up to date. Prospecting, sampling and mapping work is also being conducted around the Corachapi deposit area at Chimboya to generate and prioritize future drill targets.
- Pinocho adits were developed along high grade sub-horizontal planar uranium mineralization with thicknesses exceeding 2 metres, surrounded by lower grade disseminated mineralization of unknown thickness, open in all directions.
- 96 channel samples collected from Pinocho adits in 2009 by the Company intersected uranium grades up to 4.37% U (5.15% U3O8) averaging 3836 ppm U (4524ppm U3O8) with 15 ppm U low background
- 12 samples contained >1% U (1.18% U3O8), and 50 samples contained >500ppm U (590 ppm U3O8)
- Initial diamond drill program will consist of 5-8 drill holes totaling 800-1000m
- Community agreement and government approvals in place for exploration drill program
- Road access completed
- Company-owned diamond drill rigs mobilized and drilling has commenced
- Additional drilling planned, but will depend on results of this initial program
- Chimboya area exploration ground-work and target generation on-going
The Company also announces that, subject to regulatory approval, it is proposing to issue 2,500,000 common shares to GBM Minerals Engineering Consultants Limited (“GBM”) at a deemed price of $0.27 per share to settle in part fees that have been incurred for project engineering services in respect of the Company’s Macusani Plateau uranium and lithium project in southeastern Peru. An additional cash payment of US$200,000 will be made to GBM in connection with the debt settlement. All shares issued under the debt settlement transaction will be subject to a 4-month hold period with three-quarters of the shares being subject to additional voluntary hold periods of between 3 and 9 months.
Ted O’Connor, CEO of Plateau Uranium commented: “We are extremely happy to start the initial drill testing of Pinocho – a truly compelling target with the prospect of intersecting uranium mineralization with grades that are an order of magnitude higher than the average grade of our existing deposits. We are excited to be returning to active exploration work on the Macusani Plateau projects with the goal of extending the known Kihitian Complex resources to the southeast at Pinocho and generating quality drill targets for future testing at Chimboya.
The debt settlement arrangement with GBM has removed a significant historical legacy issue on the Company’s balance sheet by negotiating a mutually beneficial solution to finally deal with payment of pre-2013 engineering study work. Both parties have been accommodating and patient in dealing with this issue.”