Plateau Uranium Inc. (“Plateau Uranium” or the “Company“)(TSXV:PLU)(FRANKFURT:QG1)(OTCQB:PLUUF), a lithium and uranium development company is pleased to announce outcrop sample results and continued strong drill results from the final two drill holes from Platform 1 at the Falchani discovery, located in the Chaccaconiza area of the Company’s Macusani Plateau Project in southeastern Peru. The Company also announces the grant of stock options to directors, officers, consultants and employees, subject to regulatory approval.
Falchani Discovery Drilling & Outcrop Highlights (Figure 1 Falchani Map & Cross Section)
- Outcrop samples of Li-rich tuff returned up to 3,365 ppm Li (0.72% Li2O) ~500 m West of Platform 1
- High-grade lithium-mineralization remains open at depth as none of the Platform 1 drill holes intersected the lower contact of the Li mineralized unit.
- Drilling continues with additional holes planned to expand the mineralized footprint of both lithium and uranium mineralization.
PT-PCHAC01-TV – Vertical Drill Hole; 132.5 m total length (lost due to ground conditions)
- Intersected 49.0 m averaging 338 ppm U3O8 from surface 0.0 to 49.0 m downhole with higher grade intersections closer to surface (see Table, below) hosted in typical Macusani rhyolites.
- Intersected 45.7 m of 3,415 ppm Li (0.74% Li2O) from 86.8 to 132.5 m (End of Hole) in felsic ash fall tuffs, ending in these rocks/mineralization.
PT-PCHAC01-TSW – 265° Az; -55° inclination; 82.5 m total length (lost due to ground conditions)
- Intersected only weak surface uranium mineralization over three narrow intervals – possibly marks the SW extent of the uranium deposit
- Drill hole abandoned at 82.5 m due to rubbly ground conditions just as the hole encountered the upper contact of the transition into the Li-rich tuff unit. Basal 5.5 m averaged 813 ppm Li from 77.0 to 82.5 m (End of Hole).
Ted O’Connor, CEO of Plateau Uranium, commented: “The Falchani discovery continues to excite us and we now believe that the Li-rich unit has a substantial, and growing, >500 m (E-W) footprint and is at least 50 m thick from our surface outcrop sample results, mapping and drill testing this unit. The surface uranium mineralization represents the icing on the cake at Falchani.
The final two drill holes from Platform 1 at the Falchani discovery answered key questions: the vertical hole confirmed the strong uranium and lithium mineralization exactly where we expected it; the SW drill hole has confirmed to us that the Li mineralization is present at depth, but the weak uranium mineralization more than likely represents the edge of this surface uranium deposit and points us to move northward. We will continue the Falchani drill program towards the heart of this large 2km2 radioactive anomaly. A vertical drill hole is currently underway on Platform 4, located 300 m to the north to drill through to the lower contact of the sub-horizontal Li-rich tuff unit and determine the actual thickness of the high-grade lithium unit. Additional Platforms are planned to continue to expand the drill indicated footprint of the Falchani discovery with the goal of establishing initial lithium and uranium resources at Falchani by mid-2018.”
Falchani Drilling Details
Analytical results from the fourth and fifth diamond drill holes collared from Platform 1 testing the Falchani discovery are presented below. All holes are drilled using large diameter HQ core, reducing to NQ core with deteriorating ground conditions.
Chaccaconiza and Falchani Target Details
Prospecting and sampling work has been on-going since August with several uranium occurrences discovered at 6 main areas. Several of the surface showings have visible uranium mineralization with radioactivity of 25,000 to 100,000 cps (the limit of the scintillometers and spectrometers used for uranium prospecting).
Surface sampling at Falchani yielded results up to 9,766 ppm U3O8 with 12 samples exceeding 0.1% U3O8 and Li values up to 1,140 ppm Li with 16 samples exceeding 400 ppm Li.
This discovery is significant because all previously known uranium deposits discovered and drilled to date are located in the uppermost/youngest volcanic rhyolite units located in the northeastern project area. The Chaccaconiza discoveries are located at higher elevations, but are hosted by lower/older rhyolite units of the Quenamari volcanics.
The discovery of the highly enriched Li-bearing ash fall tuff, never encountered previously, underscores the Macusani Plateau area is one of the world’s largest lithium-rich volcanic regions known. This highlights the prospectivity of the Company’s entire project area with many concessions remaining un-explored or under-explored.
The Falchani occurrence covers ~2 km2 area of elevated radioactivity and shows the highest uranium prospectivity directly at surface.
The drill program completed to date at Falchani as well as geological mapping and sampling of the older Li-rich unit in outcrop has delineated a >50 m thick sequence of water-lain tuffs that is at least 550 m East-West and over 300 m N-S with consistent and high Li grades of 3,300-3,500 ppm Li. Additional mapping suggests the Li-rich tuff unit is much more extensive than this.
The Company is currently continuing to drill the new discovery at Falchani with additional diamond drill holes planned to expand the mineralized footprint and establish uranium and lithium mineral resources.
Quality Assurance, Quality Control and Data Verification
Drill core samples are cut longitudinally with a diamond saw with one-half of the core placed in sealed bags and shipped to Certimin’s sample analytical laboratory in Lima for sample preparation, processing and ICP-MS/OES multi-element analysis. Certimin is an ISO 9000 certified assay laboratory. The Company’s Qualified Person for the drill programme, Mr. Ted O’Connor, has verified the data disclosed, including drill core, sampling and analytical data in the field and lab. The program is designed to include a comprehensive analytical quality assurance and control routine comprising the systematic use of Company inserted standards, blanks and field duplicate samples, internal laboratory standards and also includes check analyses at other accredited laboratories.
The Company also announced today that, subject to regulatory approval, it has granted stock options to acquire an aggregate of 970,000 common shares to directors, officers, consultants and employees under its stock option plan. Each option is exercisable for a five year period to acquire one common share at a price of $0.96 per share. The options granted vest as to one-third immediately and a further one-third on each of the 6 and 12 month anniversaries of the date of grant.
Mr. Ted O’Connor, P.Geo., CEO and a Director of Plateau Uranium and a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
About Plateau Uranium
Plateau Uranium Inc. is a Canadian uranium and lithium exploration and development company focused on its properties on the Macusani Plateau in southeastern Peru. The Company controls all reported uranium resources known in Peru, significant and growing lithium resources and mineral concessions covering over 91,000 hectares (910 km2) situated near significant infrastructure. Plateau Uranium is listed on the TSX Venture Exchange under the symbol ‘PLU’, quoted on the OTCQB under the symbol “PLUUF” and the Frankfurt Exchange under the symbol ‘QG1’. The Company has 64,471,198 shares issued and outstanding.
Forward Looking Information
This news release includes certain forward-looking statements concerning possible expected results of exploration and future exploration activities. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; the possibility that any future exploration, development or mining results will not be consistent with our expectations; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and development; the potential for delays in exploration or development activities; risks related to commodity price and foreign exchange rate fluctuations; risks related to foreign operations; the cyclical nature of the industry in which we operate; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals; risks related to environmental regulation and liability; political and regulatory risks associated with mining and exploration; risks related to the certainty of title to our properties; risks related to the uncertain global economic environment; and other risks and uncertainties related to our prospects, properties and business strategy, as described in more detail in Plateau Uranium’s recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and Plateau Uranium cautions against placing undue reliance thereon. Neither Plateau Uranium nor its management assume any obligation to revise or update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.