The Conversation (0)
Plateau Uranium Inc. (TSXV:PLU) announced that it has significantly increased the mineral resource estimate at its uranium properties on the Macusani Plateau in Peru.
As quoted in the press release:
Following acquisition of the Minergia projects from Azincourt Uranium in September 2014, the updated mineral resource estimates have now integrated all existing uranium deposit information into a consistent platform. Removing former property boundaries has led to an increased three dimensional understanding of the ore bodies and improved interpretation of the geologic controls on the distribution of mineralization within the deposits. The individual deposits have been grouped into ‘complexes’ based on proximity and deposit characteristics.
Highlights of Mineral Resource Estimates by Category:
The consolidated mineral resource estimates, based on a 75 ppm U cut-off grade, are as follows:
- Indicated: 95.19 M tonnes grading 248 ppm U3O8, containing 51.9 M lbs U3O8 (23.549 M kg U3O8)
- Inferred: 130.02 M tonnes grading 251 ppm U3O8, containing 72.1 M lbs U3O8 (32.708 M kg U3O8)
The consolidated mineral resource estimates, based on a 200 ppm U cut-off grade, are as follows:
- Indicated: 33.47 M tonnes grading 445 ppm U3O8, containing 32.8 M lbs U3O8 (14.893 M kg U3O8)
- Inferred: 41.62 M tonnes grading 501 ppm U3O8, containing 45.9 M lbs U3O8 (20.869 M kg U3O8)
Ted O’Connor, CEO of Plateau Uranium, commented:
The mineral resource update is the first major milestone delivered since the consolidation of the Macusani Plateau uranium projects in the fall of 2014. The new resource estimates put Plateau Uranium into a select and special group of uranium developers. This resource is the product of five corporate transactions over eight years, resulting in a consolidated Macusani Plateau uranium district. I congratulate all those involved in Plateau Uranium and its predecessor companies for persevering through difficult market conditions to reach this success. The new mineral resources have exceeded our expectations, and strengthened our belief in the potential of this emerging uranium district as a future source of low-cost uranium. This potential is further enhanced by the increase in grade and substantial uranium resources available at higher cut-off grades. The Company’s next planned milestones are to update the Preliminary Economic Assessment, advance uranium production permitting discussions with the Peruvian authorities, as well as return to active delineation and exploration drilling later this year. We believe that the uranium market is in the early stages of its inevitable long term recovery, and we are positioning Plateau Uranium to capitalize on uranium’s bright future.
Click here to read the Plateau Uranium Inc. (TSXV:PLU) press release
Click here to see the Plateau Uranium Inc. (TSXV:PLU) profile.