TORONTO, March 22, 2018 (GLOBE NEWSWIRE) -- Plateau Energy Metals Inc. (“Plateau” “PLU” or the "Company")(TSX VENTURE:PLU)(FRANKFURT:QG1)(OTCQB:PLUUF), a lithium and uranium development company, is pleased to announce results from recently completed inclined and vertical drill holes from Platform 8, collared ~200 m NW of Platform 1 and ~250 m SW of Platform 4 , at the Falchani project, located in the Chaccaconiza area of the Company’s Macusani Plateau Project in southeastern Peru.
Falchani Platform 8 Highlights
Inclined Hole drilled towards NE at -70° inclination (refer to previous Figure 1 - Falchani Outcrop Sampling Li Results & Drill Platform Location Map for location of Platform 8)
- High-grade lithium-rich tuff unit intersected 3,228 ppm Li (0.70% Li2O) over 152 m (143 m true thickness) from 83-235 m downhole (starting at ~78 m below surface)
- 196 m of 2,910 ppm Li (0.63% Li2O) in broader interval that includes Li-rich breccias above and below tuff unit from 68-264 m (End of Hole)
- Thin surface uranium mineralization intersected 2.5 m of 585 ppm U3O8 from 0-2.5 m downhole and 2.5 m of 827 ppm U3O8 from 39-41.5 m downhole
Vertical Drill hole
- High-grade lithium-rich tuff unit intersected 3,675 ppm Li (0.79% Li2O) from 82-87.5 m (End of Hole)
- Surface uranium mineralization intersected 22.5 m of 490 ppm U3O8 from 0-22.5 m
- Including a higher grade uranium mineralized interval of 9 m of 1,074 ppm U3O8 from 0-9.0 m
Ted O’Connor, CEO of Plateau Energy Metals, commented: “The Falchani project continues to deliver with excellent Platform 8 results intersecting the thickest interval of Li-rich tuff to date – at over 140 m true thickness and we continue to confirm the remarkably consistent average lithium grades of this unit in the 3,300 ppm Li (0.70% Li2O) range.
We maintain our confidence that Falchani will have extremely positive potential production economics with scalable production levels to fill future Li demand growth or displace marginal, higher cost projects.
We continue to drill Falchani within the established 2 km2 footprint with the goal of completing a maiden NI 43-101 mineral resource on the project before the end of the 2nd Quarter of this year.”
Ian Stalker, Chairman of Plateau Energy Metals, commented: “Our new name ‘Plateau Energy Metals’ says it all. PLU is poised to be at the forefront on delivery of Lithium and Uranium to a large and growing market space, hopefully, just as demand peaks. Exciting times!!
The consistency and true width of our high-grade Li intersections at the Falchani discovery are hard to ignore. The shallow depths, +100 m thicknesses, low stripping ratios, over an anticipated 1.2 km by 1.7 km mining area footprint, in relatively soft rock, lends itself to high productivity, low cost, mining practices and should result in a very competitive cost/tonne mined.
Our bulk metallurgical sample is now on route to the ANSTO Laboratories Australia, a world leader in extractive lithium process technologies. ANSTO is an international consultancy that has been delivering innovative solutions to the minerals industry for more than 35 years. With the existing knowledge we have gained from test work already completed in Peru, along with the experience and skills ANSTO possesses, I am confident we can deliver from our high Li feed grade, an equally competitive cost/tonne recovered, with high Lithium recoveries to final product, to go along with our low mining cost expectation.
Cooperation is also noted and appreciated, both from the local communities where we work, but also from the Peruvian Government and related Government Departments, all of whom have been very supportive of our efforts.”
Falchani Platform 8 Details
Analytical results from two drill holes collared from Platform 8 testing the Falchani discovery are presented below. The inclined and vertical holes were drilled using large diameter HQ core, reducing to NQ when drill advance is compromised.
Table 1 – Falchani Platform 8 Drill Hole Results – Uranium and Lithium Intersections
| URANIUM | LITHIUM | |||||||||
| PT-PCHAC-08-NE 264.0 m depth -70° inclination @ 055° Azimuth | From | To | Thickness (m) | Grade U3O8 (ppm) | Grade U3O8 (lbs/ton) | From | To | Thickness (m) | Grade Li (ppm) | Grade Li2O (ppm) |
| 0.0 | 6.5 | 6.5 | 294 | 0.588 | ||||||
| including | 0.0 | 2.5 | 2.5 | 585 | 1.170 | |||||
| 39.0 | 41.5 | 2.5 | 827 | 1.654 | ||||||
| 68.0 | 264.0 (EOH) | 196.0 | 2,910 | 6,265 (0.63%) | ||||||
| including | 83.0 | 235.0 | 152.0 | 3,228 | 6,950 (0.70%) | |||||
| PT-PCHAC-08-VT 87.5 m depth Vertical Hole | From | To | Thickness (m) | Grade U3O8 (ppm) | Grade U3O8 (lbs/ton) | From | To | Thickness (m) | Grade Li (ppm) | Grade Li2O (ppm) |
| 0.0 | 22.5 | 22.5 | 490 | 0.980 | ||||||
| including | 0.0 | 9.0 | 9.0 | 1,074 | 2.148 | |||||
| 82.0 | 87.5 (EOH) | 5.5 | 3,675 | 7,912 (0.79%) | ||||||
* The widths above are drill intercepts and not true widths. Except for vertical drill holes, true widths have not been determined.
PT-PCHAC08-NE – 055° Az; -70° inclination; 264.0 m total length
- Intersected typical Macusani rhyolites from 0 to 68 m with 2.5 m of uranium mineralization containing 585 ppm U3O8 (2.35 m true thickness) from 0-2.5 m; and 827 ppm U3O8 over 2.5 m (2.35 m true thickness) from 39-41.5 m downhole
- Intersected upper transitional breccia unit from 68 to 83 m downhole averaging >1,300 ppm Li (14 m true thickness)
- Intersected Falchani Li-rich tuff unit from 83 to 235 m averaging 3,228 ppm Li (143 m true thickness)
- Intersected lower transitional breccia unit from 235 to 264 m (EOH) averaging >1,300 ppm Li (27 m true thickness)
PT-PCHAC08-VT – Vertical Drill Hole; 87.5 m total length
- Intersected Macusani rhyolites from 0 to 53 m downhole with 22.5 m of uranium mineralization containing 490 ppm U3O8 from 0-22.5 m, with a high grade sub-interval of 9 m at 1,074 ppm U3O8 from 0-9.0 m
- Intersected upper transitional breccia unit from 53 to 82 m downhole averaging 1,100 ppm Li
- Intersected Falchani Li-rich tuff unit from 82 to 87.5 m (End of Hole) averaging 3,675 ppm Li
- Drill hole lost due to adverse conditions
Moving towards the west at the Falchani anomaly, the depth to reach the now thicker, high-grade Li unit becomes shallower – eventually reaching surface where the Company has mapped and sampled this unit in outcrop. The >100 m thickness and 0-100 m depth to the top of the Li-rich tuff unit enhance our belief that Falchani has the potential to be a simple open pit operation with less than 1:1 stripping ratios for future mining.
The younger, supergene uranium mineralization continues to be intersected in drilling at surface, and appears to be of better quality than the excellent existing uranium deposits at the Macusani project. However, the grades and thicknesses intersected at Falchani are far more variable than the Li-rich rocks, which we understand from our extensive uranium expertise on the Macusani Plateau. With the large surface radioactivity anomaly present at Falchani the uranium potential will also continue to be evaluated alongside the lithium potential with the on-going drill program.
The Company is currently continuing to drill the Falchani discovery with additional diamond drill holes planned to expand the mineralized footprint and establish initial lithium and uranium mineral resource estimates in Q2 2018.
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.
Qualified Persons
Mr. Ted O’Connor, P.Geo., CEO and a Director of Plateau Energy Metals, 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 Energy Metals
Plateau Energy Metals Inc. is a Canadian lithium and uranium 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 Energy Metals 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 65,088,457 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 cautions against placing undue reliance thereon. Neither Plateau 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.
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| Plateau Energy Metals Inc. | Website: | www.plateauenergymetals.com | ||
| Ted O’Connor, CEO | Facebook: | www.facebook.com/pluenergy/ | ||
| ted@plateauenergymetals.com | Twitter: | www.twitter.com/pluenergy/ | ||
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