Plateau Uranium Inc. (“
Plateau Uranium” or the
"
Company") (TSX-V:PLU) (FRANKFURT:QG1)
(OTCQB:PLUUF) is pleased to announce excellent initial drill
results from the first drill hole at the new Falchani discovery,
located in the Chaccaconiza area of the Company’s Macusani Plateau
Project in southeastern Peru. Initial results from the first
diamond drill hole reveal thick uranium mineralization from surface
to 45m downhole and very high-grade lithium mineralization in an
older felsic tuff unit below the uranium mineralization and usual
rhyolite host rock that has not been seen before.The Falchani
prospecting discovery reported in October (see Company news release
dated October 16, 2017) is the largest of 6 areas of highly
anomalous radioactivity in the newly accessed Chaccaconiza area
located in the south central region of the Plateau Uranium’s
extensive 910 km2 land package. Drilling commenced in late
September and initial results reveal Falchani is now a significant,
drilled discovery. Thick lithium mineralization averaging up to
3650 ppm Li over 61 m, >6 times the average grade of Li
resources reported (583 ppm Li) from the Company’s existing uranium
deposits, was intersected below thick uranium mineralization 633
ppm U3O8 over 45 m, >2 times the average grade of existing
uranium resources (288 ppm U3O8) reported previously. Lithium
mineralization is open at depth as the drill hole terminated in
high-grade Li to end of hole.
Falchani Discovery Drilling
Highlights The first inclined drill hole reported from
Platform 1 has excellent uranium mineralization from surface and
very high-grade lithium mineralization to the end of hole. The
high-grade lithium-mineralization remains open at depth. Drilling
continues with an additional 4 holes to be drilled and reported on
from Platform 1, and drilling from other platforms is planned.
PT-PCHAC01-TNW - Drilled at 355° Az at
-55° inclination; 145.5 m total length (see Figure 1)
- Intersected 45.0 m averaging 633 ppm U3O8 and 383 ppm Li from
surface 0.0 to 45.0 m downhole (37 m true thickness) with several
higher grade uranium intersections with this interval hosted in
rhyolites.
- Intersected 11.0 m at 357 ppm U3O8 and 368 ppm Li from 79.0 to
90.0 m downhole (9 m true thickness) in rhyolites.
- Intersected 50.5 m at 2,712 ppm Li (0.58% Li2O) from 95.0 to
145.5 m (End of Hole) in older volcaniclastic breccia transitioning
to aqua-lain felsic ash fall tuffs. Within this interval, the ash
fall tuff unit alone, from 109.0 m to 145.5 m (End of Hole)
averages 3,315 ppm Li (0.71% Li2O) ending in these
rocks/mineralization (minimum 30 m true thickness).
Ted O’Connor, CEO of Plateau Uranium,
commented: “We are extremely excited with the strong
uranium and lithium results from the first drill hole at the
Falchani prospect. This represents a new discovery of thick near
surface uranium that is over twice the average grade of our
existing uranium deposits. But more significant is the previously
unknown felsic tuff unit that consistently contains >3,000 ppm
Li metal - 6 times the lithium grade of our existing published
resources. These volcaniclastic rocks are usually thick, extend
over large areas and have remarkedly consistent chemistry. This
tells us that the Falchani discovery should be significant and we
are continuing to drill this exciting prospect.”
Falchani Drilling Details
Analytical results have been received from the
first diamond drill hole from Platform 1 testing the Falchani
prospect for the first time (see Table 1, below). Typically, each
platform will have up to 5 drill holes collared from the same
location, depending on topography. Each individual platform usually
consists of a vertical drill hole and 4 inclined drill holes
drilled in opposing directions (NE, NW, SE & SW) at
inclinations of between -45° to -70° from horizontal. All holes are
drilled using large diameter HQ core.
This drill hole intersected strong uranium
mineralization from surface to 45 m downhole in the usual
sub-horizontal host rhyolite rocks with consistent lithium values.
Also within the usual host rhyolites, a lower interval of weaker
uranium mineralization was intersected between 79.0-90.0 m. The
Quenamari rhyolites continue below the uranium mineralization to
95.0 m, with similar lithium contents (300-400 ppm Li), but only
background uranium values (10-50 ppm U).
At 95.0 m a marked contact with underlying
darker grey volcaniclastic breccia was intersected to 109.0 m where
lithium contents sharply increase to ~1,000 ppm Li. This breccia is
transitional to, and contains clasts of the underlying units.
Immediately below this breccia from 109.0 to 145.5 is a
transitional light red to white volcanic breccia transitioning to
well laminated, extremely fine grained felsic ash fall tuff
interpreted to be aqua-lain. This unit consistently displays very
high lithium values between 3,000-4,500 ppm Li. The lower contact
of the lithium mineralization has not been encountered, so the
total true thickness is unknown, but is estimated to be >30 m at
least. It is interpreted that the Li-rich ash fall tuff unit is
sub-horizontal and dips moderately to the northeast. Based on
morphology and style of these types of volcanic rocks, this unit
and lithium mineralization should prove to be large in area of
extent and thickness with consistent chemistry.
Table 1 – Falchani Discovery Hole
Results – Uranium and Lithium Intersections
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URANIUM |
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LITHIUM |
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PT-PCHAC-01-NW 145.5 m depth -55°
inclination @ 355° Azimuth |
From |
To |
Thickness (m) |
Grade U3O8 (ppm) |
Grade U3O8 (lbs/ton) |
From |
To |
Thickness (m) |
Grade Li (ppm) |
Grade Li2O (ppm) |
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0.0 |
45.0 |
45.0 |
633 |
1.267 |
0.0 |
45.0 |
45.0 |
383 |
826 |
including |
0.0 |
3.0 |
3.0 |
2,661 |
5.323 |
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including |
10.0 |
13.5 |
3.5 |
2,116 |
4.231 |
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including |
15.5 |
17.0 |
1.5 |
3,473 |
6.945 |
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including |
16.0 |
27.0 |
1.0 |
2,145 |
4.290 |
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79.0 |
90.0 |
11.0 |
357 |
0.715 |
79.0 |
90.0 |
11.0 |
368 |
793 |
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95.0 |
145.5 |
50.50 |
2,712 |
5,848 (0.58%) |
including |
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109.0 |
145.5 |
36.5 |
3,315 |
7,148 (0.71%) |
* The widths above are drill intercepts and not
true widths. True widths have not been
determined.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 prospectivity directly
at surface.
The Company is currently continuing to drill the
new discovery at Falchani with 6 additional diamond drill holes
planned for this initial drill program.
Macusani Uranium-Lithium
Deposits
The Macusani Plateau uranium district hosts
unique, low temperature supergene-surficial uranium deposits formed
in per-aluminous, alkaline volcanic rhyolite host rocks that are
approximately 7 million years old. The host rhyolites are
inherently enriched in U, Li, K, Al and SiO2, as well as other
Large-Ion Lithophile Elements (LILE – Cs, Rb, etc). The uranium
mineralization is less than 1 million years old, as young as
~40,000 years old and comprised primarily of the hexavalent uranium
mineral meta-autunite, and is totally unrelated to volcanic
processes. The uranium was scavenged from the host rhyolites by
melting glacial waters circulating through the porous rhyolites
well after eruption and cooling, with uranium precipitation due to
evaporation, water table fluctuation, changes in fluid flux and
mixing with resident groundwater of subtly different chemistry. The
low-temperatures and benign conditions of uranium deposit formation
translates into uranium mineralization that is easily leached with
weak sulphuric acid and represents what the Company believes to be
one of the lowest potential production cost opportunities
globally.
The lithium enrichment is widespread and related
to the original chemistry of the host rhyolites. Lithium and other
LILE metals were not mobilized during the uranium
mobilization-deposition. Lithium is enriched in volcanic glass
phases and biotite in the host rhyolites and is easily leached with
warm sulphuric acid. The potential of producing lithium as a
co-product of uranium production is beginning to be understood, but
indications are that lithium co-production represents an excellent
opportunity to add value to the Company’s robust uranium
project.
The Falchani ash fall tuffs hosting high-grade
Li were previously unknown and the extent of this unit beneath the
uranium-mineralized rhyolites is being assessed through the current
drill program.
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 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
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
64,227,151 shares issued and outstanding.
Forward Looking InformationThis
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.
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For further
information, please contact: |
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Website:
www.plateauuranium.com |
Plateau Uranium
Inc. |
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Facebook:
www.facebook.com/plateauuranium/ |
Ted O’Connor,
CEO |
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Twitter:
www.twitter.com/plateauuranium/ |
ted@plateauuranium.com |
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+1-416-628-9600 |
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info@plateauuranium.com |
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