Plateau Uranium Inc. (“
Plateau Uranium” or the
"
Company") (TSX VENTURE:PLU) (FRANKFURT:QG1)
(OTCQB:PLUUF), a lithium and uranium development company is pleased
to announce continued excellent drill results from the next two
drill holes at the new Falchani discovery, located in the
Chaccaconiza area of the Company’s Macusani Plateau Project in
southeastern Peru. Results from the second and third diamond drill
holes from the first platform intersected identical rocks to the
first drill hole reported November 15, 2017, with continued thick
uranium mineralization from surface and very high-grade lithium
mineralization in the older felsic tuff unit.
Falchani Discovery Drilling
Highlights
- High-grade lithium-mineralization remains open at depth as none
of the drill holes intersected the lower contact of the Li
mineralized unit.
- Drilling continues with additional holes yet to be reported
from Platform 1 and additional Platforms planned to expand
mineralized footprint.
PT-PCHAC01-TNE - Drilled at 055° Az at
-55° inclination; 183.2 m total length (see Figure 1)
- Intersected 56.0 m averaging 511 ppm U3O8 and 421 ppm Li from
surface 0.0 to 56.0 m downhole (45.9 m true thickness) with one
higher grade uranium intersection within this interval hosted in
rhyolites.
- Intersected 18.0 m at 762 ppm Li (0.16% Li2O) from 104.0 to
122.0 m downhole (14.7 m true thickness) in older volcaniclastic
breccia/lapilli tuff transitioning to aqua-lain felsic ash fall
tuffs, below.
- Intersected 61.2 m at 3,670 ppm Li (0.79% Li2O) from 122.0 to
182.2 m (End of Hole) in older aqua-lain felsic ash fall tuffs,
ending in these rocks/mineralization (minimum 50.0 m true
thickness).
PT-PCHAC01-TSE - Drilled at 130° Az at
-55° inclination; 118.5 m total length (see Figure 1)
- Intersected 27.5 m averaging 901 ppm U3O8 and 414 ppm Li from
surface 0.0 to 27.5 m downhole (22.5 m true thickness) with a
higher grade uranium intersection within this interval hosted in
rhyolites.
- Intersected 37.5 m at 3,525 ppm Li (0.76% Li2O) from 81.0 to
118.5 m (End of Hole) in thin volcaniclastic breccia transitioning
quickly to aqua-lain felsic ash fall tuffs, ending in these
rocks/mineralization (minimum 30.7 m true thickness).
The Falchani prospecting discovery 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 these latest results reinforce that
Falchani is a significant discovery from multiple drill holes.
Thick, high-grade lithium mineralization averaging 3,670 ppm Li
over 61.2 m was intersected below thick uranium mineralization of
511 ppm U3O8 over 56 m from surface in the drill hole drilled to
the northeast. The third reported drill hole from Falchani was
drilled to the southeast and intersected 27.5 m of 900 ppm U3O8
from surface overlying deeper, high-grade lithium mineralization
that averaged 3,525 ppm Li over the bottom 37.5 m of the drill
hole. Lithium mineralization remains open at depth as both drill
holes also terminated in high-grade Li to the end of holes.
Ted O’Connor, CEO of Plateau Uranium,
commented: “The next two drill holes from the Falchani
discovery continue to deliver strong uranium and lithium grades and
thicknesses greater than our published resources. This previously
unknown felsic tuff unit consistently contains >3,500 ppm Li
metal and remains open at depth, but through the latest drilling,
now has a minimum true thickness of over 50 m from the deepest
drill hole to date. We are now even more confident of the
possibility that the Falchani discovery will evolve into a large
uranium and lithium deposit as we continue drilling to expand the
mineralized footprint at this exciting prospect.”
The two inclined drill holes presently reported
from Platform 1 both intersected 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 as drill holes did not intersect the lower contact of the Li
mineralized unit. The significance of this unit was not recognized
until the initial analytical sampling results were received.
Drilling continues with additional holes to be reported on from
Platform 1. Continued drilling from additional platforms is planned
in order to expand the drill indicated footprint of the Falchani
discovery. In subsequent drilling, the Company will attempt to
drill through to the lower contact of the sub-horizontal Li-rich
tuff unit to determine the actual thickness of the high-grade
lithium discovery now that the technical team better understands
the geology and volcano-stratigraphy of the area.
Falchani Drilling
DetailsAnalytical results have been received from the
second and third diamond drill holes collared from Platform 1
testing the Falchani discovery (see Table 1, below). All holes are
drilled using large diameter HQ core.
Table 1 – Falchani Drill Hole Results –
Uranium and Lithium Intersections
URANIUM
LITHIUM
PT-PCHAC-01-NE 183.2 m depth -55°
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 |
56.0 |
56.0 |
511 |
1.024 |
0.0 |
56.0 |
56.0 |
421 |
906 |
including |
15.5 |
22.5 |
7.0 |
2,752 |
5.505 |
|
|
|
|
|
|
|
|
|
|
|
104.0 |
122.0 |
18.0 |
762 |
1641 |
|
|
|
|
|
|
122.0 |
183.2 |
61.2 |
3,670 |
7,902 (0.79%) |
PT-PCHAC-01-SE 118.5 m depth -55°
inclination @ 130° Azimuth |
From |
To |
Thickness (m) |
Grade U3O8 (ppm) |
Grade U3O8 (lbs/ton) |
From |
To |
Thickness (m) |
Grade Li (ppm) |
Grade Li2O (ppm) |
|
0.0 |
27.5 |
27.5 |
901 |
1.802 |
0.0 |
27.5 |
27.5 |
414 |
893 |
including |
19.5 |
25.5 |
6.0 |
3,138 |
6.276 |
|
|
|
|
|
|
|
|
|
|
|
27.5 |
81.0 |
53.5 |
463 |
997 |
|
|
|
|
|
|
81.0 |
118.5 |
37.5 |
3,525 |
7,589 (0.76%) |
* The widths above are drill intercepts and not
true widths. True widths have not been determined.
Chaccaconiza and Falchani Target
DetailsProspecting 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. 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 with this initial drill
program.
Macusani Uranium-Lithium
DepositsThe 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 VerificationDrill 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 PersonsMr. 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
UraniumPlateau 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 64,227,151 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.
For further information, please
contact:Plateau Uranium
Inc.
Ted O’Connor,
CEO
ted@plateauuranium.com
+1-416-628-9600info@plateauuranium.com
Website: www.plateauuranium.comFacebook: www.facebook.com/plateauuranium/Twitter: www.twitter.com/plateauuranium/
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