Plateau Energy Metals Expanded Mapping & Outcrop Sampling Results Confirm Potential Falchani ‘Footprint’ to >2 km2 at Hig...
March 20 2018 - 7:30AM
Plateau Energy Metals Inc. (“
Plateau” or the
"
Company")(TSX
VENTURE:PLU)(FRANKFURT:QG1)(OTCQB:PLUUF), a lithium and uranium
development company, is pleased to announce additional outcrop
sampling results that confirm a >2 km2 potential footprint of
the Falchani high-grade Lithium discovery located in the
Chaccaconiza area of the Company’s Macusani Plateau Project in
southeastern Peru.
Falchani Discovery New Outcrop Sampling
Highlights (Figure 1 - Falchani Outcrop Sampling Li
Results Location Map & Results Table)
- Confirmed Potential Footprint >1,200 m E-W; >1,700 m N-S
with 80-100 m thickness of Li tuff unit
- 29 outcrop samples of Li-rich tuff averaging 3,262 ppm Li
(0.70% Li2O) ranging from 2,325 to 4,272 ppm Li (0.50-0.92%
Li2O).
- Drilling continues through the difficult rainy season.
Platforms 1 and 4 results already reported. Platforms 5, 7, 8 and
11 have been drilled with analytical results pending. Platforms 3
and 9 are currently being drilled with additional platforms and
holes planned.
- A third Company-owned drill rig has been mobilized to increase
productivity.
- NI-43-101 mineral resource estimate expected during
Q2/2018.
- The >200 kg Li-rich tuff bulk sample, containing 3,331 ppm
Li, collected from trenching and Falchani drill core has been
shipped by air and is en route to ANSTO Laboratories in Sydney
Australia for Li processing test work, including production of Li
carbonate and Li hydroxide products.
Ted O’Connor, CEO of Plateau Energy
Metals, commented: “These additional outcrop sampling
results confirm the 2 km2 Falchani potential footprint is real and
represents a very significant lithium discovery. Falchani
represents a ‘new’ style of lithium deposit with uniquely positive
attributes – the high lithium grades are very consistent within the
host volcanic tuffs, with lithium residing in the unstable volcanic
glass matrix, and not in any true Li-minerals. It is for this
reason we have been able to leach 80% Li using dilute sulphuric
acid at 80-85 °C. The Li-rich Falchani tuff unit is over 100 m
thick, and is situated at open pittable depths from surface to 200
m depth, which translates into less than 1:1 stripping ratios any
way you look at it.
We continue to believe Falchani will grow into
an extremely large Li deposit; one that will have extremely
positive potential production economics and totally scalable
production levels to fill future Li demand growth or displace
marginal, higher cost projects.
In spite of extremely wet weather conditions at
the project, we remain on pace to establish a large lithium
resource at Falchani before the end of Q2 2018. This is only about
6 months from initial discovery to mineral resource estimate, which
is very exciting for the Company.”
Falchani Expanded Outcrop Mapping and
Sampling DetailsAnalytical results from 29 outcrop samples
of the Lithium-rich volcanic tuff unit and Li-rich transition zone
breccias at the Falchani discovery are presented on Figure 1
(attached). These results include the initial four samples reported
previously as well as 25 new samples analyzed following the
exploration mapping program outlining the extent of the unique
Li-rich volcanic unit surrounding the Falchani radioactive anomaly.
The 29 samples have lithium contents ranging from 2,325 to 4,272
ppm Li (0.50-0.92% Li2O) averaging 3,262 ppm Li (0.70% Li2O). This
mapping has confirmed the potential on-ground footprint of Li-rich
rocks at Falchani to >1.2km by >1.7 km (2.04 km2) with
relatively consistent Li grades and 80-100 m thicknesses from drill
intersections and outcrop mapping.
A >200 kg bulk sample of Li-rich tuff was
collected from hand dug outcrop trenching and was shipped by air to
ANSTO Laboratory in Sydney, Australia, along with a composite drill
core sample of this unit. ANSTO will conduct lithium processing
test work, including: leach test/confirmation work, Li product
precipitation and potential product characterization work leading
to Li production flow-sheet design. The bulk sample is
representative of the Falchani drill discovery and contains 3,331
ppm Li (0.72% Li2O), virtually identical to the average Li grade in
the >100 m thick, high-grade Li tuff unit intersected in
drilling and the average grade of all outcrop samples to date. Once
ANSTO receives the bulk sample, the initial work planned should be
completed in 4-6 weeks.
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. Outcrop samples are chipped, channel samples collected
from exposed outcrop and hand dug trenches up to 3 m below surface,
with samples also 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, outcrop 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 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
MetalsPlateau 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 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 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.
For further information, please
contact:Plateau Energy Metals Inc.
Website:
www.plateauenergymetals.comTed O’Connor, CEO
Facebook:
www.facebook.com/pluenergy/ted@plateauenergymetals.com
Twitter:
www.twitter.com/pluenergy/+1-416-628-9600info@plateauenergymetals.com
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