TORONTO, July 24, 2018 (GLOBE
NEWSWIRE) -- Plateau Energy Metals Inc. ("Plateau" "PLU" or
the "Company") (TSX VENTURE:PLU)
(FRANKFURT:QG1) (OTCQB:PLUUF), a lithium and uranium exploration
and development company, is pleased to announce a maiden Lithium
Mineral Resource estimate for the Falchani Project located on the
Macusani Plateau in the Puno District of southeastern Peru. The
estimate was prepared by The Mineral Corporation of South Africa
and the NI 43-101 Technical Report in support of the estimate will
be filed on SEDAR within 45 days.
Also, the Company is pleased to
provide clarity on Areas of Cultural and Archeological Significance
in the vicinity of the project.
Highlights
of Lithium Mineral Resource Estimates by Category
The consolidated Mineral Resource
estimates, based on a 0.1% Li2O cut-off
grade are as follows:
A. Within
the Li-rich tuff sequence, only:
- Indicated Mineral Resources:
34.82Mt at 0.73% Li2O containing
0.63Mt Li2CO3 (equivalent)
- Inferred Mineral Resources: 77.80Mt at 0.73%
Li2O containing
1.41Mt Li2CO3 (equivalent)
B. Within
the wider Li-rich package including the upper and lower breccia
units:
- Indicated Mineral Resources: 40.58Mt at
0.67% Li2O containing
0.67Mt Li2CO3 (equivalent)
- Inferred Mineral Resources: 121.70Mt at
0.59% Li2O containing
1.76Mt Li2CO3 (equivalent)
- The footprint of the drilled, mapped and surface
sampled Li-rich tuff unit extends up to 1,700 m (N-S) and 2,200 m
(E-W)
- The maiden resource estimate is based on drilling
that covers an area of 1,250 m (N-S) and 350 to 500 m (E-W)
representing approximately 20% of the potential deposit area.
- The consistency of the Li grades over the wide
intersections was highlighted by the Mineral Resource
Consultant
- Drilling continues at site to define additional
Mineral Resources
Ian Stalker,
Executive Chairman and Interim CEO of Plateau Energy Metals,
commented: "To report our Maiden Lithium Mineral Resource
estimate less than 9 months after our 'discovery hole' at Falchani
is a wonderful achievement, and everyone associated with PLU can
feel tremendously proud of this accomplishment.
The estimated size of the Mineral
Resources is already significant and large but recognizing this
only covers approximately 20% of the current known mineralization
envelope PLU expects this resource to grow and grow quickly. Three
drill rigs continue work at Falchani to expand out from the already
defined resource footprint.
This result, and the earlier
reported metallurgical work from ANSTO Laboratories in Sydney i.e.
low cost open pit mining operations, simple atmospheric acid
leaching of the lithium-rich tuff feed material followed by
conventional lithium processing steps as envisioned, give us a
great 'kick -off' point to demonstrate the viability of our project
via the planned PEA.
We are cognizant of the need to
fully comply with all environmental, archeological and community
related issues as regulated in Peru and are working hand in hand
with our highly respected Peruvian consultants to achieve this. To
date our relationship with stakeholder groups has been excellent as
evidenced by the ability to produce our maiden Resource over a very
short time frame. At Falchani, the lithium mining potential is our
target.
It is also important to note that
adjacent to the Falchani properties, another mining company
operating in the area of Chaccaconiza has just received its process
plant construction permit."
Dr Laurence
Stefan, COO of Plateau Energy Metals, commented: "We have
achieved great results, unprecedented I would say, in a very short
interval of time. That wouldn't have been possible without our
talented team on site. The news that Peru will hopefully be a large
player in the lithium business like their better known lithium
producing neighbours, Chile, Argentina and Bolivia, has been well
received by the Peruvian authorities at both the central government
and local level. We continue to receive excellent support and
assistance to grow the potential for future lithium and uranium
production in Peru."
Ted
O'Connor, Director of Plateau Energy Metals, commented:
"This large maiden resource estimate at Falchani is a significant
milestone for the Company - and the resource drilling covers only
20% of the surface expression of the currently known Li-rich tuffs
in outcrop. We believe that this lithium resource will continue to
grow with further planned drilling.
I would like to personally thank
our technical team, management, Board, local supportive communities
and shareholders for this tremendous success. I would like to
remind everyone that we have established this resource in less than
9 months of work from the initial discovery to now, persevering
through difficult weather and drilling conditions."
Mineral
Resource Estimate Details
The Mineral Corporation has undertaken a Lithium Mineral Resource
estimate for the Falchani Project.
Subhorizontal lithium
mineralization occurs within a lithium-rich tuff, which varies in
thickness from 50m to 140m, and in an upper and lower breccia unit,
which occur in the immediate hangingwall and footwall of the tuff,
respectively. The lithium-rich volcanic tuff unit, interpreted to
be aqualain and the transitional Li-rich breccias are interpreted
to have been deposited in a crater lake volcano-sedimentary
environment.
The Mineral Resource estimates are
based on 29 drillholes (Figure 1 - Falchani Drill Hole Location Map
with Outcrop Samples). Sampling was carried out at sampling
intervals of between 0.5m and 1.0m. Samples used throughout the
estimation process were composited to a downhole length of
2.5m.
The Mineral Corporation undertook
a site visit to the Falchani Project during May 2018 during which,
outcrops of the tuff and breccia units were visited, and the
drilling and sampling operations observed. In addition, The Mineral
Corporation visited the Certimin laboratory in Lima, where all of
the Lithium analyses for the Falchani Project have been
undertaken.
The exploration and sampling
protocols for Lithium at this project are well established, and
have been published in previous NI 43 101 Technical reports.
Certified reference materials (standards) were inserted for
Lithium, and The Mineral Corporation requested that the Company
undertake a re-sampling and analysis exercise on a set of randomly
selected sample rejects. The results of the standards and the
re-assays are considered acceptable for the reporting of Mineral
Resource estimates.
The Lithium distribution within
the tuffs and breccias has a prominent vertical zonation. The
breccias are referred to as the Upper Breccia (UBX) and Lower
Breccia (LBX) that are found above, and below the lithium-rich tuff
unit, respectively. The tuff was sub-divided into three sub-units
(LRT1, LRT2 and LRT3), based on Lithium, Cesium, Rubidium,
Strontium and Barium contents, and the upper and lower bounding
surfaces were constructed utilizing Datamine Strad3D modelling
software, applying Inverse Distance (ID) interpolation of the zone
thicknesses.
Within the zones, well structured
horizontal variograms were obtained for Lithium abundance. Ordinary
Kriging (OK) oriented sub-parallel to the mineralization surfaces
was employed for the estimation of Lithium grades. Grades were
estimated into a block model of 25m X 25m X 5m.
The geological and Lithium grade
continuity within the units is very consistent. The Mineral
Corporation has based the Mineral Resource classification on the
geostatistical confidence of the Lithium estimates, supported by
data quality and data spacing considerations.
The Mineral Corporation has
assessed that there are 'reasonable prospects of eventual economic
extraction' for the Lithium in these Mineral Resource estimates.
This assessment is informed by the preliminary metallurgical
testwork undertaken by the Company, supported by the broad economic
assumptions for the mining and marketing of Lithium provided in the
Preliminary Economic Assessment (PEA) of the Macusani Project,
published by the Company in January 2016.
The Mineral
Resource estimates are as follows:
|
Stratum |
Tonnes (Mt) |
Density |
Li (ppm) |
Li2O
(%) |
Li2CO3 (%) |
Contained
Li2CO3 (Mt) |
Indicated |
UBX |
5.77 |
2.4 |
1259 |
0.27 |
0.67 |
0.04 |
LRT1 |
6.89 |
2.4 |
3667 |
0.79 |
1.95 |
0.13 |
LRT2 |
19.75 |
2.4 |
3236 |
0.70 |
1.72 |
0.34 |
LRT3 |
8.18 |
2.4 |
3611 |
0.78 |
1.92 |
0.16 |
Total |
40.58 |
2.4 |
3104 |
0.67 |
1.65 |
0.67 |
Inferred
|
Stratum |
Tonnes (Mt) |
Density |
Li (ppm) |
Li2O
(%) |
Li2CO3 (%) |
Li2CO3 (Mt) |
UBX |
9.44 |
2.4 |
1589 |
0.34 |
0.85 |
0.08 |
LRT1 |
14.17 |
2.4 |
3681 |
0.79 |
1.96 |
0.28 |
LRT2 |
43.18 |
2.4 |
3254 |
0.70 |
1.73 |
0.75 |
LRT3 |
20.45 |
2.4 |
3551 |
0.76 |
1.89 |
0.39 |
LBX |
34.46 |
2.4 |
1486 |
0.32 |
0.79 |
0.27 |
Total |
121.70 |
2.4 |
2724 |
0.59 |
1.45 |
1.76 |
Minor discrepancies
due to rounding may occur.
Cut-off 0.1%
Li2O
Tonnes are
Metric
Li Conversion Factors
as follows: Li:Li2O=2.153;
Li:Li2CO3=5.323;
Li2O:Li2CO3=2.473 |
Metallurgical
Testwork Details
The Company completed
numerous Lithium leach tests on the Falchani Li-rich tuff unit with
TECMMINE in Peru and at ANSTO Minerals in Australia using warm
sulfuric acid at atmospheric conditions and achieved Lithium
recoveries of up to 90% with low sulfuric acid consumption of
approximately 150 kg.
ANSTO Minerals produced a
preliminary acid leach flowsheet for the Falchani project using
conventional downstream lithium processing steps. ANSTO produced
battery grade lithium carbonate (LC) product with reported purity
of 99.73% from the Primary LC precipitation stage, before final
refining.
This primary LC product compares
favourably with industry specifications for battery grade LC. Final
refining is expected to remove any elements that are 'near-spec'
limits (ex. Ca, K, Na, S).
Plateau Energy Metals is planning
to complete a PEA for Falchani lithium production to establish
production cost estimates for the project.
Clarification on Areas of Archeological
Significance
The Company, and its predecessor companies, have been exploring
continuously in the Macusani area since their initial land
acquisition in 2005. All exploration activities are completed under
fully approved social and exploration/mining permits, which remain
in effect today.
The local Corani-Macusani Area of
Cultural and Archeological Significance is very clearly defined and
well-known to people working in the region. (See: Figure 2-PLU
Project Location Map with Archeological Area of Interest)
More significant for the Company
is that the new Falchani discovery area and lithium deposit lies
outside of the Area of Cultural and Archeological Significance.
Archeological studies completed as part of our exploration program
permitting and recent Environmental Impact Assessment study work
has shown that to date, there are no sites of cultural or
archeological significance affecting Falchani. The local landscape,
landforms, higher elevation and rock weathering style at Falchani
was not conducive for hosting, or preservation of, sites of
archeological significance.
The Company's existing uranium
deposits are located within the Area of Cultural and Archeological
Significance, but are not directly affected by any such sites. The
Company is working with highly respected and experienced
environmental and archeological consultants, local communities and
Peruvian authorities to develop a plan to protect any sites located
in proximity to proposed future project infrastructure.
Qualified
Persons
Mr. Stewart Nupen, B.Sc. (Hons), FGSSA, Pr Sci Nat (No 400174/07)
of The Mineral Corporation, South Africa, an independent mining
consulting firm to the Company, is a Qualified Person as defined
under National Instrument 43-101, and has prepared or supervised
the preparation of, or has reviewed and approved, the scientific
and technical data pertaining to the Mineral Resource estimates
contained in this release.
Mr. Ted O'Connor, P.Geo., 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 The
Mineral Corporation
The Mineral Corporation is based in Bryanston, Sandton
(Johannesburg) South Africa and is a leading senior advisor to the
international minerals business offering a broad range of services
related to mineral exploration, mine development, and mine
optimization across a diverse range of commodities and geographies.
The Mineral Corporation has been working with the Company, and its
predecessors for over six years.
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 has also included check analyses at other accredited
laboratories.
For
further information, please contact: |
|
Plateau Energy Metals Inc.
Ted O'Connor, Director
ted@plateauenergymetals.com
+1-416-628-9600
info@plateauenergymetals.com |
Website: www.plateauenergymetals.com
Facebook: www.facebook.com/pluenergy/
Twitter: www.twitter.com/pluenergy/
|
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 70,938,494 shares issued and
outstanding.
Forward Looking Information
This news release includes certain
forward-looking statements concerning possible expected results of
exploration and future exploration and development 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 estimation and/or
realization of mineral resources; success of exploration
activities; 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 Energy Metals' 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.