Plateau Uranium - high-grade Lithium unit over 100 m thick at Falchani with results of 107.0 m 0.66% Li2O, including 90.0 m 0.73% Li2O from vertical drill hole at Platform 4 - Footprint Expanding
TORONTO, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Plateau Uranium Inc. (“Plateau Uranium” or the "Company")(TSX-V:PLU)(FRANKFURT:QG1)(OTCQB:PLUUF), a lithium and uranium development company, is pleased to announce results from the recently completed vertical drill hole from Platform 4, ~300 m North of Platform 1, at the Falchani discovery, located in the Chaccaconiza area of the Company’s Macusani Plateau Project in southeastern Peru.
Falchani Platform 4 Vertical Hole Highlights (link to Figure 1 Falchani Map & N-S Cross Section)
- High-grade lithium-rich unit thickness established - Falchani tuff over 100 m thick
- Footprint expanding – Platform 4 located ~300 m North of Platform 1
- Intersected 107.0 m averaging 3,083 ppm Li (0.66% Li2O)
- Drilling continues with additional holes planned to expand the mineralized footprint of both lithium and uranium mineralization.
PT-PCHAC04-TV – Vertical Drill Hole; 269.0 m total length
- Intersected 107.0 m of 3,083 ppm Li (0.66% Li2O) from 124.0 to 231.0 m in felsic ash fall tuffs, between typical Macusani rhyolite units.
- Includes a 90.0 m interval of 3,366 ppm Li (0.73% Li2O)
- Platform 4 is 13 m higher in elevation than Platform 1, and lacks anomalous surface radioactivity. The anticipated subsurface uranium mineralization is not present, with only several anomalous samples >100 ppm U3O8 in the rhyolites. This is now interpreted to represent a less porous/resistant “island” where uranium-bearing fluids did not infiltrate and deposit appreciable uranium mineralization.
- At >2km2, the radioactive anomaly at Falchani represents the most extensive surface expression prospected to date on the entire Macusani project.
- Drilling on a new Platform with surface radioactivity present has resumed at Falchani, following the holiday break.
Ted O’Connor, CEO of Plateau Uranium, commented: “The extensive, footprint of the Falchani high-grade Lithium discovery continues to grow from these strong Platform 4 results. Falchani is now at least 300 m long (North-South), over 100 m thick, and >500 m wide (E-W) incorporating current results. The remarkably consistent lithium grades averaging >3,000 ppm Li over all drilled intervals and the sub-horizontal, shallow dipping orientation of the lithium-rich tuff unit should combine to make establishing Lithium mineral resource estimates extremely straightforward.
The lack of near-surface uranium mineralization is not unexpected, as this younger supergene mineralization is often more variable in grades and thicknesses, as seen from our extensive work since 2005. However, the widespread surface radioactivity at Falchani indicates that uranium mineralization should be equally extensive, and will continue to be targeted in subsequent drilling. Our short-term goal remains to establish initial lithium and uranium resources at Falchani by 2nd Quarter 2018.”
Falchani Drilling Details
Analytical results from the vertical diamond drill hole collared from Platform 4 testing the Falchani discovery are presented below. This hole was drilled using large diameter HQ core and is the only drill hole collared from Platform 4.
Table 1 – Falchani Platform 4 Drill Hole Results
| LITHIUM | |||||
| PT-PCHAC-04-V 269.0 m depth Vertical Hole | From | To | Thickness (m) | Grade Li (ppm) | Grade Li2O (ppm) |
| 0.0 | 124.0 | 124.0 | 401 | 865 (0.087%) | |
| 124.0 | 231.0 | 107.0 | 3,083 | 6,649 (0.66%) | |
| including | 126.0 | 216.0 | 90.0 | 3,366 | 7,258 (0.73%) |
| 231.0 | 269.0 | 38.0 | 583 | 1,257 (0.13%) | |
* The widths above are drill intercepts and represent true widths in this vertical drill hole.
The Company is currently continuing to drill the new discovery at Falchani with additional diamond drill holes planned to expand the mineralized footprint and establish uranium and lithium mineral resources.
Quality Assurance, Quality Control and Data Verification
Drill core samples are cut longitudinally with a diamond saw with one-half of the core is 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 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 64,629,912 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 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. | Website: www.plateauuranium.com |
| Ted O'Connor, CEO | Facebook: www.facebook.com/plateauuranium/ |
| ted@plateauuranium.com | Twitter: www.twitter.com/plateauuranium/ |
| +1-416-628-9600 | |
| info@plateauuranium.com |