Dec 11, 2017   in News Releases

TORONTO, ONTARIO — (Marketwired – December 11, 2017) – Plateau Uranium Inc. (“Plateau Uranium” or the “Company“) (TSX VENTURE:PLU) (OTCQB: PLUUF) (FRANKFURT:QG1), a Uranium and Lithium development company, is pleased to announce initial metallurgical test results from the new Falchani discovery at its Macusani Plateau lithium/uranium project in Peru. The work was completed by TECMMINE, a Peruvian metallurgical consulting company based in Lima, Peru, and was reviewed by Grenvil Dunn of Hydromet (Pty) Ltd. (“Hydromet“). The test work forms part of the Company’s continuing efforts to unlock value from the significant lithium resources contained within its uranium deposits.

The Company is continuing additional test work on uranium, lithium and other associated metals with the intention of further optimizing the process and establishing potential capital and operating costs for extracting both lithium and uranium from the Macusani deposits.

Highlights

This leach test work was conducted on samples of the Li-rich tuff recently drilled by the Company at the Falchani discovery. This unit is at least 50m thick and exhibits consistent high lithium grades of 3,500 to 4,300ppm Li (0.75-0.92% Li2O), and remains open at depth and in all directions.

  • Early leach results indicate that 77-80% of contained lithium can be extracted from Falchani mineralization, in an open circuit sulphuric acid leach operated at 89°C.
  • Lithium continued to leach beyond 12 hours, suggesting further upside of increased Li recoveries over longer leach periods.
  • Additional work is planned in Peru and will be followed up with further leaching and precipitation test work at international mineral processing consulting firms, SGS Laboratories and ANSTO, in Australia.
  • The outcome of this work will establish estimates for capital and operating costs to produce lithium and possibly other rare metals and will subsequently determine the anticipated, positive impact to the Macusani lithium and uranium project.

Ted O’Connor, CEO of Plateau Uranium commented: “These initial leach test results from the Li-rich Falchani tuff unit are extremely positive, showing very high lithium extraction using our simple, warm sulphuric acid leaching process under atmospheric pressure conditions.

 

The footprint of these Li-rich tuffs is already large and growing from our on-going drill program at Falchani. We are confident that Falchani will grow as both a uranium and a significant, high-grade lithium project, and will enhance the economic value proposition of our already robust Macusani project.”

 

Details

The Li-rich Falchani tuff was discovered in October 2017 and metallurgical test work studies commenced immediately in order to understand if a low intensity atmospheric pressure sulphuric acid leach was effective in extracting lithium as well as other rare metals from this new Li-rich mineralization. The high-grade sequence of Falchani tuff is at least 50 m thick from current drilling, and has lithium contents ranging between 3,500 to 4,300ppm Li.

Two open circuit acid leach tests were conducted on the Li-rich tuff containing 4,076 ppm Li, as follows:

  • The first test sample was milled to 80% passing 212 microns and leached with sulphuric acid over 12 hours in stirred tanks. Samples of liquids and solids were taken at various intervals over the 12 hour leaching period. After 12 hours, the Li extraction was 77.3%.
  • The second test sample was milled finer, to 80% passing 150 microns and leached with sulphuric acid over 12 hours in stirring tanks. Samples of liquids and solids were taken at various intervals over the 12 hour leaching test work. After 12 hours, the Li extraction was 79.9%.

The tests were run at a temperature of +/-89°C. A high lithium extraction to the aqueous phase in this initial leach test program is extremely encouraging. Additional leach and precipitation test work on the Falchani tuff high-grade lithium mineralization is planned, however, the current results are a clear indication that a relatively simple process flow-sheet is all that should be required to recover lithium from this new mineralization style.

Qualified Persons

Mr. Grenvill Dunn, Pr Eng (RSA), C Eng (UK), FIChE, MSAIMM, MSAIChE of Hydromet Pty Ltd, a technical consultant to the Company, is a Qualified Person as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical information contained in this release.

About Hydromet Pty Ltd

Hydromet Pty Limited is an international consulting company for the metals and mining industry. The company is based in South Africa and was established in 2000 by its director Grenvil Dunn. Mr Dunn is a Chemical Engineer with over 45 years of experience, particularly in mineral processing, flow sheet design and development with direct experience in uranium and lithium.

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 64,227,151 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.

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