TORONTO, ONTARIO — (GlobeNewswire – June 11, 2018) – 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 recent mapping/sampling efforts have expanded the Falchani lithium-rich mineralization an additional 1 km west of previously announced sampling, and continued strong results from three recently completed inclined diamond drill holes from Platform 3 and Platform 9 at the Falchani project, located in the Chaccaconiza area of the Company’s Macusani Plateau Project in southeastern Peru.
- Falchani lithium mineralization mapped and sampled at surface has expanded the footprint by >1km to west of previous sample results. Current E-W footprint now over 2km.
Platform 9 NW Inclined Hole drilled to 325° Azimuth @ -55° inclination – 309 m total length
- 127 m of Lithium-rich tuff unit intersected at 3,500 ppm Li (0.75% Li2O) from 129-256 m (104 m true thickness estimate)
- 190 m of 2,751 ppm Li (0.59% Li2O) in broader interval that includes 8 m of Li-rich breccias located above the tuff unit and 53 m of Li-rich breccias below the tuff unit from 119-309 m (End of Hole) (155.6 m true thickness estimate)
- Weak surface uranium mineralization intersected 1 m of 331 ppm U3O8 from 0-1.0 m
Platform 3 E Inclined Hole drilled to 090° Azimuth @ -60° inclination – 148.5 m total length
- High-grade lithium-rich tuff unit intersected 50 m of 3,727 ppm Li (0.80% Li2O) from 81-131 m (43.3 m true thickness estimate)
- 66 m of 3,213 ppm Li (0.69% Li2O) in broader interval that includes Li-rich breccias located above and below the tuff unit from 77-143 m (57.2 m true thickness estimate)
Platform 3 SW Inclined Hole drilled to 230° Azimuth @ -55° inclination – 157.5 m total length
- High-grade lithium-rich tuff unit with minor breccias above and below intersected 75 m of 3,503 ppm Li (0.75% Li2O) from 68-143 m (61.4 m true thickness estimate)
- Weak surface uranium mineralization intersected 4.5 m of 218 ppm U3O8 from 0-4.5 m (3.7 m true thickness estimate)
Ted O’Connor, CEO of Plateau Energy Metals, commented: “These delineation drill hole results from Platforms 3 and 9 are confirming and growing our understanding of the geometry and geology of the unique Falchani lithium deposit.
The massive mapped and sampled footprint and thick intersections of lithium-rich tuff at Falchani all have remarkably consistent grades, most in excess of 0.7% Li2O and continue to build our confidence that Falchani will eventually grow into one of the largest near surface lithium deposits known. These, along with the Peruvian government and local community support we are receiving and the simple processing option routes we are working on with ANSTO are helping our efforts to make future Peruvian lithium production a reality.
Drilling continues with three Company-owned rigs at Falchani, and we believe we remain on track to complete a maiden NI 43-101 lithium resource estimate around the end of the month.”
Falchani Platform 9 and 3 Details
Analytical results from three drill holes collared from Platform 9 and 3 testing the Falchani discovery are presented below. These inclined holes were drilled using large diameter HQ core, reducing to NQ when drill advance is compromised.
Falchani Lithium Deposit Highlights
- Delineation drilling confirms 50-140 m thick Lithium-rich tuff unit = Large Scale
- Mapping and sampling expands surface footprint of Li-rich tuff unit beyond the original radiometric anomaly. Current footprint now 2.2 km wide (East-West) and 1.7 km long (North-South).
- Continued consistent high average Li grades >3,250 ppm Li (0.70% Li2O) over the entire unit
- Unique and straightforward geology, geometry, grade consistency and overall thickness leads to simple interpretation, mineral deposit modeling and resource estimation
- Shallow, open pit mining potential from surface to ~250 m depth points to <1:1 strip ratio
- Consistent 80-90% Li leaching with simple warm acid leaching from this uncomplicated deposit should result in a cost-effective future operation
The Company is currently continuing to drill the Falchani discovery with additional diamond drill holes planned to expand the mineralized footprint and establish an initial mineral resource estimate by June 30, 2018.
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.
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 69,796,004 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 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.