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
DetailsThe 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 (%) |
ContainedLi2CO3 (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%
Li2OTonnes are MetricLi Conversion Factors as follows:
Li:Li2O=2.153; Li:Li2CO3=5.323; Li2O:Li2CO3=2.473 |
Metallurgical Testwork DetailsThe
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
SignificanceThe 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 PersonsMr. 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
CorporationThe 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 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. 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,
Directorted@plateauenergymetals.com+1-416-628-9600info@plateauenergymetals.com |
Website:
www.plateauenergymetals.comFacebook:
www.facebook.com/pluenergy/Twitter: www.twitter.com/pluenergy/ |
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 70,938,494 shares issued and outstanding.
Forward Looking InformationThis
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.
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