Welcome!

News Feed Item

Plateau Uranium intersects >2,000 ppm U at high-grade Pinocho Target, Macusani Project, Peru

TORONTO, ONTARIO -- (Marketwired) -- 03/20/17 -- Plateau Uranium Inc. ("Plateau Uranium" or the "Company") (TSX VENTURE: PLU)(FRANKFURT: QG1) is pleased to announce strong initial drill results from the high-grade Pinocho Target at the Company's Macusani Plateau Project in southeastern Peru. Initial results from six (6) diamond drill holes drilled on two (2) platforms are reported from Pinocho, which represents one of the most prospective of several previously untested higher grade, near-surface uranium targets on the Company's extensive 910 km2 land package. Historical underground adits were established previously at Pinocho by IPEN ("Institute of Peruvian Nuclear Energy") (see Company news release dated November 28, 2016 for full description of Pinocho target). Drilling at Pinocho continues along a 1.4 km trend.

Initial Pinocho Drilling Highlights


--  Two drill holes from Platform 1, returned in excess of 2,000 ppm U
    (2,350 ppm U3O8) over 2 and 3 metres, repectively, within broader
    intervals of uranium mineralization ranging between 500-800 ppm U (590-
    940 ppm U3O8) over 8-9 metres, which is 2-3 times higher than the
    approx. 288 ppm U3O8 average life-of-mine uranium grade reported in the
    Company's 2016 Preliminary Economic Assessment ("PEA") (see Company news
    release dated January 10, 2016).
--  Best uranium intersections are at potentially open pittable depths,
    within 50 metres of surface.
--  Uranium mineralization is located within broader zones of lithium
    mineralization ranging from 12-37 metres thick, with consistent grades
    similar to the existing reported lithium resources at Macusani (550-700
    ppm Li; 0.12-0.15% Li2O).
--  Pinocho represents a potential higher grade starter resource area, which
    may serve to improve uranium project economics in early years of
    operation.
--  Sensitivity analysis from the financial model reported in the Company's
    PEA base case for uranium only, dated January 12, 2016, highlights a
    post-tax NPV8 of $360 million and an IRR of 29.2% with a payback period
    of 2.5 years using a $40/lb U3O8 selling price, exclusive of any Lithium
    co-product potential. The average life-of-mine head grade included in
    the PEA was 288 ppm U3O8, significantly lower in grade than the current
    drill results presented in today's release.
--  Company-owned diamond drill rigs continue drilling along a 1.4 km long
    trend at Pinocho, aimed at further defining resource potential in the
    area.

Pinocho Target Highlights


--  Underground adits at Pinocho were developed by IPEN along high grade,
    sub-horizontal, planar zones of uranium mineralization with thicknesses
    exceeding 2 metres, surrounded by lower grade disseminated
    mineralization of unknown thickness and scale; this mineralization
    remains open in all directions.
--  96 channel samples collected from the Pinocho adits in 2009 by the
    Company intersected uranium grades up to 4.37% U (5.15% U3O8) averaging
    over 3,000 ppm U within a background of 15 ppm U.
--  12 chip samples collected from the Pinocho adits contained greater than
    1% U (1.18% U3O8), and 50 samples contained greater than 500 ppm U (590
    ppm U3O8)

Ted O'Connor, CEO of Plateau Uranium, commented: "We are extremely pleased with these results from initial drilling at Pinocho. We have successfully located an extension of the known uranium and lithium resources to the southeast of the Kihitian Complex, and look forward to completing additional drilling to define the resource potential of this area. The higher grade uranium mineralization and consistent lithium grades we are intersecting at Pinocho, combined with the potential for enhanced uranium and lithium by-product recoveries announced in our previous news release, should serve to further enhance the already robust, low cost, project economics of our Macusani Project."

Pinocho Drilling Details

Analytical results have been received from the first 6 diamond drill holes from 2 platforms testing the Pinocho target. Typically, each platform can have up to 5 drill holes collared from the same location, depending on topography. Each individual platform usually consists of a vertical drill hole and 4 inclined drill holes drilled in opposing directions (NE, NW, SE & SW) at inclinations of between -45 degrees to -70 degrees from horizontal. All holes are drilled using large diameter HQ core.

All drill holes have intersected the upper mineralized horizon (Manto A) within 50 metres of surface, with variable uranium content as outlined in Table 1 below. Consistent lithium grades have also been intersected within the individual lava flow units.

Table 1 - Pinocho Drill Hole Results - Uranium and Lithium Intersections


                                                                     URANIUM
----------------------------------------------------------------------------
PT-PCH1-TNE - 203.0 m
 depth -70 degrees
 inclination @ 065 degrees                Thickness  Grade (ppm  Grade U3O8
 Az                          From     To         (m)          U)   (lbs/ton)
----------------------------------------------------------------------------
                             53.0   61.0         8.0         861       2.031
----------------------------------------------------------------------------
including                    53.0   56.0         3.0       2,160       5.094
----------------------------------------------------------------------------
                             66.5   70.0         3.5         162       0.382
----------------------------------------------------------------------------



                                                                     LITHIUM
----------------------------------------------------------------------------
PT-PCH1-TNE - 203.0 m
 depth -70 degrees
 inclination @ 065 degrees                Thickness    Grade Li  Grade Li2O
 Az                          From     To         (m)       (ppm)       (ppm)
----------------------------------------------------------------------------
                             50.0   70.0        20.0         535       1,154
----------------------------------------------------------------------------
including
----------------------------------------------------------------------------

----------------------------------------------------------------------------


                                                                     URANIUM
----------------------------------------------------------------------------
PT-PCH1-TNW - 219.2 m
 depth -70 degrees
 inclination @355 degrees                 Thickness  Grade (ppm  Grade U3O8
 Az                          From     To         (m)          U)   (lbs/ton)
----------------------------------------------------------------------------
                             53.0   62.0         9.0         566       1.335
----------------------------------------------------------------------------
including                    53.0   55.0         2.0       2,182       5.146
----------------------------------------------------------------------------
                             88.0   96.0         8.0         148       0.349
----------------------------------------------------------------------------



                                                                     LITHIUM
----------------------------------------------------------------------------
PT-PCH1-TNW - 219.2 m
 depth -70 degrees
 inclination @355 degrees                 Thickness    Grade Li  Grade Li2O
 Az                          From     To         (m)       (ppm)       (ppm)
----------------------------------------------------------------------------
                             50.0   62.0        12.0         546       1,177
----------------------------------------------------------------------------
including                   160.0  180.0        20.0         584       1,259
----------------------------------------------------------------------------

----------------------------------------------------------------------------


                                                                     URANIUM
----------------------------------------------------------------------------
PT-PCH3-TV - 206.0 m depth                 Thickness  Grade (ppm  Grade U3O8
 (vertical)                  From     To         (m)          U)   (lbs/ton)
----------------------------------------------------------------------------
                             50.0   68.0        18.0         142       0.335
----------------------------------------------------------------------------
including                    50.0   53.0         3.0         538       1.269
----------------------------------------------------------------------------
                            121.0   96.0         8.0          51        0.12
----------------------------------------------------------------------------



                                                                     LITHIUM
----------------------------------------------------------------------------
PT-PCH3-TV - 206.0 m depth                 Thickness    Grade Li  Grade Li2O
 (vertical)                  From     To         (m)       (ppm)       (ppm)
----------------------------------------------------------------------------
                             30.0   67.0        37.0         554       1,195
----------------------------------------------------------------------------
including                   155.0  160.0         5.0         828       1,785
----------------------------------------------------------------------------

----------------------------------------------------------------------------


                                                                     URANIUM
----------------------------------------------------------------------------
PT-PCH3-TNW - 130.5 m
 depth -60 degrees
 inclination @315 degrees                 Thickness  Grade (ppm  Grade U3O8
 Az                          From     To         (m)          U)   (lbs/ton)
----------------------------------------------------------------------------
                             56.5   59.0         2.5         203       0.479
----------------------------------------------------------------------------



                                                                     LITHIUM
----------------------------------------------------------------------------
PT-PCH3-TNW - 130.5 m
 depth -60 degrees
 inclination @315 degrees                 Thickness    Grade Li  Grade Li2O
 Az                          From     To         (m)       (ppm)       (ppm)
----------------------------------------------------------------------------
                             39.0   65.0        26.0         712       1,535
----------------------------------------------------------------------------


                                                                     URANIUM
----------------------------------------------------------------------------
PT-PCH3-TSE - 210.4 m
 depth -55 degrees
 inclination @135 degrees                 Thickness  Grade (ppm  Grade U3O8
 Az                          From     To         (m)          U)   (lbs/ton)
----------------------------------------------------------------------------
                             61.0   66.0         5.0         107       0.252
----------------------------------------------------------------------------
including                    65.0   66.0         1.0         450       1.061
----------------------------------------------------------------------------



                                                                     LITHIUM
----------------------------------------------------------------------------
PT-PCH3-TSE - 210.4 m
 depth -55 degrees
 inclination @135 degrees                 Thickness    Grade Li  Grade Li2O
 Az                          From     To         (m)       (ppm)       (ppm)
----------------------------------------------------------------------------
                             55.0   70.0        15.0         584       1,259
----------------------------------------------------------------------------
including                   175.0  190.0        15.0         868       1,872
----------------------------------------------------------------------------


                                                                     URANIUM
----------------------------------------------------------------------------
PT-PCH3-TNE - 186.0 m
 depth -55 degrees
 inclination @045 degrees                 Thickness  Grade (ppm  Grade U3O8
 Az                          From     To         (m)          U)   (lbs/ton)
----------------------------------------------------------------------------
                             78.0   82.0         4.0          99       0.233
----------------------------------------------------------------------------

----------------------------------------------------------------------------

                                                                     LITHIUM
----------------------------------------------------------------------------
PT-PCH3-TNE - 186.0 m
 depth -55 degrees
 inclination @045 degrees                 Thickness    Grade Li  Grade Li2O
 Az                          From     To         (m)       (ppm)       (ppm)
----------------------------------------------------------------------------
                             50.0   65.0        15.0         594        1281
----------------------------------------------------------------------------
                             75.0   86.0        11.0         535        1154
----------------------------------------------------------------------------

The deeper uranium mineralized horizon (Manto B) has not been intersected in the currently reported drill holes. Manto B was expected to be located at approximately 150 metres depth below surface based on projections from the known mineralization at the Kihitian Complex deposits located to the northwest, but appears to have been flushed away in this area by variations in the local water table and the presence of rivers at this elevation in this topographical depression (click here to view Figure 1 - Example Map & Cross Section Kihitian deposit to Pinocho Platform 1).

As observed in Table 1, several higher grade lithium intervals of greater than 800 ppm Li over wide intervals (5-15 metres) have been intersected in the lower volcanic flow unit where the lower Manto B should have been located. Manto B level mineralization has been observed in more recently completed drill holes, however, chemical analyses remain outstanding and will be reported as results become available.

Pinocho Target & Drill Program

Pinocho is located 2 km southeast of the Kihitian deposit, and is believed to be a possible extension of the same mineralization comprising the Kihitian Complex deposits. Approximately 194 metres (length) of adit development was established at Pinocho by IPEN in the early 1980's. Adit development followed a high grade core of sub-horizontal uranium mineralization within a thicker disseminated uranium mineralized envelope. The exposed mineralization within the adits is open in all directions.

Drilling from a total of eight (8) platforms is planned to be completed during this initial Pinocho drill program. Drilling should be completed in April 2017.

Macusani Uranium-Lithium Deposits

The Macusani Plateau uranium district hosts unique, low temperature supergene-surficial uranium deposits formed in peraluminous, alkaline volcanic rhyolite host rocks that are approximately 7 million years old. The host rhyolites are inherently enriched in U, Li, K Al and SiO2, as well as other Large-Ion Lithophile Elements (LILE - Cs, Rb, etc). The uranium mineralization is less than 1 million years old, as young as approx. 40,000 years old and comprised primarily of the hexavalent uranium mineral meta-autunite, and is totally unrelated to volcanic processes. The uranium was scavenged from the host rhyolites by melting glacial waters circulating through the porous rhyolites well after eruption and cooling, with uranium precipitation due to evaporation, water table fluctuation, changes in fluid flux and mixing with resident groundwater of subtly different chemistry. The low-temperatures and benign conditions of uranium deposit formation translates into uranium mineralization that is easily leached with weak sulphuric acid and represents one of the lowest potential production cost opportunities globally.

The lithium enrichment is widespread and related to the original chemistry of the host rhyolites. Lithium and other LILE metals were not mobilized during the uranium mobilization-deposition. Lithium is enriched in volcanic glass phases and biotite and is easily leached with warm sulphuric acid. The potential of producing lithium as a co-product of uranium production is beginning to be understood, but indications are that lithium co-production represents an excellent opportunity to add value to the Company's robust uranium projects.

Quality Assurance & Quality Control

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 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 and internal laboratory standards.

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 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' and the Frankfurt Exchange under the symbol 'QG1'. The Company has 58,043,354 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
Building custom add-ons does not need to be limited to the ideas you see on a marketplace. In his session at 20th Cloud Expo, Sukhbir Dhillon, CEO and founder of Addteq, will go over some adventures they faced in developing integrations using Atlassian SDK and other technologies/platforms and how it has enabled development teams to experiment with newer paradigms like Serverless and newer features of Atlassian SDKs. In this presentation, you will be taken on a journey of Add-On and Integration ...
Now that the world has connected “things,” we need to build these devices as truly intelligent in order to create instantaneous and precise results. This means you have to do as much of the processing at the point of entry as you can: at the edge. The killer use cases for IoT are becoming manifest through AI engines on edge devices. An autonomous car has this dual edge/cloud analytics model, producing precise, real-time results. In his session at @ThingsExpo, John Crupi, Vice President and Eng...
There are 66 million network cameras capturing terabytes of data. How did factories in Japan improve physical security at the facilities and improve employee productivity? Edge Computing reduces possible kilobytes of data collected per second to only a few kilobytes of data transmitted to the public cloud every day. Data is aggregated and analyzed close to sensors so only intelligent results need to be transmitted to the cloud. Non-essential data is recycled to optimize storage.
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists l...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, provided the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” used open source attack tools that are free and available for download by anybody. Attendees learned where to find and how to operate these tools for the purpose of testing their own IT infrastructure. The...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...