Plateau Uranium High Grade At Pinocho Target

 

TORONTO, ON - Plateau Uranium Inc. reported 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") 

Ted O'Connor, CEO of Plateau Uranium, said, "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."

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.

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 meters depth below surface based on projections from the known mineralization at the Chitin 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.

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 meters (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.

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.