Plateau Energy Metals Inc. (“Plateau” or the “Company”) (TSX-V:PLU | OTCQB:PLUUF) announces that it has filed an independent National Instrument 43-101 – Standards of Disclosure for Minerals Projects(“NI 43-101”) technical report (the “Report”) on the updated mineral resource estimate at the Company’s Falchani Lithium Project announced on March 4, 2019 (the “News Release”).
Key Highlights:
- All zones increased by approximately 90% of contained lithium carbonate equivalent (“LCE”)(1)
- Open to the north and north-west of Falchani West resource.
- Tres Hermanas area represents an exploration target of outcropping high-grade lithium-rich tuff immediately west of the new Mineral Resource at surface, and over large surface expression.
- All conventional process routes tested to date yield a high value, low impurity lithium carbonate or lithium hydroxide product, not a concentrate. Work is ongoing to optimize flow sheet.
(1) Li Conversion Factors as follows: Li:Li2O=2.153; Li:Li2CO3=5.323; Li2O:Li2CO3=2.473
Project Update
Metallurgical work continues with ANSTO Minerals laboratories (“ANSTO”) as part of the phase II work programme. The finalization of this work programme includes Plateau and ANSTO working closely with DRA Global’s (“DRA”) processing team to optimize parameters ahead of selecting the preferred process flow sheet for the Preliminary Economic Assessment (“PEA”). The Company anticipates finalizing the optimal metallurgical results in the coming weeks which shall include reagent consumption estimation, optimal recoveries and precipitation of battery grade lithium products.
DRA is advancing the PEA and is in the process of designing preliminary flow sheets on the various process route options based on ANSTO’s results, acquiring quotes for equipment packages as part of capital build-up and preparing other components of the PEA. Ahead of the PEA, DRA will complete techno-economic concept level trade-off studies based on the process route options in order to select an optimal process route. The PEA is targeted for completion at the end of the first half of 2019.
Readers are encouraged to review the related March 4, 2019, News Release, and the Report. The Report titled “Mineral Resource Estimates for the Falchani Lithium Project in the Puno District of Peru” was prepared by The Mineral Corporation and can be found under the Company’s profile on SEDAR (www.sedar.com) and on the Company’s website. There are no material differences in the NI 43-101 Report from the information disclosed in the News Release.
Option Grants
The Company also announces that, subject to regulatory approval, it has granted stock options to acquire an aggregate of 1,075,000 common shares to directors, officers, consultants and employees under its 2 stock option plan. Each option is exercisable for a five year period to acquire one common share at a price of $0.65 per share. The options granted vest over 18 months in 1/3 portions every six months.
Included in the aforementioned grant are stock options to First Globe Capital International Inc. (“First Globe”), to purchase up to 50,000 common shares of the Company until April 23, 2024, at an exercise price of C$0.65 per common share which will vest over 18 months in 1/3 portions every six months. First Globe, a provider of institutional marketing and advisory services, is based out of Vancouver, BC, and is owned by Anish Sunderji.
Qualified Persons
Mr. Ted O’Connor, P.Geo., a Director of Plateau, and a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical information contained in this news release.
About Plateau Energy Metals
Plateau Energy Metals Inc., a Canadian exploration and development company, is enabling the new energy paradigm through exploring and developing its Falchani Lithium Project and its Macusani Uranium Project in southeastern Peru. The Company, with 100% control of mineral concessions covering over 93,000 hectares (930 km2), has significant and growing lithium resources and all reported uranium resources known in Peru, all of which are situated near infrastructure.
Source: Plateau Energy Metals