Plateau Energy Metals (CVE:PLU, OTCQB:PLUUF) today unveiled a 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. The company also provided an update on areas of cultural and archeological significance in the vicinity of the project.
"To report our maiden lithium mineral resource estimate less than nine months after our discovery hole at Falchani is a wonderful achievement, and everyone associated with PLU can feel tremendously proud of this accomplishment," said Ian Stalker, executive chairman and interim chief executive officer of Plateau Energy Metals.
"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."
The company provided several highlights of the lithium mineral resources estimates, based on a 0.1-per-cent lithium oxide cut-off grade .
Within the lithium-rich tuff sequence, indicated mineral resources included 34.82 million tons at 0.73% Li2O containing 630,000 tons Li2CO3 (lithium carbonate). Inferred mineral resources were 77.80 million tons at 0.73% Li2O containing 1.41 million tons Li2CO3.
The footprint of the drilled, mapped and surface-sampled lithium-rich tuff unit extends up to 1,700 metres north-south and 2,200 metres east-west. The resource estimate covers a drilling area of 1250m and 350-500m east-west, representing approximately 20% of the potential deposit area.
Drilling will continue
The company said it will continue to drill to define additional mineral resources.
"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" said Dr. Laurence Stefan, chief operating officer of Plateau Energy Metals.
"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."
Shares of Plateau Energy were down 2.2% at C$1.31 on Tuesday.