Plateau Energy Metals Inc. PLUUF

New Release

[ATLEVAN]

Plateau Uranium reports additional Falchani high-grade Lithium and Uranium outcrop and drill results with 45.7 m of 0.74% Li2O and 28.0 m of 522 ppm U3O8 & Announces Option Grants 

TORONTO, Jan. 09, 2018 (GLOBE NEWSWIRE) -- Plateau Uranium Inc. ("Plateau Uranium" or the "Company") (TSX-V:PLU) (FRANKFURT:QG1) (OTCQB:PLUUF), a lithium and uranium development company is pleased to announce outcrop sample results and continued strong drill results from the final two drill holes from Platform 1 at the Falchani discovery, located in the Chaccaconiza area of the Company's Macusani Plateau Project in southeastern Peru. The Company also announces the grant of stock options to directors, officers, consultants and employees, subject to regulatory approval. 

Falchani Discovery Drilling & Outcrop Highlights (Figure 1 Falchani Map & Cross Section) Outcrop samples of Li-rich tuff returned up to 3,365 ppm Li (0.72% Li2O) ~500 m West of Platform 1High-grade lithium-mineralization remains open at depth as none of the Platform 1 drill holes intersected the lower contact of the Li mineralized unit.Drilling continues with additional holes planned to expand the mineralized footprint of both lithium and uranium mineralization. 
PT-PCHAC01-TV - Vertical Drill Hole; 132.5 m total length (lost due to ground conditions) Intersected 49.0 m averaging 338 ppm U3O8 from surface 0.0 to 49.0 m downhole with higher grade intersections closer to surface (see Table, below) hosted in typical Macusani rhyolites.Intersected 45.7 m of 3,415 ppm Li (0.74% Li2O) from 86.8 to 132.5 m (End of Hole) in felsic ash fall tuffs, ending in these rocks/mineralization. PT-PCHAC01-TSW - 265degrees Az; -55degrees inclination; 82.5 m total length (lost due to ground conditions) Intersected only weak surface uranium mineralization over three narrow intervals - possibly marks the SW extent of the uranium depositDrill hole abandoned at 82.5 m due to rubbly ground conditions just as the hole encountered the upper contact of the transition into the Li-rich tuff unit. Basal 5.5 m averaged 813 ppm Li from 77.0 to 82.5 m (End of Hole). 

Ted O'Connor, CEO of Plateau Uranium, commented: "The Falchani discovery continues to excite us and we now believe that the Li-rich unit has a substantial, and growing, >500 m (E-W) footprint and is at least 50 m thick from our surface outcrop sample results, mapping and drill testing this unit. The surface uranium mineralization represents the icing on the cake at Falchani. "The final two drill holes from Platform 1 at the Falchani discovery answered key questions: the vertical hole confirmed the strong uranium and lithium mineralization exactly where we expected it; the SW drill hole has confirmed to us that the Li mineralization is present at depth, but the weak uranium mineralization more than likely represents the edge of this surface uranium deposit and points us to move northward. We will continue the Falchani drill program towards the heart of this large 2km2 radioactive anomaly. A vertical drill hole is currently underway on Platform 4, located 300 m to the north to drill through to the lower contact of the sub-horizontal Li-rich tuff unit and determine the actual thickness of the high-grade lithium unit. Additional Platforms are planned to continue to expand the drill indicated footprint of the Falchani discovery with the goal of establishing initial lithium and uranium resources at Falchani by mid-2018." Falchani Drilling DetailsAnalytical results from the fourth and fifth diamond drill holes collared from Platform 1 testing the Falchani discovery are presented below. All holes are drilled using large diameter HQ core, reducing to NQ core with deteriorating ground conditions.