Plateau Energy Metals (TSXV: PLU; FRANKFURT: QG1; OTCQB: PLUUF), Toronto, junior mining company exploring the Macusani plateau (Puno), in search of uranium and lithium, reported that it cut 0.73% of lithium over 16m, including 579ppm of U3O8 over 8 meters, at its Falchani project.
Ted O’Connor, CEO of Plateau Energy Metals, said that the results reaf rm the expectation of developing a large-scale lithium deposit with simple processing requirements and potential for feasible mining.
“Throughout our career, we have not found a project with such a consistent geology, geometry, grades and size. Falchani is an exciting discovery”, O’Connor said.
…and announces proposed non-brokered private placement
The company also announced its intention to proceed with a non-brokered private placement to raise up to CAD$2 million –subject to the right to increase the nancing if there is enough demand–. The nancing is expected to be completed on May 18th approximately.
The units will be offered at a price of CAD$0.6 per unit and each unit will consist of a company’s ordinary share and half of an ordinary warrant.
Net income from the nancing will be used to fund new drillings, property payments and preparation of technical reports on the company’s properties in the Macusani plateau, as well as work capital and other general corporate ends.