Plateau Uranium (TSXV:PLU) continues to make progress at its uranium projects on Peru's Macusani Plateau, and most recently significantly increased the collective mineral resource estimate for those properties.
The indicated resource for all of those projects now sits at 51.9 million pounds at 248 parts per million (ppm) U3O8, while the inferred resource comes to 72.1 million pounds at 251 ppm U3O8. Those numbers were obtained using a cut-off grade of 75 ppm U3O8, but a higher-grade cut off of 200 ppm U3O8 results in an indicated resource of 32.8 million pounds at 445 ppm U3O8 and an inferred resource of 45.9 million pounds at 501 ppm U3O8. The resource estimates were updated following Plateau's acquisition of the Minergia projects from Azincourt Uranium (TSXV:AAZ) in September of last year. Plateau has now integrated information from all its properties and has removed former property boundaries. In terms of what all the company now controls, it explains in its release that it holds the rights to all known uranium deposits on the Macusani Plateau. Those include the Kihitian Complex, which hosts the Chilcuno Chico, Quebrada Blanca, Tuturumani and Tantamaco deposits; the Isivilla Complex, which includes the Isivilla, Calvario Real, Puncopata and Calvario I deposits; and the Corani Complex, which includes the Calvario II, Calvario III and Nueva Corani deposits. Plateau secured all of those deposits and more through five corporate transactions that took place over an eight-year period, and according to CEO Ted O'Connor, the new resource has exceeded expectations and "strengthened [the company's] belief in the potential of this emerging uranium district as a future source of low-cost uranium." He also said the new estimates show higher grades and indicate that there are substantial uranium resources available at higher cut-off grades.