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.
Moving forwardNow that Plateau has compiled a resource estimate for all its Macusani Plateua properties, it should be able to move forward in a timely manner. O'Connor said that one upcoming milestone will be the completion of an updated preliminary economic assessment. Plateau will also need to advance uranium production permitting discussions with Peruvian authorities, but considering the relationship the company has built with them and the Peruvian government's position towards uranium mining, that should go smoothly. "The Peruvian government is very much on board with uranium mining. Plateau Uranium has established working relationships with Peru's Ministry of Mines and Energy, the Institute of Geology, Mining and Metallurgy and the Peruvian Institute of Nuclear Energy," O'Connor told Resource Investing News. Working in a jurisdiction that values mining is definitely a plus, particularly with uranium, which often falls victim to complaints on environmental grounds. And indeed, mining exports are a crucial part of Peru's economy, accounting for 60 percent of the country's total exports. Its rich resource and economic success in the mining sector has allowed legal processes to be designed to support the industry. Another goal for Plateau moving forward will be to return to active delineation and exploration drilling later this year. The company's share price was flat at end of day Wednesday at a price of $0.65. It's up 80.56 percent year-to-date. Securities Disclosure: I, Kristen Moran, hold no direct investment interest in any company mentioned in this article. Editorial Disclosure: Plateau Energy is a client of the Investing News Network. This article is not paid-for content. Related reading: Good News from Japan Moves Uranium Stocks Uranium Price Holding Ground as Market Moves to Q2 Plateau Uranium Increases Resource Estimates for Macusani Plateau Properties from Uranium Investing News