In the news: Plateau Uranium & Toachi Mining
FROM THE BROKING DESK
Plateau Uranium†† has made progress on finding an economic route to processing the lithium contained in its Macusani Uranium Project in Peru. The company has managed to achieve lithium recoveries of 61-73% from leaching in a temperature range of 65-85°C. It had previously been investigating high-temperature, pressure leaching, which typically guarantees lithium recoveries of up to 87%. However, the benefits of pressure leaching were not lucrative enough to warrant the additional cost over the lower-temperature option. Management believes the route now being contemplated holds the potential for the economic production of lithium as a by-product from its uranium mine. We see this as a positive in the company’s development of an additional revenue stream for Macusani.
TSX:TIM | C$0.53 | US$20m
Drill Results Provide Refined Detail on Grades and Continuity of Mineralisation
Toachi Mining has announced drill results from an ongoing drill programme at its flagship La Plata Polymetallic VMS Project in Ecuador.
COMMENT: Management is continuing to refine its understanding of the deposit, with drilling focused primarily on areas of historic mining activity. These latest results have identified areas of particularly high-grade, while extensions at depth and continuity near-surface have the potential to add incremental volume to the historical resource.
The management believes that the geology has the potential for multiple VMS lenses and has identified 14 exploration targets. The identification of new mineralised zones has the potential to be transformative, and we look forward to seeing the exploration story develop.
Toachi background — Back in February 2016 the company entered into an option to earn between a 60-75% interest in the project from Sultana Del Condor Minera. The current drilling programme is aimed at adding to the very high-grade gold/copper-rich — but relatively small — historical resource that exists at the project, which is based on work by Cambior (1996-99) and then Cornerstone (2006-07). This Inferred resources totalled 0.9Mt grading 8.0 g/t Au, 88 g/t Ag, 5.0% Cu, 6.7% Zn and 0.8% Pb.
Hole CMLP-17-38 identifies high copper content and shows mineralisation continues at depth — In the southern part of the La Mina North block, hole CMLP-17-38 intersected 14m grading 1.5 g/t Au, 31 g/t Ag, 5.6% Cu, 0.1% Pb and 1.3% Zn from 120m (AuEq 11.4 g/t), which included 3.6m grading 2.4 g/t Au, 93 g/t Ag, 15.9% Cu, 0.2% Pb and 2.3% Zn from 120m (AuEq 29.3 g/t). Underground historic workings had accessed the associated mineralisation at a shallower depth. This hole proves that the mineralisation continues at depth and provides a better understanding of grade. The assay pending on Hole CMLP-17-36 will help demonstrate whether high-grade copper continues.
Additional holes in the La Mina former open pit confirm continuity — The results from Holes CMLP-16-18 & CMLP-16-25 are in the former open pit at La Mina, as were many of the drill holes reported in January 2017. The area features historical workings that provide a firm basis for understanding the structure of the deposit. The latest results are in line with the previously-announced drilling and help to confirm continuity.
The Guatuza Zone hosts near-surface mineralisation below a historic open pit — The Guatuza Zone sits 250m north-east of the main La Mina deposit, and management believes that the near-surface mineralisation holds the potential for an open pit. Hole CMLP-16-21 featured 6m grading 6.9 g/t AuEq from 12m, and 36m grading 3.9 g/t AuEq from 21m.