TORONTO, ONTARIO--(Marketwire - Feb 19, 2013) - Macusani Yellowcake Inc. (the "Company") (TSX VENTURE:YEL)(QG1.F) is pleased to announce the first drilling results from the Tupuramani property located on the Macusani Plateau in southeastern Peru.
Tupuramani is located immediately to the west of, and adjacent to, the Colibri 2 & 3 deposit where the company had previously reported a NI 43-101 resource estimate of 5.4 M lbs indicated at 0.027% U3O8 (0.53 lbs/ton) and 15.1 M lbs inferred at 0.020% U3O8 (0.40 lbs/ton) using a 75 ppm cut-off grade. The large radiometric anomaly depicted and successfully drilled at Colibri 2 & 3 extends for another 3.75 km across the Tupuramani property and continues onto the Company''s Micha Michani property.
Tupuramani was acquired in the merger with Southern Andes Energy ("SUR"). The Tupuramani-Micha Michani radiometric anomaly was identified by SUR''s geologists west of the Colibri 2 & 3 anomaly. After preliminary reconnaissance field studies Macusani Yellowcake made drilling the Tupuramani anomaly a priority.
Selected assay results from boreholes drilled at Tupuramani include:
|Intersection (m)*||Grade |
|* The widths above are drill intercepts and not true widths. True widths have not been determined.|
President and CEO, Dr. Laurence Stefan, stated: "These new uranium assays from drilling at Tupuramani demonstrate the real economic potential of the Colibri 2 & 3 sector of the Macusani plateau. The almost E-W striking radiometric anomaly of Colibri 2 & 3 - Tupuramani - Micha Michani represents a large scale anomaly that has been followed on surface for almost 7.8km. To date, only the 2km within the Colibri 2 & 3 property contain a drilled NI 43-101 mineral resource estimate and the rest of the anomaly is still largely underexplored. If positively confirmed by drilling this mineralization style has the potential to become a significant open pit mining resource."
Twelve platforms were built and drilling started in the fourth quarter of 2012 designed to verify the consistency of the anomaly at a reasonable distance from the existing drilled resource. Mineralization was successfully intercepted right from surface, predominantly within the first 100m from surface and continuing with repeated mineralized reefs of lower uranium grade to a depth of 250m from surface. These results are reported from boreholes drilled on platforms TP1 and TP3. At present the Company is drilling on platforms TP2 and TP4 (see attached map for drill pad locations). As with drilling elsewhere on the Macusani Plateau, five boreholes are drilled from each platform, one vertical and four toward main geographic directions inclined at 55°. The objective of this drilling campaign is to cover a distance of 1km westward from the border with Colibri 2 & 3 at a sufficient spacing in order to be able to define a uranium mineral resource before the end of 2013.
The results to date are similar to the drilling intersections obtained within Colibri 2 & 3 with multiple wide intersections of up to 60m thick, from surface, with uranium grades ranging from 0.3 to 0.6 lbs/ton within the first 100-110m from surface. According to the down-hole radiometric survey, smaller mineralized intervals of lower grade occur at various depths with two consistent "reefs", or "mantos", occurring at vertical depths of 150m and 190m, with thicknesses ranging from 11m to 50m each. Drilling continues at Tupuramani with two rigs extending the drilling activities westward of the existing drilled resource at Colibri 2 & 3. A third rig will join the exploration activities during Q2 of 2013.
The host of the mineralization is the same young age Macusani rhyolite rock that displays disseminated and fissure-controlled uranium minerals. The main mineral species are meta-autunite and autunite that have demonstrated to provide high metallurgical recoveries, between 91 to 97% (see the Company''s press release dated August 9, 2012).
At present, the Company is operating five diamond drill rigs on the Macusani plateau: two drills at the Tupuramani property and three drills on the Kihitian project (one drill at Quebrada Blanca and two drills at Chilcuno Chico).
Previous assay data, maps and a sample cross section are available on the Company''s website at www.macyel.com/properties/.
Quality Control and Analytical Procedures
Core samples have been crushed and representative samples analyzed for Uranium (U) abundance and a suite of 40 elements. The necessary analytical quality control and assurance has been completed by insertion of reference material, duplicate samples and blank material. After crushing, the core is placed in sealed bags and shipped to the CIMM''s preparation laboratories in Juliaca, Peru. Following the preparation stage, the sample pulps are sent to CIMM analytical laboratory in Lima where U and a suite of forty other elements are analysed using ICP-MS methodology.
CIMM Peru is an ISO certified assay laboratory. The program is designed to include a comprehensive assay quality control routine comprising the systematic use of standards, blanks and field duplicate samples. Secondary laboratories are used for check assaying.
Mr. Ian Foreman, P.Geo., of Foremost Geological Consulting, an independent consultant to the Company, is a Qualified Person as defined under National Instrument 43-101, and has reviewed and approved the scientific and technical data contained in this release.
About Macusani Yellowcake
Macusani Yellowcake Inc. is a Canadian uranium exploration and development company focussed on the exploration of its properties on the Macusani Plateau in southeastern Peru. The Company owns a 99.5% interest in concessions which cover over 90,000 hectares (900 km2) and are situated near significant infrastructure. Macusani Yellowcake is listed on the TSX Venture Exchange under the symbol ''YEL'' and the Frankfurt Exchange under the symbol ''QG1''. The Company has 159,473,613 shares outstanding. For more information please visit www.macyel.com.
This news release includes certain forward-looking statements concerning the future performance of Macusani''s business, operations and financial performance and condition, as well as management''s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in the Company''s recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and Macusani cautions against placing undue reliance thereon. Neither Macusani nor its management assume any obligation to revise or update these forward-looking statements.