Macusani Yellowcake Announces Significant NI 43-101 Uranium Resources at Corachapi Property at Macusani, Peru
08.09.2010 | Marketwire
Contained U308 in Measured and Indicated Resources Over 5.0 Million Pounds and in Inferred Resources at 1.9 Million Pounds (at a 75 ppm U Cutoff Grade)TORONTO, 09/08/10 - Macusani Yellowcake Inc. (the 'Company') (TSX VENTURE: YEL)(FRANKFURT: QG1) is pleased to announce the results of a NI 43-101 compliant resource estimate on the Company's Corachapi Property on the Macusani Plateau in southern Peru. The resource estimation was completed by The Mineral Corporation, South Africa. A complete NI 43-101 technical report containing the updated resource estimate will be filed on SEDAR as soon as available.
The summary of the resource categories at the 75 ppm cut-off grade are as follows:
Measured Resources: 0.3 million lbs U3O8 at a grade of 0.014% U3O8 (0.283 lbs/ton);
Indicated Resources: 4.7 million lbs U3O8 at a grade of 0.020% U3O8 (0.404 lbs/ton);
Inferred Resources: 1.9 million lbs U3O8 at a grade of 0.023% U3O8 (0.461 lbs/ton);
The Company's CEO, Peter Hooper, stated that 'The resources defined in this deposit plus the resources defined on Colibri 2 and 3 (see press release dated August 3, 2010) now gives us a total Measured and Indicated Resource containing over 10.4 million pounds of U3O8 and a total Inferred Resource containing 17.0 million pounds of U3O8. The Corachapi deposit is 8 km NW of the Colibri 2 and 3 deposit in similar geology. Neither deposit has been fully explored. Resource drilling on Corachapi has only taken place on 32% of the mineralised strike of the property and resource drilling on Colibri 2 and 3 has taken place on 82% of the available strike. Both deposits are open-ended down-dip and along strike to the limits of the concession boundary. Thus we anticipate that with further exploration the resources in all categories will climb.'
The new Corachapi resource estimate was calculated based on 210 drill holes including 184 holes from a total of 193 holes (including twin holes) drilled by the previous operator that were partially re-assayed by the Company and 26 confirmatory drill holes within the known resource area. Assays from these confirmatory holes have been included in the resource stated above. A further 19 step out holes along the complete strike length have recently been drilled; the assays for these holes have not yet been received.
The Corachapi resource table appears below followed by explanations provided by The Mineral Corporation (in quotations) describing the resource estimation.
Measured Mineral Resources - Corachapi
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Cut off U grade tonnes lbs U3O8 U3O8 grade U3O8 grade
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(ppm U) (ppm U) (000s) (000s) (%) (lbs/ton)
25 42 19,281 2,109 0.005% 0.099
50 76 3,809 752 0.009% 0.179
75 120 1,031 321 0.014% 0.283
100 162 463 195 0.019% 0.382
125 197 276 141 0.023% 0.464
150 246 150 96 0.029% 0.580
Indicated Mineral Resources - Corachapi
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Cut off U grade tonnes lbs U3O8 U3O8 grade U3O8 grade
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(ppm U) (ppm U) (000s) (000s) (%) (lbs/ton)
25 98 25,093 6,393 0.012% 0.231
50 136 15,522 5,498 0.016% 0.321
75 171 10,562 4,699 0.020% 0.404
100 204 7,608 4,031 0.024% 0.481
125 237 5,593 3,449 0.028% 0.559
150 268 4,258 2,972 0.032% 0.633
Inferred Mineral Resources - Corachapi
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Cut off U grade tonnes lbs U3O8 U3O8 grade U3O8 grade
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(ppm U) (ppm U) (000s) (000s) (%) (lbs/ton)
25 134 6,311 2,202 0.016% 0.317
50 170 4,645 2,053 0.020% 0.401
75 195 3,753 1,906 0.023% 0.461
100 227 2,891 1,707 0.027% 0.536
125 274 2,068 1,473 0.032% 0.646
150 327 1,500 1,274 0.039% 0.770
'The Mineral Resources of September 2010 have been estimated on the basis of drilling and analytical results. The identified Mineral Resources are based on samples taken from crushed diamond drilled core. Drilling has been completed along west to east oriented drilling lines with two boreholes each drilled at generally -50 degrees towards the west and east per drilling site. The separation distance of the drilling sites is approximately 40m along the drilling lines and the drilling lines spaced at approximately 80m intervals. The depths of the holes vary from 26m to 97m, but are generally 50m in depth.
Half-core samples have been taken by sawing the core lengthwise. These samples are crushed and representative samples analysed for uranium (U) abundance. The necessary quality control and assurance has been completed by insertion of reference material, duplicate samples and blank material. The Mineral Corporation has taken random independent samples of crushed core and had them analysed for U abundance.
The estimation methodology employed uses Multiple Indicator Kriging (MIK) to determine the probability of material being above various cut-offs of U abundance and application of the average grade of the material between the cut-offs. This model reconciles well with an alternate estimation based on classical lognormal statistical methodology and application of a cut-off grade for blocks of the same size to those modeled; it generally returns a higher tonnage at a higher grade than is predicted by the classical lognormal statistical methodology at greater than a 50ppm U cut-off.'
Qualified Person
Mr. David Robert Young, B.Sc. (Hons), FGSSA, MSAIMM, FAusIMM, Pr Sci Nat (400989/83) of The Mineral Corporation, South Africa, an independent consultant to the Company, is a Qualified Person as defined under National Instrument 43-101, and has reviewed the scientific and technical data contained in this release.
About Macusani Yellowcake
Macusani Yellowcake Inc. is a Canadian uranium exploration company with over 24,000 hectares (240 km2) of mineral properties in southeastern Peru, on the Macusani Plateau. The shares are traded on the TSX Venture Exchange under the symbol 'YEL' and on the Frankfurt Exchange under the symbol 'QG1'.
There are 59,881,284 common shares of Macusani Yellowcake Inc. outstanding.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Macusani Yellowcake Inc.
Peter Hooper, President
(416) 360-3402
peter@macyel.com
www.macyel.com