Macusani Yellowcake Announces More High Grade Intersections at Chilcuno Chico Target on Kihitian Uranium Property, Peru
TORONTO, ONTARIO -- (Marketwire) -- 04/14/11 -- Macusani Yellowcake Inc. (the 'Company')(TSX VENTURE: YEL)(FRANKFURT: QG1) is pleased to announce that drilling from the ongoing exploration program on the Kihitian uranium property Chilcuno zone on the Macusani Plateau, has intersected additional shallow, high-grade uranium values including an intersection of 6.0 metres with a weighted average grade of 0.115% U3O8 (2.31 lbs/ton) within 9.0 metres averaging 0.077% U3O8 (1.55 lbs/ton). This intersection is from borehole PT-CH8-TNE drilled to a depth of 79.5 metres to the NE. Details are shown in the table below.
The second intersection, from borehole PT-CH9-TNW, returned 4.0 metres with a weighted average grade of 0.14% U3O8 (2.81 lbs/ton) within a larger interval of 10.0 metres averaging 0.059% U3O8 (1.18 lbs/ton). This shallow borehole was drilled towards NW to a maximum depth of 51.0 metres.
The Company believes that these intercepts are the extensions of the adits that were completed by IPEN during the 1980s at Chilcuno Chico and located 80 metres away to the SW. These adits were, sampled by the Company during 2009 and published on the 13th of January, 2010 with grades of up to 10% U3O8 as channel samples. It is understood that these intersections were drilled through 'Level A', the shallow uranium mineralized structure described as a 'manto' in Peruvian literature.
Platforms 8 and 9 were drilled with the objective of demonstrating that Kihitian 'Level A' is actually thicker than previously understood. As the drilling results demonstrate (see press releases dated September 30, 2010, November 26, 2010, December 21, 2010, January 12, 2011, January 20, 2011 and January 24, 2011) the mineralized area of 'Manto A' can be as thick as 22 metres within which the high-grade core is up to 7-8 metres thick with grades of multiple pounds of U3O8.
An additional objective of this drilling program is to produce a mineral resource at Kihitian. It is probable that none of these reported intersections represent true widths. The drilling at Kihitian by the Company has consistently encountered high-grade uranium mineralization in much thicker intervals than the mineralization exposed in the adits.
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From To Intersection Grade Grade
(m) (ppm) (lbs)
PT-CH8-TNE (EOH = 79.50m) 50.00 59.00 9.00 777.51 1.555
including 50.00 56.00 6.00 1,155.82 2.312
76.00 79.50 3.50 39.62 0.079
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From To Intersection Grade Grade
(m) (ppm) (lbs)
PT-CH9-TNW (EOH = 51.00m) 20.00 30.00 10.00 593.39 1.187
including 20.00 24.00 4.00 1,406.19 2.812
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The drill hole locations can be found on a map on the Company's website that can be accessed by following the link below: http://www.macyel.com/pr14apr2011/
KIHITIAN - CHICUNO ZONE
The drill program was designed to test for continuity and grade of the uranium mineralization within a shallow, sub-horizontal, 5 to 25 metre thick horizon ('Level A') of rhyolitic flows and minor pyroclastic sequences hosting 'mantos', fracture-filling, vertical joints and disseminated autunite, meta-autunite and weeksite. A similar but generally thicker horizon ('Level B') occurs approximately 75-100 metres lower stratigraphically, which has been intercepted to date in two boreholes, one with very high-grade U mineralization (see November 26, 2010 press release citing 7.0 metres with a weighted average of 36 lbs/t U3O8 within a 65 metre thick continuously mineralized interval). The shallow 'manto-style' mineralization, which is usually sub-horizontal, was discovered and initially explored through adits by IPEN (Peruvian Nuclear Energy Institute) in the early 1980's and it usually dips between horizontal to 10-12 degrees.
The present drilling at Kihitian is part of a 20-platform plan. The two boreholes reported in this press release were drilled on Platforms 8 and 9, located just south of the adits executed by IPEN in the 1980s along a radiometric anomaly that runs on a southwest-northeast trend. The distances covered by these boreholes from the 'Level A' outcrop are roughly 100 metres and 180 metres, respectively.
The Company's CEO, Peter Hooper, stated, 'The drilling results at Kihitian continue to demonstrate high-grade uranium intersections in the Chilcuno area and, most importantly, the fact that the mineralized intersections displayed through drilling are much thicker than the same structures as displayed by the underground adits. These results coupled with previous drill results announced late last year and earlier this year indicates the potential for a sizeable mineral resource of higher uranium grade at Kihitian.'
The Company is currently operating two drills on the Kihitian property and intends to add a third drill in the near future. Assays are pending on several drill holes that targeted the deeper 'Level B' mineralized horizon. The Company expects to release these results when available during the next few weeks.
Quality Control and Analytical Procedures
Core samples have been crushed and representative samples analysed 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. 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.
Qualified Person
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 for the Kihitian Property, 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 km(2)) 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'. The Company owns a 99.5% interest in the Kihitian project.
There are 105,375,714 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 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 and CEO
416-360-3402
peter@macyel.com