Macusani Yellowcake Announces Near-Surface High-Grade Intercept of 5M Averaging 2.671% U3O8 at the Quebrada Blanca Anomaly on the Kihitian Property
TORONTO, ONTARIO -- (Marketwire) -- 08/21/12 -- Macusani Yellowcake Inc. (the "Company") (TSX VENTURE: YEL)(FRANKFURT: QG1) is pleased to announce a new high-grade intersection from the ongoing drilling program at the Quebrada Blanca anomaly on its Kihitian Property, south-eastern Peru. The drill hole returned high grade uranium assays over 17.5 m from 26.0 to 43.5 m with a weighted average of 7748 ppm U3O8 (or 15.49 lbs/ton over 57.4 ft). This included a higher-grade zone of 5.0 m that averaged 2.671% U3O8 (or 53.43 lbs/ton over 16.4 ft). This latest results are from a vertical borehole # QB43-TV1 drilled at the Quebrada Blanca anomaly located approximately 2 km NW of the Chilcuno Chico anomaly on the Kihitian property. The drill hole was abandoned due to technical difficulties and ended in mineralization.
The assay results are shown in the following table:
----------------------------------------------------------------------------
From To Intersection Grade Grade
(m) (m) (m) (ppm) (lbs/ton)
PT-QB43-TV1 (43.50m depth) 14.00 18.00 4.00 208 0.416
26.00 43.50 17.50 7,748 15.496
including 34.00 39.00 5.00 26,717 53.434
----------------------------------------------------------------------------
(i)Note - intersections do not represent true widths.
Several intersections of high-grade uranium from Quebrada Blanca were previously reported in the Company's press release dated May 17th 2012, including 3.0 m that averaged 4463 ppm U3O8 (or 8.926 lbs/ton). To date, 25 diamond boreholes have been drilled from six platforms in the Quebrada Blanca area, totalling roughly 3,000m of drilling. Two more platforms will be drilled in the near future in order to complete phase one drilling within the Quebrada Blanca anomaly. All of the new drilling and exploration data are being sent to The Mineral Corporation in Johannesburg, South Africa for inclusion in an updated resource estimate for the Kihitian property and extension of the geological model at Chilcuno Chico. The updated resource estimate is expected to be available during the fourth quarter of 2012.
Under the existing geological model, the drilling program at Chilcuno Chico has intersected two mineralized horizons: manto "A", and roughly 100m below, manto "B", which is thicker and of higher uranium grade. Between the two mantos there are at least two zones of intensely disseminated rhyolites of lower uranium grade. At Quebrada Blanca, which is located stratigraphically lower than Chilcuno Chico, manto "A" is usually eroded in the western extremity where drilling is currently in progress. However, manto "B" is located closer to surface, between 10-30m deep according to the present drilling evidence, or manto "B" is exposed in outcrops in deeper ravines.
President and CEO, Dr. Laurence Stefan, stated: "The surface exploration activity completed during 2011 led us to believe that manto "B" in Quebrada Blanca would contain higher uranium grades than at Chilcuno Chico. The results of the drilling in the last four months, which has intersected this zone has confirmed that the grades of the uranium mineralization at Quebrada Blanca are superior to the uranium grades on the rest of the plateau that has been explored to date. This recently drilled hole is consistent with the applied geological model, with very high-grade uranium being discovered very close to surface."
This newly drilled intersection at Quebrada Blanca represents a completely new area with higher grade uranium mineralization occurring at shallow depths. The anomalous area appears extensive, and although cut by a canyon to the East, the mineralized zone appears to be well developed on the other side of the valley. As stated in the previous Quebrada Blanca news release of May 17th 2012, the proximity of this mineralization style to a deeper valley may enhance the possibility of open pit mining.
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 four drilling rigs on the Macusani plateau: three drills on the Kihitian project (one drill at Quebrada Blanca, and two drills at Chilcuno Chico) and one drill that has recently started working at Tupuramani to test the western extension of Colibri 2 & 3.
Previous assay data, maps and a sample cross section are available on the Company's website at www.macyel.com/kihitian/.
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, 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.
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, and has reviewed 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 south-eastern 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 167,047,475 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.
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.
Laurence Stefan
President and CEO
+1-416-628-9600
laurence@macyel.com
Website: www.macyel.com
Facebook: www.macyel.com/facebook
Twitter: www.twitter.com/macusani