Press release from Marketwire
Macusani Yellowcake Reports New Drill Results from Kihitian Uranium Property
Wednesday, June 26, 2013
Macusani Yellowcake Reports New Drill Results from Kihitian Uranium Property06:00 EDT Wednesday, June 26, 2013
TORONTO, ONTARIO--(Marketwired - June 26, 2013) - Macusani Yellowcake Inc. (the "Company") (TSX VENTURE:YEL)(FRANKFURT:QG1) is pleased to announce new assay results from its ongoing drilling program at the Chilcuno Chico anomaly located on its Kihitian Property in Puno, Peru.
"Our latest assay results not only demonstrate high grades, they also provide compelling evidence given the 45,000 meters of drilling completed to date that the Manto B zone is a continuous mineralized sequence under the entire Chilcuno Chico Area," said Dr. Laurence Stefan, President and CEO. "In essence, we believe that the anomaly at Quebrada Blanca, which we have explored extensively, and the Manto B zone at Chilcuno Chico represent the same mineralized sequence. The extended area provides the potential for open pit mining on the periphery where the manto is thicker and the core of the deposit, we believe, would be an underground target suitable for mechanized mining techniques given its consistent orientation, inclination, thickness and grade."
Assay results continue to extend both the Manto A mineralized zone and the deeper Manto B zone. The best result was from drill hole PT-CH37-TSE, with a 17m intersection along Manto B from 220m to 237m, that returned a weighted average grade of 1,214ppm U3O8 (or 2.428 lbs/ton) including a higher-grade zone of 4m that returned a weighted average grade of 3,465ppm U3O8 (or 6.93 lbs/ton) between 225m to 229m. Manto A was also intercepted and displayed a 4m intersection that returned a weighted average grade of 1,728ppm U3O8 (or 3.456 lbs/ton) from 103m to 107m. (See all the results below.)
Selected assay results from boreholes drilled at Chilcuno Chico include:
|Intersection (m) *||Grade U 3 O 8 (ppm)||Grade U 3 O 8 (lbs/ton)|
|* The widths above are drill intercepts and not true widths. True widths have not been determined.|
These results are from holes drilled towards the south, southeast and southwest from the existing geological resource within the Chilcuno Chico target on the Kihitian concession. To date, drilling within the Chilcuno Chico anomaly has delineated an area of approximately 1050 m by 1100 m where Manto B remains open in all directions. Although Manto A shows continuity there is less consistency with respect to its shape and the occurrence of uranium mineralization when compared to Manto B.
The current drilling program that started in mid-2011 is expected to end in early July 2013. At present, the Company is operating four diamond drill rigs on the Macusani plateau: two drills on the Kihitian project at Chilcuno Chico and two drills at Tupuramani. The drilling at Quebrada Blanca ceased once it was understood that the uranium mineralization at Quebrada Blanca and Chilcuno Chico represent the same unit and would be modeled as a single litho-stratigraphic sequence. A new resource estimation is being modeled at present by Mineral Corporation in Johannesburg, South Africa and is expected to be released in several days.
The new geological resource will consist of new runs of the resources in Colibri 2 and 3 / Tupuramani as a single unit and in Chilcuno Chico / Quebrada Blanca as a single unit. Once the new geological resource is reported by Mineral Corporation, the Preliminary Economic Assessment study started by GBM in London, UK would use this new resource as the base case for a new economic modelling estimation. It is expected that the Preliminary Economic Assessment study will be released in the third quarter of 2013.
In light of poor market conditions for uranium and for mineral exploration companies in general, the Company has embarked on a cost reduction program, mainly through the reduction of drilling activities as described above. The Company is adequately capitalized, with $3.6 million in working capital, to continue with its corporate activities and light exploration work well into 2014.
Maps with the drill hole locations at Chilcuno Chico, Quebrada Blanca and Tupuramani can be found at http://macyel.com/26jun2013/. 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 analyzed 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 that 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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Macusani Yellowcake Inc.
President and CEO