January 24, 2013 7:25 ET
Macusani Yellowcake Reports New Near-Surface, High-Grade Uranium Drill Results and Provides Update on Current Exploration Program
TORONTO, ONTARIO--(Marketwire - Jan. 24, 2013) - Macusani Yellowcake Inc. (the "Company") (TSX VENTURE:YEL)(FRANKFURT:QG1) is pleased to report more high-grade intersections from five new drill holes from its ongoing drilling program at the Quebrada Blanca mineralized area on its Kihitian Property, on the Macusani plateau in south-eastern Peru.
The best intersections were encountered on platforms 32 and 34. On platform 34 from borehole #QB34-TSE returned a weighted average of 1,902 ppm U3O8 over 14.0m from 15.0 to 29.0m (or 3.804 lbs/ton over 45.9 ft) including 8.0m at 3,286 ppm U3O8 (or 6.572 lbs/ton over 26.2 ft).
On platform 32 the best intersection was provided by borehole #QB32-TNW that returned a weighted average of 2,273 ppm U3O8 over 6.0m from 48.0 to 54.0m (or 4.546 lbs/ton over 19.6 ft) including 2.0m at 13,425 ppm U3O8 (or 26.850 lbs/ton over 6.5 ft).
President and CEO, Dr. Laurence Stefan, stated: "These results continue to enlarge the mineralized area at the Quebrada Blanca anomaly and will be included in the new geological model and resource calculation that we expect to produce in Q2 of this calendar year".
Assay results from boreholes drilled on platforms 32, 34 and 42 at Quebrada Blanca are listed in the table below:
|* The widths above are drill intercepts and not true widths. True widths have not been determined.|
The Quebrada Blanca anomaly is located approximately 2 km northwest of the Chilcuno Chico anomaly on the Kihitian property, on the northwest border of the concession. A map and a vertical cross section can be found on the Company's website at: http://www.macyel.com/pr10dec2012/.
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).
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 CERTIMIN's preparation laboratories in Juliaca, Peru. Following the preparation stage, the sample pulps are sent to CERTIMIN analytical laboratory in Lima where U and a suite of forty other elements are analysed using ICP-MS methodology.
CERTIMIN 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.
Update on Current Exploration
Drilling continues at the Quebrada Blanca anomaly, with one rig extending the drilling activities towards south and east of the main ravine. The purpose is to test at depth visual uranium mineralization that outcrops on surface.
At present, the Company is operating five diamond drill rigs on the Macusani plateau: three drills on the Kihitian project (one drill at Quebrada Blanca and two drills at Chilcuno Chico) and two drills that work at the new Tupuramani anomaly in order to test the western extension of Colibri 2 and 3. Results from the drilling at Tupuramani appear to be very similar in grade and volume with the mineralization modeled at Colibri 2 and 3 and will be released during February 2013.
Previous assay data, maps and a sample cross section are available on the Company's website at www.macyel.com/properties/.
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.
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 more information, please contactMacusani Yellowcake Inc.
President and CEO