Macusani Yellowcake Reports First Drilling Results at Tupuramani, on Strike With the Colibri 2 & 3 Deposit
February 19 2013 - 5:22AM
Marketwired Canada
Macusani Yellowcake Inc. (the "Company") (TSX VENTURE:YEL)(FRANKFURT:QG1) is
pleased to announce the first drilling results from the Tupuramani property
located on the Macusani Plateau in southeastern Peru.
Tupuramani is located immediately to the west of, and adjacent to, the Colibri 2
& 3 deposit where the company had previously reported a NI 43-101 resource
estimate of 5.4 M lbs indicated at 0.027% U3O8 (0.53 lbs/ton) and 15.1 M lbs
inferred at 0.020% U3O8 (0.40 lbs/ton) using a 75 ppm cut-off grade. The large
radiometric anomaly depicted and successfully drilled at Colibri 2 & 3 extends
for another 3.75 km across the Tupuramani property and continues onto the
Company's Micha Michani property.
Tupuramani was acquired in the merger with Southern Andes Energy ("SUR"). The
Tupuramani-Micha Michani radiometric anomaly was identified by SUR's geologists
west of the Colibri 2 & 3 anomaly. After preliminary reconnaissance field
studies Macusani Yellowcake made drilling the Tupuramani anomaly a priority.
Selected assay results from boreholes drilled at Tupuramani include:
----------------------------------------------------------------------------
Depth From To Intersection Grade Grade
(m) (m) (m) (m)(i) (ppm) (lbs/ton)
----------------------------------------------------------------------------
PT-TP01-TV 296.00 0.00 54.00 54.00 281 0.562
58.00 64.00 6.00 102 0.204
66.00 69.00 3.00 45 0.090
71.00 96.00 25.00 40 0.080
143.00 161.00 18.00 45 0.090
177.00 184.00 7.00 42 0.084
191.00 199.00 8.00 182 0.364
----------------------------------------------------------------------------
PT-TP01-TNE 246.50 0.00 31.00 31.00 212 0.424
36.00 43.00 7.00 77 0.154
50.00 53.00 3.00 55 0.110
96.00 154.00 58.00 40 0.080
176.00 182.00 6.00 76 0.152
185.00 197.00 12.00 108 0.216
201.00 213.00 12.00 58 0.116
225.00 246.50 21.50 56 0.112
----------------------------------------------------------------------------
PT-TP01-TSW 47.00 0.00 23.00 23.00 208 0.416
26.00 47.00 21.00 308 0.616
----------------------------------------------------------------------------
PT-TP03-TV 88.50 0.00 20.00 20.00 150 0.300
22.00 27.00 5.00 44 0.088
30.00 38.00 8.00 99 0.198
----------------------------------------------------------------------------
(i) The widths above are drill intercepts and not true widths. True widths
have not been determined.
President and CEO, Dr. Laurence Stefan, stated: "These new uranium assays from
drilling at Tupuramani demonstrate the real economic potential of the Colibri 2
& 3 sector of the Macusani plateau. The almost E-W striking radiometric anomaly
of Colibri 2 & 3 - Tupuramani - Micha Michani represents a large scale anomaly
that has been followed on surface for almost 7.8km. To date, only the 2km within
the Colibri 2 & 3 property contain a drilled NI 43-101 mineral resource estimate
and the rest of the anomaly is still largely underexplored. If positively
confirmed by drilling this mineralization style has the potential to become a
significant open pit mining resource."
Twelve platforms were built and drilling started in the fourth quarter of 2012
designed to verify the consistency of the anomaly at a reasonable distance from
the existing drilled resource. Mineralization was successfully intercepted right
from surface, predominantly within the first 100m from surface and continuing
with repeated mineralized reefs of lower uranium grade to a depth of 250m from
surface. These results are reported from boreholes drilled on platforms TP1 and
TP3. At present the Company is drilling on platforms TP2 and TP4 (see attached
map for drill pad locations). As with drilling elsewhere on the Macusani
Plateau, five boreholes are drilled from each platform, one vertical and four
toward main geographic directions inclined at 55 degrees. The objective of this
drilling campaign is to cover a distance of 1km westward from the border with
Colibri 2 & 3 at a sufficient spacing in order to be able to define a uranium
mineral resource before the end of 2013.
The results to date are similar to the drilling intersections obtained within
Colibri 2 & 3 with multiple wide intersections of up to 60m thick, from surface,
with uranium grades ranging from 0.3 to 0.6 lbs/ton within the first 100-110m
from surface. According to the down-hole radiometric survey, smaller mineralized
intervals of lower grade occur at various depths with two consistent "reefs", or
"mantos", occurring at vertical depths of 150m and 190m, with thicknesses
ranging from 11m to 50m each. Drilling continues at Tupuramani with two rigs
extending the drilling activities westward of the existing drilled resource at
Colibri 2 & 3. A third rig will join the exploration activities during Q2 of
2013.
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 five diamond drill rigs on the Macusani
plateau: two drills at the Tupuramani property and three drills on the Kihitian
project (one drill at Quebrada Blanca and two drills at Chilcuno Chico).
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 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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Macusani Yellowcake Inc.
Laurence Stefan
President and CEO
+1-416-628-9600
laurence@macyel.com
www.macyel.com
Facebook: www.macyel.com/facebook/
Twitter: www.twitter.com/macusani/
Surge Exploration (TSXV:SUR)
Historical Stock Chart
From Apr 2024 to May 2024
Surge Exploration (TSXV:SUR)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Surge Exploration Inc (TSX Venture Exchange): 0 recent articles
More Southern Andes Energy News Articles