Macusani Yellowcake Announces Initial Uranium Resource Estimate for Kihitian Property
June 21 2012 - 7:05AM
Marketwired Canada
Macusani Yellowcake Inc. (the "Company") (TSX VENTURE:YEL)(FRANKFURT:QG1) is
pleased to announce the results of a NI 43-101 mineral resource estimate for the
Chilcuno Chico drill area of the Company's Kihitian Property on the Macusani
Plateau in southern Peru. The mineral resource estimate was completed by The
Mineral Corporation, South Africa. A complete NI 43-101 technical report
containing the mineral resource estimate will be filed on SEDAR as soon as
available.
The resources at a 100 ppm cut-off grade are estimated as follows:
-- Indicated Resources: 0.91 M tonnes at a grade of 673ppm U3O8 (1.35
lbs/ton) for 1.35 M lbs U3O8;
-- Inferred Resources: 9.32 M tonnes at a grade of 514ppm U3O8 (1.03
lbs/ton) for 10.57 M lbs U3O8;
The Company's CEO, Peter Hooper, stated, "We are very pleased to see that our
sustained exploration efforts through shallow and deeper drilling zones have
been able to prove successful at Chilcuno Chico with a higher-grade uranium
mineral resource being defined. This demonstrates the strength of our
exploration model as well as the professionalism of our exploration team on
site. It is worthwhile mentioning that less than half of the Chilcuno Chico
target has been drilled to date and that there are at least another 8 target
anomalies within the Kihitian concession. Furthermore, the recently announced
merger with Southern Andes will enhance the size of these high-grade targets at
Kihitian as several of our targets extend into this newly acquired ground. The
company is well positioned to enlarge this resource towards the end of the year.
Combined with our other projects on the Macusani Plateau we now have an
aggregate of 11.8 million lbs U308 in the measured and indicated categories and
27.6 million lbs in the inferred category which has come from a relatively small
portion of our target areas."
Previous assay data, maps and a sample cross section are available on the
Company's website at www.macyel.com/kihitian/.
The Kihitian resource estimate was calculated based on 56 drill holes. The
boreholes located at Chilcuno Chico have intersected two mineralized horizons or
"mantos": Manto A and, roughly 100m below, Manto B. The drilling initially
started south of the adits excavated by IPEN in the 1980's and targeted what is
now largely considered to be the Manto A uranium-bearing zone. Roughly 100m
below Manto A a new uranium-bearing zone was discovered, namely Manto B. This
Manto B displays a more consistent continuity and is more robust at depth than
Manto A. Between Manto A and Manto B there are at least another two smaller
uranium-bearing zones that would play a considerable role in reducing the
stripping-ratio of a future mine in the event these mantos or parts of them
would be mined using open-pit mining methods. These minor uranium zones have not
been included in this mineral resource estimate but may be included in future
mineral resource estimates.
It is important to note that this maiden mineral resource at Chilcuno Chico in
Kihitian has been calculated using a 10% geological loss, which the Company
considers to be high, considering that a large part of it is likely to be mined
by open-pit mining methods.
The main economic uranium minerals at Chicuno are autunite and meta-autunite
hosted by a porous Miocene rhyolite that display high metallurgical recoveries
in very diluted acid leaching solutions.
The Chilcuno Chico mineral resource table appears below followed by explanations
provided by The Mineral Corporation (in quotations) describing the mineral
resource estimation methodology.
Indicated Mineral Resource - Chilcuno Chico
----------------------------------------------------------------------------
Cut-off U grade tonnes lbs U3O8grade U3O8grade
(ppm U) (ppm U) (000s) U3O8(000s) (ppm) (lbs/ton)
----------------------------------------------------------------------------
100 571 910 1 350 673 1.35
----------------------------------------------------------------------------
Inferred Mineral Resource - Chilcuno Chico
----------------------------------------------------------------------------
Cut-off U grade tonnes lbs U3O8grade U3O8grade
(ppm U) (ppm U) (000s) U3O8(000s) (ppm) (lbs/ton)
----------------------------------------------------------------------------
100 436 9 322 10 570 514 1.03
----------------------------------------------------------------------------
This mineral resource estimate in Chilcuno Chiuco brings the total available
mineral resource drilled to date by the Company to 11.8 million lbs of in-situ
U3O8 in the measured and indicated categories and 27.6 million lbs in the
inferred category as illustrated in the table below.
Macusani NI 43-101 Compliant Resources
----------------------------------------------------------------------------
Corachapi Colibri 2 & 3 Kihitian
----------------------------------------------------------------------------
0.3 M lbs (1.0 M t)
0.014% U3O8 (0.28
Measured (i) lbs/ton) n/a n/a
----------------------------------------------------------------------------
4.7 M lbs (10.6 M t) 5.4 M lbs (9.2 M t) 1.4 M lbs (0.9 M t)
0.020% U3O8 (0.40 0.027% U3O8 (0.53 0.067% U3O8 (1.35
Indicated (i) lbs/ton) lbs/ton) lbs/ton)
----------------------------------------------------------------------------
1.9 M lbs (3.8 M t) 15.1 M lbs (34.3 M t) 10.6 M lbs (9.3 M t)
0.023% U3O8 (0.46 0.020% U3O8 (0.40 0.051% U3O8 (1.03
Inferred (i) lbs/ton) lbs/ton) lbs/ton)
----------------------------------------------------------------------------
(i) NI 43-101 resource category at a 75 ppm cut-off grade for Corachapi
and Colibri 2 & 3, and a 100 ppm cut-off grade for Kihitian.
"The Mineral Resources of June 2012 have been estimated on the basis of drilling
and analytical results. The identified Mineral Resources are based on samples
taken from crushed diamond drilled core. 56 boreholes have been completed from a
series of platforms, with up to 5 boreholes drilled radially from each platform.
The resulting separation distance between intersections of the mineralised zone
is a maximum of 175m.
Full-core samples have been taken, owing to the friable nature of the
mineralisation and host rocks. These samples are crushed and representative
samples analysed for uranium (U) abundance. The necessary quality control and
assurance has been completed by insertion of reference material, duplicate
samples and blank material.
Uranium mineralisation in the two mineralised zones is visible in the core, and
identifiable by hand-held radiometric instruments. The Mineral Corporation
utilised a nominal cut-off of 25ppm to delineate the evaluation cuts, but
typically the edges of the zones are sharp, and the U abundance increase sharply
within the cut. Two distinct zones referred to as Mantos A and Mantos B are
identified, which are separated vertically by about 100m, and which both outcrop
at surface. The maximum depth of Manto A is approximately 110m and of Manto B,
approximately 240m. The zones were wireframed to constrain the evaluation, and
Ordinary Kriging was carried out within the wireframes, using composites which
were corrected for true thickness. The zones have a shallow dip of between 5 and
10 degrees and have an average thickness of 6m and 8.5m for Mantos A and B
respectively."
Qualified Person
Mr. David Robert Young, B.Sc. (Hons), FGSSA, MSAIMM, FAusIMM, Pr Sci Nat
(400989/83) of The Mineral Corporation, South Africa, an independent consultant
to the Company, is a Qualified Person as defined under National Instrument
43-101, and has prepared or supervised the preparation of, or 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
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.
Website: www.macyel.com
Facebook: www.macyel.com/facebook/
Twitter: www.twitter.com/macusani/
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.
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