Macusani Yellowcake Intersects More High-Grade Uranium Over Long Intervals at Corachapi Property, Peru
TORONTO, ONTARIO -- (Marketwire) -- 07/19/10 -- Macusani Yellowcake Inc. (TSX VENTURE: YEL)(FRANKFURT: QG1) (the 'Company') is pleased to announce further positive drilling results for the Corachapi uranium deposit located on the Macusani Plateau, Puno district in southeastern Peru. The results continue to return significant uranium mineralization over long intervals including 50.0 metres with a weighted average grade of 0.077% U3O8 (164.0 feet grading 1.545 pounds of U3O8 per ton), 64.0 m at 0.056% U3O8 (209.9 feet grading 1.151 lbs/t U3O8), and 44.0 m at 0.083% U3O8 (144.3 feet grading 1.661 lbs/t U3O8).
Drilling Results
1 Borehole CW-1760-10 CORA EOH = 54.76m
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From (m) To (m) Interval (m) U3O8 (ppm) lbs/t
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0.00 50.00 50.00 772.57 1.545
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2 Borehole CW-1040-06 CORA EOH = 73.10m
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From (m) To (m) Interval (m) U3O8 (ppm) lbs/t
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0.00 64.00 64.00 575.26 1.151
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3 Borehole QC-0400-09 CORA EOH = 52.30m
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From (m) To (m) Interval (m) U3O8 (ppm) lbs/t
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1.00 9.00 8.00 941.17 1.882
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12.00 35.00 23.00 1,139.69 2.279
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39.00 44.00 5.00 558.80 1.118
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AVG 0.00 44.00 44.00 830.37 1.661
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Peter Hooper, President, stated that, 'The results we have issued today for our Corachapi properties continue to support our belief that the Company's Macusani Plateau properties contain sizable economic uranium deposits. Earlier this year the Company announced a positive Preliminary Economic Assessment on the Colibri 2 and 3 properties showing 20.7% IRR (see April 26, 2010 press release), based on much lower grades than we have announced in this release. Also, results from our Kihitian concession exhibited grades of up to 11% U3O8 (see Jan. 13, 2010 press release); these results coupled with the latest Corachapi drill results demonstrate that we may be sitting on sizeable high-grade, near-surface uranium deposits.'
These latest Corachapi drill results are from confirmation holes within the area previously drilled by RAM Resources Ltd. ('RAM')(formerly Contact Resources), and initially analysed by SRK Perth in Australia.
About the Corachapi Property
The Corachapi property is located one kilometre to the south of the Colibri I-V properties owned by Macusani Yellowcake, towards the northern edge of the Macusani Plateau. The current resource comprises four closely-spaced outcropping zones of high grade U3O8 mineralisation (principally autunite) hosted by flat-lying ignimbrite volcanic rocks. The known zones at Corachapi collectively total 2.5 km in strike length and are up to 106.5 m in width and are known to be 40-50 m in vertical thickness.
Macusani Yellowcake acquired the Corachapi properties, including all relating technical data from RAM Resources Ltd. (ASX: RMR) in June 2009 (see June 30, 2009 press release). RAM completed over 10,000 m of drilling in 193 diamond drill holes on Corachapi which covers the largest radiometric anomaly outlined by Instituto Peruano de Energia Nuclear (IPEN) in the 1980s. In September 2009 (see Sept. 9, 2009 and Sept. 29, 2009 press releases), Macusani announced high grade results including 0.06% of U3O8 over 36 m and 0.05% of U3O8 over 49 m from two of the 87 unassayed drilled holes by RAM.
Qualified Persons
Mr. Ian Foreman, P.Geo., of Foremost Geological Consulting, an independent consultant, is a Qualified Person as defined under National Instrument 43-101 for the Corachapi property, and has reviewed the scientific and technical data contained in this release.
About Macusani Yellowcake
Macusani Yellowcake Inc. is a Canadian uranium exploration company with over 24,000 hectares (240 km2) of mineral properties in southeastern Peru, on the Macusani Plateau. The shares are traded on the TSX Venture Exchange under the symbol 'YEL' and on the Frankfurt Exchange under the symbol 'QG1'.
There are 59,881,284 common shares of Macusani Yellowcake Inc. outstanding.
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 the 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.
Peter Hooper
President
(416) 360-3402
peter@macyel.com
www.macyel.com