Macusani Yellowcake Announces Drill Results Along Strike at the Corachapi Uranium Property, Peru Drill Results Include a 25.0m Intersection With a Weighted Average Grade of 0.110% U3O8 (82.0 ft grading 2.20 lbs/ton U3O8)
Drill Results Include a 25.0m Intersection With a Weighted Average Grade of 0.110% U3O8 (82.0 ft grading 2.20 lbs/ton U3O8)
TORONTO, ONTARIO -- (Marketwire) -- 09/28/10 -- Macusani Yellowcake Inc. (the 'Company') (TSX VENTURE: YEL)(FRANKFURT: QG1) is pleased to announce the results of step-out drilling on the Corachapi uranium property on the Macusani Plateau. These drill results are located outside of the mineralized area covered by the NI 43-101 resource report described in the Company's press release dated September 8, 2010. The latest results suggest a significant increase in the mineralized strike length contained within the Corachapi property. The best intersection on the Corachapi East zone returned 25 m (from surface) with a grade of 0.1098% U3O8 (82 feet grading 2.196 lbs/ton U3O8). The best intersection on the Corachapi West zone returned 10 m (from surface) with a grade of 0.1280% U3O8 (33 feet grading 2.560 lbs/ton U3O8). A radiometric map of the Corachapi property with drill hole locations can be found at http://macyel.com/corachapi/.
Four of the five holes shown in the table below were drilled on the Corachapi East zone, which parallels the Corachapi West zone, and were drilled along a radiometric anomaly that runs on a southwest-northeast trend. The distance between the most north-eastern holes and the south-western holes is over 1 km.
The Company has also announced the results of the first step out hole on the Corachapi West zone, which is located approximately 700 m northeast of the NI 43-101 resource area. As disclosed in the Company's September 8, 2010 press release, at a 75 ppm U cut-off grade the Corachapi West zone contains Measured and Indicated resources totalling 5.0 mm lbs of U3O8 at a grade of 0.020% U3O8 (0.393 lbs/ton U3O8) and Inferred resources of 1.9 mm lbs grading 0.023% U3O8 (0.461 lbs/ton U3O8).
The Company's CEO, Peter Hooper, stated, 'The Corachapi property contains a significant NI 43-101 compliant resource that covers only about 32% of the known strike length of a large radiometric anomaly. These drill results suggest significant potential for the uranium mineralization to extend well beyond the known resource area. We are optimistic that the Corachapi property will yield more uranium resources with additional drilling.'
CORACHAPI EAST
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1 Borehole PT D2 Vertical EOH 100.50m
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Interval
From (m) To (m) (m) U3O8 (%) lb/t
0.00 25.00 25.00 0.1098 2.196
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2 Borehole PT B1 Vertical EOH 99.80m
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Interval
From (m) To (m) (m) U3O8 (%) lb/t
0.00 22.00 22.00 0.0168 0.336
35.00 37.00 2.00 0.0029 0.058
75.00 76.00 1.00 0.0216 0.432
83.00 85.00 2.00 0.0310 0.620
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3 Borehole PT E1 Vertical EOH 73.50m
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Interval
From (m) To (m) (m) U3O8 (%) lb/t
0.00 15.00 15.00 0.0347 0.694
23.00 26.00 3.00 0.0029 0.058
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4 Borehole PT E2 Vertical EOH 101.00m
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Interval
From (m) To (m) (m) U3O8 (%) lb/t
0.00 36.00 36.00 0.0143 0.286
44.00 50.00 6.00 0.0090 0.180
88.00 90.00 2.00 0.0024 0.048
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CORACHAPI WEST
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1 Borehole PT C2 Vertical EOH 71.00m
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Interval
From (m) To (m) (m) U3O8 (%) lb/t
0.00 10.00 10.00 0.1280 2.560
16.00 33.00 17.00 0.0129 0.258
38.00 49.00 11.00 0.0230 0.460
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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 CIMM's preparation laboratories in Juliaca. 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 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 south-eastern 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