Macusani Yellowcake Announces Updated Resource Estimates for Uranium Deposits in Peru
15 August 2013 - 1:09AM
Marketwired Canada
Macusani Yellowcake Inc. (the "Company") (TSX VENTURE:YEL)(FRANKFURT:QG1) is
pleased to announce updated NI 43-101 mineral resource estimates for its uranium
properties located on the Macusani Plateau in the Puno District of southeastern
Peru. The most recent figures show a 167% increase in the contained U3O8 in
measured and indicated resource categories and a 9% increase in inferred
resources from totals previously reported.
"The completion of updated resource estimates for each of our properties is
significant on a number of levels," said Dr. Laurence Stefan, CEO of Macusani
Yellowcake. "First, we have surpassed a U3O8 geological resource of a threshold
level that sets us apart from many of our peers. Second, this allows us to
consider a much larger uranium production scenario. And finally, it paves the
way for us to complete a Preliminary Economic Assessment Study, which we expect
to release in the fall of 2013, subject to various conditions and consultants
availability."
Highlights of Resource Estimates by Category
The resource estimates, based on a 75ppm U cut-off grade, are as follows:
-- Measured and Indicated: 47.86 M tonnes grading 253 ppm U and containing
14.273 M kg U3O8 (52.76 M short tons grading 0.596 lbs/ton U3O8 and
containing 31.467 M lbs U3O8)
-- Inferred: 40.46 M tonnes grading 286 ppm U and containing 13.648 M kg
U3O8 (44.595 M short tons grading 0.675 lbs/ton U3O8 and containing
30.088 M lbs U3O8)
Highlights of Resource Estimates by Property
----------------------------------------------------------------------------
Colibri 2 & 3 /
Kihitian Tupuramani Corachapi (ii) Triunfador
----------------------------------------------------------------------------
11.76 M lbs U3O8 14.69 M lbs U3O8 5.02 M lbs U3O8
Measured & @ 1.27 lbs/ton @ 0.48 lbs/ton @ 0.39 lbs/ton
Indicated (8.4 M t @ 635 (27.9 M t @ 240 (11.6 M t @ 195
(i) ppm U3O8) ppm U3O8) ppm U3O8) n/a
----------------------------------------------------------------------------
17.38 M lbs U3O8 7.67 M lbs U3O8 1.91 M lbs U3O8 3.13 M lbs U3O8
@ 1.23 lbs/ton @ 0.34 lbs/ton @ 0.46 lbs/ton @ 0.82 lbs/ton
Inferred (12.8 M t @ 615 (20.4 M t @ 170 (3.8 M t @ 230 (3.5 M t @ 409
(i) ppm U3O8) ppm U3O8) ppm U3O8) ppm U3O8)
----------------------------------------------------------------------------
(i) 75 ppm U cut-off grade.
(ii) For information on the Corachapi resource estimate please refer to news
release dated Sep. 8, 2010.
The updated resource estimate is based on 600 bore holes totalling 55,000m.
Due to current market conditions, the Company has greatly reduced its drilling
activities in order to conserve its cash resources. This will allow our staff to
concentrate on the completion of the Preliminary Economic Assessment (PEA)
study.
DETAILED RESOURCE ESTIMATES
Updated mineral resource estimates have been undertaken by The Mineral
Corporation for the Colibri 2 & 3 / Tupuramani Project area and for the Kihitian
Project area, which includes the Chilcuno Chico and Quebrada Blanca deposits. A
maiden mineral resource estimate has been undertaken for the Triunfador project
area, which includes the Puncopata and Calvario 1 deposits. The mineral resource
estimate for each project area appears below, followed by explanations
describing the Mineral Resource estimation methodology for each deposit. The
Mineral Corporation and Qualified Person has visited these areas on a number of
occasions, most recently in May 2013.
Kihitian (Chilcuno / Quebrada Blanca)
The mineral resources 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. 24,315.9m of drilling was carried out in 136
boreholes drilled 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
mineralization 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 mineralization in two mineralized zones is visible in the core, and
identifiable by hand-held radiometric instruments. The Mineral Corporation
utilised a nominal cut-off of 75ppm to delineate the evaluation cuts, but
typically the margins of the zones are sharp, and the U abundance increase
sharply within the zone. At Chilcuno, two distinct zones referred to as Zone A
and Zone B are identified, which are separated vertically by about 100m of
rhyolite, and which both outcrop. The maximum depth of Zone A is approximately
125m and of Zone B, approximately 240m. At Quebrada Blanca, Zone B is
interpreted to be present, while Zone A is not identified.
Ordinary kriging was carried out to estimate true thickness and U accumulation,
using composites which represented the full true-width intersection of each
zone. The zones have a shallow dip of between 5 and 10 degrees and have an
average thickness of 7m and 7.5m for Zone A and B, respectively.
Mineral resource classification is based on geostatistical confidence (kriging
efficiency) as well as the proximity to the outcrop.
Kihitian Mineral Resource estimate (75ppm U cut-off)
------------------------------ -----------------------
Metric units Imperial units
----------------------------------------------------------------------------
U3O8 U3O8 U3O8
U Content Content Grade
Resource Tonne Density grade (000s Ton (000s (lbs/
Zone Category (000s) (t/m3) (ppm) kg) (000s) lbs) ton)
---------------------------------------------------- -----------------------
Zone A Indicated 186 1.95 650 143 205 314 1.53
---------------------------------------------------- -----------------------
Zone A Inferred 4 239 1.95 564 2 819 4 673 6 216 1.33
---------------------------------------------------- -----------------------
Zone B Indicated 8 196 1.95 537 5 190 9 035 11 442 1.27
---------------------------------------------------- -----------------------
Zone B Inferred 8 554 1.95 502 5 064 9 429 11 164 1.18
---------------------------------------------------- -----------------------
Notes:
(i) Minor discrepancies due to rounding may occur
(ii) There are currently no known risks that could materially affect
potential development
Colibri 2 & 3 / Tupuramani
The Mineral Corporation last updated the mineral resource estimates at Colibri 2
& 3 in September 2010. The Tupuramani deposit, which is located immediately to
the west of the Colibri 2 & 3 deposit, was not part of the Macusani mineral
rights portfolio at the time. On the basis of the drilling results obtained at
Tupuramani, and an improved understanding of the geological and mineralization
controls since the last mineral resource update, The Mineral Corporation has
undertaken a remodelling exersize of the combined Colibri 2 & 3 / Tupuramani
project.
The Mineral Corporation visited the Colibri 2 & 3 / Tupuramani project during a
site visit in May 2013 to observe drilling operations on the Tupuramani area and
view certain drill cores.
The mineral resources at the Colibri 2 & 3 / Tupuramani project are based on 149
diamond drillholes, which represent some 12,673.2m of drilling. Full-core
samples were taken, owing to the friable nature of the mineralization and host
rocks. These samples were crushed and representative samples analysed for U. The
necessary quality control and assurance has been completed by insertion of
reference material, duplicate samples and blank material.
A sub-horizontal, near surface zone of high-grade mineralization, dipping at
approximately 2 degrees - 3 degrees to the north-east is interpreted and a
deeper zone of mineralization with a similar orientation also occurs. The base
of the near surface high-grade zone of mineralization has a depth of
approximately 35m below surface at Tupuramani and 50m below surface at Colibri 2
& 3.
Multiple Indicator ("MI") analysis, oriented parallel with this zone, has been
undertaken to take cognisance of the log-normal distribution of U abundances.
Well-structured MI variograms were obtained for the Colibri 2 & 3 area of the
deposit, and for the deeper zone, but poorly structured MI variograms were
obtained in the Tupuramani area. MI kriging has been employed to estimate the U
grades into 25 x 25 x 5m blocks. The estimation was undertaken in 3D into the
near surface and deep zones, separated by the base of the interpreted high-grade
wireframe.
The mineral resource classification is based upon classical log-normal
statistical estimation errors per indicator group and weighted by the MI kriging
probability estimates per indicator group. The majority of the near-surface
mineralization at Colibri 2 & 3 is classified as Indicated whereas the
Tupuramani area, and the deep zone has been classified as Inferred.
Colibri 2 & 3 / Tupuramani Mineral Resource estimate (75ppm U cut-off)
------------------------------------------------------
Metric units Imperial units
---------------------------------------------------- -----------------------
U3O8 U3O8 U3O8
U Content Content Grade
Resource Tonne Density grade (000s Ton (000s (lbs/
Target Category (000s) (t/m3) (ppm) kg) (000s) lbs) ton)
---------------------------------------------------- -----------------------
Colibri 2 &
3 Indicated 27 885 1.99 203 6 663 30 737 14 690 0.48
---------------------------------------------------- -----------------------
Inferred 9 453 1.99 167 1 859 10 419 4 099 0.39
---------------------------------------------------- -----------------------
Tupuramani Inferred 10 976 1.99 125 1 621 12 099 3 574 0.30
Notes:
(i) Minor discrepancies due to rounding may occur
(ii) There are currently no known risks that could materially affect
potential development
Triunfador
The mineral resources have been estimated on the basis of radiometric data,
drilling and analytical results obtained from the company formerly known as
Solex Resources Corp. ("Solex"). During the site visit in May 2013 The Mineral
Corporation recorded the location of a number of borehole collars, which
correlated with the Solex data. The Mineral Corporation also independently
captured the Solex data from electronic borehole records, and scans of borehole
logs as well as independent sampling and subsequent analysis of laboratory
reject material from three boreholes drilled by Solex.
Within the Calvario 1 deposit, a total of 58 boreholes were completed from a
series of platforms, with up to 9 boreholes drilled radially from each platform.
The resulting separation distance between intersections of the mineralized zone
is a maximum of 100m. Within the Puncopata deposit a total of 34 boreholes were
also drilled from a series of platforms with up to 9 boreholes drilled radially
from each platform resulting in a spacing between intersections of the
mineralized zone up to a maximum of 150m.
In both deposits, uranium mineralization is evident in two discreet,
near-horizontal zones. The two zones are separated vertically by about 30m of
non-mineralized rhyolite and both mineralized zones outcrop at surface. While
mineralized, the upper of the two zones is not considered to be of sufficiently
high U abundance to warrant detailed modelling. The Mineral Corporation utilized
a nominal cut-off grade of 75ppm to delineate the margins of the lower zone.
Typically the margins are sharp and the U abundance increases sharply within the
zone. The depth of lower zone is approximately 30m in most parts of Calvario 1
and extends to approximately 70m at Puncopata.
A detailed analysis of the U grade distribution was carried out to establish
continuity trends. The top and bottom contact of the mineralized zone was then
wireframed to constrain the evaluation cut. In some boreholes, internal
low-grade patches were incorporated into the evaluation cut in an attempt to
maintain a consistent horizon thickness. The mineralized zone was found to have
a shallow dip of between 5 and 6 degrees and an average thickness of between 7m
and 8m.
No notable grade variability in the vertical orientation was evident, and hence
a 2-dimensional analysis of true thickness and U accumulation was undertaken.
Ordinary kriging was carried out, using full-mineralized length composites
corrected for true thickness.
Mineral resource classification was guided by geostatistical confidence,
supported by the correlation of the interpreted mineralized zones with the
surface radiometric data.
Triunfador Mineral Resource estimate (75ppm cut-off)
------------------------------------------------------
Metric units Imperial units
---------------------------------------------------- -----------------------
U3O8 U3O8 U3O8
U Content Content Grade
Resource Tonne Density grade (000s Ton (000s (lbs/
Target Category (000s) (t/m3) (ppm) kg) (000s) lbs) ton)
---------------------------------------------------- -----------------------
Puncopata Inferred 2 456 1.95 269 779 2 708 1 717 0.63
---------------------------------------------------- -----------------------
Calvario 1 Inferred 1 025 1.95 530 641 1 130 1 413 1.25
---------------------------------------------------- -----------------------
Notes:
(i) Minor discrepancies due to rounding may occur
(ii) There are currently no known risks that could materially affect
potential development
Qualified Person
Mr. David Young, B.Sc. (Hons), FGSSA, FSAIMM, FAusIMM, Pr Sci Nat (No 400989/83)
of The Mineral Corporation, South Africa, an independent geological consulting
firm, 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 The Mineral Corporation
The Mineral Corporation is based in Bryanston, Sandton (Johannesburg) South
Africa and is a leading senior advisor to the international minerals business
offering a broad range of services related to mineral exploration, mine
development, and mine optimization across a diverse range of commodities and
geographies. The Mineral Corporation has been working with Macusani Yellowcake
for over six years.
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 that 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.
Disclaimer: Mineral resources are not mineral reserves and do not have
demonstrated economic viability. Mineral resources may never be converted into
mineral reserves. In addition, "inferred mineral resources" have a great amount
of uncertainty as to their existence, and as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher resource category.
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 FURTHER INFORMATION PLEASE CONTACT:
Macusani Yellowcake Inc.
Laurence Stefan
President and CEO
+1-416-628-9600
laurence@macyel.com
Website: www.macyel.com
Facebook: www.macyel.com/facebook/
Twitter: www.twitter.com/macusani/
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