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Macusani Yellowcake extends mineralised Peruvian targets

9th January 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Uranium junior Macusani Yellowcake (YEL) on Tuesday reported ongoing drilling at the Chilcuno Chico anomaly on the Kihitian Property in Puno, Peru, had further extended the Manto A and deeper Manto B targets.

Assay results from an additional seven drill holes on the property included a drill hole with an 18 m intersection from 197 m to 215 m that returned a weighted average of 762 parts per million (ppm) triuranium octoxide (U3O8), including a higher-grade zone of 9 m that averaged 1 459 ppm U3O8.

"Our latest drill results continue to validate our decision to acquire properties and consolidate our position on the Macusani Plateau. The drill results and related geological model suggest that Manto B is a continuous mineralised layer that appears to extend towards the neighbouring properties we acquired from the merger with Southern Andes Energy," CEO Dr Laurence Stefan said.

The company said, to date, drilling within the Chilcuno Chico anomaly had delineated an area of roughly 800 m by 800 m that remains open in all directions as far as Manto B is concerned. The Manto A structure was found to be less consistent with regard to its shape and the occurrence of uranium mineralisation compared with Manto B.

YEL currently operates five diamond drill rigs on the Macusani Plateau, with three drills on the Kihitian project (one drill at Quebrada Blanca and two drills at Chilcuno Chico) and two drills that have recently started working at the new Tupuramani anomaly in order to test the western extension of Colibri 2 and 3.

The drilling programme on the Quebrada Blanca anomaly at Kihitian, located to the north of the Chilcuno Chico anomaly, has intersected uranium mineralisation in numerous drill holes that penetrated Manto B close to surface as well as a new, as-yet-unnamed mineralised horizon located below Manto B.

The company’s TSX-V-listed stock closed down 12.5% at 14 Canadian cents apiece on Tuesday.

Edited by Creamer Media Reporter

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