MONTREAL, June 11, 2020 /CNW Telbec/ - Yorbeau Resources
Inc. (TSX: YRB) ("Yorbeau" or the "Company") is
pleased to announce that in order to maintain its option to
purchase a 100% interest in the Rouyn property, IAMGOLD Corporation
("IAMGOLD") has made a cash payment to Yorbeau in the amount
of $500,000 corresponding to the
second in a series of scheduled cash payments to be made to Yorbeau
during an Expenditure Period of 48 months.
The terms of the definitive option agreement were announced in
the Company's press release dated December
17, 2018. Among other commitments, IAMGOLD must make
scheduled cash payments in an aggregate amount of C$4 million during the Expenditure Period. In the
first year, IAMGOLD has met its expenditure obligation to incur a
minimum of C$2 million exploration
expenditures on the property. Moreover, IAMGOLD has already
exceeded their minimum drilling commitment (completion of a minimum
of 20,000 metres of diamond drilling within the first two-years) by
drilling to date more than 30,000 metres on the Rouyn property.
G. Bodnar Jr., Company president commented: "We continue to
be extremely pleased by our business relationship with IAMGOLD.
This payment reflects the satisfaction of our partner in the
results obtained to date from infill and evaluation drilling
programs. We are looking forward to resuming drilling activities on
Astoria in the coming weeks."
About the Rouyn Gold Project
The Rouyn Gold Property is located about 4 km south of
Rouyn-Noranda, Quebec. With a long
history of mining, the city of Rouyn-Noranda offers many advantages for
mining and exploration, including political and social stability,
good access and infrastructure, skilled mining personnel, and one
of the most mining-friendly jurisdictions in the world.
The property covers a 12-kilometre stretch of the
Cadillac-Larder Lake Break and contains four known gold deposits
along the 6-km Augmitto-Astoria corridor situated on the western
portion of the property. Two of the four deposits, Astoria and
Augmitto, benefit from established underground infrastructure and
have been the subject of technical reports that include resource
estimates that were previously filed in accordance with Regulation
NI 43-101.
The Lac Gamble zone is located between the Augmitto and the
Astoria deposits. The exploration target potential at Lac Gamble is
interpreted to be between 400,000 and 600,000 ounces of gold at a
grade between 7.0 and 8.5 g/t Au. The potential quantity and grade
of the exploration targets referred to are conceptual in nature and
insufficient exploration work has been completed to define a
mineral resource. The property may require significant future
exploration to advance to a resource stage and there can be no
certainty that the exploration target will result in a mineral
resource being delineated. The exploration targets are consistent
with similar deposits in the area, deposit models or derived from
initial drilling results.
IAMGOLD signed a definitive option agreement in December 2018, whereby IAMGOLD has the option to
acquire a 100% interest in the Project by making scheduled cash
payments totaling C$4 million and
completing exploration expenditures totaling C$9 million over a four-year period. Exploration
programs must include the completion of a minimum of 20,000 metres
of diamond drilling within the first two-years of the option. By
the end of the expenditure period, IAMGOLD must complete a NI
43-101 compliant resource estimate, after which IAMGOLD, at its
election, can purchase a 100% interest in the Project, subject to a
2% net smelter return production royalty, by paying Yorbeau the
lesser of C$15 per resource ounce or
C$30 million. IAMGOLD is in the
second year of the option agreement.
About Yorbeau Resources Inc.
The Rouyn Property, wholly-owned by the Company, contains four
known gold deposits in the 6–km–long Augmitto-Astoria corridor
situated on the western portion of the property. The Company signed
a definitive agreement in December
2018, whereby IAMGOLD has the option to acquire a 100%
interest in the Rouyn property, and a major drilling program is
underway. Two of the four deposits, Astoria and Augmitto, benefit
from substantial underground infrastructure and have been the
subject of technical reports that include resource estimates and
that were filed in accordance with Regulation 43-101. In 2015, the
Company expanded its exploration property portfolio by acquiring
strategic base metal properties in prospective areas of the Abitibi
Belt of Quebec that feature
infrastructure favourable for mining development. The newly
acquired base metal properties include the Scott Project, which
bears important mineral resources (see the press release dated
March 30, 2017) and on which a
positive Preliminary Economic Assessment was recently
completed.
For additional information on the Company, consult its website
at www.yorbeauresources.com.
Forward-looking statements: Except for
statement of historical fact, all statements in this news release,
including without limitation, regarding the prospects of the Rouyn
project, drilling results, future plans and objectives are
forward–looking statements which involve risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially
from those anticipated in such statements. Yorbeau disclaims any
obligation to update such forward-looking statements, other than as
required by applicable securities laws.
SOURCE Yorbeau Resources Inc.
