MONTREAL, July 2, 2020 /CNW Telbec/ - Yorbeau Resources
Inc. (TSX: YRB) ("Yorbeau" or the "Company") is
pleased to announce that diamond drilling has resumed at its Rouyn
property with partner IAMGOLD Corporation ("IAMGOLD"). The
Company signed a definitive agreement in December 2018, whereby IAMGOLD has the option to
acquire a 100% interest in Yorbeau's Rouyn property in Quebec, Canada.
As operator, IAMGOLD in 2020 has already completed a program in
the Lac Gamble zone consisting of 10,360 metres of drilling in 32
diamond drill holes. Results were previously reported for 20
diamond drill holes (see news releases dated May 13, 2020). Results are pending from the
remaining 12 drill holes and will be reported once they are
received, validated and compiled.
The 2020 exploration program on Astoria is designed to evaluate
a highly prospective area, located directly underneath underground
infrastructure. This sector was highlighted in 2017 by holes
AS-17-678 and AS–17-678W that return 5.4 g/t of gold over 30.1
metres and 19.3 g/t of gold over 4.1 metres respectively (see news
releases dated September 19, 2017).
Approximately 5,000 metres of diamond drilling is planned to test
this priority area, as well as certain other satellite targets.
In collaboration with its partner IAMGOLD, Yorbeau has
implemented rigorous safety protocols in order to prevent the
spread of COVID-19 which are in line with recommendations from
the National institute of public health of Quebec (INSPQ) and the Commission des normes,
de l'équité, de la santé et de la sécurité du travail (CNESST).
Work at Yorbeau is carried out under the supervision of Sylvain
Lépine, M.Sc, P. Geo. He is a qualified person (as defined in
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("NI 43–101")) and has reviewed and
approved the content of this release.
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 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 NI 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.
