Yorbeau Resources Inc. announces completion of Phase 1 in-fill drilling at its Rouyn Project
- 13,400 metres of drilling completed at Lac Gamble
- 48 holes in phase 1 drilling program
MONTREAL, April 16, 2019 /CNW Telbec/ - Yorbeau Resources Inc. (TSX: YRB) (the "Company" or "Yorbeau") is pleased to report on the status of the exploration drilling program undertaken by IAMGOLD Corporation ("IAMGOLD") on the Company's 100% owned Rouyn property ("Property") in Quebec, Canada.
The Company signed a definitive option agreement with IAMGOLD in December 2018, whereby IAMGOLD has the option to acquire a 100% interest in the Property. Per the agreement, IAMGOLD paid Yorbeau an initial cash payment of C$1 million. In order to earn the purchase option, IAMGOLD must (i) make additional cumulative cash payments totalling C$3 million, (ii) fund and incur C$9 million of exploration expenditures over a 4-year period, including no less than 20,000 metres of diamond drilling within the first two-years and (iii) complete a resource estimate for the Property. If IAMGOLD then decides to exercise its option to buy a 100% interest in the Property, it must pay Yorbeau an aggregate amount equal to C$15 per ounce of gold as estimated in a NI 43-101 compliant Mineral Resource estimate, capped at C$30 million. In addition to the final cash payment, Yorbeau will retain a 2% net smelter return royalty on minerals produced from the Property. More information on the option agreement may be found in the Company's press release dated December 17, 2018 and on the Company's profile at www.sedar.com.
As operator of the Property, IAMGOLD has already completed a phase 1 program consisting of 13,400 meters of drilling in 48 diamond drill holes. The drilling program was completed with two drill rigs and the meterage completed thus far, which was completed well within the first three months of the program, corresponds to two thirds of the minimum commitment of 20,000 metres of diamond drilling to be completed by IAMGOLD pursuant to the option agreement. The goal of the on-going drilling program is to convert a portion of the exploration potential already drilled off on the Lac Gamble zone by Yorbeau and its previous partner into mineral resources. The drilling completed consists mostly of "in-fill" drilling with the objective of obtaining a drill hole spacing pattern of 50 to 60 meters to support an estimate of mineral resources.
The exploration target potential at Lac Gamble is estimated to be between 400,000 and 600,000 ounces of gold at a grade between 7.7 and 8.5 g/t Au. This estimate of potential, while made according to industry best practices, does not constitute Mineral Resources (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")) that can be reported in accordance with NI 43-101 because the estimate was not made by an independent person and is not supported by a full independent Technical Report (as defined in NI 43-101). The potential quantity and grade are conceptual in nature as there has been insufficient exploration drilling to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. Details on the exploration potential estimate are available on the Company's website at www.yorbeauresources.com.
The gold mineralization is hosted within the broad mineralized gold corridor along the Cadillac-Larder Lake Fault Zone represented by the Piché Group of ultramafic rocks. Two main areas on the Property, Astoria and Lac Gamble, are targeted initially and all drilling completed to date is in the Lac Gamble zone, at depths ranging from near surface to a depth of about 400 to 600 meters locally. While assays are still pending for these holes, visible gold has been observed from most of the holes. Assay results will be reported as soon as they are received, validated and compiled.
Gérald Riverin, Company president commented: "We are very pleased with the exceptional work progress at the Rouyn property and with the exploration program established by IAMGOLD in cooperation with the Yorbeau staff. The work progress reflects the very favorable location of the project and the expertise of the Yorbeau staff hired by IAMGOLD. Although assays are still pending, visual examination of drill core is generally confirming the continuity of the mineralized structure between pre-existing holes, while locally showing possible lateral extension of the mineralized system. We are looking forward to receiving pending assays and to additional encouraging results at the Rouyn project".
Work at Yorbeau is carried out under the supervision of Gérald Riverin, PhD, P. Geo. He is a qualified person (as defined in NI 43-101) and has reviewed and approved the content of this release.
The design of the drilling program, Quality Assurance/Quality Control and interpretation of results is under the control of IAMGOLD's and Yorbeau's geological staff, including qualified persons employing a strict QA/QC program consistent with NI 43-101 and industry best practices. Drill core is logged and sawn in half with a diamond saw, and half-core samples are packaged and delivered to AGAT laboratories in Val d'Or, Quebec, and Mississauga, Ontario. Thorough QA/QC protocols are followed on the project including insertion of duplicate, blank and standard samples in all drill holes. All samples are analyzed by Fire Assay with an Atomic Absorption (AA) finish using a 50 gram aliquot of pulverized material. Assays exceeding 3 g/t Au are re-assayed by Fire Assay with a Gravimetric Finish. Samples with visible gold, or with more than 10 g/t Au in the initial AA assay, are processed with a protocol involving fine grinding of the entire sample, followed by metallic screen analysis of the entire pulverized material.
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 and Ontario that feature an 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.