Yorbeau and IAMGOLD Resume Drilling on Rouyn Property With Primary Focus on Cinderella and Augmitto Deposits, Quebec
MONTREAL, June 17, 2021 (GLOBE NEWSWIRE) — Yorbeau Resources Inc. (TSX: YRB) (“Yorbeau” or the “Company“) is pleased to announce that diamond drilling has commenced at its Rouyn property with its 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. The Rouyn property is located 4 km south of Rouyn-Noranda, Québec, and approximately 45 kilometers southwest of IAMGOLD’s Westwood operation.
One drill rig is in operation on the property and approximately 10,000 metres are planned for completion by the end of the year. The objective of the current drilling program is to test continuity of known mineralized zones to validate the potential to delineate mineral resources.
The drilling program will focus primarily on:
- Infill and exploration drilling at Cinderella to estimate the potential of three gold envelopes discovered by Yorbeau between 2008 and 2012. In this area, holes 10-CI-535 and 08-CI-464 respectively returned 3.3 g/t over 33.0 metres and 8.12 g/t over 7.0 metres (see Yorbeau’s news releases dated May 26, 2010 and September 25, 2008).
- Infill drilling at Augmitto to test the continuity of known mineralization zone where holes 06-S-413 and 06-S-412A returned 26.02 g/t Au over 8.40 meters and 4.53 g/t Au over 12.00 meters respectively (see Yorbeau’s news releases dated November 08, 2006).
- Possibly exploration at Augmitto outside the area containing mineral resources (please see RPA’s Regulation 43-101 report on Yorbeau’s web site) to test the potential of the gold system at depth (above 700 metres vertical depth).
As operator, IAMGOLD in 2021 has already completed a drilling program in the Lac Gamble zone consisting of seven drill holes for a total of 1,826 metres. Four of those holes were designed in the purpose to assess host rock quality and three holes were designed to test the west extension of the mineralized zone. Results are pending and will be reported once they are received, validated and compiled.
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 Regulation 43-101 respecting Standards of Disclosure for Mineral Projects (Regulation 43–101“)) and has reviewed and approved the content of this release.
About the Rouyn Project
The Rouyn 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 43-101.
The Lac Gamble zone is located between the Augmito 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 there is insufficient exploration work completed to define a mineral resource. The property may require significant future exploration and evaluation studies to advance to the completion of a mineral resource estimate, and there can be no certainty that the evaluation of the exploration target will result in a mineral resource being delineated. The exploration target described above is consistent with similar deposits in the area, deposit models or derived from initial drilling results. The ongoing multi-phased exploration program is designed to support the completion of a future mineral resource estimate.
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 years period. By the end of the expenditure period, the Company is required to complete a Regulation 43-101 compliant resource estimate, after which the Company, 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 currently in the third 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 in Chibougamau, 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.
|For further information, please contact:|
|G. Bodnar Jr.||Sylvain Lépine, M.Sc, P. Geo|
|President, Chief Financial Officer||Vice-President Exploration,|
|Yorbeau Resources Inc.||Yorbeau Resources Inc.|
|[email protected]||[email protected]|
|Tel: 514-384-2202||Tel: 819-277-0577|
|Toll free in North America: 1-855-384-2202|
Forward-looking statements: Except for the 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.