Yorbeau Resources Intersects 6.6-Metres Grading 6.35% Zinc and 0.98% Copper at Scott Lake and Explores Options to Maximize Value From Scott Lake and Rouyn Projects
17 Janeiro 2023 - 10:00AM
Yorbeau Resources Inc. (TSX: YRB), (<<Yorbeau>>
or the Company)
The Company announces drilling results on its
new discovery west of the Gwillim fault on its Scott Lake property
in Chibougamau, Quebec. Five holes west of the fault all
intersected copper, zinc, and silver mineralization over widths
ranging from 0.75 meters to 6.6 meters. One of the intersections
yielded 0.98% copper, 6.35% zinc and 1.36 ounces/t silver in hole
SC-95 W (Table 1). The discovery holes cover a lateral distance of
110 m and represent approximately 10% of the electromagnetic
conductor, thus giving a significant surface favorable for the
extension of the mineralization encountered to date (Figure
1, Figure 2 and Figure 3).
A sixth drill hole during last fall's campaign
intersected 1.64 meters of massive sulphide grading 7.7% zinc and
nearly 1 ounce/ton of silver before encountering the Gwillim fault.
This massive zone is possibly an extension of the Gap zone east of
the Gwillim fault.
The last hole of the fall 2022 campaign (SC-93)
was also subject to a geophysical survey. The results have just
been interpreted and they indicate a robust response of the
mineralized zone plunging eastward for a hundred meters. In
addition to the discovery mineralization, two other weaker
conductors were identified at 755 and 800 meters along the
borehole. These two conductors coincide with cherts and low sulfide
mineralization which could therefore indicate two new horizons
favorable for copper and zinc sulfide mineralization.
Holes |
Zone |
Length |
Cu % |
Zn % |
Ag once/t |
Au once/t |
SC-93 |
GWILLIM WEST |
6,7 |
0,24 |
1,76 |
0,28 |
0,003 |
SC-95 |
GWILLIM WEST |
0,75 |
0,70 |
3,74 |
1,22 |
0,020 |
SC-95W |
GWILLIM WEST |
6,66 |
0,98 |
6,35 |
1,36 |
0,011 |
SC-95W1 |
GWILLIM WEST |
0,78 |
0,25 |
1,86 |
0,25 |
0,006 |
SC-95W1 |
GWILLIM WEST |
2,80 |
0,36 |
1,88 |
0,58 |
0,002 |
SC-95W2 |
GWILLIM WEST |
3,30 |
0,10 |
1,01 |
0,16 |
0,002 |
SC-95W2 |
GWILLIM WEST |
0,90 |
0,17 |
9,09 |
0,50 |
0,003 |
SC-94 |
GAP |
1,64 |
0,36 |
7,75 |
0,99 |
0,021 |
Tableau 1 RÉSULTATS DES SONDAGES
The Scott Lake Project, which
hosts significant mineral resources (see press release dated March
30, 2017) and for which a positive Preliminary Economic Assessment
has been completed. The VMS-style mineralization at the Scott
Project includes several distinct stratiform massive sulphide
lenses located along or near rhyolite-andesite/basalt contacts. In
addition to sulphides, distinct areas of veinlet sulphides and
scattered VMS style (stringers), which can either connect or not to
massive sulphides, have been intersected over a distance of at
least 2 kilometers in east-west directions. According to a
Preliminary Economic Assessment ("PEA") conducted in late 2017 by
Roscoe Postle Associates ("RPA"), the Scott Lake
Project represents an opportunity to develop a mine located near
the towns of Chibougamau and Chapais, a typical northern mining
development environment, offering housing benefits as well as the
availability of labour, equipments and materials necessary for the
project.
ROUYN PROJECT
On December 19, 2022, the Company announced the
termination by Iamgold Corporation of the option
agreement for the Rouyn project dated December 17, 2018. Among
other commitments, IAMGOLD was to make scheduled cash payments
totaling C $4 million during the expense period stipulated in the
option agreement, of which IAMGOLD had paid C$3.25 million prior to
the termination of its option. IAMGOLD had to incur expenditures of
C$9 million over the four-year option period in order to retain its
option. As of December 31, 2022, it had incurred drilling and other
expenses related to the Rouyn project of more than C$8.8
million.
Yorbeau is pleased with the amount of drilling
IAMGOLD has done. As the Rouyn project is no longer committed to
IAMGOLD, Yorbeau plans to explore other options to maximize the
value of the project considering current economic conditions,
including the current market price of gold. Notwithstanding
IAMGOLD's termination of the option agreement, Yorbeau plans to
work with its external consultants to complete the Rouyn mineral
resource estimate in accordance with the Regulations. 43-101.
IAMGOLD had undertaken preliminary work on this estimate under the
option agreement.
The Rouyn property, which is
now 100% owned by the Corporation, contains four known gold
deposits in the six-kilometer-long Augmitto-Astoria corridor
located in the western part of the property. Two of the four
deposits, Astoria and Augmitto, have substantial underground
infrastructure and have been the subject of technical reports that
include resource estimates and have been filed in accordance with
National Instrument 43-101 Mineral Project Disclosure.
The Scott Lake and Rouyn properties have
both reached an advanced stage of exploration and are now amenable
to development. With higher base metal and gold
prices, the company is optimistic that both projects will move to
an advanced level in the coming months. It is with this in mind
that the Company continues its work and will explore all options to
maximize the value of its projects and the company.
Yorbeau work is conducted under the supervision
of Laurent Hallé P. Géo. He is a “Qualified Person” (as defined in
NI 43-101) and has reviewed and approved the contents of this news
release.
Additional information about the Corporation is available on its
website at http://www.yorbeauresources.com.
For more information, please contact:
G. Bodnar Jr Président, Chief Financial Officer Yorbeau
Resources Inc. gbodnar@yorbeauresources.com Tel: 514 384 2202 |
Laurent Hallé P. GéoSenior Consultant Yorbeau Resources
Inc.lhalle@yorbeauresources.com Tel:
819 629 9758 |
Toll-free in North America: 1 855 384
2202
Forward-Looking Statements: Except for
statements of historical fact, all statements contained in this
news release, including statements regarding the drilling program,
exploration of options to maximize the value of the Scott Lake and
Rouyn projects and next development steps in connection with these
projects, and future and objectives, are forward-looking statements
that involve risks and uncertainties. There can be no assurance
that these statements will prove to be accurate. Actual results and
future events could differ materially from those anticipated in
these statements. Yorbeau disclaims any obligation to update these
statements.
Figure 1
Figure 2
Figure 3
Infographics accompanying this announcement are available
at:
https://www.yorbeauresources.com/wp-content/uploads/2023/01/2023-01-17-01-Carte_de_surface_02500.pdf
https://www.yorbeauresources.com/wp-content/uploads/2023/01/2023-01-17-02-LONGITUDINALE_Forages_2022.pdf
https://www.yorbeauresources.com/wp-content/uploads/2023/01/2023-01-17-03-SC-95_de_957m@963m.jpg
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