news-releases-2023 Archives - Yorbeau Resources

Category: news-releases-2023

news releases

Yorbeau closes third and final tranche of non-brokered private placement

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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Montreal, August 7, 2023 – Yorbeau Resources Inc. (TSX: YRB) (the “Company” or “Yorbeau“) is pleased to announce that it has completed the third and final tranche of a $1,200,000 private placement (the “Private Placement“) by issuing on August 4 2023 8,898,333 Class A common shares comprised of 3,668,333 “flow-through“ Class A common shares at a price of $0.07 per share and 5,230,000 non-flow-through Class A common shares at a price of $0.035 per share for an aggregate gross proceeds of $439,833. The first and second tranches of the Private Placement generated an aggregate of $760,167 in gross proceeds for the Company, as previously announced by the Company on June 30, 2023.

The Company will use the proceeds raised from the issue of the flow-through Class A common shares to incur Canadian exploration expenses on its properties and the proceeds raised from the issue of the non-flow-through Class A common shares for general corporate purposes.

Four directors of the Company, namely Messrs. Terry Kocisko, Georges Bodnar Jr., Henri Gélinas, and Dany Laflamme, subscribed for 3,096,429, 485,714, 861,457 and 1,703,333 Class A common shares, respectively, and a total of 6,146,933 Class A common shares in the aggregate having an aggregate subscription price of $336,534.31. As insiders of the Company participated in the Private Placement, it is deemed to be a “related party transaction” as defined under Multilateral Instrument 61-101—Protection of Minority Security Holders in Special Transactions (“MI 61101“). The Private Placement was reviewed and approved by the board of directors of the Company, with interested directors abstaining from voting on such approval following a disclosure of their interest in the Private Placement as required under the Business Corporations Act (Québec). The Private Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as neither the fair market value of the Class A common shares distributed to, nor the consideration received from, interested parties exceeded 25% of the Company’s market capitalization. The Company did not file a material change report at least 21 days prior to the closing of the first and second tranches of the Private Placement as participation of the insiders had not been confirmed at that time.

The Company paid finder fees in the aggregate amount of $3,572 with respect to a portion of the third tranche of the Private Placement.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act“), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.

About Yorbeau Resources Inc.

Yorbeau Resources Inc. is a Canadian public company (TSX: YRB) involved in gold and base metal exploration in Quebec, Canada. Its properties are in northwestern area of the province containing many significant deposits on the famed Abitibi Greenstone Belt, including major gold mines along the Larder Lake- Cadillac Break and several volcanic centers hosting major copper-zinc-gold deposits.

Yorbeau is focusing on its Rouyn Gold and Scott Lake Zinc-Copper projects which have demonstrated the most immediate and substantial prospects for discovery and eventual mine development. While Scott is very favorably located in the Chibougamau mining camp, Rouyn represents a consolidation of several contiguous properties strategically located on the famously productive Cadillac Break in the Rouyn-Noranda Mining Camp. Other holdings of the Company include its interest in the past producing Joutel Gold Mining Camp and the Beschefer Property adjacent to SOQUEM’s B-26 deposit in the Selbaie Mine area.

For more information, please visit our website at https://www.yorbeauresources.com.

For further information, please contact:

G. Bodnar Jr.
President, Chief Financial Officer
Yorbeau Resources Inc.
gbodnar@yorbeauresources.com
Tel: 514-384-2202
Toll free in North America: 1-855-384-2202

Forward-looking statements: Except for statement of historical fact, all statements in this news release, including, without limitation, statements regarding the use of proceeds of the Private Placement 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.

news releases

Yorbeau Resources Inc. Announces Change of Auditor

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MONTREAL, July 28, 2023 (GLOBE NEWSWIRE) — Yorbeau Resources Inc. (TSX: YRB), (“Yorbeau” or the “Company”) announces that, effective July 21, 2023, it has changed auditors.

At the request of the Company, KPMG LLP (“KPMG”) has resigned as auditor of the Company and Raymond Chabot Grant Thornton S.E.N.C.R.L. (“RCGT”) has been appointed. There were no reservations in KPMG’s reports for the two most recently completed fiscal years or for any period subsequent to the most recently completed period for which an audit report was issued preceding the date of KPMG’s resignation. There were also no reportable events between the Company and KPMG or between the Company and RCGT.

The audit committee and board of directors of the Company have approved the appointment of RCGT as successor auditor. In accordance with Regulation 51-102 respecting Continuous Disclosure Obligations, a notice of change of auditor together with the required letters from the former auditor and the successor auditor have been filed on SEDAR.

About Yorbeau Resources Inc.

Yorbeau Resources is a Canadian public company (TSX: YRB) involved in gold and base metal exploration in Quebec, Canada. Its properties are in northwestern area of the province containing many significant deposits on the famed Abitibi Greenstone Belt, including major gold mines along the Larder Lake- Cadillac Break and several volcanic centers hosting major copper-zinc-gold deposits.

Yorbeau is focusing on its Rouyn Gold and Scott Lake Zinc-Copper projects which have demonstrated the most immediate and substantial prospects for discovery and eventual mine development. While Scott is very favorably located in the Chibougamau mining camp, Rouyn represents a consolidation of several contiguous properties strategically located on the famously productive Cadillac Break in the Rouyn-Noranda Mining Camp. Other holdings of the Company include its interest in the past producing Joutel Gold Mining Camp and the Beschefer Property adjacent to SOQUEM’s B-26 deposit in the Selbaie Mine area.

For more information, please visit our website at https://www.yorbeauresources.com or contact:

G. Bodnar Jr.
President and CFO
Yorbeau Resources Inc.
gbodnar@yorbeauresources.com
Tél. : 514 384-2202

Sans frais en Amérique du Nord : 1 855 384-2202

Laurent Hallé P. Géo
Senior Mineral Exploration Consultant
Yorbeau Resources Inc.
lhalle@yorbeauresources.com
Tél. : 819 629-9758

news releases

Yorbeau closes first and second tranches of non-brokered private placement

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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Montreal, June 30, 2023 – Yorbeau Resources Inc. (TSX: YRB) (the “Company” or “Yorbeau“) is pleased to announce that it has completed the first and second tranches of a $1,200,000 private placement (the “Private Placement“) by issuing (i) on June 29, 2023,  10,037,381 Class A common shares comprised of 4,121,667 “flow-through“ Class A common shares at a price of $0.07 per share and 5,915,714 non-flow-through Class A common shares at a price of $0.035 per share for an aggregate gross proceeds of $495,567 and (ii) on June 30, 2023, 5,350,000 Class A common shares comprised of 2,210,000 “flow-through” Class A common shares at a price of $0.07 per share and 3,140,000 non-flow-through Class a common shares at a price of $0.035 per share for aggregate gross proceeds of $264,600. The first and second tranches of the Private Placement generated an aggregate of $760,167 in gross proceeds for the Company. The Company expects to close the remainder of the Private Placement in July 2023.

The Company will use the proceeds raised from the issue of the flow-through Class A common shares to incur Canadian exploration expenses on its properties and the proceeds raised from the issue of the non-flow-through Class A common shares for general corporate purposes.

Three insiders subscribed for a total of 8,008,571 Class A common shares having an aggregate subscription price of $395,800. As insiders of the Company participated in the Private Placement, it is deemed to be a “related party transaction” as defined under Multilateral Instrument 61-101—Protection of Minority Security Holders in Special Transactions (“MI 61101“). The Private Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as neither the fair market value of the Class A common shares distributed to, nor the consideration received from, interested parties exceeded 25% of the Company’s market capitalization. The Company did not file a material change report at least 21 days prior to the closing of the first and second tranches of the Private Placement as participation of the insiders had not been confirmed at that time.

The Company paid finder fees in the aggregate amount of $18,023 with respect to a portion of the first and second tranches of the Private Placement.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act“), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.

About Yorbeau Resources Inc.

Yorbeau Resources Inc. is a Canadian public company (TSX: YRB) involved in gold and base metal exploration in Quebec, Canada. Its properties are in northwestern area of the province containing many significant deposits on the famed Abitibi Greenstone Belt, including major gold mines along the Larder Lake- Cadillac Break and several volcanic centers hosting major copper-zinc-gold deposits.

Yorbeau is focusing on its Rouyn Gold and Scott Lake Zinc-Copper projects which have demonstrated the most immediate and substantial prospects for discovery and eventual mine development. While Scott is very favorably located in the Chibougamau mining camp, Rouyn represents a consolidation of several contiguous properties strategically located on the famously productive Cadillac Break in the Rouyn-Noranda Mining Camp. Other holdings of the Company include its interest in the past producing Joutel Gold Mining Camp and the Beschefer Property adjacent to SOQUEM’s B-26 deposit in the Selbaie Mine area.

For more information, please visit our website at https://www.yorbeauresources.com.

For further information, please contact:

G. Bodnar Jr.
President, Chief Financial Officer
Yorbeau Resources Inc.
gbodnar@yorbeauresources.com
Tel: 514-384-2202
Toll free in North America: 1-855-384-2202

Forward-looking statements: Except for statement of historical fact, all statements in this news release, including, without limitation, statements regarding the use of proceeds of the Private Placement and the timing of closing of the balance of the Private Placement 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.

news releases

Yorbeau Resources Inc. Announces Election of Directors

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MONTREAL, June 13, 2023 (GLOBE NEWSWIRE) — Yorbeau Resources Inc. (TSX: YRB) (“Yorbeau” or the “Company”) announces that the nominees listed in the Company’s management proxy circular dated May 12, 2023 were elected as directors of Yorbeau. The detailed results of the vote for the election of directors held at the annual general meeting of shareholders on June 13, 2023 in Montreal are set out below.

Nominee Votes
For		 %
For		 Votes
Withheld		 %
Withheld
G. Bodnar Jr. 157,659,769 99.84% 258,654 0.16%
John Jacobsen 157,908,269 99.99% 10,154 0.01%
Henri Gélinas 157,667,273 99.84% 251,150 0.16%
Terry Kocisko 157,489,263 99.73% 429,160 0.27%
Marcel Lecourt 157,910,823 100.00% 7,600 0.00%
Jérôme Gendron 157,914,823 100.00% 3,600 0.00%
Dany Laflamme 157,914,823 100.00% 3,600 0.00%

About Yorbeau Resources Inc.

Yorbeau Resources is a Canadian public company (TSX: YRB) involved in gold and base metal exploration in Quebec, Canada. Its properties are in northwestern area of the province containing many significant deposits on the famed Abitibi Greenstone Belt, including major gold mines along the Larder Lake- Cadillac Break and several volcanic centers hosting major copper-zinc-gold deposits.

Yorbeau is focusing on its Rouyn Gold and Scott Lake Zinc-Copper projects which have demonstrated the most immediate and substantial prospects for discovery and eventual mine development. While Scott is very favorably located in the Chibougamau mining camp, Rouyn represents a consolidation of several contiguous properties strategically located on the famously productive Cadillac Break in the Rouyn-Noranda Mining Camp. Other holdings of the Company include its interest in the past producing Joutel Gold Mining Camp and the Beschefer Property adjacent to SOQUEM’s B-26 deposit in the Selbaie Mine area.

For additional information on the Company, consult its website at www.yorbeauresources.com.

For further information, please contact:

G. Bodnar Jr.
President, Chief Financial Officer
Yorbeau Resources Inc.
gbodnar@yorbeauresources.com
Tel: 514-384-2202

Toll free in North America: 1-855-384-2202

news releases

Yorbeau Files Technical Report on Mineral Resources Estimates for Its Wholly Owned Rouyn Gold Property Covering the Augmitto-Cinderella, Gamble and Astoria Zones

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MONTREAL, June 09, 2023 (GLOBE NEWSWIRE) — Yorbeau Resources Inc. (TSX: YRB), (“Yorbeau” or the “Company”) is pleased to announce that is has filed a technical report (the “Technical Report”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects with respect to its new Mineral Resources Estimates (“MREs”) for its wholly owned Rouyn Gold Property (“Rouyn” or the “Property”), in the Rouyn-Noranda Mining Camp, Québec. The Technical Report entitled “NI 43-101 Technical Report and Mineral Resource Estimate for the Rouyn Project, Quebec, Canada” and dated June 9, 2023 (with an effected date of April 17, 2023) has been prepared for Yorbeau by InnovExplo Inc. The Technical Report is available on SEDAR (www.sedar.com) under Yorbeau’s issuer profile.

The highlights of the Technical Report were previously announced in a news release of the Company dated April 25, 2023. There are no material differences between the key results contained in Yorbeau’s news release dated April 25, 2023 pertaining to the MREs for the Property from those contained in the Technical Report filed on the date hereof.

About Yorbeau Resources Inc.

Yorbeau Resources is a Canadian public company (TSX: YRB) involved in gold and base metal exploration in Quebec, Canada. Its properties are in northwestern area of the province containing many significant deposits on the famed Abitibi Greenstone Belt, including major gold mines along the Larder Lake- Cadillac Break and several volcanic centers hosting major copper-zinc-gold deposits.

Yorbeau is focusing on its Rouyn Gold and Scott Lake Zinc-Copper projects which have demonstrated the most immediate and substantial prospects for discovery and eventual mine development. While Scott is very favorably located in the Chibougamau mining camp, Rouyn represents a consolidation of several contiguous properties strategically located on the famously productive Cadillac Break in the Rouyn-Noranda Mining Camp. Other holdings of the Company include its interest in the past producing Joutel Gold Mining Camp and the Beschefer Property adjacent to SOQUEM’s B-26 deposit in the Selbaie Mine area.

For more information, please visit our website at https://www.yorbeauresources.com or contact:

G. Bodnar Jr.
President and CFO
Yorbeau Resources Inc.
gbodnar@yorbeauresources.com
Tél. : 514 384-2202

Sans frais en Amérique du Nord : 1 855 384-2202

Laurent Hallé P. Géo
Senior Mineral Exploration Consultant
Yorbeau Resources Inc.
lhalle@yorbeauresources.com
Tél. : 819 629-9758

news releases

Yorbeau Issues Mineral Resources Estimates for its Wholly Owned Rouyn Gold Property Covering the Augmitto-Cinderella, Gamble and Astoria Zones

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Highlights:

  • Mineral Resources Estimates (“MREs”) issued for the Augmitto, Cinderella, Gamble and Astoria Deposits on a total of 22 gold-bearing lenses to a maximum depth of 900 meters.
  • MREs in the Indicated Resources are 8.29Mt @ 3.44 g/t gold (918,000 ounces of gold)
  • There are additional Inferred Resources of 5.778Mt @ 3.31 g/t gold (615,000 ounces of gold)
  • Gold price = US$1,750.00/oz; USD: CAD exchange rate = 1.30.

MONTREAL, April 25, 2023 (GLOBE NEWSWIRE) -- Yorbeau Resources (TSX: YRB), (“Yorbeau” or the “Company”) is pleased to announce the release of new Mineral Resources Estimates (“MREs”) for its wholly owned Rouyn Gold Property (“Rouyn” or the “Property”), in the Rouyn-Noranda Mining Camp, Québec.

The new resources are 918,000 ounces of gold within the Indicated Resources category and 615,000 ounces of gold within the Inferred Resources category. The Property MREs were independently prepared by InnovExplo Inc., in accordance with National Instrument 43-101 (“NI 43-101”) and is dated April 18, 2023.

Terry Kocisko, Director & CEO states: “The Rouyn Gold Property has exceeded our expectations showing significant gold resources of more than 918 000 ounces indicated and 615 000 ounces inferred. The current Resources Update also demonstrates the potential for continued growth at Yorbeau. Given the success of our drilling at our Scott Lake VMS Project near Chibougamau, the success at Rouyn leaves the door open to increase the size of our MREs overall in precious and base metals as we continue to successfully advance our projects through 2023.”

George Bodnar, President & CFO, adds: “The new MREs at Rouyn include resources from the Augmitto-Cinderella, Gamble and Astoria Deposits covering a total of 22 lenses over a 6km trend to a depth of 1km along the Larder Lake-Cadillac Break. Geological expertise gained over the last 20 years along the Break indicates that the gold mineralization reaches depths of up to 3km, which leaves significant room for added gold potential at Rouyn. In the meantime, Yorbeau is assessing multiple scenarios to rapidly advance the Rouyn Gold Property towards eventual gold production.”

The final Technical Report (according to NI 43-101) will be filed with SEDAR within forty-five (45) days of the issuance of this news release. The report will be also available on Yorbeau’s website.


The MREs are outlined in the following table and notes:

DepositCut-off (g/t)Indicated mineral resourceInferred mineral resource
Ultramafic hostedArgillite hostedTonnageAu(g/t)OuncesTonnageAu(g/t)Ounces
Augmitto-Cinderella2.052.21,769,0003.65208,000940,0003.1796,000
Astoria2.052.23,236,0003.30343,0003,956,0003.43437,000
Gamble2.052.23,285,0003.48367,000882,0002.9283,000
Total2.052.28,290,0003.44918,0005,778,0003.31615,000

Notes to accompany the Mineral Resource Estimate:

  1. The independent and qualified persons for the mineral resource estimate, as defined by NI 43-101, are Marina Iund, P.Geo., Martin Perron, P.Eng. and Marc Beauvais, P. Eng. all from InnovExplo Inc. The effective date is April 18, 2023.
  2. These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. The MREs follows CIM Definition Standards (2014) and CIM MRMR Best practice Guidelines.
  3. The results are presented undiluted, within underground constraining volumes (including ``must take’’ blocks and are considered to have Reasonable Prospect for Eventual Economic Extraction (RPEE).
  4. The estimate encompasses three (3) gold deposits (Augmitto-Cinderella, Astoria and Gamble) subdivided into 22 individual zones (4 for Augmitto-Cinderella, 14 for Astoria and 4 for Gamble).
  5. High-grade capping supported by statistical analysis was done on raw assay data before compositing and established on a per-zone basis varying from 25 to 100 g/t Au.
  6. The estimate was completed using sub-block models in GEOVIA Surpac 2021.
  7. Grade interpolation was performed with the ID2 method on 1.5 m composites for the Astoria deposit and the ID2 method on 1 m composites for the Augmitto-Cinderella and Gamble deposits.
  8. A density value varying from 2.75 to 2.87 g/cm3 (mineralized domains), 2.82 g/cm3 (unmineralized materials), 2.00 g/cm3 (overburden) and 1.00 g/cm3 (mined out) was assigned.
  9. The mineral resource estimate is classified as Indicated and Inferred. For the Augmitto-Cinderella and Gamble deposits, the Inferred category is defined with a minimum of two (2) drill holes for areas where the drill spacing is less than 80 m, and reasonable geological and grade continuity have been shown. The Indicated category is defined with a minimum of three (3) drill holes within the areas where the drill spacing is less than 50 m. For the Astoria deposit, the Inferred category is defined with a minimum of two (2) drill holes in areas where the drill spacing is less than 70 m, and reasonable geological and grade continuity have been shown. The Indicated category is defined with a minimum of three (3) drill holes within the areas where the drill spacing is less than 35 m. Clipping boundaries were used for classification based on those criteria.
  10. The mineral resource estimate is constrained in conceptual stope designs (Deswik’DSO). The consider mining scenario is long hole stope mining. It is reported at a rounded cut-off grade of 2.05 g/t Au (ultramafic hosted) and 2.20 g/t Au (argillite hosted). The cut-off grades were calculated using the following parameters: mining cost = CA$91.50; processing cost and transport = CA$35.00; G&A and environment = CA$15.00; refining costs = CA$6.55; selling costs = CA$15.30; gold price = US$1,750.00/oz; USD:CAD exchange rate = 1.30; and metallurgical recovery = 90% (ultramafic hosted) to 96% (argillite hosted). The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
  11. The number of metric tonnes was rounded to the nearest thousand, following the recommendations in NI 43-101 and any discrepancies in the totals are due to rounding effects. The metal contents are presented in troy ounces (tonnes x grade / 31.10348).
  12. The authors are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevant issue not reported in the Technical Report, that could materially affect the Mineral Resource Estimate.

About Yorbeau Resources Inc.

Yorbeau Resources is a Canadian public company (TSX: YRB) involved in gold and base metal exploration in Quebec, Canada. Its properties are in northwestern area of the province containing many significant deposits on the famed Abitibi Greenstone Belt, including major gold mines along the Larder Lake- Cadillac Break and several volcanic centers hosting major copper-zinc-gold deposits.

Yorbeau is focusing on its Rouyn Gold and Scott Lake Zinc-Copper projects which have demonstrated the most immediate and substantial prospects for discovery and eventual mine development. While Scott is very favorably located in the Chibougamau mining camp, Rouyn represents a consolidation of several contiguous properties strategically located on the famously productive Cadillac Break in the Rouyn-Noranda Mining Camp. Other holdings of the Company include its interest in the past producing Joutel Gold Mining Camp and the Beschefer Property adjacent to SOQUEM’s B-26 deposit in the Selbaie Mine area.

Qualified Person

The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Laurent Hallé, Senior Mineral Exploration Consultant with Yorbeau, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Technical information related to the MREs contained in this news release has been reviewed and approved by Marina Iund, P. Geo., Martin Perron, P.Eng. and Marc R. Beauvais, P.Eng. of InnovExplo Inc., who are Independent and Qualified Persons as defined by NI 43-101, with the ability and authority to verify the authenticity and validity of this data.

For more information, please visit our website at https://www.yorbeauresources.com or contact:

G. Bodnar Jr.
President, Chief Financial Officer
Ressources Yorbeau Inc.
Tel: 514-384-2202
gbodnar@yorbeauresources.com

Laurent Hallé P. Geo
Consulting geologist
Yorbeau Resources Inc.
Tel: 819-629-9758
lhalle@yorbeauresources.com

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 future development and increase of the resources estimates, potential future production of gold at Rouyn and development of the Rouyn and Scott Lake 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.

news releases

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

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Montreal, Quebec, January 17, 2023, 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 et 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.

HolesZoneLenght Cu %Zn %Ag once/tAu once/t
SC-93GWILLIM WEST6,70,241,760,280,003
SC-95GWILLIM WEST0,750,703,741,220,020
SC-95WGWILLIM WEST6,660,986,351,360,011
SC-95W1GWILLIM WEST0,780,251,860,250,006
SC-95W1GWILLIM WEST2,800,361,880,580,002
SC-95W2GWILLIM WEST3,300,101,010,160,002
SC-95W2GWILLIM WEST0,900,179,090,500,003
SC-94GAP1,640,367,750,990,021

Tableau 1 RÉSULTATS DES SONDAGES EN

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 Company is available on its website,

G. Bodnar Jr.
President, Chief Financial Officer
Ressources Yorbeau Inc.
Tel: 514-384-2202
gbodnar@yorbeauresources.com

Laurent Hallé P. Geo
Consulting geologist
Yorbeau Resources Inc.
Tel: 819-629-9758
lhalle@yorbeauresources.com

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.

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