Gold Fields commences $2.2M exploration program on Yorbeau’s Rouyn Property
Montréal, January 30, 2014 - Yorbeau Resources Inc. (TSX: YRB.A) (the “Company” or “Yorbeau”) is pleased to announce that the 2014 exploration program is now underway at the Rouyn project with one drill rig operating on the Augmitto block. A second rig will be added shortly.
The current program is being undertaken pursuant to the option and joint venture agreement entered into between Gold Fields Sudbury Exploration Corp. and the Company announced in May 2013 and represents the balance of a $4M exploration commitment made by Gold Fields Sudbury representing the required expenditure for the first 18 months. This is part of the $19 million over 4.5 year commitment required to earn a 51% JV interest in the project.
The program, which is being carried out by Gold Fields Sudbury Exploration Corp., will consist mostly of surface diamond drilling and completion of a high resolution magnetic survey initiated in 2013. The exploration program is budgeted at $2.2M and will consist of approximately 14,000 metres, mostly targeting either the extension at depth of known gold mineralization or potential new zones in the eastern half of the property. The drilling for extension at depth of known mineralization will be focused on the Augmitto, Gamble Lake and Astoria blocks. More specifically, additional follow-up drilling will be done at Gamble Lake to further define a new sector developing at depth in the west boundary of the Gamble Lake zone. This is where hole 12-GA-593 had intersected 3.7 g/t Au over a core length of 15 metres (press release of December 6, 2012) and where recent drilling by Gold Fields returned 6.03 g/t Au over 11.3 metres.
A number of targets will also be tested at shallow depth in the eastern half of the property, which still remains largely underexplored in spite of the presence of the Cadillac Larder Lake Break (CLLB) and favorable host rocks as well as gold intercepts in historical shallow drilling. In particular, a sector where the CLLB is cross-cut by the northwest trending Smokey Creek fault is considered to be an area with high potential.
Gold Fields Sudbury is a wholly-owned subsidiary of Gold Fields Limited, an unhedged, globally diversified producer of gold with eight operating mines in Australia, Ghana, Peru and South Africa. In October 2013 Gold Fields acquired Barrick's Granny Smith, Lawlers and Darlot Gold Mines in Western Australia. Gold Fields subsequently has attributable gold-equivalent annual production of approximately 2.2 million ounces, Mineral Reserves of approximately 60 million ounces and Mineral Resources of approximately 158 million ounces. Gold Fields has a primary listing on the JSE Limited, with secondary listings on the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in Brussels (NYX) and the Swiss Exchange (SWX).
For more information on the option and joint venture agreement entered into between Yorbeau and Gold Fields Sudbury, see press releases dated May 22, 2013 and June 26, 2013.
The qualified person under National Instrument 43-101 is Laurent Hallé, P.Geo., who has reviewed and approved the content of this release.
About Yorbeau Resources Inc.
The Company’s 100% controlled Rouyn Property contains four known gold deposits in the 6-km-long Augmitto-Astoria corridor situated on the western half of the property. Two of the four deposits, Astoria and Augmitto, have substantial underground infrastructure and have been the focus of NI 43-101 technical reports.
More information on the Company may be found on the Company’s website at www.yorbeauresources.com. The raison d’être of Yorbeau is to identify a world class gold deposit in a major mining camp.
For further information, please contact:
President and CEO
Yorbeau Resources Inc.
G. Bodnar Jr.
Yorbeau Resources Inc.
Toll free in North America: 1-855-384-2202
Forward-looking statements: Except for statement of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, 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.