IAMGOLD reports initial results from its 2019 drilling program completed on Lac Gamble zone at the Yorbeau Rouyn project, Quebec
MONTREAL, May 23, 2019 - Yorbeau Resources Inc. (TSX: YRB) (the "Company" or "Yorbeau") is pleased to report that its partner IAMGOLD Corporation ("IAMGOLD") released today initial results from its 2019 winter diamond drilling program completed at the Company's Rouyn project, located 4 km south of Rouyn-Noranda, Quebec. IAMGOLD reported assay results from 10 diamond drill holes, totaling 2,257 metres. Results are pending from the remaining 38 drill holes, totaling 11,143 metres, and will be reported once they are received, validated and compiled.
The assay results reported herein are provided in Table 1 below and include the following highlights:
(A longitudinal section illustrating the drilling program on the Lac Gamble zone is attached to this news release.)
- Drill hole GA-19-682: 12.0 metres grading 3.56 g/t Au
includes: 6.0 metres grading 5.33 g/t Au
- Drill hole GA-19-690: 7.75 metres grading 11.02 g/t Au
includes: 5.0 metres grading 15.44 g/t Au
- Drill hole GA-19-692: 10.6 metres grading 8.21 g/t Au
includes: 3.0 metres grading 12.37 g/t Au
includes: 1.0 metre grading 26.9 g/t Au
The objective of the 2019 winter diamond drilling program was to infill a portion of the Lac Gamble zone previously drilled by Yorbeau and various joint venture partners. The program was designed to achieve an approximate 50 x 50 metres drill hole spacing pattern to ultimately support the completion of a mineral resource estimate. The completed drill holes successfully intersected the targeted sheared Cadillac-Piché corridor which hosts the mineralized zone. The zone is characterized by alteration observed to vary from several metres to greater than ten metres in width, exhibiting variable carbonatization, fuchsite, silicification, crosscut by a network of white quartz and brown tourmaline stockwork veins and breccias. Gold mineralization occurs as small specks of visible free gold associated with minor sulphides in quartz-tourmaline veinlets.
Gérald Riverin, Company president commented: "We are pleased with the initial results that are generally in line with previous results at Lac Gamble. In particular, the thicknesses indicated by some of the holes are quite encouraging in the context of a program focused on delineating mineral resources. We are looking forward to receiving pending assays and to additional encouraging results at the Rouyn project".
In a separate press release on the recent results, Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: "Our involvement in the newly optioned Rouyn Gold Project was based on the potential to rapidly delineate mineral resources along the targeted Cadillac Break which hosts previously identified gold zones. The initial assay results are encouraging and the drilling program has successfully intersected the Lac Gamble zone in systematic infill drilling. Also our collaboration with the Yorbeau exploration team has been outstanding and we are looking forward to continuing to jointly advance the ongoing exploration program."
The results of this initial diamond drilling program will be compiled along with the existing and newly acquired geological, geochemical and structural information to support the development and refinement of a deposit model to ultimately support a mineral resource estimation of the Lac Gamble zone.
Additional drilling is being planned to test selected targets in the area of the Astoria deposit, located several kilometres to the east. The program is expected to commence later in the summer.
About the Rouyn Gold Project
The Rouyn Gold 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 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 insufficient exploration work has been completed to define a mineral resource. The property may require significant future exploration to advance to a resource stage and there can be no certainty that the exploration target will result in a mineral resource being delineated. The exploration targets are consistent with similar deposits in the area, deposit models or derived from initial drilling results.
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 year period. Exploration programs must include the completion of a minimum of 20,000 metres of diamond drilling within the first two-years of the option. By the end of the expenditure period, the Company must complete a NI 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.
Technical Information and Quality Control Notes
The drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Work at Yorbeau is carried out under the supervision of Gérald Riverin, PhD, P. Geo. He is a qualified person (as defined by NI 43-101) and has reviewed and approved the content of this release.
The design of the drilling program and interpretation of results is under the control of IAMGOLD's and Yorbeau's geological staff, including qualified persons employing strict protocols consistent with NI 43-101 and industry best practices. The sampling of, and assay data from the drill core is monitored through the implementation of a quality assurance - quality control (QA-QC) program. Drill core (NQ size) is logged and samples are selected by geologists and then sawn in half with a diamond saw at the project site. Half of the core is retained at the site for reference purposes. Sample intervals may vary from half a metre to one and a half metres in length depending on the geological observations.
Half-core samples are packaged and transported in sealed bags to AGAT laboratories in Val d'Or, Quebec, and Mississauga, Ontario. Samples are coarse crushed to a -10 mesh and then a 1,000 gram split is pulverized to 95% passing -150 mesh. AGAT prepare analytical pulps at their facilities located in Val-d'Or and processed the pulps at their Mississaugalaboratory which is ISO / IEC 17025:2005 certified by the Standards Council of Canada. Samples are analyzed using a standard fire assay with a 50 gram charge with an Atomic Absorption (AA) finish. For samples that return assay values over 3.0 grams per tonne, another pulp is taken and fire assayed with a gravimetric finish. Core samples showing visible gold or samples which have returned values greater than 10.0 grams per tonne are processed with a protocol involving fine grinding of the entire sample, followed by metallic screen analysis of the entire pulverized material. Insertion of duplicate, blanks and certified reference standards in the sample sequence is done in all drill holes for quality control.
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.
For further information, please contact:
Gérald Riverin, PhD, P. Geo
President, Yorbeau Resources Inc.
Yorbeau Resources Inc.
G. Bodnar Jr.
Vice-President, Chief Financial Officer
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, 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.