Yorbeau Announces Resumption of Drilling Program with IAMGOLD at the Rouyn Project
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MONTREAL, July 2, 2020 - Yorbeau Resources Inc. (TSX: YRB) ("Yorbeau" or the "Company") is pleased to announce that diamond drilling has resumed at its Rouyn property with 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.
As operator, IAMGOLD in 2020 has already completed a program in the Lac Gamble zone consisting of 10,360 metres of drilling in 32 diamond drill holes. Results were previously reported for 20 diamond drill holes (see news releases dated May 13, 2020). Results are pending from the remaining 12 drill holes and will be reported once they are received, validated and compiled.
The 2020 exploration program on Astoria is designed to evaluate a highly prospective area, located directly underneath underground infrastructure. This sector was highlighted in 2017 by holes AS-17-678 and AS–17-678W that return 5.4 g/t of gold over 30.1 metres and 19.3 g/t of gold over 4.1 metres respectively (see news releases dated September 19, 2017). Approximately 5,000 metres of diamond drilling is planned to test this priority area, as well as certain other satellite targets.
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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43–101")) and has reviewed and approved the content of this release.
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 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 NI 43-101.
The Lac Gamble zone is located between the Augmitto 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, IAMGOLD must complete a NI 43-101 compliant resource estimate, after which IAMGOLD, 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 in the second 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 NI 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, 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.
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.
For further information:
G. Bodnar Jr.
Chief Financial Officer
Yorbeau Resources Inc
Toll free in North America: 1-855-384-2202