Yorbeau Reports Remaining Assay Results from the Lac Gamble Drilling Program on the Rouyn Project, Quebec; Drilling Underway on Astoria
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MONTREAL, Aug. 20, 2020 - Yorbeau Resources Inc. (TSX: YRB) ("Yorbeau" or the "Company") is pleased to report that its partner IAMGOLD Corporation ("IAMGOLD") released today remaining assay results from its 2020 exploration diamond drilling program completed on the Lac Gamble Zone at the Rouyn project. The project is located 4 km south of Rouyn-Noranda, Quebec, and approximately 45 kilometers southwest of IAMGOLD's Westwood operation.
- IAMGOLD is reporting assay results from the remaining twelve (12) diamond drill holes, totaling 4,062 metres completed as part of the winter 2020 drilling program. rue widths of intersections are estimated at 70-90% of the core interval approximately.
- Drill hole intercepts are calculated with a lower cut of 1.00 g/t Au and may contain lower grade interval of up to 3 metres in length.
- Assays are reported uncut but high grade sub-intervals are highlighted.
- Drill holes with the suffix W are wedge cuts from previously drilled master holes.
IAMGOLD is reporting assay results from the remaining twelve (12) diamond drill holes, totaling 4,062 metres completed as part of the winter 2020 drilling program. Drilling activities have also resumed on the Astoria area, located approximately two kilometres east of the Lac Gamble zone, and assays will be reported when 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 is attached to this news release):
Lac Gamble Zone - Main Zone:
- Drill hole GA-19-761: 4.1 metres grading 10.4 g/t Au
- And: 2.0 metres grading 7.8 g/t Au
- includes: 1.0 metres grading 12.5 g/t Au
- Drill hole GA-20-768: 8.9 metres grading 4.3 g/t Au
- includes: 2.0 metres grading 15.1 g/t Au
- Drill hole GA-20-769: 7.4 metres grading 8.3 g/t Au
- includes: 1.0 metres grading 46.3 g/t Au
In a separate press release on the current results, Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: "Despite the infill drilling program being interrupted as a result of a suspension of activities due to the COVID-19 crisis, a significant part of the program was successfully completed and I commend the efforts of the exploration team who adapted to these unique circumstances. With the results from the program now in hand, we are working to update our deposit model to support a future initial resource estimate for the Lac Gamble zone. Drilling has also resumed at Astoria to assess the resource potential of this area."
The objective of the diamond drilling program on the Lac Gamble Zone was to continue a systematic infill drilling program at nominal 50 x 50 metre drill centres in the upper part of the zone to support a future resource estimation. In addition, lateral extensions were also targeted to evaluate the potential to expand the zone. The program was interrupted in March 2020 due to the suspension of all activities as directed by the Government of Quebec in response to the COVID-19 crisis. As a result, several areas of the deposit remain to be systematically delineated and a further phase of drilling may be required and will be assessed for the next winter season.
The drilling program successfully intersected the targeted sheared Cadillac-Piché corridor, which hosts the Lac Gamble mineralized zone. The zone is associated with alteration varying 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.
The implementation of COVID-19 safety protocols has permitted exploration drilling and field activities to resume after the temporarily suspension as directed by the Government of Quebec.
The remaining 2020 exploration program is designed to evaluate selected exploration targets in the area of the historic Astoria deposit and adjacent targets with up to 5,000 metres of additional diamond drilling planned. The objective of the program is to assess the continuity of mineralization for the potential to outline a resource. Assay results of this program will be reported once they are all received, validated and compiled.
The assay results from the drilling programs will be integrated with the existing geological, geochemical and structural information to support the development and refinement of a preliminary deposit model and the completion of a future mineral resource estimation of the Lac Gamble zone.
About the Rouyn Project
The Rouyn 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 Regulation 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.
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 Sylvain Lépine, M.Sc, 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 Mississauga laboratory 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 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.
For further information:
Sylvain Lépine, M.Sc, P. Geo
General Manager Exploration
Yorbeau Resources Inc.
G. Bodnar Jr., 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.