Yale Starts Field Program at Orofino
August 16 2012 - 2:26PM
Business Wire
Yale Resources Ltd. (TSX-V – YLL, OTCBB – YRLLF, and FSE – YAB)
is pleased to report it has mobilized a field crew to the 7,979.31
hectare (79.8 km²) Orofino Property, located in Sonora State,
Mexico, to initiate work on the property as part of an ongoing
field program to be conducted on behalf of Overlord Capital Ltd.
(OVN.V).
Initial fieldwork will be focused on the San Francisco Target
area where previous work (see news release dated June 28, 2010)
identified a 30 to 40 metre wide zone of strong oxidation centred
on a 5 to 6 metre wide core area of strong silicification and
veining. It has been traced in the field for 300 metres along
strike and remains open in both directions.
Multiple historic workings exist along this 300 metre portion of
the San Francisco target. To date, reconnaissance-style sampling
has only been done within these workings. Sampling from this
initial reconnaissance sampling returned the following results:
Sample Location Type Width Au Ag
Pb Zn (m) g/t g/t % % 43461+2 Main working Chip
channel 2.1
2.70
529.8 0.56 0.52 with 43461 Chip channel 0.45
0.76 82.1 0.4 0.6 and 43462 Chip channel 1.65
3.23 651.9 0.6 0.5 43463 Second working Chip channel
1.9 0.23
40.2 0.9
1.95 43464 Third working Chip
channel 1.2 0.20
52.2 0.9
1.31
The location of the San Francisco and Santiago targets appears
to be controlled by cross-cutting northwest trending structures. As
there are multiple other northwest trending structures, there is
very good potential for the identification of additional targets
along this greater than 3 km long east-northeast mineralized
trend.
Under the terms of the Option Agreement, Overlord may earn up to
a 70% interest in the property by paying Yale $100,000 ($50,000
received), issue to Yale 1,300,000 shares in Overlord (50,000
received), and incur a total of $2,100,000 in exploration
expenditures on the Property over a four year period.
The first year’s requirement will be $200,000 in exploration
expenditures followed by a further $400,000 in the following year,
$750,000 in the third year and $750,000 in the final year of the
Option Agreement. Subsequent share issuances of 500,000, 150,000,
350,000 and 250,000 shares on the first, second, third, and fourth
year anniversaries will also be due in order to keep the Option
Agreement in good standing.
About Yale Resources:
Yale Resources utilizes the project generator business model to
maximize its exposure to discovery while minimizing shareholder
risk. Yale currently has commitments totalling approximately $1.0M
in expenditures during 2012.
Ian Foreman, P.Geo., is Yale’s Qualified
Person, according to National Instrument 43-101, for the Orofino
property and is responsible for any technical data mentioned in
this news release.
Samples from Orofino were prepared and
analyzed by IPL Inspectorate in their facilities in Mexico and
Vancouver, respectively. Samples generally consisted of 1-3 kg of
material. Gold analyses were performed by 30 gram fire assay with
an AA finish. Silver, copper, lead and zinc were analyzed as part
of a multi-element ICP package using an aqua regia digestion. Over
limit samples with greater than 1% Cu, Pb and Zn were re-analyzed
using ore grade detection limits.
On behalf of the Boards,
“Ian Foreman”Ian Foreman, P.Geo.President, Yale Resources
Ltd.
For additional information on Yale Resources
please call the Company at 604-678-2531
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Statements in this press release, other than
purely historical information, including statements relating to the
Company’s future plans and objectives or expected results, may
include forward-looking statements. Forward-looking statements are
based on numerous assumptions and are subject to all of the risks
and uncertainties inherent in resource exploration and development.
As a result, actual results may vary materially from those
described in the forward-looking statements.
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