Yorbeau Resources Inc. (TSX: YRB) ("
Yorbeau" or
the "
Company") is pleased to report that its
partner IAMGOLD Corporation ("
IAMGOLD") released
today assay results from its 2020 exploration diamond drilling
program completed on the Astoria Target Area at the Rouyn Project.
The Rouyn property is located 4 km south of Rouyn-Noranda, Québec,
and approximately 45 kilometers southwest of IAMGOLD’s Westwood
operation.
IAMGOLD is reporting assay results from eleven
(11) diamond drill holes, totaling 5,950 metres drilled on the
Astoria area, located approximately one kilometre east of the Lac
Gamble Zone. Two (2) drill holes were abandoned or did not reach
the target zone due to excessive deviation.
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
Astoria Area is attached to this news release):
Astoria Area – Upper Piché
Zone:
- Drill hole AS-20-773A: 2.0 metres grading 13.2 g/t
Au
- Drill hole AS-20-775: 2.8 metres grading 7.5 g/t
Au includes:
0.8 metres grading 15.0 g/t Au
- Drill hole AS-20-775W: 7.6 metres grading 9.7 g/t
Au includes:
2.0 metres grading 29.3 g/t Au
Astoria Area – Lower Piché
Zone:
- Drill hole AS-17-669W: 2.0 metres grading 7.6 g/t
Au
- Drill hole AS-20-772: 11.1 metres grading 3.7 g/t
Au includes:
1.0 metres grading 23.5 g/t Au
Astoria Area – Main Zone:
- Drill hole AS-20-772: 6.1 metres grading 3.4 g/t
Au includes:
3.0 metres grading 6.2 g/t Au
- Drill hole AS-20-776: 14.0
metres grading 3.4 g/t Au
includes: 7.0 metres grading 5.6
g/t Au
In a separate press release on the current
results, Craig MacDougall, Executive Vice President, Growth for
IAMGOLD, stated: "The completion of this program has provided
important information to assess the potential of the historic
Astoria deposit. The program was conducted in accordance with
well-established Company-wide health and safety protocols to manage
the impacts of the COVID-19 pandemic. These results will be used to
update our geological models and help guide our exploration program
to continue to assess the resource potential for this area.
Drilling has now resumed at Lac Gamble and will include the
completion of selected infill holes, as well as geotechnical drill
holes to assess rock quality of the host rock units."
The objective of the Astoria area diamond
drilling program was to test selected priority targets proximal to
the known mineralization to evaluate for the presence and
continuity of mineralized extensions with potential to outline a
resource.
The program successfully intersected the
targeted sheared Cadillac-Piché corridor, which hosts several
mineralized zones. At Astoria, mineralized zones are associated
with alteration varying from several metres to greater than ten
metres in width, hosted in the ultramafic rocks of the Piché Group,
exhibiting variable carbonatization, fuchsite, silicification,
crosscut by a network of white quartz and brown tourmaline
stockwork veins and breccias, which define the Upper and Lower
Piché zones. Gold mineralization occurs as small specks of visible
free gold associated with minor sulphides in quartz-tourmaline
veinlets.
A mineralized zone, referred to as the Main
zone, is also observed at the contact with the sedimentary sequence
bordering the south contact of the Piché Group and is characterized
by grey quartz veinlets containing rare visible gold and up to 10%
disseminated to narrow massive bands of Arsenopyrite adjacent to
the veins. Occasionally similar mineralization is also observed
exclusively hosted in sediments and is referred to as the Footwall
zone.
Next Steps
The ongoing global COVID-19 pandemic and local
availability of drill rigs continues to impact the pace at which
planned exploration activities are advanced. However, exploration
drilling has resumed at the Rouyn Project and a 14,000 metre
diamond drilling program is planned in 2021 to further delineate
the Lac Gamble and Astoria zones. The program will also include the
evaluation of the resource potential of other selected targets,
including in the Cinderella and Augmitto areas located further west
of the Lac Gamble zone. Currently, a geotechnical drilling program
has commenced to assess rock quality of the host rock units at Lac
Gamble.
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
preliminary deposit models on the property to support a future
potential maiden resource estimate.
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
in the east portion of the 6 km segment and Augmitto in the west
portion of the segment, 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
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. By the end of the expenditure
period, the Company is required to 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. IAMGOLD is currently in
the third year of the option agreement.
Figure 1: Rouyn Gold – Lac Gamble zone
longitudinal section and highlighted 2020 assay
results:https://www.globenewswire.com/NewsRoom/AttachmentNg/79b9f3d0-e580-4157-a5de-95878b7b0af5
Table 1: Rouyn Project Drilling Results – 2020
Astoria Drilling
program:https://www.globenewswire.com/NewsRoom/AttachmentNg/8248fa43-1f56-4441-b439-12c2a73de98c
Table 1 Notes:
1. True widths of
intersections are estimated at at 55 to 80% of the core interval
approximately.2. Drill hole intercepts are calculated with a lower
cut of 1.0 g/t Au and may contain lower grade interval of up to 3
metres in length. They are generally reported with a minimum g*m
(or Metal factor) of 2.3. Assays are reported uncut but high grade
sub-intervals are highlighted.4. Drill holes with the suffix W are
wedge cuts from previously drilled master holes.
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 in
Chibougamau, 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.
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For further
information, please contact: |
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G. Bodnar Jr. |
Sylvain Lépine, M.Sc, P.
Geo |
President, Chief Financial
Officer |
Vice-President
Exploration |
Yorbeau Resources Inc. |
Yorbeau Resources Inc. |
gbodnar@yorbeauresources.com |
slepine@yorbeauresources.com |
Tel: 514-384-2202 |
Tel: 819-277-0577 |
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Toll free in North America:
1-855-384-2202 |
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Forward-looking statements:
Except for the 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.
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