Yorbeau Announces Receipt of Scheduled Option Payment of $750,000 From IAMGOLD in Order to Maintain Its Option on the Rouyn Property
December 15 2021 - 8:00AM
Yorbeau Resources Inc. (TSX: YRB) (“
Yorbeau” or
the “
Company”) is pleased to announce that in
order to maintain its option to purchase a 100% interest in the
Rouyn property, IAMGOLD Corporation (“
IAMGOLD”)
has made the next option cash payment to Yorbeau in the amount of
$750,000 corresponding to the fourth in a series of scheduled cash
payments to be made to Yorbeau during an Expenditure Period of 48
months.
The terms of the definitive option agreement
were announced in the Company’s press release dated December 17,
2018. Among other commitments, IAMGOLD must make scheduled cash
payments in an aggregate amount of C$4 million during the
Expenditure Period. In the first three years, IAMGOLD has met and
exceeded its expenditure obligation of C$6.5 million in exploration
on the property. In 2022, IAMGOLD plans to continue the evaluation
of the resource potential on the project and will complete an
additional 6,000 metres of diamond drilling on selected zones of
mineralization to support a future Mineral Resource Estimate. In
2022, IAMGOLD plans to continue the evaluation of the resource
potential on the project and will complete an additional 6,000
metres of diamond drilling on selected zones of mineralization to
support a future Mineral Resource Estimate.
G. Bodnar Jr., President of the Company,
commented: “We are very pleased to continue to work with our
exceptional partner IAMGOLD. This fourth payment reflects the
satisfaction of our partner in the results obtained to date from
infill and evaluation drilling programs. We are looking forward to
resuming drilling activities in the coming year.”
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
Regulation 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 totalling
C$4 million and completing exploration expenditures totalling 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 returns production royalty, by paying Yorbeau the lesser of
C$15 per resource ounce or C$30 million. IAMGOLD is in the third
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 Regulations 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, please contact:
G. Bodnar Jr.President, Chief Financial
OfficerYorbeau Resources Inc.gbodnar@yorbeauresources.com
Tel: 514-384-2202Toll 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.
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