Yale Starts Field Program at Orofino
Yale Starts Field Program at Orofino
Vancouver, British Columbia CANADA, August 16, 2012 /FSC/ - Yale Resources Ltd. (YLL - TSX Venture, YAB - FWB, YRLLF - OTCBB), 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:
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Sample Location Type Width Au Ag Pb Zn
(m) g/t g/t % %
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43461+2 Main working Chip channel 2.1 2.70 529.8 0.56 0.52
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with 43461 Chip channel 0.45 0.76 82.1 0.4 0.6
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and 43462 Chip channel 1.65 3.23 651.9 0.6 0.5
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43463 Second working Chip channel 1.9 0.23 40.2 0.9 1.95
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43464 Third working Chip channel 1.2 0.20 52.2 0.9 1.31
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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.
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