News !! Nice property... surrounded by PenolesThe new aquistion of the Guadalupe Property is truly a huge win for Yale. Pres Ian Foreman must have some very solid contacts in Mexico to get such a property that is surrounded by producing mines.
Yale Aqcuires Property in Heart of Fresnillo Silver District, Zacatecas State, Mexico
VANCOUVER--(BUSINESS WIRE)--Yale Resources Ltd. (TSX-V - YLL and Frankfurt - YAB) is pleased to announce the acquisition of a 100% interest in the Guadalupe Property, located approximately 4 kilometres north of the city of Fresnillo, Zacatecas State, Mexico. The property is approximately 8 kilometres north of the Fresnillo (Proaño) Mine, the world’s richest underground silver mine operated by Fresnillo plc. The property is also approximately 11 kilometres northeast of the Juanicipio Joint Venture between MAG Silver Corp. and Fresnillo plc.
The Guadalupe Property is 282.84 hectares in size and contains two historic mines – the Santa Rita and San Antonio mines. Historic records containing references to the Santa Rita and San Antonio mines suggest that both mines were important and reached their height of production between 1910 and 1920. The property is completely surrounded by land controlled by Peñoles (either through Fresnillo or other subsidiaries and partners).
There is currently small scale production from the property at a rate of approximately 3 to 4 tonnes per day. This production is from one of the five known veins on the property and is at a depth of only 30 metres. Production will continue on the property until Yale has completed the purchase of the property at a maximum of 1,500 tonnes per year (or approx. 4 tonnes per day). This ongoing work should greatly aid exploration by allowing Yale staff to better understand the mineralization.
A chip channel sample taken by Yale staff from one face of the workings returned 3.32 g/t gold and 342.0 g/t silver across 1.5 metres of vein.
Yale can purchase a 100% interest in the Guadalupe Property by making escalating payments every 6 months over four years totaling US $1,000,000 with an initial payment of $10,000 (paid) and a final payment of $465,000. There is a 2% NSR on the property that can be purchased for US $ 1,000,000.
Samples from Guadalupe were prepared and analyzed by Stewart Group at their labs in Zacatecas and Kamloops and generally consisted of 2-3 kg of material. Gold analyses were performed by 30 gram fire assay with an AA finish. Silver and base metals were analyzed as part of a multi-element ICP package using an aqua regia digestion; samples with more than 30 g/t silver (over limit) were re-analyzed as an assay.