newsYale Resources Ltd (C-YLL) - News Release
Yale finds gold-in-soil anomalies at Otjimakuru
2005-11-21 14:44 ET - News Release
Shares issued 15,038,046
YLL Close 2005-11-18 C$ 0.25
Mr. Ian Foreman reports
COINCIDENT GEOPHYSICAL AND GEOCHEMICAL ANOMALIES IDENTIFIED AT THE OTJIMAKURU GOLD PROPERTY, NAMIBIA.
Yale Resources Ltd. has identified an IP geophysical anomaly and coincident widespread multielement soil geochemical anomalies overlying the central four-kilometre by 1.5-kilometre target on the Otjimakuru property located in Namibia, southwestern Africa. The results from the 60-line-kilometre survey were provided to Yale by Helio Resource Corp., the optionor and current operator of the project.
The new geophysical feature is a plus-three-kilometre-long IP chargeability anomaly and is located immediately over the previously identified magnetic anomaly that attracted Yale to the project. This new anomaly is open to the west as it continues beneath a sharp rise in topography.
Widespread gold-in-soil anomalies occur in conjunction with the geophysical anomalies. Throughout the survey area, there are moderate to high gold values with the highest gold-in-soil sample being 0.58 gram per tonne gold. In this area of Namibia, 0.1 part per metre (or g/t) Au in soils is considered highly anomalous. The associated multielement geochemical anomalies that occur throughout the 15-square-kilometre target area are similar to that of a skarn alteration system.
The exploration target at Otjimakuru is a skarn-hosted vein system similar to AnglogoldAshanti's 5.2-million-ounce Navachab gold mine located 90 kilometres to the southwest and African Rainbow Mineral's 950,000-ounce Otjikoto gold deposit located 150 kilometres to the northeast of Otjimakuru. Immediately to the east is the Vredelus property that is under option to Teck Cominco, which is reported to be in the process of drilling a similar target to that at Otjimakuru. To earn 75-per-cent interest in Otjimakuru, Yale must spend $1.8-million and issue 775,000 shares to Helio over four years.
With these continued good results, the company will now be planning a more aggressive exploration program which will be designed to further define potential drill targets.
Chris MacKenzie, MSc, CGeol, Helio's executive chairman and a qualified person as designated by National Instrument 43-101, supervised the sampling and quality control programs at Otjimakuru and has reviewed the technical content of this news release. The samples from this phase of fieldwork at Otjimakuru were prepared and assayed at ALS Chemex in Johannesburg, South Africa.