Yellowjacket Updates Saskatchewan Airborne Geophysical Survey
Cranbrook, British Columbia CANADA, May 10, 2013 /FSC/ - Yellowjacket Resources Ltd. (YJK - TSX Venture), ("Yellowjacket") announces that it is anticipating receipt and approval of the final terms for a geophysical survey on its 100% owned Paterson Lake South claims. The airborne survey will cover approximately 2910 line kilometers using VTEM plus, EM and magnetometer arrays, with an additional 1700 line kilometers of radiometric sensor coverage. The survey is expected to commence during the last week of May and it is anticipated that results will be available near the end of July.
The EM and magnetometer surveys are being conducted to define basement conductors similar to the structures that host the high-grade uranium discoveries at the nearby Patterson Lake project. The tight-spaced radiometric survey is designed to locate uranium boulder trains and in-situ uranium mineralization.
Patterson Lake Area Claims
Yellowjacket is the largest mineral claim holder in the Patterson Lake area and currently controls 391,142 acres of uranium exploration claims along the southwest margin of the Athabasca Basin. The Patterson Lake area has received escalating exploration attention and claim acquisition activity as a result of the exploration results of Alpha Minerals Inc. and Fission Energy Corp. (now Denison Mines). Alpha and Fission / Denison recently released assay results of 29.26% U3O8 over 10.5 metres at a second zone of three zones of mineralization discovered on the property along this fertile EM conductor. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on Yellowjacket properties.
Yellowjacket's Patterson Lake South Claim Group consists of two separate exploration projects: the Preston Lake claims and the Patterson East claims. The Preston Lake claims are centered approximately 26 kilometers southeast of the Patterson Lake uranium discovery area and are directly contiguous to claims held by Fission Energy Corp. The claims are accessible by road with primary access from the all-weather Highway 955, which runs north through the Patterson Lake South discovery being advanced by Fission Energy Corp. and Alpha Minerals Inc. through to the former Cluff Lake mine, (> 60M lbs of U3O8 produced). The highway also passes through the nearby UEX-Areva Shea Creek discoveries which are approximately 50 km to the north and are currently under active exploration and development. Extensive in size, the acquired claim package is contiguous to numerous regional operators including Fission Energy Corp., NexGen Energy Ltd. and Forum Uranium Corp.
The Patterson East claims are located approximately 40 kilometers east of Fission Energy Corp.'s Patterson Lake claims and are contiguous with lands currently held by Areva Resources Canada Ltd and NexGen Energy Ltd.
About Yellowjacket Resources
Yellowjacket Resources Ltd. is a junior exploration company created in December 2011 by way of plan of arrangement and spin-out from Eagle Plains Resources Ltd. (TSX-V:EPL). The company is focused on exploration of its Saskatchewan uranium projects. Yellowjacket has a healthy treasury and is in a position to fund its 2013 work programs in the Athabasca Basin.
The Company also controls the Yellowjacket Gold Project, a gold exploration property located approx. 9 km east of Atlin, British Columbia and accessible by an all-season road. The Yellowjacket Gold Project holds a British Columbia Mines Act permit for an open-pit gold mine and onsite 400 tpd mill and concentrator, processing up to 75,000 tons per year. The permit contemplates a 7-9 year mine life from a series of open pits entirely within an area of disturbed placer workings.
Signed,
"Charles C. Downie"
President and CEO
Yellowjacket Resources Ltd.
For further information, please contact
Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@yellowjacketresources.com
or visit our websites at
http://www.eagleplains.com
or
http://www.yellowjacketresources.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
To view this press release as a PDF, please click on the following link:
http://www.usetdas.com/pr/yellowjacket05102013.pdf
Source: Yellowjacket Resources Ltd. (TSX-V: YJK) http://www.yellowjacketresources.com
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