MONTRÉAL, QUÉBEC--(Marketwired - July 8, 2014) - Yorbeau Resources Inc. (TSX:YRB.A) (the "Company" or "Yorbeau") is pleased to provide an update on the 2014 exploration program at the Rouyn project.
These results are from the very last drill hole from a program undertaken as part of the $4 million firm commitment from the former optionee, prior to its corporate decision not to pursue the option agreement. The Company has been advised that the balance of the $4 million commitment that has not been spent will be paid in cash. The Company presently estimates this amount to be between $1 million and $2 million.
Drill hole AS-14-645 was drilled to the east of the current mineralized envelope at Astoria, below the 114m deep Eastern shaft which was sunk in 1926. The following table summarizes the results of drill hole AS-14-645:
Table 1
| Drill hole |
From |
To |
Core length (m) |
Grade
(g/t Au) |
Remarks |
| AS-14-645 |
136.0 |
145.0 |
9.0 |
9.1 |
Carbonatized ultramafics (Piché Group) with visible gold |
| including |
| 136.0 |
139.8 |
3.8 |
20.2 |
|
| 151.0 |
154.0 |
3.0 |
2.7 |
|
Because of the lack of more detailed drilling in this sector, the true width of the above mineralized zone is unknown but is estimated to be around 60% to 70% of the measured core lengths.
This drill hole is located to the east of the Astoria property and represents the first hole outside the known mineralized envelope in that direction. The location of the drill hole can be found on the attached location map: http://media3.marketwire.com/docs/956191.pdf. The above noted mineralization is located below the 1926 shaft at a vertical depth of approximately 132 metres.
David Crevier, President and CEO commented "This hole has whet our appetite for what could lie to the east of Astoria at relatively shallow depth. Identifying a high grade extension to known mineralization in a new and open direction is a material development which confirms significant potential exists at shallow depth to the east which remains to be evaluated."
In addition, the Company is in the process of completing the balance of the compilation work for the drilling that had been completed prior to the former optionee's withdrawal from the project. Furthermore, once the compilation and transfer of information from the former optionee is completed, the Company also expects to report on a review of historical data on the Astoria block that has resulted in the assaying of formerly unsampled core as well as the re-assaying of historic holes.
The qualified person under National Instrument 43-101 is Laurent Hallé, P.Geo., who has reviewed and approved the content of this release.
Samples from hole AS-14-645 were analyzed at ALS Chemex Laboratories in Sudbury, Ontario, by fire assay with atomic absorption and gravimetric finish. The sampling and assaying program was subjected to Yorbeau's QA/QC program that includes inserting blanks and gold standards in batch samples being sent to the assay laboratory.
About Yorbeau Resources Inc.
The Company's 100% controlled Rouyn Property contains four known gold deposits in the 6-km-long Augmitto-Astoria corridor situated on the western half of the property. Two of the four deposits, Astoria and Augmitto, have substantial underground infrastructure and have been the focus of NI 43-101 technical reports that include resource estimates.
More information on the Company may be found on the Company's website at www.yorbeauresources.com. The raison d'être of Yorbeau is to identify a world class gold deposit in a major mining camp.
Forward-looking statements: Except for statement of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, 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.