MONTREAL, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Yorbeau Resources Inc. (TSX: YRB), ("Yorbeau" or the "Company") is pleased to announce the commencement of a drilling program of more than 4,200 meters on its Scott Lake property, 100% owned by the Company in Chibougamau, Quebec.
A drill contract has been signed with Miikan Drilling Inc. Miikan is a joint venture between Chibougamau Drilling Ltd., the Oujé-Bougoumou First Nations community, and the Mistissini First Nations community, both located in the Eeyou-Istchee territories.
This program aims to increase the known reserves of 17.85 million tons of copper, zinc, gold and silver mineralization (RPA 2017, NI 43-101) under the "GAP" lens to a depth of more than 1,100 meters and to verify an electromagnetic conductor west of the Gwillim fault where very little work has been done to date (Figure 1).
The lenses of the Scott Lake deposit are aligned more or less in an east-west direction and are truncated by the Gwillim fault. The conductor west of the fault could, if it contains metals, open a new exploration area on the west side of the property.
Drilling east of the Gwillim Fault will involve testing the GAP lens to a depth of more than 1,000 meters vertically, approximately 200 and 300 meters below the deepest known mineralized intersection of the GAP lens.
The drill program that Yorbeau is undertaking on its Scott Lake property in the Chibougamau region is designed to increase the value of the project and evaluate alternatives leading to the development of this base metals project by Yorbeau or a potential partner.
In 2015, Yorbeau expanded its portfolio of properties in Quebec by acquiring strategic base metals properties in regions with high potential in the Abitibi belt which offer favorable infrastructure to mine development.
Acquired base metal properties include the Scott Lake Project comprising several mineralized zones that have volcanogenic massive sulphides (« VMS » mineralization characteristics). The VMS-style mineralization at the Scott Project includes several distinct lenses of stratiform massive sulphide located along or near rhyolite-andesite/basalt contacts. In addition to sulphides, distinct areas of vein-like and disseminated sulphides of SMV (stingers) style, which can either connect to massive sulphides or not, have been intersected over a distance of at least 2 kilometers in an east-west direction. According to a Preliminary Economic Assessment ("PEA") conducted in late 2017 by Roscoe Postle Associates ("RPA"), the project represents an opportunity to develop a mine located near the mining towns of Chibougamau and Chapais offering the housing benefits as well as the availability of labor, equipment and materials needed for the project.
About Yorbeau Resources
The 100% owned Rouyn property contains four known gold deposits in the six-kilometre-long Augmitto-Astoria corridor located in the western part of the property. The Company signed a definitive agreement in December 2018 that gives IAMGOLD the option to acquire a 100% interest in the Rouyn property, and a major drilling program is underway on the property. Two of the four deposits, Astoria and Augmitto, have substantial underground infrastructure and have been the subject of technical reports that include resource estimates and have been filed in accordance with NI 43-101.
Additional information about the Company is available on its website, http://www.yorbeauresources.com.
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Forward-looking statements: Except for the statement of historical fact, all statements in this news release, including without limitation, regarding the drilling program, as well as all 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. Yorbeau disclaims any obligation.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0343e6fe-92d6-4207-9c62-da57b84551f8
