MONTRÉAL, QUÉBEC--(Marketwired - Dec. 1, 2017) - Yorbeau Resources Inc. (TSX:YRB) (the "Company" or "Yorbeau") announces that it has been advised by KG Exploration (Canada) Inc., an affiliate of Kinross Gold Corporation ("Kinross"), that it will terminate its option to purchase a 100% interest in Yorbeau's Rouyn Property.
As a part of an option agreement (press release dated October 25, 2016), Kinross had committed to spend C$3 million in exploration on the Property in the first 18 months, including no less than 12,500 metres of diamond drilling. In fact, Kinross completed 24,149 metres of drilling on the property within 12 months. The Company is very pleased with the amount of drilling done by Kinross and considers that the large amount of drilling done within the C$3 million commitment reflects cost efficiency related to favorable project location and to cost control made possible by a great collaboration between Kinross and Yorbeau staff.
Yorbeau's management consider that the drilling has advanced the project by confirming the extension of the Gamble Lake and Astoria mineralized systems at depth, with local improvement in grade and continuity. The drilling also confirmed that locally two mineralized structures (Footwall and Lower Piché) at Astoria may combine to yield possibly wider zones with a more favorable geometry for mining. The best drill results at the Gamble Lake zone included 7.9 g/t Au over 5.9 m, 14.7 g/t Au over 3.0 m and 10.0 g/t Au over 3.0m. At Astoria, the best results were in hole AS-17-678 which yielded 5.4 g/t Au over 30.1m, including 23.7 g/t Au over 4.1m. Other significant assays at Astoria included 11.6 g/t Au over 4.7 m and 5.3 g/t gold over 13.0 m, both with higher grade narrower intervals. The drill results were all disclosed in press releases of May 8 and September 19, 2017 respectively, with drill hole locations shown on longitudinal sections.
With the withdrawal of Kinross from the project, Yorbeau will resume drilling on near surface targets which include a geophysical anomaly near the Cadillac Break and the extension of the Stadacona Mine structure into the Rouyn project (Wright Rouyn target - see press release of April 18, 2012). This drilling is scheduled to start in the first quarter of 2018.
Mr. Gérald Riverin, PhD, P. Geo., a qualified person (as defined by NI 43-101), has reviewed and approved the content of this release.
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 subject of NI 43-101 technical reports that include resource estimates. In 2015, the Company expanded its exploration property portfolio by acquiring strategic base metal properties in prospective areas of the Abitibi Belt of Quebec and Ontario that also feature infrastructure favourable for mining development. The newly acquired base metal properties include Scott Lake which hosts important mineral resources and on which a positive Preliminary Economic Assessment was recently completed.
More information on the Company may be found on the Company's website at www.yorbeauresources.com.
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.
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