Yorbeau Announces NI 43-101 Compliant Gold Resources on Augmitto Deposit |
| Marketwire.com - Aug 23, 2011 |
MONTREAL, QUEBEC--(Marketwire - Aug. 23, 2011) - Yorbeau Resources Inc. ("Yorbeau") (TSX:YRB.A) is pleased to report the results of a mineral resource estimate for a portion of its 100% owned Rouyn project, Quebec. The mineral resource estimate was prepared by Bernard Salmon, ing., of Roscoe Postle Associates Inc. ("RPA"). A Technical Report in compliance with National Instrument 43-101 will be filed on SEDAR and posted on Yorbeau's web site within 45 days of this release.
The resource estimate was done on the Augmitto deposit and mineral resources have been classified by RPA as Measured, Indicated and Inferred as follows:
Augmitto Mineral Resources as at August 15, 2011
Category Tonnes Grade (g/t Au) Ounces of gold
Measured 38,000 6.84 8,400
Indicated 209,000 5.94 39,800
Measured + Indicated 247,000 6.08 48,300
Inferred 633,000 7.79 158,800
Notes:
CIM definitions were followed for Mineral Resources.
Mineral Resources are estimated at a cut-off grade of 3.4 g/t Au.
The cut-off grade and Mineral Resources are based on a gold price of US$1300/oz, and an exchange rate of US$1.00 = CDN$1.00
A minimum mining width of 2 m was used.
The numbers may not add due to rounding.
The Rouyn Property, which is located four kilometres south of the city of Rouyn-Noranda, covers a twelve kilometre stretch of the Cadillac-Larder Lake Break. The Augmitto deposit is located at the western extremity of the Rouyn property and was the focus of much historical work by previous owners, including a ramp system to a depth of 250 metres and a production shaft sunk to 250 metres. The resources estimated by RPA are to a vertical depth of approximately 700 metres, although the deposit remains open at depth below this level.
Additional NI 43-101 Resources at the Rouyn Project
In addition to the Augmitto resources, the Rouyn project includes NI 43-101 compliant mineral resources at the Astoria mine located about six kilometres to the east of Augmitto. Mineral resources at Astoria were estimated in 2005 by Mr. Eugene Puritch, P. Eng., President, P&E Mining Consultants Inc. ("P&E"). In its Technical Report filed in 2005, P&E reported mineral resources at various cut-off grades and in the Measured, Indicated and Inferred categories. Using a 3.5 g/t Au cut-off (close to the cut-off grade used by RPA at Augmitto), mineral resources at Astoria were reported by P&E as follows:
Astoria Mineral Resources
Category Tonnes Grade (g/t Au) Ounces of gold
Measured 3,721 5.34 639
Indicated 1,089,177 5.77 202,056
Measured + Indicated 1,092,898 5.77 202,695
Inferred 242,239 5.93 46,185
Like Augmitto, Astoria benefits from the existence of important infrastructure including a 550 metre shaft and extensive underground workings which would represent substantial savings in development cost in the event of commercial production. The mineral resources estimated by P&E are only to a vertical depth of approximately 500 metres, although the deposit remains open at depth below this level.
Mr. David Crevier, Chairman of the Board of Yorbeau, commented: "This new mineral resource estimate at the Augmitto deposit is an important milestone for the Company in our objective of increasing quality gold ounces in the ground. With the previously released estimate on the Astoria mineral resources, together with the existing underground infrastructure at both deposits, we are now approaching having a critical mass of resources. Furthermore, we intend in the near future to complete our drilling and NI 43-101 resource estimates at the nearby Cinderella and Gamble Lake deposits which lie between the Augmitto and Astoria deposits."
Additional NI 43-101 Resources to be estimated on Cinderella and Lake Gamble
At the present time the Company is continuing its drill program with one drill rig which is operating on the Cinderella deposit adjacent to Augmitto. Once the drilling on Cinderella is completed, the program will continue on the Lake Gamble deposit to the east which is adjacent to Astoria. This program consists of infill and definition drilling which will lead to additional resource estimates compliant with NI 43-101 in the coming months on Cinderella and Lake Gamble.
Work is carried out by technical personnel of Yorbeau Resources Inc., under the supervision of Laurent Hallé, P.Geo. He is a qualified person (as defined by National Instrument 43-101) and has more than 31 years of experience in mineral exploration.
About Yorbeau Resources Inc.
The raison d'être of Yorbeau is to identify a world class gold deposit in a major mining camp. Against the backdrop of a market that is steadily more welcoming for gold, Yorbeau is poised to significantly increase the known gold resources on its properties in Northern Quebec.
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.
Contact Information
Thomas L. Robyn, Ph.D.
President and CEO
Yorbeau Resources Inc.
tlrobyn@yorbeauresources.com
(514) 384-2202
G. Bodnar Jr.
Director
Yorbeau Resources Inc.
gbodnar@yorbeauresources.com
(514) 384-2202
David Crevier
Chairman of the Board
Yorbeau Resources Inc.
dcrevier@yorbeauresources.com
(514) 284-3663
www.yorbeauresources.com
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- Posted: 2011-08-24 13:49:32
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