2 weeks Ago
MONTRÉAL, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Yorbeau Resources Inc. (TSX: YRB) (the “ Company ” or “ Yorbeau ”) is pleased to provide an update on its upcoming exploration on its high-potential strategic metals (Copper, Zinc, Nickel, and Cobalt) properties in Beschefer, Selbaie West, and Landrienne.
The Company plans to invest nearly $2 million on three properties over the next 18 months. The Company intends to fund these programs using the proceeds of the $1 million private placement of flow-through class A common shares of the Company completed in August 2024 and a portion of the $25 million purchase price to be received from the sale of its Rouyn gold property. Highlights: 6,610 meters of drilling on the possible extension of the B-26 Copper and Zinc zone of Abitibi Métal-Soquem.
Verification of induced polarization targets on the extension of the B-14 gold zone. Verification of the new Nickel and Copper zone in northern part of Selbaie-West property. Characterization of the Detour-Selbaie host rock mineralization of Soquem.
Detour-Selbaie minéralisation on Yorbeau ground. Verification of gravity anomaly targets near the Landôme deposit. The Company will focus on base metal exploration in line with the Quebec and Federal governments’ inclusion of copper, zinc, nickel, and cobalt as strategic minerals.
Moreover, these metals are in high demand globally, with prices rising, making their availability crucial for Western countries. The Company recently announced the entering into of a binding agreement for the sale of its Rouyn gold property to Lac Gold Rouyn Inc. for a total purchase price of $25 million (press release dated October 2, 2024).
This transaction, when closed, will provide additional funding for the Company’s 2024-2025 exploration work. Over the past 12 months, the area of the former producer Mine Selbaie north of La Sarre has seen major exploration with the development of the B-26 zone by Abitibi Métal-Soquem and the discovery of significant copper and zinc mineralization northwest of the Selbaie mine by Soquem. These two sectors are currently the subject of major work totaling 56,000 meters of drilling.
Yorbeau holds a strategic position relative to these two projects. Based on Yorbeau’s acquired knowledge, the host rocks of these deposits could logically extend several kilometers within the boundaries of the Beschefer and Selbaie-West properties (see Figure 1). The Company plans to undertake exploration amounting to over $1.
7 million on these two properties over the next 18 months. Figure 1 Localisation of Yorbeau properties Beschefer Property For 2024 and 2025, the Company plans for exploration work totaling $1,574,500, including $1,284,250 on the B-26 zone and $288,250 on the B-14 zone. Over 6,500 meters of drilling is planned, as well as a 1,352 km airborne magnetic and electromagnetic survey covering the entire property (completed in August 2024).
This survey will help better define geological contacts, highlight intrusive bodies, and identify discordant structures. The survey was conducted along north-south lines spaced 100 meters apart. The Beschefer property program was designed to: Trace the continuity of copper-zinc-gold and silver mineralization from the B-26 zone immediately east of Abitibi Métals-Soquem boundary.
Verify a strong alteration zone, located over 2 km to the east of B-26 zone. Obtain a complete magnetic map of the property for more precise geological contact and structure tracing. Conduct downhole EM surveys for the current drilling campaign and certain older drill holes.
Verify several induced polarization anomalies in the northern sector, possibly corresponding to the extension of the B-14 gold zone. Figure 2 Drill targets on B-14 zone extension Selbaie-Ouest Property For the years 2024 and 2025, the Company plans exploration work for an amount of $250,000. A 1,000 meter drilling program and geophysical surveys will be planned in the coming weeks.
The Selbaie-Ouest property program has been designed to: Test the copper and nickel mineralization in the northern part with an induced polarization survey and 1,000 meters of drilling. Characterize the felsic rock unit hosting the Détour-Selbaie mineralization on Yorbeau ground. The Selbaie-Ouest property sector has undergone significant developments.
Soquem over the past two years has discovered important values of copper-zinc and silver mineralization on a felsic rock horizon on its Wagosic property. This horizon crosses the eastern boundary of the Yorbeau Selbaie-West property as indicated by a drill section completed in 2017 in hole SW-04 (0.5% Cu, 1.
07% Zn over 5.5 meters). The Company intends to carry out geophysical surveys and drilling.
The budget and exploration program for the extension of the copper and zinc mineralization is being prepared and will be disclosed later. In parallel with the Copper and Zinc mineralizations, hole SW-12A (February 2012 ) was resampled to obtain full metal values along the mineralized zones. In fact, in 2012, the drilling had only been partially analyzed in the disseminated sulphide zones which returned 0.
24% Ni and 0.6% Cu over 1.5 meters.
The new assays returned values of 0.09% Cu and 0.12% Ni over 7.
9 meters (344.4 to 352.3), as well as 0.
12% Cu and 0.09% Ni over 33 meters (364 to 397.7), including 0.
4% Cu and 0.18% Ni over 2.85 meters (378.
5 to 381.35). These new data, combined with the bleb textures observed throughout the drilling (Figure 3), suggest a possible larger magmatic copper-nickel system.
Geophysical surveys and drilling are necessary in the area. The Company is therefore planning an induced polarization survey and a 1,000 meter drilling campaign for a budget of $250,000. Figure 3 Bleb texture in SW-12A Landrienne Property Over the past two years, Yorbeau has conducted induced polarization and gravity surveys in the eastern sector of the property.
Several geophysical anomalies (figure 4) have been identified within 700 meters of the Landôme deposit (251,304 tonnes grading 2.48% Cu and 2.02% Zn).
These targets will be verified with 700 meters of drilling on two targets at a depth of about 250 meters before the end of the year. Figure 4 Gravimetric targets on Landrienne (GéophysicTMC) The scientific and technical content of this press release has been reviewed, prepared, and approved by Mr. Laurent Hallé, Senior Mineral Exploration Consultant with Yorbeau, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects .
For more information, visit the website: www.yorbeauresources.com or contact: Toll-free in North America: 1 (855) 384-2202 Forward-looking Statements: Except for statements of historical facts, all statements in this press release, including without limitation those concerning Yorbeau’s planned exploration programs, closing of the sale of Yorbeau’s Rouyn property (the “ Transaction ”) and the intended use of proceeds thereof, and future plans and objectives, are forward-looking statements involving risks and uncertainties.
These risks and uncertainties include, but are not limited to, the failure of the parties to the Transaction to satisfy the closing conditions to the Transaction, failure of the parties to satisfy such conditions in a timely manner, and risks related to the payment of the unpaid balance of the purchase price for the Transaction and the timing of any such payments, and the risks and uncertainties described in Yorbeau’s most recently filed annual information form. Failure of the parties to satisfy the conditions to the completion of the Transaction or to complete the Transaction may result in the Transaction not being completed on the proposed terms, within the anticipated timeframe, or at all. There is no assurance that any such statements will prove accurate.
Actual results and future events may differ materially from those anticipated in such statements. Yorbeau disclaims any obligation to update such statements, otherwise than as required by applicable securities laws. Photos accompanying this announcement are available at https://www.
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