Dr. Gerald Riverin reports
YORBEAU ANNOUNCES BEGINNING OF 2020 DRILLING PROGRAM WITH IAMGOLD AT THE ROUYN PROJECT
Yorbeau Resources Inc. has begun, with its partner, Iamgold Corp., diamond drilling at its Rouyn property. The company signed a definitive agreement in December, 2018, whereby Iamgold has the option to acquire a 100-per-cent interest in Yorbeau's Rouyn property in Quebec, Canada.
In accordance with the agreement, an initial cash payment in the amount of $1-million and an interim payment of $500,000 were made by Iamgold to Yorbeau (press release dated Dec. 11, 2019). In order to earn the purchase option, Iamgold must make cumulative cash payments of $4-million and finance $9-million of exploration expenditures over a four-year period, including no less than 20,000 metres of diamond drilling within the first two years. A total of 19,966 metres were already drilled within the first year of the agreement.
The Rouyn property is located about four kilometres south of Rouyn-Noranda, Que. With a long history of mining, Rouyn-Noranda offers many advantages for mining exploration, including: political and social stability; good access and infrastructure; skilled mining personnel; and one of the most mining-friendly jurisdictions in the world. The Rouyn property covers a 12-kilometre stretch of the Cadillac-Larder Lake break. The Astoria deposit already benefits from significant underground infrastructure, including a 515-metre-deep shaft and over five kilometres of lateral workings.
Two drill rigs have been mobilized to the property, and a program of approximately 14,000 metres is planned. The initial focus of the program will be on the Lac Gamble zone, with the objectives of converting exploration potential to mineral resources and testing the possible extension of the zone to the west. The Lac Gamble zone remains open to the west, as indicated by the 2019 drilling program (press release dated July 31, 2019).
Dr. Gerald Riverin, PhD, the company's president, commented: "We are most happy to see the drills turning again at the Rouyn property and pleased to be working with the Iamgold team. Continuing on with more drilling no doubt reflects the confidence of our partner, Iamgold, in the potential of the Rouyn project. The drilling program was established by Iamgold in close co-operation with the Yorbeau staff, and we are looking forward to forthcoming results."
Work at Yorbeau is carried out under the supervision of Dr. Gerald Riverin, PhD, PGeo. He is a qualified person (as defined by National Instrument 43-101) and has reviewed and approved the content of this release.
About Yorbeau Resources Inc.
The Rouyn property, wholly owned by the company, contains four known gold deposits in the six-kilometre-long Augmitto-Astoria corridor, situated on the western portion of the property. Two of the four deposits, Astoria and Augmitto, benefit from substantial underground infrastructure and have been the subject of technical reports that include resource estimates and that were filed in accordance with NI 43-101.
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