Yorbeau Resources Intersects 6.6-METRES Grading 6.35% Zinc and 0.98% Copper at Scott Lake and Explores Options to Maximize Value from Scott Lake and Rouyn Projects
YORBEAU RESOURCES INC.
50 boulevard Crémazie Ouest, Suite 403, Montréal, Québec H2P 2T1
www.yorbeauresources.com
PRESS RELEASE
FOR IMMEDIATE RELEASE
YORBEAU RESOURCES INTERSECTS 6.6-METRES GRADING 6.35%
ZINC AND 0.98% COPPER AT SCOTT LAKE AND EXPLORES
OPTIONS TO MAXIMIZE VALUE FROM SCOTT LAKE AND ROUYN
PROJECTS
Montreal, Quebec, January 17, 2023, Yorbeau Resources Inc. (TSX: YRB), (<<Yorbeau>>
or the Company)
The Company announces drilling results on its new discovery west of the Gwillim fault on i ts
Scott Lake property in Chibougamau, Quebec. Five holes west of the fault all intersected
copper, zinc, and silver mineralization over widths ranging from 0.75 meters to 6.6 meters. One
of the intersections yielded 0.98% copper, 6.35% zinc and 1.36 ounc es/t silver in hole SC-95 W
(Table 1). The discovery holes cover a lateral distance of 110 m and represent approximately
10% of the electromagnetic conductor, thus giving a significant surface favorable for the
extension of the mineralization encountered to date (Figure 1,Figure 2 and Figure 3).
A sixth drill hole during last fall's campaign intersected 1.64 meters of massive sulphide grading
7.7% zinc and nearly 1 ounce/ton of silver before encountering the Gwillim fault. This massive
zone is possibly an extension of the Gap zone east of the Gwillim fault.
The last hole of the fall 2022 campaign (SC -93) was also subject to a geophysical survey. The
results have just been interpreted and they indicate a robust response of the mineralized zone
plunging eastward for a hundred meters. In addition to the discovery mineralization, two other
weaker conductors were identified at 7 55 and 800 meters along the borehole. These two
conductors coincide with cherts and low sulfide mineralization which could therefore indicate
two new horizons favorable for copper and zinc sulfide mineralization.
YORBEAU RESOURCES INC.
50 boulevard Crémazie ouest Suite 403 Montréal, Québec H2P 2T1
www.yorbeauresources.com
Holes Zone Lenght Cu % Zn % Ag once/t Au once/t
SC-93 GWILLIM WEST 6,7 0,24 1,76 0,28 0,003
SC-95 GWILLIM WEST 0,75 0,70 3,74 1,22 0,020
SC-95W GWILLIM WEST 6,66 0,98 6,35 1,36 0,011
SC-95W1 GWILLIM WEST 0,78 0,25 1,86 0,25 0,006
SC-95W1 GWILLIM WEST 2,80 0,36 1,88 0,58 0,002
SC-95W2 GWILLIM WEST 3,30 0,10 1,01 0,16 0,002
SC-95W2 GWILLIM WEST 0,90 0,17 9,09 0,50 0,003
SC-94 GAP 1,64 0,36 7,75 0,99 0,021
Tableau 1 RÉSULTATS DES SONDAGES
The Scott Lake Project, which hosts significant mineral resources (see press release dated
March 30, 2017) and for which a positive Preliminary Economic Assessment has been
completed. The VMS-style mineralization at the Scott Project includes several distinct
stratiform massive sulphide lenses located along or near rhyolite -andesite/basalt contacts. In
addition to sulphides, distinct areas of veinlet sulphides and scattered VMS style (st ringers),
which can either connect or not to massive sulphides, have been intersected over a distance of
at least 2 kilometers in east-west directions. According to a Preliminary Economic Assessment
("PEA") conducted in late 2017 by Roscoe Postle Associates ("RPA"), the Scott Lake Project
represents an opportunity to develop a mine located near the towns of Chibougamau and
Chapais, a typical northern mining development environment, offering housing benefits as well
as the availability of labour, equipments and materials necessary for the project.
ROUYN PROJECT
On December 19, 20 22, the Company announced the termination by Iamgold Corporation of
the option agreement for the Rouyn project dated December 17, 2018. Among other
commitments, IAMGOLD was to make scheduled cash payments totaling C $4 million during the
expense period stipulated in the option agreement, of which IAMGOLD had paid C$3.25 mi llion
prior to the termination of its option. IAMGOLD had to incur expenditures of C$9 million over
the four -year option period in order to retain its option. As of December 31, 2022, it had
incurred drilling and other expenses related to the Rouyn project of more than C$8.8 million.
Yorbeau is pleased with the amount of drilling IAMGOLD has done. As the Rouyn project is no
longer committed to IAMGOLD, Yorbeau plans to explore other options to maximize the value
of the project considering current economic conditions, including the current market price of
YORBEAU RESOURCES INC.
50 boulevard Crémazie ouest Suite 403 Montréal, Québec H2P 2T1
www.yorbeauresources.com
gold. Notwithstanding IAMGOLD's termination of the option agreement, Yorbeau plans to work
with its external consultants to complete the Rouyn mineral resource estimate in accordance
with the Regulations. 43-101. IAMGOLD had undertaken preliminary work on this estimate
under the option agreement.
The Rouyn property, which is now 100% owned by the Corporation, contains four known gold
deposits in the six -kilometer-long Augmitto-Astoria corridor located in the western part of 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 National Instrument 43-101 Mineral Project Disclosure.
The Scott Lake and Rouyn properties have both reached an advanced stage of exploration
and are now amenable to development. With high er base metal and gold prices, the
company is optimistic that both projects will move to an advanced level in the coming
months. It is with this in mind that the Company continues its work and will explore all
options to maximize the value of its projects and the company.
Yorbeau work is conducted u nder the supervision of Laurent Hallé P. Géo. He is a
“Qualified Person” (as defined in NI 43 -101) and has review ed and approved the contents
of this news release.
YORBEAU RESOURCES INC.
50 boulevard Crémazie ouest Suite 403 Montréal, Québec H2P 2T1
www.yorbeauresources.com
Additional information about the Corporation is available on its website at
http://www.yorbeauresources.com.
For more information, please contact:
G. Bodnar Jr Laurent Hallé P. Géo
Président, Chief Financial Officer Senior Consultant
Yorbeau Resources Inc. Yorbeau Resources Inc.
[email protected] [email protected]
Tel: 514 384 2202 Tel: 819 629 9758
Toll-free in North America: 1 855 384 2202
.
Forward-Looking Statements: Except for statements of historical fact, all statements
contained in this news release, including statements regarding the drilling program,
exploration of options to maximize the value of the Scott Lake and Rouyn projects and
next development steps in connection with these projects, and future and objectives, are
forward-looking statements that involve risks and uncertainties. There can be no
assurance that these statements will prove to be accurate. Actual results and future
events could differ materially from those anticipated in these statements. Yorbeau
disclaims any obligation to update these statements.
YORBEAU RESOURCES INC.
50 boulevard Crémazie ouest Suite 403 Montréal, Québec H2P 2T1
www.yorbeauresources.com
Figure 1
Figure 2
YORBEAU RESOURCES INC.
50 boulevard Crémazie ouest Suite 403 Montréal, Québec H2P 2T1
www.yorbeauresources.com
Figure 3