Yorbeau Resources announced that diamond drilling has commenced at its Rouyn property with partner IAMGOLD.
The Company signed a definitive agreement in December 2018, whereby IAMGOLD has the option to acquire a 100% interest in Yorbeau’s Rouyn property in Quebec, Canada.
In accordance with the agreement, an initial cash payment in the amount of $1,000,000 was made by IAMGOLD to Yorbeau. In order to earn the purchase option, IAMGOLD must make cumulative cash payments of C$4 million and fund C$9 million dollars of exploration expenditures over a 4-year period, including no less than 20,000 metres of diamond drilling within the first two years.
The Rouyn Property is located about 4 km south of Rouyn-Noranda, Quebec. With a long history of mining, the city of 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. Two drill rigs are in operation on the property and the planned drilling involves a minimum of 15,000 metres with the goal of converting well established exploration potential into mineral resources, initially at the lac Gamble zone and subsequently at the Astoria deposit. The Astoria deposit already benefits from significant underground infrastructure including a 515 metre deep shaft and over 5 kilometres of lateral workings.
Gérald Riverin, Company president commented: “We are pleased to work with IAMGOLD at the Rouyn property and most happy to see the drills turning within only one month of signing the definitive agreement. The drilling program was established by IAMGOLD in close cooperation with the Yorbeau staff, and we are looking forward to continue develop the project with the IAMGOLD team”.
Work at Yorbeau is carried out under the supervision of Gérald Riverin, Ph.D., P. Geo. He is a qualified person (as defined by NI 43-101) and has reviewed and approved the content of this release.
Source: Company Press Release.