Yorbeau Resources Inc. (the "Company" or "Yorbeau") is pleased to report on a material increase in the updated mineral resource estimate for its copper, zinc, gold and silver project in Scott Township, Chibougamau, PQ. The mineral resource estimate was prepared by William E. Roscoe, Ph.D., P.Eng. and Katharine Masun, MSA, M.Sc., P.Geo. of Roscoe Postle Associates Inc. ("RPA"). A Technical Report in compliance with National Instrument NI-43-101 will be filed on SEDAR within 45 days of this release.
Mineral resources have been classified in the Indicated and Inferred categories as follows:
The current mineral resource estimate was done by block modeling techniques, using a minimum horizontal width of approximately two metres and a cut-off value based on a Net Smelter Return (NSR*) basis, as warranted by the style of mineralization. The resources enclose both massive sulphide and stringer sulphide lenses, and cut-off values were determined to be $100 per tonne, except for wide stringer sulphides envelopes where a cut-off value of $65 per tonne was used to account for favorable geometry that suggest potential suitability for underground bulk mining methods. All technical parameters will be fully disclosed in the Technical Report prepared by RPA, which will also be posted on Yorbeau's web site when received.
* Assumptions made by RPA for the determination of the NSR cut-off include: a US$0.80 Canadian dollar and the following metal prices: copper - US$3.25/lb, zinc - US$1.20/lb, gold - US$1,500/oz, and silver - US$22/oz. Mill recoveries for copper, zinc, gold and silver were established at 90%, 90%, 75%, and 70%, respectively.
The recently updated resource includes mineralization in several volcanogenic massive sulphide (VMS) lenses and stringer mineralized zones located over a two kilometre strike length. All lenses range in depth from surface (Selco Lens) to approximately 1,000 m below surface along a shallow general westerly plunge. A 3D isometric view of the wireframes of the mineralized bodies is shown in the attached Figure 1.
To view Figure 1: http://media3.marketwire.com/docs/1085745Figure1.pdf
Increases in mineral resources relative to the previous estimate prepared by RPA and filed by Cogitore Resources in 2011 are attributable to the following factors:
- Discovery and inclusion of the Gap Lens discovered in June 2015;
- Inclusion of the historical Selco Lens;
- Additional drilling on the Scott Lake Stringer sulphide zone and West Lens done in 2012 (after 2011 Resource Estimate);
- Revised exchange rate (US$0.80:C$1.00 vs 1:1 exchange rate used in 2011). Stringer-type mineralization is particularly sensitive to a low Canadian dollar, smelter terms and commodity prices, especially for zinc.
Gérald Riverin, Company president commented: "We are most enthusiastic about the results of this new mineral resource estimate which no doubt marks a very important milestone for the project and the Company. With the remarkable positive drift in zinc price observed in the market since the summer of 2015, we consider the new resource estimate particularly timely and positive for our Company. The next step is to complete metallurgical testing and initiate a preliminary economic assessment to have a better idea of what we have in our hands".
Work at Yorbeau is carried out under the supervision of Gérald Riverin, PhD, P. Geo. He is a qualified person (as defined by NI 43-101) and has reviewed and approved the content of this release. The February 12, 2017 Mineral Resource estimate disclosed in this press release was prepared by William Roscoe and Katherine Masun. Both are employees of RPA and are independent of Yorbeau. By virtue of their education and relevant experience, they are "Qualified Persons" for the purpose of National Instrument 43-101. William Roscoe and Katherine Masun have read and approved the contents of this press release as it pertains to the disclosed Mineral Resource estimate.