Feb 17, 2010
Yale Starts Field Work On Five Targets At Urique Project
Yale Resources Ltd. (TSX-V - YLL and Frankfurt - YAB) is pleased to announce that it has started a field program at its wholly owned Urique Project on behalf of its partner American Sierra Gold Corp. (OTCBB -- AMNP). The field program is scheduled to last approximately one month and will concentrate on five target areas within the 29,000 hectare (or 290 square kilometre) property. The Urique Project stretches approximately 40 kilometres from Goldcorp's El Sauzal property to Kimber Resources' Monterde property. There are currently 10 known targets within the property.
The option agreement requires that American Sierra have expenditures totalling $500,000 during the second year of the earn-in period. Below is a short description of each of the target areas that will receive work during this first work program of 2010.
The Cuiteco Target, located at the northern end of the Urique Project, is approximately 15 kilometres from the Monterde gold-silver deposit. At Cuiteco a several square kilometre area of alteration is visible. This alteration is locally strongly pyrite bearing with clay-sericite, and is similar to that observed at high structural levels in several districts in the Sierra Madre Occidental.
Preliminary mapping and sampling at Cuiteco identified a NNW trending structural zone with some anomalous geochemistry, including base metals, silver, mercury and some gold. The Cuiteco Target is thought to be high level alteration related to a buried mineralized system
Past work at San Pedro identified several small mines and prospects developed on quartz veins with assays as follow (see news release dated April 24, 2007).
Three sets of veins have been identified along with areas of widespread alteration near vein intersections that provide bulk mineable targets. Bulk tonnage potential at San Pedro is demonstrated by sampling at the intersections of some north-south and northeast vein sets, which yielded assays of 0.33 g/t gold and 7.6 g/t silver over 21.65 metres.
The geophysics performed in 2007 included 4.75 line km within the San Pedro target area. Geophysical anomalies coincide with mineralized structures and veins, and appear to reflect the dip of the structures as measured on the surface.
This work program will involve trenching of the known veins with the aim of determining if there are wider intervals with mineralization continuing into the surrounding host rocks.
Late last year, a sampling program at the El Rosario adit identified a new gold rich zone (see news release dated November 17, 2009) with highlights from the underground sampling of: 9.74 g/t gold and 356.7 g/t silver over 1.68 m, 2.16 g/t gold and 92.5 g/t silver over 2.93 m, 3.60 g/t gold and 108.2 g/t silver over 1.87 m, and 3.69 g/t gold and 112.7 g/t silver over 1.10 m.
The focus for this next phase of work at the El Rosario target will be the two underground workings -- Tezcalama and El Salto -- that have yet to be sampled. The Tezcalama and El Salto adits are located 75 metres vertically above and 50 and 125 m south of the El Rosario adit. Sampling and mapping of these two adits will aide greatly in the understanding of the distribution of the mineralization in the third dimension.
Hueso and Platano:
These two targets were identified during initial work conducted in 2007 and are located at the southern end of the property -- approximately 12 kilometres from the El Sauzal gold mine operated by Goldcorp. This is the first follow-up sampling/mapping program to be performed at these targets.
The Platano Target is centred on a 4 metre wide, 1.2 km long vein associated with rhyolites dykes intruding a granodiorite stock. Three samples taken by the Mexican Geological Survey averaged 1.0 % Cu and 84.0 g/t Ag over 4.0 metres.
Approximately 2.5km to the northwest, at Mina Hueso -- near the southern boundary of the property - a small working exploited an area of alteration associated with the contact of a granodiorite dyke. A sample from within the workings returned 32.0 g/t gold and 37.0 g/t silver over 20 centimetres and a sample from the mine dump returned 2.47 g/t gold and 30.6 g/t silver (see news release dated April 24, 2007).
Samples from the El Rosario Target were prepared and analyzed by IPL Inspectorate in their facilities in Mexico and Vancouver, respectively. Samples generally consisted of 1-3 kg of material. Gold and silver analyses were performed by 30 gram fire assay with an AA finish. Samples with greater than 1 g/t gold were re-assayed using gravimetric methods.
Samples from the Cuiteco, San Pedro, Hueso and Platino Targets were prepared and analyzed by ALS Chemex at their labs in Mexico and Vancouver and generally consisted of 1-3 kg of material. Gold analyses were performed by 30 gram fire assay with an AA finish; samples with more than 10 g/t gold (over limit) were analyzed using gravimetric methods. Silver was analyzed as part of a multi-element ICP package using an aqua regia digestion; samples with more than 100 g/t silver (over limit) were analyzed by AA.
Ian Foreman, P.Geo., is Yale Resources' Qualified Person, as defined by National Instrument 43-101, for the Urique Project.
On behalf of the Board,
Ian Foreman, P.Geo.
For additional information on Yale Resources please call the Company at 604-678-2531.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
You can view the Next News item: Fri Feb 26, 2010, Yale Samples 10m Averaging 1.94% Cu, 19.17% Zn, 0.93% Pb, 36.7 G/T Ag And 0.59 G/T Au At Carol
You can view the Previous News item: Fri Feb 5, 2010, Yale Receives Approval For Third Tranche - Closes Private Placement
You can return to the main News page, or press the Back button on your browser.