Yorbeau Resources Inc.‘s [YRB-TSX; YRBAF-OTC] partner, IAMGOLD Corp. [IMG-TSX; IAG-NYSE], has received all the assay results from its 2021 exploration diamond drilling program completed on the Cinderella and Augmitto areas at the Rouyn Project. IAMGOLD holds a 100% purchase option with Yorbeau for the Rouyn Project located 4 km south of Rouyn-Noranda, Quebec, and approximately 45 km southwest of IAMGOLD’s Westwood operation.
The company is reporting assay results from 28 diamond drill holes from which three were abandoned due to excessive deviation. This part of the 2021 drilling program has totaled 10,418 metres. This program tested a segment of the Cadillac Fault located approximately 1 to 3 km west of the Lac Gamble zone.
At the Cinderella East sector, drill hole CI-21-786 returned 2.6 metres grading 13.54 g/t gold in the Main zone. Drill hole CI-21-788 returned 4.0 metres grading 5.21 g/t gold in the Footwall Contact zone.
At the Cinderella Central sector, drill hole CI-21-794 returned 5.2 metres grading 84.0 g/t gold in the Main zone, including 2.0 metres grading 213 g/t gold. Hole CI-21-796 returned 4.2 metres grading 24.7 g/t gold in the main zone, including 1.0 metre grading 102 g/t gold. Hole 11-CI-561W returned 10.4 metres grading 4.15 g/t gold in the main zone, including 3.1 metres grading 12.14 g/t gold.
At the Augmitto sector, hole hole AUG-21-800 returned 1.2 metres grading 36.3 g/t gold in the Footwall Contact zone. Hole AUG-21-801A returned 6.9 metres grading 3.10 g/t gold in the Upper zone. Hole 11-AUG-544W returned 1.0 metre grading 26.6 g/t gold in the Main zone.
The diamond drilling program had for main objective to test further areas where previous drilling identified zones of mineralization and to evaluate its continuity with potential to outline a resource. All drill holes successfully intersected the targeted sheared Cadillac-Piche corridor, which hosts several mineralized structures emplaced at different levels in the stratigraphy.
Results in the Cinderella Central sector seems to demonstrate a certain continuity of the High-Grade mineralization.
This drilling program was conducted in the second half of 2021 and had long delays to receive assays. These results are now integrated with the existing geological, geochemical and structural information to support the development and refinement of preliminary deposit models to support a future potential maiden resource estimate targeted for the end of 2022.
An additional exploration drilling phase was also recently completed and tested the extensions to the east and to the west of the Lac Gamble zone. A total of 6,456 metres were drilled in eleven (11) holes including two (2) holes abandoned for technical problems. These assay results will be reported and integrated to the current database when received, validated and compiled.
The Lac Gamble zone is located between the Augmitto and the Astoria deposits. The exploration target potential at Lac Gamble is interpreted to be between 400,000 and 600,000 ounces of gold grading between 7.0 and 8.5 g/t gold. The potential quantity and grade of the exploration targets referred to are conceptual in nature and insufficient exploration work has been completed to define a mineral resource.
IAMGOLD can acquire a 100% interest in the project by completing remaining scheduled cash payments totaling C$0.75 million and remaining exploration totaling approximately C$1.2 million by December 2022. By the end of the expenditure period, IAMGOLD must complete a NI 43-101 resource estimate after which IAMGOLD, at its election, can purchase a 100% interest in the project, subject to a 2% NSR by paying Yorbeau the lesser of C$15 per resource ounce or C$30 million.