Yellowjacket Announces 2012 Drill Results, Increases Atlin Gold Camp Claim Position.

Yellowjacket Announces 2012 Drill Results, Increases Atlin Gold Camp Claim Position.

Cranbrook, British Columbia CANADA, October 24, 2012 /FSC/ - Yellowjacket Resources Ltd. (YJK - TSX Venture)("Yellowjacket"),announces the results of the 2012 drilling program at the company's 100% owned Yellowjacket Gold Project near Atlin, British Columbia. A total of 2,357 meters of Reverse Circulation (RC) drilling at an estimated cost of $600,000 were completed on three target areas.

"Our modest-scale 2012 drill program has confirmed the presence of bedrock gold mineralization in all of the three targeted areas of the property. As reflected in the geologic nature of the Yellowjacket Gold Project and the corresponding challenges of defining mineralization in a "nugget" gold system, the drill program delivered highly variable, above cut-off results ranging from the 0.31g/t Au to 11.4g/t Au. The intercepts discovered this year were short but offset by the widespread and near-surface nature of that mineralization, with all successful gold intercepts within 34 meters from surface. Despite significant historic extraction of placer gold on the property, the majority of the property remains untested for hardrock gold and of equal importance, without systematic deep exploration work along the Pine Creek Fault. Those 2012 drill holes that did not intercept mineralization were disappointing but would appear to coalesce with the "nugget" model of the Yellowjacket Gold Project and the shallow nature of the 2012 drilling. Management believes that the Yellowjacket Gold Project continues to share project characteristics that parallel other gold systems where rich placer-history has met with property-wide gold mineralization related to deeper feeder structures. With insider ownership well-aligned with shareholders at approximately 40% of the company, Yellowjacket continues to prudently assess project exploration under current junior equity market conditions as well as other opportunities," stated Chuck Downie, P.Geo, President and CEO of Yellowjacket.

While conducting the 2012 drill program, Yellowjacket also positioned itself with additional exploration land within the Atlin Gold Camp. The company acquired through staking a further 1046 hectares of claims contiguous with the Yellowjacket Gold Project.

With respect to the drill program, approximately 1.2 kilometers of the 7 kilometer long property saw drill activity this season. There were 51 drill holes in the 2012 program, with 44 drill holes successfully completed and a further 7 drill holes abandoned in overburden due to poor drilling conditions related to variability in the placer gravels overlying the bedrock. Ore mineralogy at the Yellowjacket Gold Project includes high grade, coarse native gold occurring in quartz veins and shear zones, which are subject to the "nugget effect", whereby adjacent samples within the same mineralized zone can have substantially varied gold values.

At the Pine Pit east extension a total of 22 holes for 860 m was completed, with 2 holes abandoned. This area lies directly east of the open pit mined in 2009, and includes the area tested by the prior operator through RC drilling in 2010. The 2012 work followed up on intercepts from the 2010 RC program which included Hole L100E-60B which returned 6.09m @ 26.8 g/t Au including 1.02m @ 138.26 g/t Au. The 2012 program involved step out fences to test the projected pit to a bedrock depth of 25 meters and limited deeper holes to test the down dip mineralization on the south side of the main structure. The drilling was oriented perpendicular to the known structural trends and it is believed that the drill intercepts represent true widths of the mineralized zones.

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Highlights include:

Hole      From  To    Length  Au   Intersection *
Number    (m)   (m)   (m)    (g/t)
-------------------------------------------------------
L118E-60C 27.39 28.41 1.02   2.03  1.02m at 2.03g/t Au
          12.09 13.11 1.02   0.43  1.02m at 0.43g/t Au
-------------------------------------------------------
L118E-66A 8.3   9.8   1.5    0.32  1.5m at 0.32g/t Au
          22.29 23.31 1.02   0.31  1.02m at 0.31g/t Au
-------------------------------------------------------
L118E-89A 20.36 21.38 1.02   0.3   1.02m at 0.3g/t Au
-------------------------------------------------------
L130E-36A 16.28 17.3  1.02   2.87  1.02m at 2.87g/t Au
-------------------------------------------------------
L130E-60B 14.23 16.27 2.04   0.35  2.04m at 0.35g/t Au
          21.37 27.49 6.12   1.25  6.12m at 1.25g/t Au
Including 22.39 24.43 2.04   2.49  2.04m at 2.49g/t Au
-------------------------------------------------------
L142E-48A 23.4  24.42 1.02   0.34  1.02m at 0.34g/t Au
-------------------------------------------------------
L142E-60B 11.89 12.8  0.91   0.58  0.91m at 0.58g/t Au
-------------------------------------------------------
* only intersections greater than 0.3g/t Au are listed


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At the Rock of Ages Zone, located approximately 700m west of the Yellowjacket Zone, 13 holes for 716m were completed with 2 holes abandoned. 2010 chip sampling of bedrock exposed by placer mining activity returned values of up to 51.36 g/t over 5.2m. This drilling represents the first systematic drill testing of the area of the historic Rock of Ages shafts.


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Highlights include:

Hole               From  To    Length Au    Intersection *
Number             (m)   (m)   (m)    (g/t)
----------------------------------------------------------------
ROA12001           26.47 27.49 1.02   1.63  1.02m at 1.63g/t Au
----------------------------------------------------------------
ROA12003           23.44 24.46 1.02   0.3   1.02m at 0.3g/t Au
----------------------------------------------------------------
ROA12004 including 7.03  13.15 6.12   3.33  6.12m at 3.33g/t Au
                   10.09 12.13 2.04   9.35  2.04m at 9.35g/t Au
----------------------------------------------------------------
ROA12006           16.21 17.23 1.02   1.37  1.02m at 1.37g/t Au
----------------------------------------------------------------
ROA12007           9.07  10.09 1.02   0.34  1.02m at 0.34g/t Au
----------------------------------------------------------------
* only intersections greater than 0.3g/t Au are listed


-****-

In addition, a total of 9 holes for 781m were completed with 3 holes abandoned, along two wide spaced step-out lines located approximately 350m east of the existing pit wall. The holes were designed to test the inferred trace of the main gold-bearing Pine Creek structure.

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Highlights include:

Hole       From  To    Length Au    Intersection *
Number     (m)   (m)   (m)    (g/t)
--------------------------------------------------------
YJ12002    24.44 32.6  8.16   1.69  8.16m at 1.69g/t Au
Including: 24.44 25.46 1.02   11.4  1.02m at 11.4g/t Au
Including: 31.58 32.6  1.02   1.56  1.02m at 1.56g/t Au
--------------------------------------------------------
YJ12012    32.6  33.62 1.02   0.52  1.02m at 0.52g/t Au
           25.46 28.52 3.06   0.34  3.06m at 0.34g/t Au
* only intersections greater than 0.3g/t Au are listed

None of the other 2012 holes had significant intersections.

In an effort to assess the property's potential for future activity, metallurgical test-work of ore from the Yellowjacket Gold Project is ongoing with Queens University, as announced on June 29, 2012.  Yellowjacket expects to provide an update on this metallurgical work in the fourth quarter.

The RC drilling was contracted to Midnight Sun Drilling Inc. of Whitehorse, Yukon with geological and geotechnical support provided by TerraLogic Exploration Services of Cranbrook, British Columbia.

Analytical Details and QA QC

The bedrock was sampled continuously in 1.016m intervals and a total of 1951 samples were collected. All samples were sent to ALS Minerals in Whitehorse for preparation with final analyses completed at the ALS Minerals lab in Vancouver, an ISO 9001:2008 certified facility.  Samples analysis consisted of 1000g pulverization and 30g Fire Assay Au analysis (Au-AA25 package). Samples grading greater than 0.5 g/t Au were re-anlaysed via screen metallic assay (Au-SCR21 package) for comparative purposes.

In addition to the routine checks carried out by ALS, Yellowjacket implemented a comprehensive QA/QC program. External QAQC samples, consisting of 51 blanks, 51 Au standards, and 49 sample duplicates, were routinely introduced into the sample chain of custody. Statistical analysis of the QAQC and check data for Au data was completed by Terralogic Exploration Services and the results are consistent with all analytic procedures completed by ALS being well within acceptable parameters.

Overall project supervision was provided by C.C. Downie, P.Geo, hereby identified as the "Qualified Person" under N.I. 43-101.

Further details about the project, including maps of the 2012 drilling may be found here.

About Yellowjacket Resources Ltd.

Yellowjacket Resources Ltd. was created in December 2011 by way of plan of arrangement and spun-off from Eagle Plains Resources Ltd. (TSX-V:EPL) on a one-for-three share basis to the shareholders of Eagle Plains. Yellowjacket will focus on the development of the Yellowjacket Gold Project. As part of the spinout transaction Eagle Plains Resources Ltd. holds approximately 12% of the issued common shares of Yellowjacket.

The Yellowjacket Project is located 9 km east of Atlin, BC and is accessed by all-season road. Hydro-electric power is located within 5km of property boundaries. The project received a B.C. Mines Act permit in July, 2009 for an open pit gold mine and onsite 400 tpd mill and concentrator, processing up to 75,000 tons per year. The permit contemplates a 7-9 year mine life from a series of open pits entirely within an area of disturbed placer workings. Gold may be recovered using a simple gravity concentrating recovery plant without the use of chemicals or additives. Yellowjacket owns both mineral (hard-rock) and placer rights within the Project area. The project is located within the traditional territory of the Taku River Tlingit First Nation who have entered into a formal Impact and Benefits Agreement with respect to the project.

Signed,

"Charles C. Downie"
President and CEO
Yellowjacket Resources Ltd.

For further information, please contact
Mike Labach at
1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com
or visit our website
http://www.yellowjacketresources.com


Cautionary Note Regarding Forward-Looking Statements
Neither the 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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

To view this press release as a webpage, please click on the following link:
http://www.usetdas.com/pr/yellowjacketoct242012.htm


Source: Yellowjacket Resources Ltd. (TSX-V: YJK) http://www.yellowjacketresources.com
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