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Yorbeau Resources Announces Receipt of Scheduled Option Payment of $750,000 From IAMGOLD in Order to Maintain Its Option on the Rouyn Property
MONTREAL, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Yorbeau Resources Inc. (TSX: YRB) (“Yorbeau” or the “Company”) is pleased to announce that in order to maintain its
About this update from Yorbeau Resources, Inc. Class A
[{"type":"text","content":" MONTREAL, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Yorbeau Resources Inc. (TSX: YRB) (“Yorbeau” or the “Company”) is pleased to announce that in order to maintain its option to purchase a 100% interest in the Rouyn property, IAMGOLD Corporation (“IAMGOLD”) has made the next option cash payment to Yorbeau in the amount of $750,000 corresponding to the fourth in a series of scheduled cash payments to be made to Yorbeau during an Expenditure Period of 48 months. The terms of the definitive option agreement were announced in the Company’s press release dated December 17, 2018. Among other commitments, IAMGOLD must make scheduled cash payments in an aggregate amount of C$4 million during the Expenditure Period. In the first three years, IAMGOLD has met and exceeded its expenditure obligation of C$6.5 million in exploration on the property. In 2022, IAMGOLD plans to continue the evaluation of the resource potential on the project and will complete an additional 6,000 metres of diamond drilling on selected zones of mineralization to support a future Mineral Resource Estimate. In 2022, IAMGOLD plans to continue the evaluation of the resource potential on the project and will complete an additional 6,000 metres of diamond drilling on selected zones of mineralization to support a future Mineral Resource Estimate. G. Bodnar Jr., President of the Company, commented: “We are very pleased to continue to work with our exceptional partner IAMGOLD. This fourth payment reflects the satisfaction of our partner in the results obtained to date from infill and evaluation drilling programs. We are looking forward to resuming drilling activities in the coming year.” About the Rouyn Gold Project The Rouyn Gold 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 and 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 property covers a 12-kilometre stretch of the Cadillac-Larder Lake Break and contains four known gold deposits along the 6-km Augmitto-Astoria corridor situated on the western portion of the property. Two of the four deposits, Astoria and Augmitto, benefit from established underground infrastructure and have been the sub...