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Yorbeau Resources Inc. announces completion of Phase 1 in-fill drilling at its Rouyn Project
Yorbeau Resources Inc. announces completion of Phase 1 in-fill drilling at its Rouyn Proje...
About this update from Yorbeau Resources, Inc. Class A
[{"type":"text","content":"\n\n\n\nYorbeau Resources Inc. announces completion of Phase 1 in-fill drilling at its Rouyn Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, April 16, 2019\n\n\n\n13,400 metres of drilling completed at Lac Gamble 48 holes in phase 1 drilling program MONTREAL, April 16, 2019 /CNW Telbec/ - Yorbeau Resources Inc. (TSX: YRB) (the \"Company\" or \"Yorbeau\") is pleased to report on the status of the exploration drilling program undertaken by IAMGOLD Corporation (\"IAMGOLD\") on the Company's 100% owned Rouyn property (\"Property\") in Quebec, Canada. \nThe Company signed a definitive option agreement with IAMGOLD in December 2018, whereby IAMGOLD has the option to acquire a 100% interest in the Property. Per the agreement, IAMGOLD paid Yorbeau an initial cash payment of C$1 million. In order to earn the purchase option, IAMGOLD must (i) make additional cumulative cash payments totalling C$3 million, (ii) fund and incur C$9 million of exploration expenditures over a 4-year period, including no less than 20,000 metres of diamond drilling within the first two-years and (iii) complete a resource estimate for the Property. If IAMGOLD then decides to exercise its option to buy a 100% interest in the Property, it must pay Yorbeau an aggregate amount equal to C$15 per ounce of gold as estimated in a NI 43-101 compliant Mineral Resource estimate, capped at C$30 million. In addition to the final cash payment, Yorbeau will retain a 2% net smelter return royalty on minerals produced from the Property. More information on the option agreement may be found in the Company's press release dated December 17, 2018 and on the Company's profile at www.sedar.com.\nAs operator of the Property, IAMGOLD has already completed a phase 1 program consisting of 13,400 meters of drilling in 48 diamond drill holes. The drilling program was completed with two drill rigs and the meterage completed thus far, which was completed well within the first three months of the program, corresponds to two thirds of the minimum commitment of 20,000 metres of dia...