Yorbeau Resources reported in late January that Gold Fields Sudbury Exploration Corp., a wholly owned subsidiary of Gold Fields Ltd., has initiated the 2014 exploration program at Yorbeau’s Rouyn property 4 km south of Rouyn-Noranda, Quebec. The 2014 program is being undertaken pursuant to an option and joint-venture agreement and represents the balance of a $4 million exploration commitment made by Gold Fields to be spent during the first 18 months of the agreement. Gold Fields is required to spend $19 million on exploration over a 4.5-year period to earn a 51% joint-venture interest in the project.
The 2014 program is budgeted at $2.2 million and consists mostly of surface diamond drilling and completion of a high-resolution magnetic survey initiated in 2013. Drilling will total approximately 14,000 m, mostly targeting either the extension at depth of known gold mineralization or potential new zones in the eastern half of the property.
The drilling for extension at depth of known mineralization will be focused on the Augmitto, Gamble Lake, and Astoria blocks of the property. More specifically, additional follow-up drilling will be done at Gamble Lake to further define a new sector developing at depth in the west boundary of the Gamble Lake zone. A number of targets also will be tested at shallow depth in the eastern half of the property, which is largely underexplored, according to the company.
Yorbeau’s 100% controlled Rouyn property contains four known gold deposits in the 6-km-long Augmitto-Astoria corridor. Two of the four deposits, Astoria and Augmitto, have substantial underground infrastructure and have been the focus of NI 43-101 technical reports.