Investorideas.com - Mining Stocks; YALE (TSX-V: YLL) ACQUIRES NEW GOLD PROJECT IN CHIHUAHUA, MEXICO
July 27, 2010 (Investorideas.com Mining stocks Newswire) - Yale Resources Ltd. (TSX-V: YLL and Frankfurt: YAB) announces that the Company has signed an agreement to purchase a 100% interest in the 8,160 hectare (81.6 square kilometres) Tenoriba Project located in the Sierra Madre Gold-Silver Belt in the state of Chihuahua, approximately 290 km southwest of the city of Chihuahua. This belt hosts multi-million ounce gold +/- silver deposits such as Ocampo, Dolores, El Sauzal as well as the world class Tayoltita silver deposits. The property lies within the historic 'Guadalupe y Calvo' gold-silver mining district, which is reported to have produced over 2 million ounces of gold and 28 million ounces of silver since the discovery of bonanza grade gold and silver in 1835.
The primary exploration target within the Tenoriba Project is bulk tonnage heap leachable gold/silver epithermal style mineralization.
At least 30 historic workings have been identified to date in 15 target areas that are mainly confined to a northeast trending belt that runs through the centre of the project (the central mineralized trend). Historic production concentrated on high-grade structurally-controlled gold mineralization. Examples of this high-grade mineralization are as follows:
Aster satellite data indicates that there are numerous wide spread silica, clay and iron oxide anomalies throughout the project area. It appears that many of these targets have never been investigated in the field.
The database that Yale has obtained for the project consists of 527 rock samples (chip channel, grab and dump samples). Of those samples 23 graded greater than 5.0 g/t gold, 67 graded between 1.0 and 4.99 g/t gold, 52 graded between 0.5 and 0.99 g/t gold, and 146 graded between 0.1 and 0.49 g/t gold.
"A very attractive aspect of this project is that there are many untested targets with a combination of either multiple high-grade gold assays, strong satellite anomalies, and/or areas with 'vuggy silica' that have yet to be properly tested. In addition, a combination of consistent stratigraphy and a strong continuous structural environment makes the Tenoriba project highly prospective to host a significant epithermal deposit”, stated Ian Foreman, P.Geo, Yale's President.
Project History:
The history of the project area is not well documented until Masuparia Gold Corp. optioned the project in May of 2007. Masuparia conducted silt, soil and rock sampling as well as mapping primarily within a core portion of the central mineralized trend, which represents approximately 15 percent of the entire project area.
In addition, 15 diamond drill holes tested five closely spaced targets located in the core of the central mineralized trend. The drill program tested targets within the more accessible parts of the project and encountered broad zones of gold mineralization as well as bonanza grade intercepts.
Highlights from that drill program include:
Ongoing work:
In the coming weeks Yale personnel will continue to compile all the project's data in advance of the Company's first work program at Tenoriba, which is anticipated to consist of trenching and sampling of high priority targets as well as a regional program to field test some of the significant Aster satellite anomalies.
The Deal:
Through it's wholly owned Mexican subsidiary Minera Alta Vista S.A. de C.V., Yale has agreed to pay US $ 2,000,000 to a group of Mexican individuals in escalating annual payments over a four year term with the first payment of $50,000. The second payment for the project, due in one year, is $125,000.
About Yale Resources: Visit this company: www.yaleresources.com
Yale Resources is an exploration and development company concentrating in northwestern Mexico that is building value through project generation. Yale has three of its seven properties optioned out to value added partners. These agreements combine for minimum commitments of approximately US $1,100,000 of exploration expenditures over the next 12 months. Yale continues to work on its non-optioned properties as well as reviewing new projects with a focus on gold.
Samples from the Guadalupe property were prepared and analyzed by Stewart Labs in their facilities in Mexico and Kamloops, respectively. Samples generally consisted of 1-3 kg of material. Gold and silver analyses were performed by 30 gram fire assay with an AA finish. Samples with greater than 100 g/t silver were re-assayed using gravimetric methods.
Ian Foreman, P.Geo., is Yale Resources' Qualified Person, as defined by National Instrument 43-101, for the Guadalupe property. The Guadalupe property is an early stage project with no reported resources that requires additional sampling and geological mapping to fully determine the project's potential.
On behalf of the Board,
"Ian Foreman"Ian Foreman, P.Geo.President
For additional information on Yale Resources please call the Company at 604-678-2531.
Neither 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. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Contact:
Yale ResourcesCary Martin, 604-678-2531 ext. 223.
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