Field Work Is Underway at Urique Project, Mexico
VANCOUVER, BC, Sep 06, 2006 (MARKET WIRE via COMTEX News Network) --
Yale Resources Ltd. (TSX-V: YLL) (FRANKFURT: YAB) is pleased to announce that field work has started at the Urique Project, located in the prolific Sierra Madre gold belt, northern Mexico. The Urique Project, under option from Exmin Resources (TSX-V: EXM), is 28,881 hectares (71,367 acres) in size.
The Urique project currently contains seven mineralized target areas. This field program will last several months and cover all of the known mineralized targets within the property. Preliminary work has now been completed on the San Pedro and Urique zones with assays pending.
The Urique Zone:
The Urique Zone, located in the centre of the project area, covers a historic mining district that was first discovered by the Spanish some 300 years ago. Two silver mines -- El Rosario and La Patrona, both mining high grade silver from narrow veins -- formed the basis of a thriving mining community that ultimately consisted of approximately ten mines. Although the Spanish were mining mainly for silver, gold has since been mined in the area. There has been intermittent production in Urique over the past three centuries with the last recognized production taking place in early 1980s.
The first priority for the field crew is to locate each of the old mines along with the dozens of small-scale workings in order to create a geological database. This first phase field program will also include geological mapping as well as prospecting.
Results from this first sampling program are pending.
The San Pedro Zone:
The San Pedro Zone is located 12 kilometres northwest of the Urique Zone and is one kilometre south of the historic Sangre de Cristo silver and gold mine.
Mineralization at San Pedro was discovered by the local farmer. Recently, new mineralization was discovered during the construction of some new roads. Mineralization recognized to date consists of widely spaced quartz veins hosted in strongly altered andesites at or near the contact with overlying rhyolites, which is considered a favourable stratigraphic location. Thirteen reconnaissance-style samples taken at San Pedro by Exmin in June 2006 are shown below.
Sample Sample Width Au Ag number description (m) (g/t) (g/t)Small workings 108981 Dump grab 27.2 482.0 108982 Wall rocks 2.2 0.19 5.2 108990 Vein 1.1 6.60 61.3 108991 Vein 1.1 35.3 401.0 108992 Vein 0.2 28.4 193.0 108993 Vein 0.3 0.16 4.4New discovery 108983 Wall rocks 2.5 0.17 14.8 108984 Altered outcrop 4.1 0.04 2.0 108985 Wall rocks 4.1 0.16 4.2 108986 Wall rocks 3.5 0.50 2.8 108987 Vein 0.4 3.35 47.5 108988 Vein 0.3 10.1 202.0 108989 Altered outcrop 2.5 0.09 8.0
Field crews will geologically map the area and continue the sampling program while planning the next phase of exploration, which will include soil sampling and trenching.
About the Urique Project:
The Urique Project is located immediately north of Glamis Gold's El Sauzal property, currently in production and host to reserves of 1.7 million ounces of gold with an additional resource of 1.8 million ounces of gold, and immediately south of Kimber Resources' Monterde Project, which is host to a reported 800,000 ounces of gold and 45 million ounces of silver. The main exploration targets within the Urique Project are large-scale precious metal epithermal systems.
Ian Foreman, P.Geo., President of Yale, is the Qualified Person, as defined by National Instrument 43-101, for the Urique Project. In addition, Dr. Craig Gibson, PhD, Executive Vice President of Exploration for Exmin Resources, is responsible for all of Exmin's technical programs and information and has reviewed this news release. All samples reported in this news release generally consisted of 1-3 kg of material and were prepared and analyzed by ALS Chemex at its labs in Mexico and Vancouver. Gold assays are by fire assay with an AA finish and samples with more than 10 g/t are analyzed by gravimetric methods. Silver assays are part of a multi-element ICP package with an agua regia digestion.
On behalf of the Board,
"Ian Foreman" Ian Foreman, P.Geo. President
The TSX Venture Exchange has not reviewed and does not accept 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.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact: For Investor Relations: 604-689-7422 For additional information: Yale Resources 604-678-2531 600 - 890 West Pender St., Vancouver, B.C., V6C 1K4, Canada Phone: 604-678-2531 Fax: 604-678-2532
SOURCE: Yale Resources Ltd.
Copyright 2006 Market Wire, All rights reserved. |
