Oct 7 2010
Yale Resources Ltd. (TSX-V - YLL and Frankfurt - YAB) is pleased to provide an update on the Company's latest exploration activities and the status of projects. The Company has recently finished working on multiple properties in advance of the upcoming drill program on the Guadalupe Property.
Tenoriba:
The initial work program at the recently acquired Tenoriba Project has been completed with the goal of following up on the Company's evaluation visit of the property. Company staff visited a total of six areas but concentrated on the La Verde and Moreno targets, which are the most advanced but have yet to be drilled.
In addition, the drill pads of each of the previous 15 drill holes drilled by the previous operator were visited with the goal of trying to understand the rational for their locations. It is now apparent that several holes were either drilled parallel to or away from surface exposures of mineralization.
Another of the primary goals of this initial work program was to confirm the presence of 'vuggy silica' that had been mentioned in previous work. Vuggy silica is often an important texture in epithermal systems and can be associated with the higher grade core of these styles of mineralization. Vuggy silica has been confirmed in three target areas including the La Verde and Moreno targets (previously sampled on surface but not drilled). The third location with vuggy silica was tested with drill hole DH-07, which returned 45.90 grams per tonne gold over 1.9 metres at a down hole depth of 62.8 m (see news release dated July 27, 2010).
Samples have been submitted to the lab for analysis and results are anticipated in two to three weeks.
Dos Naciones:
38 samples from a recently completed field program at Dos Naciones have now been submitted to the lab for analysis. The samples are from a work program that concentrated on the La Josefina silver/lead target in the approximate centre of the property. Fieldwork was successful in identifying multiple new exposures of veins as well as a historic working that was previously unknown. The Josefina Target now consists of a series of at least six sub-parallel veins with the core of the silver/lead system having been traced along surface for approximately 600 metres along strike and over 250 metres wide.
This work was completed on behalf our partner Del Toro Silver Corp. who must spend a total of US $400,000 on the project before July 7, 2011. It is anticipated that additional work will be completed at Dos Naciones in the coming months.
Urique:
The Company has terminated the option agreement with American Sierra Gold Corp. for the Urique Property for failure to fulfill certain financial obligations as outlined in the agreement.
During the length of the agreement there were approximately US$ 350,000 spent as Expenditures related to the property and Yale received approximately US$ 110,000 in cash. In addition, Yale was able to purchase a 100% interest in the property as well as discover a significant new gold-rich zone within the El Rosario target utilizing funds provided by our partner.
The Urique Property is 100% owned and controlled by Yale and the Company will now be seeking another partner to advance the project further.