Oct 13 2010
Yale Resources Ltd. (TSX-V - YLL and Frankfurt - YAB) has announced a 2,500 metre drill program has started on the wholly owned Guadalupe property, located in the heart of the Fresnillo district, on behalf of and funded by our partner Gold American Mining Inc.
“This drill program is an important step in Yale's 'project generator' business model as this is the first of our projects to be drilled by one of our partners”
The first drill hole is targeting the down dip extension of the San Antonio vein, the southern-most vein on the property, and is currently at a depth of 260 meters. The San Antonio Mine shaft is approximately 270 metres deep. Historic maps and sections show that there are actually two sub-parallel veins - the Esperanza Vein and the San Antonio Vein - however the Esperanza Vein does not appear to outcrop on surface. The planned target depth for the first hole is 500 meters and is expected to cut the veins below the level of the historic workings.
Drilling is being done by Techmin S.A. de C.V. - a drilling contractor located in the Fresnillo area and has unparalleled experience in the area as they have done a majority of the drilling for Fresnillo, plc and have also worked for Fresnillo, plc and Mag Silver at the Juanacipio Joint Venture, located only 11 km from the Guadalupe Property, where they drilled holes to a depth of greater than 900 metres.
"This drill program is an important step in Yale's 'project generator' business model as this is the first of our projects to be drilled by one of our partners", stated Ian Foreman, president of Yale.
About the Guadalupe Property:
The 282.84 hectare Guadalupe Property is located approximately 4 kilometres north of the city of Fresnillo, Zacatecas State, Mexico. The property is approximately 8 kilometres north of the Fresnillo (Proaño) Mine, the world's richest underground silver mine operated by Fresnillo plc. The property is also approximately 11 kilometres northeast of the Juanicipio Joint Venture between MAG Silver Corp. and Fresnillo plc.
The Property contains greater than 20 known workings as well as two historic mines -Santa Rita and San Antonio. Historic records containing references to the Santa Rita and San Antonio mines suggest that both mines were important and reached their height of production between 1910 and 1920 but were last in production in the 1980's.
Highlight results from the first phase exploration program were (see news release dated May 13, 2010):
- 1.00 g/t Au and 946.9 g/t Ag over 1.1m
- including 1.83 g/t Au and 1,800.0 g/t Ag over 0.5 m
- 0.30 g/t Au and 622.0 g/t Ag from a mineralized dump
- 0.59 g/t Au and 330.0 g/t Ag over 0.7 m
- 5.35 g/t Au and 1,189.0 g/t Ag from a mineralized dump
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.