Yale to Purchase the Historic La Verde Grande Cu-Zn-Ag-Au Mine, Sonora State, Mexico
Yale to Purchase the Historic La Verde Grande Cu-Zn-Ag-Au Mine, Sonora State, Mexico
Jun. 25, 2007 11:13 PM
VANCOUVER, BC -- (MARKET WIRE) -- 06/25/07 -- Yale Resources Ltd. (TSX-V: YLL) (FRANKFURT: YAB) is pleased to report that its wholly owned Mexican subsidiary --
Minera Alta Vista S.A. de C.V., has agreed to purchase a 100 % interest in
the La Verde Grande copper-zinc-silver-gold Mine located 45 km northwest of
Hermosillo, Sonora State, Mexico. Yale has also acquired, by staking,
1,900 hectares of prospective ground surrounding this area to cover
additional skarn and porphyry potential.
The La Verde Grande Cu-Zn-Ag-Au Mine property is made up of six contiguous
exploitation concessions that total approximately 300 hectares. The
property contains the historic La Verde Grande copper-zinc-silver-gold mine
-- which saw limited production in the early 1900s as well as in the 1960s
-- as well as the La Verdecita and El Picacho prospects, both of which saw
limited production in the early 1900s. The property is within 2 km of a
paved highway and the power grid.
"Exploration potential for the property is significant as the numerous
mines, prospects and showings in the area have never been examined as a
whole. Each of the various zones have been considered as separate bodies
rather than part of a much larger mineralizing system," stated Ian Foreman,
P.Geo., president of Yale Resources.
The La Verde Grande Mine:
The La Verde Grande Cu-Zn-Ag-Au Mine is the most advanced of the known
targets as it has a defined (non NI 43-101) resource of 459,551 tonnes
grading 2.29 % copper, 98.54 g/t silver and 0.38 g/t gold (with no estimate
for zinc). Note that this resource is historic in nature and was estimated
before NI 43-101 came into effect -- it has yet to be verified and
therefore should not be relied upon. Calculated in 1989 this resource was
based on an average width of 18 metres, average depth of 34 metres and only
considered a strike length of 110 metres.
Historical sampling within the 2,000 feet (~ 610 m) of old workings the La
Verde Grande Mine have been reported by the Consejo de Recursos Minerales
as: 2.06 % copper, 1.91 % zinc, 33.07 g/t silver and 0.3 g/t gold for the
upper workings and 2.54 % copper, 0.76 % zinc, 132.59 g/t silver and 0.3
g/t gold for the lower workings. As the deposit is at surface, the Company
anticipates that it could be exploitable by open pit methods.
The La Verde Grande Mine is on strike with the El Picacho prospect located
900 metres to the northeast. There has been no modern exploration between
these two areas.
The El Picacho and La Verdesita prospects:
Mineralization at El Picacho is reported to occur in garnetized limestone
(similar to the La Verde Mine) beds with one measuring 4.5 metres in
thickness. Historical results document exposures averaging 3.0 % copper
(with unknown zinc, silver and gold grades) from within a 15 metre wide
working.
La Verdecita is located 1.3 km south of the La Verde Grande Mine and is
exposed in four separate workings over a strike length of approximately 300
metres. The mineralization exposed at La Verdecita appears to be a result
of selective replacement of the host limestone. Historic estimates of
100,000 tons of hand-selected material grading 3.0 % copper (with unknown
zinc, silver and gold grades) have been reported.
Agreement terms:
Yale has agreed to pay the landowner US $1.6 million in staged payments
over 27 months to purchase 100% of the properties. Upon signing of the
contract the Company has paid US $8,000 with the remainder of the first
payment (US $92,000) due in three months from signing. A 2% NSR is also
payable, which can be bought out for one million US dollars. There is no
stock issuable and are no work commitments as part of the purchase.
Due diligence will involve data examination and compilation as well as
surface and underground sampling. Yale has purchased the complete
historical database from Scorpio Mining Corp., who held an option on the
property between 1999 and 2002 but only performed limited exploration in
the immediate area, for 40,000 shares in Yale. These shares will have a
four-month hold period.
Property Geology:
Mineralization within the La Verde Grande property consists of a series of
structurally controlled skarn bodies and veins. Host rocks are a thick
sequence of metamorphosed limestones that are locally intruded by granite
and monzonite porphyries, dykes, and mineralized aplite dykes. The La
Verde Grande area is located near the southern end of a newly recognized
copper-molybdenum porphyry district that trends north into the southwest
Arizona copper district.
Ian Foreman, P.Geo, is the Qualified Person, according to National
Instrument 43-101, for the La Verde Grande property and is responsible for
the technical data mentioned in this news release. During his initial
visit Mr. Foreman visited the La Verde mill site, La Verdecita and the La
Verde Grande mine. All 'Historic Data' is presented for reference only and
should not be relied upon as it pre-dates NI 43-101 and was not collected
by NI 43-101 compliant means.
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.
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.
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