Yale Acquires Central Claims at Orofino, Sonora, Mexicoadmin
Yale Resources Ltd. announce that the Company has signed an agreement with two groups to acquire a 100% interest in seven concessions that form the core of the Orofino Project. The Orofino Project is located approximately 135 km southeast of the capital city of Hermosillo, Sonora State.
The seven concessions cover a total of 439.1 hectares and contain six historic open pit mines. Although production records are not available, the vendor of the property had small scale production during the mid 1990’s, which produced roughly 60,000 tonnes of ore grading approximately 6 to 7 grams per tonne gold. The remaining leach pad has been sampled by previous operators with an average grade ranging from 2.5 to 3 grams per tonne gold.
In the early 1990’s Minera Teck drilled a series of reverse circulation holes at various targets throughout the property. Most recently a previous operator performed widespread soil sampling, geophysics as well as mapping and sampling at the key targets within the property. Yale has access to most of this data but is still attempting to source more data regarding Orofino.
To date, the Company is aware of nine known mineralized targets and two strong silica and iron-oxide anomalies within the approximately 83 square kilometres that make up the Orofino Project. Currently there are field crews on the property undertaking taking confirmatory samples and an initial trenching program.
The primary exploration target within the Orofino Project is bulk tonnage heap leachable gold and silver mineralization within quartz-carbonate veins, shears and structurally controlled breccias hosted in andesitic to dioritic volcanic rocks and associated with dacite dykes and sills.
The acquisition of these concessions, signed by Yale’s wholly owned Mexican subsidiary Minera Alta Vista by means of an option to earn 100%, was done with two different underlying owners. Yale has agreed to pay US $1 million over four years for 5 concessions that total 174.45 ha with an initial payment of US $50,000 and to pay CDN $ 200,000 and issue 1,000,000 shares in Yale over a three year term with the first payment of $10,000 and 100,000 shares in Yale due in four months from signing. Yale will be responsible for all maintenance fees and property taxes.