Initial fieldwork will be focused on the San Francisco Target area where previous work (see news release dated June 28, 2010) identified a 30 to 40 metre wide zone of strong oxidation centred on a 5 to 6 metre wide core area of strong silicification and veining. It has been traced in the field for 300 metres along strike and remains open in both directions.
Multiple historic workings exist along this 300 metre portion of the San Francisco target. To date, reconnaissance-style sampling has only been done within these workings. Sampling from this initial reconnaissance sampling returned the following results:
|43461+2||Main working||Chip channel||2.1||2.70||529.8||0.56||0.52|
|with 43461||Chip channel||0.45||0.76||82.1||0.4||0.6|
|and 43462||Chip channel||1.65||3.23||651.9||0.6||0.5|
|43463||Second working||Chip channel||1.9||0.23||40.2||0.9||1.95|
|43464||Third working||Chip channel||1.2||0.20||52.2||0.9||1.31|
The location of the San Francisco and Santiago targets appears to be controlled by cross-cutting northwest trending structures. As there are multiple other northwest trending structures, there is very good potential for the identification of additional targets along this greater than 3 km long east-northeast mineralized trend.
Under the terms of the Option Agreement, Overlord may earn up to a 70% interest in the property by paying Yale $100,000 ($50,000 received), issue to Yale 1,300,000 shares in Overlord (50,000 received), and incur a total of $2,100,000 in exploration expenditures on the Property over a four year period.
The first year’s requirement will be $200,000 in exploration expenditures followed by a further $400,000 in the following year, $750,000 in the third year and $750,000 in the final year of the Option Agreement. Subsequent share issuances of 500,000, 150,000, 350,000 and 250,000 shares on the first, second, third, and fourth year anniversaries will also be due in order to keep the Option Agreement in good standing.
About Yale Resources:
Yale Resources utilizes the project generator business model to maximize its exposure to discovery while minimizing shareholder risk. Yale currently has commitments totalling approximately $1.0M in expenditures during 2012.
Ian Foreman, P.Geo., is Yale’s Qualified Person, according to National Instrument 43-101, for the Orofino property and is responsible for any technical data mentioned in this news release.
Samples from Orofino were prepared and analyzed by IPL Inspectorate in their facilities in Mexico and Vancouver, respectively. Samples generally consisted of 1-3 kg of material. Gold analyses were performed by 30 gram fire assay with an AA finish. Silver, copper, lead and zinc were analyzed as part of a multi-element ICP package using an aqua regia digestion. Over limit samples with greater than 1% Cu, Pb and Zn were re-analyzed using ore grade detection limits.
On behalf of the Boards,
Ian Foreman, P.Geo.
President, Yale Resources Ltd.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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.