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Further High Grades Follow Up Yale Resourcesâ Investment Dealer Tour at La Verde Project
Samples taken as vertical chip channel samples at intervals along the walls in the historic workings returned high-grade assays with a weighted average of 2.57 per cent copper (Cu), 86.8 grams per tonne silver (Ag), 0.97 per cent zinc (Zn) and 0.19 g/t gold (Au) over an average vertical height of 1.89 m.
Recently, several members of the Toronto investment community toured the La Verde project, together with Ian Foreman, P.Geo, President and Julio Lopez, the company’s Exploration Manager. The La Verde project is located 45 km northwest of Hermosilo, Sonora State, Mexico. Yale acquired this project almost four months ago at a cost of US $1.6 million payable over 27 months plus a 2% Net Smelter Return. The property has an historic resource estimate dating from 1989 (which do not comply with NI 43-101* rules) of some 459,000 tonnes grading 2.59% copper, 98.54 grams per tonne silver and 0.38 grams per tonne of gold. Yale is now making considerable progress on updating and expanding that resource.
There are at least five known deposits with historic workings on the property but the company presently has it sights set on the La Verde Grande Mine itself. Walking inside the old mine workings, the blue-green hues make the copper oxide mineralization quite evident. Mining operations at the turn of the 20th century, when the area was last properly mined, utilized steam powered machinery. These limitations meant that only the highest-grade ores were mined. With modern technology and elevated metals prices, Foreman and his backers believe that a wealth of mineable ore remains, long forgotten or undiscovered.
Yale has moved quickly on La Verde. According to Ian Foreman, “La Verde Grande is much bigger than we originally thought.†Yale has reexamined many of the old workings, and has taken some 200 channel samples from throughout the underground workings. Most of these are exploration drifts about two meters high by two meters wide. La Verde Grande appears to be a classic skarn-altered limestone with high grades of copper and associated silver, gold and zinc. “But there may be more to this than just a classic skarn†says Ian Foreman. Within the La Verde Grande Mine, there are four different levels, trending northeast. In addition there is an old working trending due east/west.
The walls of the old workings are covered in soot and bat guano. Some bats still fly through the old mine and give a new challenge to mine samplers and geologists. Yale Resources will try to liberate La Verde Grande mine workings from the bats and persuade them to find a new home.
Yale Resources has come up with an interesting discovery at La Verde Grande with potential important geologic and economic significance. They have discovered a shaft of at least 80 meters in La Verde Grande. Historic documentation and old geological records describing this shaft add a new dimension to the old working. Of particular note is the reference to sulphide mineralization at the bottom of the shaft. All other mineralization in the La Verde Grande Mine is oxide so therefore this is potentially very significant. The other point is that given the challenges of drilling and mining using the steam-powered equipment of that era, it is doubly significant that so many resources would have been devoted to such a development. It would have been a large undertaking to make a vertical shaft with the depth being equivalent to a 26-storey building. There is a challenge of determining what mineralization does occur in the shaft area – being safety considerations and lacking the mythical Spiderman to go down there. One way to decode the sulphide mystery would be to put down a drill hole down parallel to the shaft. The results of this could change the geological concept of La Verde Grande and add a new geological dimension.
The goal at the La Verde Project is to define more clearly mineralized zones, which contain copper mineralization grading 1 to 3 % copper. There is also a sweetener with the silver, gold and zinc content, which all add to increase the value of the mineralization. Once Yale Resources receives all the results of their channel-sampling program, they can establish a drilling program with priority targets. Their goal is to delineate a multi-million tonne resource that is amenable to open pit mining.
Yale has other targets nearby their La Verde Grande project. Julio Lopez, Exploration Manager, together with a project geologist, two junior geologists and two sampling crews have their work cut out for them. The El Picacho target is located 900 meters north east of the La Verde Grande project following the strike. The target is to explore a breccia with strong copper oxide showing over a 15-meter width that was discovered in the early 1900’s.
A second target, La Verdesita located 1300 meters south of La Verde Grande Mine has historic estimates (non-compliant with 43-101 rules) of 100,000 tonnes of 3 % copper.
These targets and other targets close by have never been explored as one package. More detailed knowledge of the geology will prove valuable There even exists a possibility that the same geological structure links up at depth, all three of the above targets.
On Nov. 6, Yale Resources released the first set of assays – 19 in all. The results confirm anomalous copper values with weighted average grading 1.21% copper, 26.6 grams per tonne of silver, 0.77 % Zn and 0.27 grams per tonne of gold. The highest grade gave a result of 1.97 meters grading 4.86% copper,131 grams per tonne of silver, 0.26% Zn, and 3.28 grams per tonne of gold.
Yale will prioritize drilling targets in all of the mineralized zones, once all the assay results are received over the coming months. The challenge now is to “sort out the smoke†to determine the best targets for drilling and potential economic mineralization.
With only 26 million shares outstanding (33.6 million shares fully diluted) and a price tag of aound $0.25 per share, Yale still represents a bargain for a near term producers that could well be paying its own way soon. The coming months could well see Yale’s share price head north for the winter.
This article is intended for information purposes only, and is not a recommendation to buy or sell the equities of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in the article are those of the author except where statements are attributed to individuals other than the author, in which case the opinions are those of the individual to whom they are attributed.
About the Author
Resourcex Investor is an internationally distributed newsletter about emerging junior resource companies. Sign up for a free 1-month trial to our newsletter and get instant access to news and investing tips that have helped many of our readers make more money. http://www.resourcex.com
