Yorbeau high on Astoria bet

Encouraging drill results have been reported this year on the Astoria property near Rouyn, Que., by Yorbeau Resources which, pending completion of a mine feasibility study, is hoping to have the project in production by next year.

Five gold-bearing zones, the A, Ae, Aw, B and Bw, have been identified on the property. In all, the company is hoping to outline more than one million tons of probable and possible ore reserves at Astoria.

At the Aw zone, the newest discovery, drilling to date has determined that the zone extends for 500 ft along strike and from about the 400-ft level to the 1,500-ft level, with an average width of about 10 ft. The Aw zone appears to have a higher grade than the A zone and is more continuously mineralized than either the B or Bw zones. Values in the Ae zone appear to be higher and more continuous than in the B and Bw zones.

The debt-free company, in its annual report, says that on the Ae, B and Bw zones, drilling indicates grades and widths tend to improve with depth, and that fully diluted grades should average 0.18 oz gold per ton on the upper levels with higher average grades below the 1,000-ft level.

President Karl Glackmeyer writes that the Astoria property shows similarities to Kerr Addison Mines’ Virginiatown gold mine (the old mine, which has been in operation since the late 1930s, was recently purchased by Golden Shield Resources) 25 mi to the west.

At the company’s Ellison property, located in Bousquet Twp., 25 mi east of Rouyn, two main gold- bearing zones have been identified. The property is situated between the Doyon mine (to the west) and the Bousquet mine.

In Bapst Twp. in Casa Berardi, Yorbeau has acquired an option on gold property belonging to coats Fairfax Bay Resources for $50,000 in cash and a commitment to spend $200,000 on the property by March 31, 1988. The company may earn a 50% interest in the 100 claims by spending an additional $300,000 in the following year and issuing 100,000 Yorbeau common shares to Fairfax.

Yorbeau, which reported a deficit of $468,739 for 1986, holds interests in several other properties.