| Further high grades follow up Yale Resources’ investment dealer tour at La Verde project |
By Brian O'Hara
Yale Resources (TSX.V: YLL) has received further indication from its past producing La Verde Grade mine that a high-grade, potentially multi-million tonne resource may remain in and around the historic workings on the company’s 100% owned property. 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 rest of the article: http://www.resourcexinvestor.com/news.php?id=3312
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