13.11.2006 16:19
YGC Resources reports Property
VANCOUVER, Nov. 13 /PRNewswire-FirstCall/ -- YGC Resources Ltd. (Nachrichten) (Toronto Stock Exchange: YGC; Frankfurt Xetra Exchange: ZH6) YGC Resources Ltd. is pleased to announce that it has acquired a silver-lead-gold property, to be known as the Silver Valley Property, which lies approximately 6 kilometers east of the existing Ketza River Project, and its milling facility. The Silver Valley Property is composed of 6 leased claims and 114 staked claims, covering approximately 2,400 hectares.
The core group of six leases is held under an option agreement, pursuant to which the Company can acquire a 100% interest by paying $60,000 cash, issuing 30,000 shares, and by incurring exploration expenditures of $550,000 over a period of five years. If the option is exercised, the leases will be subject to a 2% net smelter returns royalty, which can be purchased for $500,000.
The remaining 114 claims are held 100% by the Company's wholly owned subsidiary Ketza River Holdings Ltd.
Several Yukon MINFILE reports describe the historic exploration work carried out on this property. The silver-lead mineralization was first prospected in 1946. Extensive soil sampling was conducted in 1968, which yielded several anomalies that were quickly explored with a bulldozer. This work exposed the Key 18B vein, which assayed 55 opt silver and 49% lead over a width of 2.4 meters.
Two mine levels (adits) were excavated to explore the vein, at approximately 20 meters and 50 meters below the surface exposure respectively. Underground channel sampling yielded values as high as 63 opt silver and 64% lead. A 17 meter length of the mineralized zone averaged 22.8 opt silver and 19.9% lead. Gold ran as high as 6 grams per tonne, but was only analyzed for in a few of the samples. A 1977 Iona Silver Mines report lists an inferred resource of 15,000 tons at 17 opt silver and 12% lead. This calculation pre-dates National Instrument 43-101, and the Company is not aware of how the estimate compares to the categories of resources set out in NI 43-101.
The mineralization is open at depth and along strike, and diamond drilling will commence shortly. An adjacent 350 meter by 560 meter soil anomaly will also be explored this winter. The Silver Valley Property contains several other silver prospects and enticing soil anomalies that will be focus of work next year, including the South Fault Vein, which assayed 85 opt silver and 74% lead over 2.1 meters.
If you would like to receive press releases via email please contact nicole@ygcr.ca and specify "YGC releases" in the subject line. The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. WARNING: The Company relies upon litigation protection for "forward- looking" statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
