2012-09-06 17:48:31 -
Yellowjacket Announces Completion of 2012 Gold Exploration Program
Cranbrook, British Columbia CANADA, September 06, 2012 /FSC/ - Yellowjacket Resources Ltd. (YJK - TSX Venture), ("Yellowjacket") is pleased to announce that exploration work at the company's Yellowjacket Gold Project near Atlin, British Columbia has been completed. A total of 2415 meters (7923') of Reverse Circulation (RC) drilling were completed. Visually encouraging mineralization and structure were noted within specific drill holes during the chip logging.
"The 2012 drilling has confirmed that the structural zone that hosts the Yellowjacket mineralization continues to the east, following the trend of the main Pine Creek placer channel. The presence of alteration and mineralization over approximately 1.2 kilometers of strike length underlines the potential to both expand
the size of the resource at Yellowjacket and to better define areas to target with future mining," said Chuck Downie, President and CEO of Yellowjacket.
Within the 7 kilometer long property, approximately 1.2 kilometers of the projected strike length of the main Pine Creek fault zone, which hosts the Yellowjacket mineralization, saw drill activity. There were 45 drill holes successfully completed with an additional 7 holes abandoned in overburden due to poor drilling conditions related to variability in the placer gravels overlying the bedrock.
The target areas drilled during the 2012 program are as follows:
- 23 holes were completed in the planned Pine Pit east extension of the Yellowjacket Zone. This work followed up on intercepts from the 2010 RC program which included Hole L100E-60B which returned 6.09m @ 26.8 g/t Au including 1.02m @ 138.26 g/t Au.
- 13 holes were completed at the Rock of Ages Zone, located approximately 700m west of the Yellowjacket Zone. 2010 chip sampling of bedrock exposed by placer mining activity returned values of up to 51.36 g/t over 5.2m. Importantly, this drilling represents the first systematic drill testing of the area of the historic Rock of Ages shafts which were exposed by recent placer mining.
- 9 holes were completed along two wide-spaced step-out lines along the inferred trace of the main gold-bearing Pine Creek structure.
Program results are being tabulated and will be disseminated once all assay results are in-hand.
The 2012 program will provide data to upgrade the near-surface resource definition for potential future open-pit mining operations. The step-out drilling will provide information about the continuity of gold-mineralized zones distanced from the previously identified Yellowjacket Zone. The Yellowjacket Gold project ore mineralogy and deposit type characteristics contain high grade, coarse native gold occurring in quartz veins, which are subject to the "nugget effect", whereby adjacent samples within the same mineralized zone can have substantially varied gold values. As a result, Yellowjacket believes that in addition to the holes drilled during the 2012 program, there are significant infill and step-out drill locations warranting drill activity in a 2013 drill program and beyond.
Ground-based geophysics and geological mapping work was also completed during the 2012 exploration program. Aurora Geosciences Ltd. of Whitehorse completed a ground-based geophysical survey of the Pine Creek Valley in order to better define the location of the main Pine Creek structure. The results of this survey were used to target select drill holes. Geological mapping was also carried out by Merlin Geosciences Inc. on bedrock exposed by recent placer mining in the eastern area of the Rock of Ages pit. Initial results of this mapping have been integrated with the drill hole data in the area of the Rock of Ages shafts to help define the mineralized structures exploited by historic mining.
In an effort to prepare the property for potential future mining activity, additional ongoing work at the Yellowjacket includes metallurgical test-work of Yellowjacket ore in collaboration with Queens University, as announced on June 29, 2012. Yellowjacket expects to provide update on this metallurgical work early in the fourth quarter.
The RC drilling was contracted to Midnight Sun Drilling Inc. of Whitehorse, Yukon with geological and geotechnical support provided by TerraLogic Exploration Services of Cranbrook, B.C..
All samples have been delivered to ALS in Whitehorse, and Yellowjacket implemented a comprehensive internal QA/QC program in relation to the analysis.
The Yellowjacket Project is located 9 km east of Atlin, BC and is accessed by all-season road. Hydro-electric power is located within 5km of property boundaries. The project received a B.C. Mines Act permit in July, 2009 for an open pit gold mine and onsite 400 tpd mill and concentrator, processing up to 75,000 tons per year. The permit contemplates a 7-9 year mine life from a series of open pits entirely within an area of disturbed placer workings. Gold may be recovered using a simple gravity concentrating recovery plant without the use of chemicals or additives. Yellowjacket owns both mineral (hard-rock) and placer rights within the Project area. The project is located within the traditional territory of the Taku River Tlingit First Nation who have entered into a formal Impact and Benefits Agreement with respect to the project.
Overall project supervision was provided by C.C. Downie, P.Geo, hereby identified as the "Qualified Person" under N.I. 43-101.
About Yellowjacket Resources
Yellowjacket Resources was created in December 2011 by way of plan of arrangement and spun-off from Eagle Plains Resources Ltd. (TSX-V:EPL) on a one-for-three share basis to the shareholders of Eagle Plains. Yellowjacket will focus on the development of the Yellowjacket Gold Project. As part of the spinout transaction Eagle Plains holds approximately 12% of the total common shares of Yellowjacket.
On May 04, 2012, Yellowjacket announced the completion of a private placement for aggregate gross proceeds of $1,187,490 to be used for the exploration and development of the Yellowjacket Property, and for general working capital.
"Charles C. Downie"
President and CEO
Yellowjacket Resources Ltd.
For further information, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
or visit our websites at www.yellowjacketresources.com
Cautionary Note Regarding Forward-Looking Statements
Neither the 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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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Source: Yellowjacket Resources Ltd. (TSX-V: YJK) www.yellowjacketresources.com
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