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Yellowjacket Resources (YJK:TSX-V) is a junior Canadian mining exploration company operating near Atlin B.C. at it's Yellowjacket Gold Project. The company is headquartered in Cranbrook, B.C. and is managed by the same team that brought you Eagle Plains
Message: Yellowjacket Announces Start of 2012 Exploration Program
Yellowjacket Announces Start of 2012 Exploration Program
Cranbrook, British Columbia CANADA, July 05, 2012 /FSC/ - Yellowjacket Resources Ltd. (YJK - TSX Venture), ("Yellowjacket") announces that exploration work at the company's Yellowjacket Project near Atlin, BC has commenced. The 2012 program will consist of Reverse Circulation (RC) drilling, ground based geophysics, and geological mapping.
It is anticipated that a minimum of 2500m (8200 feet) feet of RC drilling will be completed. Drill targets will include:
- Resource definition in the planned Pine Pit east extension of the Yellowjacket Zone. This work will follow 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.
- Initial drill testing 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.
- Initial drill testing of the Gold Run target, located approximately 3 km east of the main Yellowjacket Zone. Rich placer gold produced at the Gold Run typically has a very sharp crystal shape indicating a close source for the gold.
- Wide-spaced step-out holes along the inferred trace of the main gold-bearing Pine Creek structure.
The 2012 program will provide data to upgrade the near surface resource calculation for future open pit mining operations. The step-out drilling will provide information about the continuity of gold mineralized zones away from the main Yellowjacket Zone. The RC drilling is contracted to Midnight Sun Drilling Inc. of Whitehorse, Yukon. Analytical work will be done by ALS, and Yellowjacket will implementing a comprehensive internal QA/QC program in relation to the analysis.
In addition to the RC drilling, Aurora Geosciences Ltd. of Whitehorse has commenced a ground-based geophysical survey of the Pine Creek valley in order to better define the location of the main Pine Creek structure, which will be used to help target drill holes.
Geological mapping will focus on bedrock exposed by recent placer mining in the eastern area of the Rock of Ages pit.
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 will be 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, 2011, 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.
Additional ongoing work at the Yellowjacket includes metallurgical test-work of Yellowjacket ore in collaboration with Queens University, as announced on June 29th, 2012.
"Charles C. Downie"
President and CEO
Yellowjacket Resources Ltd.
For further information, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: [email protected] or visit our websites at http://www.eagleplains.com or http://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.
To view this press release as a webpage, please click on the following link: http://www.usetdas.com/pr/yellowjacket07052012.htm
Source: Yellowjacket Resources Ltd. (TSX-V: YJK) http://www.yellowjacketresources.com
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Source: Filing Services Canada (July 5, 2012 - 10:30 AM EDT)
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