Poor ground conditions slow Yorbeau’s Astoria shaft sinking

Shaft sinking at the Astoria property near Rouyn-Noranda, Que., has reached a depth of about 900 ft, between the sixth and seventh levels, Karl Glackmeyer, president of Yorbeau Resources (TSE), told The Northern Miner recently.

Target depth for the shaft is 1,680 ft, which will allow the company access to the promising Aw zone, lying to the west, via four levels.

Poor ground conditions encountered by the shaft-sinking crew have delayed the work by two-to-three months. “We’re still within our budget,” Glackmeyer said. The ground conditions are expected to improve as the shaft is advanced, he said.

A relatively shallow shaft was originally sunk on the Astoria property in the 1940s, where mineralization grading 0.1 oz gold per ton was intersected. Drill core obtained more recently from the area of the planned 10th level (1,500 ft) indicates a grade of 0.28 oz.

Current property diluted reserves (all classes) from all zones are estimated to be 1.4 million tons averaging 0.18 oz. Project funding

Funding for the $10-million shaft-sinking project is coming from Belmoral Mines (TSE), which will acquire a 50% interest in the property under an agreement with Yorbeau. Glackmeyer said the $10 million will allow for completion of the project to the feasibility stage. Plans call for an additional $2 million to be spent on other work such as stope development, and to purchase equipment.

Belmoral mines gold near Val d’Or, Que., and plans call for the Astoria ore to be processed at the Belmoral facilities there. The companies are awaiting the results from an 8,000-ton bulk sample from Astoria put through the Val d’Or mill.

Yorbeau controls a significant land position surrounding the Astoria property, said Glackmeyer, who is hoping to strike a deal soon for exploration of those lands.

Belmoral is also spending $5 million to buy shares and warrants in Yorbeau which would give Belmoral more than a 50% interest in the latter if all the warrants are exercised.

Yorbeau has a number of other property holdings in northwestern Quebec, including the Vauper project located 23 miles east of Val d’Or. Belmoral may earn a 50% interest in that property by spending $1.5 million on exploration work.

Formed in 1984 by the amalgamation of two companies, Yorbeau Resources was controlled by Campbell Resources (through a subsidiary) until 1986.