Yorbeau raises funds for drilling

A private placement has raised $600,000 for Montreal-based Yorbeau Resources (YRB.A-T), which will apply the proceeds to follow-up drilling at its Casa Berardi West gold property in northwestern Quebec.

Last year, 1,656 metres of diamond drilling intersected a

zinc-and-gold-bearing exhalative horizon that returned 0.77 metre grading 9.85 grams gold per tonne.

The next round of drilling will test this horizon, as well as target several geophysical anomalies to the west and north.

Quebec’s Ministry of Natural Resources will finance, through a grant, up to $50,000 of the program, which is budgeted at $200,000.

The ownership of nine of the 155 claims that comprise Casa Berardi West is being disputed by Yorbeau and the Canadian subsidiary of London-based Billiton, which owns the nearby Selbaie mine, an open-pit copper-zinc-gold producer.

None of Yorbeau’s exploration will take place on the contested claims, and the junior expects the ownership issue to be resolved by year-end.