First Phase Work Program At Urique Completed

First Phase Work Program At Urique Completed

VANCOUVER – Yale Resources Ltd. reported that optionee Mammoth Resources Corp. has announced the completion of the first phase of its comprehensive work program and that further work is planned for the 290 square kilometre Urique Project, located in Chihuahua State, Mexico. Work at Urique was performed by Yale on behalf of Mammoth. The field exploration program spanned seven months beginning December 2011 and involved prospecting, detailed mapping, trenching, rehabilitation of the underground workings at the el Rosario mine, and sampling. A total of 597 rock samples and 74 geochemical samples were taken from a total of 25 occurrences and/or targets (3 occurrences in the northern portion of the property; "Urique North", and 22 occurrences in the southern portion of the property; "Urique South"). A number of grades of gold and silver were obtained from the rehabilitated, historic El Rosario mine at Urique South. Assays from this program help to add to and substantiate historical sample results from the underground workings, including the following highlight intersections: 1.7 m grading 9.74 g/t gold and 356.7 gpt silver (16.23 g/t gold equivalent); 1.2 m grading 5.16 g/t gold and 153.8 g/t silver (7.96 g/t gold equivalent); 5.0 m grading 0.78 g/t gold and 257.0 g/t silver (4.45 g/t gold equivalent); and 2.3 m grading 1.69 g/t gold and 153.8 g/t silver (3.37 g/t gold equivalent).
Mammoth President and CEO, Thomas Atkins, commented on these results, stating: "When we plotted the combined gold and silver assay results at El Rosario as a gold equivalent for contouring purposes, we were very intrigued to see the frequency, distribution and grades of gold and silver throughout the underground workings. Looking at these results we see a number of areas in red indicating combined grades at, or in excess of five grams per tonne gold equivalent, hosted in possible mineralized shoots. The historic workings cover an approximate 150 metre by 150 metre area in an intensely silicified volcanic host rock not unlike the rocks that host the deposits of our neighbors and which we believe could be indicative of the ground’s proximity to a strong hydrothermal source at depth. At present we’re looking into interpreting some historical geophysical data for insights into structures and mineralization. We’re also investigating the cost and feasibility of drill testing these mineralized shoots at depth in a cost efficient manner with the objective of determining the extent to which grade and the dimensions of the gold-silver mineralized structures are enhanced at depth."