|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume : 978100
Change : +0.01 Last : 0.08 Day High : 0.08 Day Lo : 0.065 Date : 9/3/2010
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
 Yankee Hat Makes High Grade Tungsten Discovery Kidlark Project, YukonOctober 29, 2008 Yankee Hat’s Joint Venture with JOGMEC Yields Significant Results in First Year Vancouver, BC – October 29th, 2008 – Yankee Hat Minerals Ltd. (“Yankee Hat” or the “Company”) (TSX-V: KHT) is pleased to announce that as a result of the regional joint venture grassroots exploration program with the Japan Oil, Gas and Metals National Corporation (“JOGMEC”) a new property, Kidlark, has been explored. Surface sampling has returned high grade tungsten assay results from this scheelite skarn occurrence. The Kidlark Property was explored in late July, and company geologists immediately staked 32 claims covering several visually impressive scheelite-bearing garnet skarn tungsten showings. The property, located within the Pelly Mountains, is approximately 90 kilometers northeast of Whitehorse, and 45 km west-northwest of Quiet Lake along the South Canol Highway. It lies less than 20 km northeast of Livingstone, an active placer gold operational area serviced by an active airstrip and winter road access. Table: Grab Sample Results Kidlark Project, Yukon
Based on the promising initial exploration results, Yankee Hat has expanded the property by staking an additional 70 claims. This brings the total number of claims to 102, with rough dimensions of 13 kilometers by 2 km and an area of approximately 2,100 hectares. The Company also completed detailed mapping, prospecting, silt and soil sampling, trenching, and ground magnetic work through the month of August and early September. The results of this work are pending and the company will report further once it is received and compiled. Maps and sample photos have been posted on http://yankeehatminerals.com/properties/kidlark Already at least five distinct mineralized zones (from North to South; Wilson, Rasmussen, Davis, Brand and Arness showings) have been located in outcrop along a 13 kilometer strike length. The known outcrops are variably mineralized, but in general are characterized as garnet-diopside skarn with minor to major pyrrhotite. Tungsten is found thus far as the mineral scheelite. Typically, the mineralized area begins in barren limestone, moving through recrystallized marble, garnet-diopside skarn, a vuggy quartz-pyrite flooded zone, fluid-altered multiphase heterogeneous granite, and unaltered homogeneous granite. Scheelite also occurs within intrusive dykes. At Kidlark, the Dycer Creek Pluton intrudes into Lower Paleozoic carbonate-bearing continental platform sedimentary sequences of the Cassiar Platform. This geological setting has also given rise to the nearby Risby and Stormy tungsten deposits, as well as to the Northern Dancer tungsten-molybdenite deposit (also known as Logtung) further to the southwest. The Kidlark discovery was made as a result of Yankee Hat’s generative tungsten exploration program with JOGMEC in southeastern Yukon Territory. The 2008 generative program had a budget of C$920,000 and is funded 60% by JOGMEC and 40% by Yankee Hat. JOGMEC earlier contributed $200,000 to the program that was used primarily for claims and acquisition of an extensive geological data base. Under the joint generative exploration agreement JOGMEC will have the right to acquire a 60% interest in the Kidlark Property, if it is deemed a Designated Property, by funding its pro-rata share of future exploration expenditures. If the property is not selected as a Designated Property, it will be 100% owned by Yankee Hat. The outlook for the price of tungsten is positive, supported by strong growth in Chinese consumption, and a lack of new primary supply. Given its unique physical attributes, tungsten has many applications in which it is virtually irreplaceable including light bulbs and electrical applications, and as a wear-resistant “super alloy” used in the mining, petroleum, military, construction and metalworking industries. China currently produces roughly 85% of the world’s tungsten and has recently begun to restrict foreign access to the tungsten it produces. With China hoarding its production for its own growth, the rest of the world is scrambling to find new sources of supply as prices move upwards. ABOUT YANKEE HAT MINERALS: Yankee Hat Minerals Ltd. is a publicly held resource company that utilizes its management’s expertise in mineral exploration and evaluation, and financial acumen, to identify, acquire, and develop mineral prospects in mining friendly jurisdictions with the potential to host large-scale discoveries. The company strategically focuses on advanced stage projects and commodities that have strong underlying price fundamentals such as tungsten, rare earth elements, copper, and gold. Investors are invited to visit Yankee Hat's IR Hub at http://www.agoracom.com/ir/yankeehatminerals where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to KHT@agoracom.com where they can also request to be added to the investor email list to receive all future press releases and updates in real time. ON BEHALF OF THE BOARD OF DIRECTORS For further information, please contact: Corporate Inquiries: Nance Massicotte Gus Garisto Investor Relations: AGORACOM Investor Relations This news release has been prepared by management. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or achievements implied by these forward looking statements. We seek safe harbour. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
