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Yankee Hat Announces Successful
Completion of Summer Work Program on Fran Gold Project
October 18th, 2007
Mr. Brad Kitchen reports
Yankee Hat Minerals Ltd. (the “Company”) is
pleased to announce the successful completion of its 2007 summer work
program on its Fran gold property, located in the Mount Milligan area of
northern British Columbia. The property is comprised of approximately
10,200 hectares (25,200 acres) of mineral claims located approximately 60
kilometers north of Fort St. James.
The focus of the work program was to identify exploration targets for
porphyry style mineralized systems. The region surrounding the Fran
property is well known for its abundance of world-class porphyry deposits
and mines, most notably the Mount Milligan deposit located 30 kilometers
northeast of Fran and Northgate Minerals’ Kemess South mine located
250 kilometers to the north. More recently, Serengeti Resources
announced the discovery of a potentially significant copper-gold-molybdenum
porphyry system at its Kwanika property 50 kilometers to the northwest of
the Fran.
Summer exploration consisted of Induced Polarization (IP) surveys and
soil sampling covering two newly identified target areas:
- Grid A - which
covers a significant airborne magnetic anomaly;
- Grid B - which
covers a strong silt and soil geochemical anomalous area.
For a map showing the location of the grids, please click on the
following link: http://yankeehatminerals.com/_resources/gridlocationsoct07.pdf
At Grid A, 39 line kilometers of IP were completed on 400 meter spaced
lines and 597 soil samples were collected and submitted to the lab.
The survey indicated a strong geophysical anomaly in the southern part of
the grid, striking east-west over 3.2 kilometers. Follow up trenching
has been recommended for the area.
At Grid B, 8 line kilometers of IP were completed on 400 meter spaced
lines and 395 soil samples were collected. The survey showed three
strong chargeability anomalies trending north northwest. In addition,
a moderate chargeability anomaly that appears to correspond to a strong
alteration zone was identified. Follow up trenching and additional IP
surveying and soil sampling has been recommended for this area as well.
In addition to the IP surveys and soil sampling, both grids were
prospected and mapped. A total of 27 outcrop samples were collected
from the grid areas and submitted to Eco Tech Laboratory in Kamloops, B.C
for analysis; the results of which are pending.
“The early exploration success at these new target areas gives an
important indication of the property’s untapped potential and
upside,” said Brad Kitchen, President and CEO. “Our
geological team is encouraged by the initial survey results and we are in
the process of planning an aggressive drilling and exploration program on
the property for 2008.”
To date, drilling and exploration at the Fran project has been focused
largely on a geological target known as the North Contact Zone; an area
that is being explored by the Company with the aim of defining a
significant near surface gold deposit amenable to open-pit mining
methods. Since drilling began in 2005, a total of 5,918 meters have
been completed in 36 holes at the North Contact Zone.
Based on the success of the summer work program the Company is planning
an expanded exploration program for 2008. The program will be
designed to accomplish two main goals:
- Additional drilling
at the North Contact Zone will be aimed at gaining the data necessary
to estimate an initial NI 43-101 compliant resource estimate for the
zone.
- Further regional
exploration at Grid A and Grid B will be focused on identifying drill
targets to test for potential porphyry style mineralized systems.
Wayne Murton, P. Eng. is the Qualified Person under National Instrument
43-101 who is supervising the Fran exploration program.
About Yankee Hat
Minerals Ltd.
Yankee Hat Minerals Ltd. is a Canadian gold exploration company that
trades on the TSX Venture Exchange under the symbol KHT. Yankee Hat's goal
is to combine its expertise in mineral exploration and evaluation, with its
financial acumen, to exploit undervalued gold properties.
Currently the company is actively exploring two gold projects in British
Columbia: the Fran property located 60 kilometers north of Fort St. James;
and the Union Mine property located 55 kilometers north of Grand Forks.
Through its experienced management team and industry contacts, Yankee
Hat will continue to aggressively uncover and acquire high potential gold
projects to ensure long-term growth and build shareholder wealth.
ON BEHALF OF THE BOARD
“Brad Kitchen”
Brad Kitchen
President and Director
For more information please visit the company website at: http://www.yankeehatminerals.com
Or contact investor relations at;
Michael D’Amico
Ryan Fletcher
Bay Street
Connect
Yankee Hat Minerals Ltd.
(647)
500-6023
877-646-0049
michael@baystreetconnect.com info@yankeehatminerals.com
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.
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