Recently Completed
NI 43-101 Increases Resources by up to 49% at Yukon Gold’s Zinc-Copper-Lead
Deposit in the Yukon
Toronto, Canada, August 7,
2007, Yukon Gold Corporation, Inc.
(“Yukon Gold”), (TSX: YK,
OTCBB: YGDC) is pleased to announce
today that the Company is in receipt of an updated National Instrument 43-101
Technical Report on the Company’s 100% owned Marg Property, a
polymetallic deposit, located in the Yukon Territory, Canada.
The report was provided
to Yukon Gold by Archer Cathro & Associates (1981) Limited & Giroux
Consultants Ltd (Archer Cathro/Giroux), both of Vancouver, BC.
The report has been filed with SEDAR (www.sedar.com)
and the report can also be found in its entirety on Yukon Gold’s
corporate website, (www.yukongoldcorp.com).
Significant results from this report and Yukon Gold’s comments are as
follows:
Mineral Resource Estimate
A 3-Dimensional geologic
solids model was produced by Archer Cathro from level plans, longitudinal and
cross sections. A total of 16 individual solids were formed within 11 main
mineralized lenses. Geologic continuity has been established through diamond
drilling with the mineralized lenses interpreted from reasonably spaced drill
fences. The Archer Cathro/Giroux resource estimates at 0.5% and 1.00% copper
cut-offs are compared to the previous estimate in a 43-101 compliant report by
Peter Holbek in March 2005.
Archer Cathro/Giroux Holbek Difference
Cut-Off 0.5% Cu 1.00%
Cu C$40 NSR 0.5%Cu 1.00%Cu
Indicated Tonnes 1,930,000 1,720,000 4,646,200 -58.5%
-62.9%
% Copper 1.84 1.97 1.80
% Zinc 4.34 4.59 4.77
% Lead 2.28 2.40 2.57
Silver (g/t) 56.66 59.72 65
Gold (g/t) 0.90 0.95 0.99
Inferred Tonnes 6,300,000 4,800,000 880,800 +615%
+445%
% Copper 1.55 1.81 1.55
% Zinc 4.22 4.64 3.75
% Lead 2.09 2.28 1.90
Silver (g/t) 50.62 54.47 50.42
Gold (g/t) 0.72 0.77 0.95
Yukon Gold is pleased and
encouraged with the 18% to 49% increase in overall resource tonnage estimated
at similar to higher average grades, depending on the cut-off applied. The
Archer Cathro/Giroux report classified most of the resource as
‘Inferred’ compared to Holbek’s report which classified most
of the resource as ‘Indicated’. Yukon Gold was surprised with this
reversal in classification since an additional 13 diamond drill holes, mostly
infill holes which were successful in intersecting the mineralized zones, were
drilled since the Holbek report. Archer Cathro/Giroux has offered no
explanation for this change in classification in their report. Yukon Gold is
continuing to review this report and may consider a peer review or an audit
performed on the estimate by another Qualified Person.
Further highlights, conclusions and
recommendations from the report are summarized as follows;
·
The most important feature of this deposit type from
an exploration point of view is their tendency to occur in clusters. Larger VMS
camps can have up to 25 discrete occurrences.
·
The Marg deposit is significantly larger and higher
grade than the global averages for mineral occurrences of this type. The massive
sulphide mineralization remains open to resource expansion down plunge to the
east, down dip to the south and along strike to the west in untested areas of anomalous
soil geochemical response.
·
Exploration outside the immediate area of the Marg
deposit is only at a preliminary stage, and the overall chance of expanding the
Marg deposit resource and of discovering additional VMS occurrences on the
property is good.
·
The Marg deposit itself is open to expansion by
diamond drilling to test areas down the dip and along strike to the east and
west of the known resource.
·
Metallurgical testing is recommended to build on
preliminary work that was previously carried out.
·
The Jane
Zone is the most
prospective of four exploration targets presently known on the Marg property
outside the area of the Marg deposit itself. Previous exploration has
identified a 600 m long anomalous zone that will require testing.
·
Three other areas of anomalous geochemical response are
present on the property and they require additional geochemical sampling and
geological mapping before they are tested with diamond drilling. In addition,
final data reduction of a 2006 property wide VTEM airborne geophysical survey
is expected to be completed before the 2007 field season. Any electromagnetic
conductors identified by this work should be investigated with geological mapping,
prospecting and geochemical sampling to evaluate the potential for VMS massive sulphide
mineralization.
This
press release has been reviewed by Stewart Fumerton, Ph.D, P. Geo., Vice
President, Exploration, Yukon Gold Corporation Inc. and a Qualified Person
About Yukon Gold
Yukon Gold Corporation,
Inc. is an active and progressive public exploration and development company.
The Company’s main focus is its late stage Zinc-Copper-Lead deposit (Marg
Property) and its Mount Hinton Gold and Silver exploration project in the
Central Yukon Territory of Canada.
These properties lie within the Tombstone Gold Belt, world renowned for the
discovery of major gold, silver and base metal deposits. Currently, there are
approximately 19.4 million of the Company’s common shares outstanding.
For More Information:
Yukon Gold Corporation,
Inc. Bruce Hodgman, Investor Relations
Paul Gorman, CEO (905)
582-9744
(416) 865-9869 Toll
Free (800) 295-0671
E: pgorman@yukongoldcorp.com bhodgman@yukongoldcorp.com
Company
Website: www.yukongoldcorp.com
FORWARD-LOOKING STATEMENTS: This news
release contains certain "forward-looking statements" within the
meaning of Section 21E of the United States Securities Exchange Act of 1934, as
amended. Except for statements of historical fact relating to the company,
certain information contained herein constitutes forward-looking statements.
Forward-looking statements are frequently characterized by words such as
"plan," "expect," "project," "intend,"
"believe," "anticipate", "estimate" and other
similar words, or statements that certain events or conditions "may"
or "will" occur. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those projected in the
forward-looking statements. These factors include the inherent risks involved
in the exploration and development of mineral properties, the uncertainties
involved in interpreting drilling results and other ecological data,
fluctuating metal prices, the possibility of project cost overruns or
unanticipated costs and expenses, uncertainties relating to the availability
and costs of financing needed in the future and other factors. The Company undertakes
no obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change. The reader is cautioned not
to place undue reliance on forward-looking statements.